The Bank of America Premium Rewards card is a great travel credit card that rewards travel and dining. With a $95 annual fee that can be easily offset, it also offers a welcome bonus worth over $500, solid rewards, and flexible redemption options. Additionally, if you have an account with either Bank of America or Merrill Lynch, there is an opportunity to earn even more.
Bank of America Premium Rewards
CURRENT WELCOME BONUS
50,000 Bonus Points after spending $3,000 during first 90 days
Earn 2x points on travel & dining; 1.5x points on all other purchases
15.99% – 22.99%
FOREIGN TRANSACTION FEE
RECOMMENDED CREDIT SCORE
670 – 850
Bank of America Premium Rewards is best for..
Frequent travelers & diners with good credit. This card is also a solid option for those who are not loyal to any particular airline or hotel chain. Cardmembers earn a competitive 2x points per $1 on every travel and dining purchase and have flexibility on point redemption. However, the card is most rewarding if you are a Bank of America or Merrill Lynch customer with a sizeable account.
The Welcome Bonus
Points & Redemption for the Bank of America Premium Reward
The card earns a competitive 2x points on every travel & dining purchases, and 1.5x points on everything else. Preferred members however, earn even more. For instance, cardholders with a $50,000 balance on any BoA/Merrill Lynch accounts earn 3x per $1 on travel & dining plus 2.5x points on all other purchases.
Redemption is relatively simple. Points are worth 1 cent each and can be used to book travel through Bank of America Travel Center, gift cards, statement credits, etc. Additionally, they can be used for cash back and deposited into a BoA or Merrill Lynch accounts.
The Bottom Line
Ultimately, the Bank of America Premium Rewards card is best for those with sizeable accounts with BoA/Merrill Lynch. For everyone else, it does have a good enough rewards rate, a decent welcome bonus & perks. The annual fee can also be offset by using some of the travel credits. However, the Capital One Venture Rewards card also charges the same $95 annual fee, but offers unlimited 2x miles on every single purchase! And since the card doesn’t allow for points transfers to other partners, you might want to shop around first.