Looking for a travel rewards card that doesn’t demand airline loyalty? The Bank of America® Premium Rewards® credit card earns flexible points on every purchase — no program lock-in required.
At $95 per year, it competes in a crowded field. So, does it actually deliver enough value to justify the fee?
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Below we will share articles related to this topic. So keep reading:This review breaks down everything: earning rates, welcome bonus, statement credits, Preferred Rewards multipliers, and honest comparisons against top alternatives. By the end, you’ll know exactly whether this card belongs in your wallet.
We’ll cover the key benefits, who gains the most from it, and where it falls short compared to rival cards at similar price points.
Ready? Let’s dig in.
Bank of America® Premium Rewards® Credit Card — At a Glance
Before diving into the details, here’s a quick overview of the card’s core structure.
The Bank of America® Premium Rewards® credit card earns 2 points per dollar on travel and dining, and 1.5 points per dollar on all other purchases. Points don’t expire as long as your account stays open.
Welcome bonus: 60,000 online bonus points — worth approximately $600 — after spending at least $4,000 in purchases within the first 90 days of account opening.
Annual fee: $95. No foreign transaction fees.
The card also provides up to $100 in airline incidental statement credits per year, plus up to $100 in Global Entry or TSA PreCheck credits every four years. Those two credits alone can offset a significant chunk of the annual fee.
There’s one standout feature worth highlighting early: the Preferred Rewards program. Bank of America customers who maintain qualifying balances can earn a 25% to 75% rewards bonus on every dollar spent — which fundamentally changes the card’s value proposition.
- Annual fee: $95
- Welcome bonus: 60,000 points after $4,000 spend in 90 days
- Earning rate: 2x on travel and dining; 1.5x everywhere else
- Key credits: Up to $100 airline incidentals + up to $100 Global Entry/TSA PreCheck
- Preferred Rewards bonus: Up to 75% additional points per purchase
- Foreign transaction fee: None
- Points expiration: Never (while account is active)
Earning Points: How the Rewards Structure Works
The earning structure is clean and easy to follow. Most people won’t need to track categories obsessively, which is a genuine plus.
You earn 2 points per dollar on travel and dining — and Bank of America defines “travel” broadly. We’re talking flights, hotels, car rentals, rideshares, ferries, tolls, parking, and more. That’s a wider net than many competitors.
For everything else — groceries, gas, online shopping, subscriptions — you earn 1.5 points per dollar. That flat baseline rate is actually higher than a number of comparable cards that default to just 1x on non-bonus categories.
Now, here’s where the Bank of America® Premium Rewards® credit card gets genuinely interesting. If you participate in the Preferred Rewards program and hold qualifying Bank of America or Merrill balances:
- Gold tier ($20,000–$49,999 in balances): 25% rewards bonus
- Platinum tier ($50,000–$99,999): 50% rewards bonus
- Platinum Honors tier ($100,000+): 75% rewards bonus
At Platinum Honors, those earning rates transform into 3.5 points per dollar on travel and dining, and 2.625 points per dollar on everything else. For someone who already has substantial assets at Bank of America or Merrill, that’s exceptional value from a $95-a-year card.
For most cardholders without Preferred Rewards status, the earning rates are competitive but not exceptional. That’s an important distinction.
Welcome Bonus and How to Maximize It
The 60,000-point welcome bonus is worth about $600 when redeemed at standard value. That’s solid — particularly given the relatively low annual fee.
To earn it, you’ll need to spend $4,000 in the first 90 days. That’s roughly $1,333 per month, which is achievable for most households if they put everyday expenses on the card: groceries, utilities, subscriptions, dining out.
One thing to keep in mind: that 60,000-point bonus isn’t boosted by Preferred Rewards status. It’s a flat offer regardless of your banking relationship. Your ongoing earnings are boosted — the welcome bonus isn’t.
Still, a $600 return on a $95 annual fee card is a strong start. In the first year, between the bonus, the standard credits, and the base earning rate, many cardholders will come out well ahead.
If you’re weighing whether to apply, timing matters. Apply when you have a natural spending bump coming — home improvement project, travel season, or a larger purchase you’ve been planning.
Statement Credits: What You Actually Get Back
Statement credits are how premium travel cards offset their annual fees. The Bank of America® Premium Rewards® credit card offers two primary credits:
Airline incidental credit: Up to $100 per calendar year for qualifying incidental airline fees. These include seat upgrades, checked bag fees, in-flight Wi-Fi, airport lounge passes, and similar charges — billed directly by the airline. Ticket purchases themselves don’t count. This credit resets each calendar year.
Global Entry / TSA PreCheck credit: Up to $100 every four years to cover your application fee. Global Entry costs $100 and includes TSA PreCheck, making it the smarter value. Apply it once every four years and you’ve recouped $25 per year in value.
Combined, these two credits are worth up to $125 annually. Against a $95 annual fee, that puts you in the black before you’ve even counted a single rewards point — if you use both credits fully.
Practically speaking: if you fly even occasionally and don’t have TSA PreCheck yet, the card effectively pays for itself in year one.
Travel Protections and Insurance Benefits
Beyond the credits, the Bank of America® Premium Rewards® credit card includes a suite of travel and purchase protections. These won’t make headlines, but they add real-world value.
Trip delay reimbursement: If your trip is delayed, you may be eligible for reimbursement of covered expenses. Terms apply.
Trip cancellation / interruption insurance: Covers non-refundable common carrier tickets if your trip is cancelled or cut short for covered reasons. Note: the coverage limit here is relatively modest compared to higher-tier travel cards.
Auto rental collision damage waiver: Secondary coverage when you rent a car and decline the rental company’s collision insurance. Important caveat — coverage excludes certain countries and situations. Check the benefits guide before relying on it internationally.
Purchase security: Covers new purchases against damage or theft for 90 days, up to $10,000 per claim.
Extended warranty protection: Doubles the original U.S. manufacturer’s warranty by up to one additional year on eligible items with warranties of three years or less.
Return protection: If a merchant won’t take back an item within a certain window, Bank of America may reimburse you.
Roadside dispatch: A pay-per-use emergency roadside service program.
One honest note: the auto rental coverage is secondary, and the trip cancellation limit is lower than competing cards like the Chase Sapphire Preferred. If comprehensive travel insurance is a priority for you, that’s worth factoring into your decision.
Redeeming Points: What Are They Actually Worth?
Flexibility is a genuine strength here. Points can be redeemed for:
- Cash back as a statement credit or deposit
- Travel purchases through the Bank of America Travel Center
- Gift cards
- Charitable donations
Each point is generally worth about 1 cent when redeemed for cash back or travel. There are no airline transfer partners — a significant limitation if you’re looking to squeeze extra value through loyalty program transfers.
Cash back redemptions start at 2,500 points ($25). The simplicity is appealing, but the lack of transfer partners means you won’t find those “sweet spot” redemptions that frequent flyer enthusiasts chase on cards tied to specific airline programs.
Practically speaking: most cardholders will redeem for cash back or travel credits, and they’ll get fair value. Those looking to stretch points further by transferring to airline miles will need a different card.
Who Is the Bank of America® Premium Rewards® Card Best For?
This card has a specific audience it serves exceptionally well — and a broader audience it serves adequately.
The ideal cardholder: Someone who already banks with Bank of America or invests with Merrill, who holds enough in combined balances to qualify for Preferred Rewards Platinum Honors status. At that tier, the effective earning rates are remarkable for a $95 card — genuinely competitive with products at two or three times the annual fee.
Also a good fit for: Travelers who want a simple, no-fuss rewards structure without managing rotating categories. If you want 1.5x on everything and 2x on dining and travel, with flexible redemptions, this card delivers without complexity.
Less ideal for: Consumers who want transfer partners for premium cabin redemptions. Or those who prioritize specific perks like airport lounge access (which requires the higher-fee Bank of America® Premium Rewards® Elite card). Or people who spend heavily in just one or two bonus categories — a card with a higher multiplier in those specific categories may outperform this one.
The bottom line: if you have a meaningful banking relationship with Bank of America or Merrill, this card deserves serious consideration. Without that relationship, it’s a solid but not exceptional choice at its price point.
Bank of America® Premium Rewards® vs. Key Competitors
Context matters when evaluating any credit card. Here’s how the Bank of America® Premium Rewards® credit card compares against frequently considered alternatives:
vs. Chase Sapphire Preferred® ($95/year): The Sapphire Preferred earns 3x on dining and 2x on travel. It also offers travel transfer partners across major airlines and hotels — a significant advantage for point-maximizers. On the other hand, Sapphire Preferred has a narrower base rate (1x on most non-travel/dining purchases) versus the Bank of America card’s 1.5x flat rate. If you want flexibility and simplicity, Bank of America has an edge; if you value transfer partners, Chase wins.
vs. Citi Strata Premier® ($95/year): Citi’s card earns 3x on dining, groceries, gas, air travel, and hotels. Higher earning across more categories — but, like the Sapphire Preferred, only 1x on general purchases. No Preferred Rewards-style multiplier system exists on the Citi side.
vs. Bank of America® Travel Rewards credit card (no annual fee): The Travel Rewards card earns 1.5x points on everything, also with no foreign transaction fee. It lacks the statement credits and welcome bonus of the Premium Rewards card. If you prefer avoiding annual fees, that’s a viable option — just know you’re trading away the credits and bigger sign-up offer.
Where the Bank of America® Premium Rewards® credit card becomes particularly compelling is that Preferred Rewards angle. No direct competitor offers an equivalent institutional multiplier tied to banking balances.
Fees, Rates, and Eligibility
A clear-eyed look at costs:
- Annual fee: $95 (not waived in year one)
- Foreign transaction fee: None
- Balance transfer fee: Applies; review the cardholder agreement for current terms
- Cash advance fee: Applies
- Late payment fee: Applies
- APR: Variable; check current disclosures for your specific rate
The card is best used as a charge-and-pay-in-full instrument. Carrying a balance at the variable APR will quickly erode any rewards earned. Like virtually all rewards credit cards, it’s designed for cardholders who pay monthly statements in full.
Eligibility generally requires good to excellent credit. Bank of America doesn’t publicly specify minimum score requirements, but competitive applicants typically carry strong credit histories with limited recent derogatory marks.
How the Preferred Rewards Program Works
This deserves its own section because it’s central to the card’s value for many applicants.
Bank of America’s Preferred Rewards program ties credit card earning rates to your combined Bank of America deposit and Merrill investment balances. The more you have across those accounts, the higher your rewards multiplier.
The balance thresholds and corresponding credit card bonuses:
- Gold: $20,000–$49,999 combined balances → 25% credit card rewards bonus
- Platinum: $50,000–$99,999 → 50% rewards bonus
- Platinum Honors: $100,000–$999,999 → 75% rewards bonus
- Diamond: $1,000,000+ → 75% rewards bonus (plus additional banking perks)
Note: Bank of America has announced a new loyalty program called BofA Rewards launching in 2025. This expands access by removing the minimum balance requirement for basic membership, though the structure of tiers and some bonus percentages may differ from the current Preferred Rewards program. Check with Bank of America directly for the most current program details.
For a household that already has a meaningful portion of savings or investments at Merrill or Bank of America, this integration is genuinely powerful. You’re essentially earning a loyalty multiplier on assets you’d hold anyway.
Is the Bank of America® Premium Rewards® Card Worth the Annual Fee?
Simple math first: the card’s credits can return up to $125 in value per year against a $95 annual fee. If you use both the airline incidental credit and the Global Entry / TSA PreCheck credit (amortized annually), the fee effectively disappears.
Add the welcome bonus of up to $600 in year one, and the first year is strongly positive for most cardholders who actively use the card.
In ongoing years, value depends on your situation. Without Preferred Rewards status, the card offers competitive but not market-leading rewards. With Preferred Rewards at Platinum Honors or above, the card punches well above its weight class.
Worth it? Yes — particularly for Bank of America and Merrill customers, frequent travelers who’ll use both statement credits, and cardholders who value simplicity over complexity in their rewards structure.
Not the best fit? Probably, if you’re a heavy point optimizer looking for transfer partners, or if you spend heavily in a specific category that another card covers at 3x–5x.
