Premium Rewards Credit Card from Bank of America:
In case you are planning to travel the world a lot and you are looking for an allied credit card in your wallet to earn points and to receive juicy rewards, you should take a look at the Bank of America Premium Rewards credit card .
NOTE: If you want to apply for the Bank of America Premium Rewards credit card, your credit score needs to be between 690 and 850.
General characteristics of the Bank of America Premium Rewards credit card
We want to present to you a list of the most important points before we begin analysis and review of Bank of America Premium Rewards credit card:
- Payment can be made using the contact’s smart chip.
- It has a low annual fee ($95) for its benefits.
- International transactions are free. (Good for traveling)
- Points can be accumulated for exchange without restriction, since they have an indefinite duration.
- Also, if you are a member of Bank of America Preferred Rewards, you can earn 25% to 75% more points.
- You can earn 2 points for spending any amount on travel and restaurants, and 1.5 points for spending any amount on other purchases.
- TSA/Pre/Global Entry credit of $100 and airline incidental expense credit of $100 (yearly). Every four years, a $100 credit is given.
- A variety of redemption options are available, from cash refunds to credit on your account statement. The same applies to Bank of America Travel Centre purchases and gift cards.
Advantages and disadvantages of the Bank of America Premium Rewards credit card
Right now, we know enough about Bank of America Premium Rewards credit card pros and cons to make an informed decision:
- Bonuses are available for registration.
- Dinners and travel earn you more points.
- Your trip is protected.
- You can earn more points if you are a Merrill Lynch or Bank of America customer.
- A fee is charged each year.
- Certain customers are eligible for higher reward rates.
Bank of America Premium Rewards credit card review
How do Bank of America Premium Rewards credit cards earn points?
You can earn two points for every dollar spent on dining and travel, and 1.5 points for everything else, with the Bank of America Premium Rewards card. Unlike other rewards programs, we like the fact that there are no limits to the number of points that can be earned, and they do not have an expiration date, so you can redeem them whenever you like.
Another important point focuses on the Bank of America definition of “travel”, which extends to campgrounds, zoos, museums, buses, taxis, tolls, and garages as well as travel by plane, boat, or train.
Be sure to read our Bank of America Travel Rewards credit card review
Your earnings can be increased even more if you belong to the Preferred Rewards program. Approximately how many? 25% to 75%. Bank of America and Merrill customers with combined balances of more than $ 20,000 can take advantage of this program.
|Preferred Rewards program and increased points with the card|
|Amount required||Increased rewards||Points earned per dollar|
|Less than $ 20,000||0%||Travel and meals: 2 points|
All other expenses: 1.5 points
|From $ 20,000 to $ 49,999||25%||Travel and meals: 2.5 points|
All other expenses: 1,875 points
|From $ 50,000 to $ 99,999||50%||Travel and meals: 3 points|
All other expenses: 2.25 points
|$ 100,000 or more||75%||Travel and meals: 3.5 points|
All other expenses: 2,625 points
How to redeem Bank of America Premium Rewards credit card rewards?
The following methods will show you how to redeem points. The value of a point is always one penny on the dollar, no matter which option you choose. As a matter of fact, you will need to redeem 2,500 points in order to be able to enjoy your points.
- A gift card
- Credit on your account statement
- Deposit into a Bank of America / Merrill account
- Trips booked at Bank of America Travel Centre
Keep Reading: Bank of America Platinum card Offers and Reviews
The Bank of America Premium Rewards credit card offers several advantages and bonuses for travellers
Although it bears the name Chase Sapphire Reserve, this credit card has no premium benefits. Additionally, it does not require a maintenance fee of $ 550 or more, which is what it costs to have a credit card like that. This bank card gives travellers additional value for a bit of that expensive fee:
- Bonus upon registration. You will receive 50,000 points, or $500, upon registering. Then when? Once you’ve spent $3,000 on the card within the first 90 days. The annual fee will be waived for five years.
- Receive up to $100 in statement credits. On an annual basis. Having access to this will allow you to cover incidental fees charged by the airline for a trip, such as adding an additional suitcase, taking checked luggage, receiving seat upgrades, and using airport VIP lounges.
- An amount of up to $ 100 can be deducted from your statement to cover the application fee for Global Entry or TSA Precheck. The credit is awarded every four years.
Furthermore, the Bank of America Premium Rewards credit card does not charge foreign transaction fees, which is perfect for frequent travellers. Other advantages include:
- Visa Signature Luxury Hotel Collection is available to holders.
- The hotel offers free Wi-Fi, a free daily breakfast, and late check-out options, as well as the option to upgrade your room.
- The credit for food and beverages will also be $25.
Remember: Purchases and returns made with this card are protected. There are also travel protections available such as delay insurance, cancellation insurance, lost luggage insurance, and emergency evacuation insurance. Furthermore, Visa Signature concierge service is available 24/7.
Disadvantages of the Bank of America Premium Rewards credit card
It is not a bad credit card, but like everything, there are drawbacks. Different cards may be better suited to different expenses and needs. Why is that? Here’s why:
- Points cannot be transferred: As a result, you will not be able to transfer them to your favourite hotel or airline loyalty program. If you compare it to the Chase Sapphire Preferred, which allows you to transfer points to United, Marriott, Southwest, and Hyatt programs, you will find it is a big disappointment.
- The simpler the better: You may have trouble keeping track of your points and their differences, how much you’ll receive with Preferred Rewards, and so forth. You might consider using another credit card that earns a fixed rate per dollar spent. This is instead of having a complicated redemption system and accumulation of points. Therefore, you can offset the charges on your trips. What could that be like? Let’s look at the Capital One Venture Rewards credit card as an example.
In addition to these details, it does not have an introductory APR, and is not as generous to holders without the Preferred Rewards program. Nevertheless, it is an alternative worth considering.
Bank of America® Premium Rewards® Credit Card: Is it right for you?
Bank of America® Premium Rewards® offers rewards and perks that are on par or better than competitors in its weight class. This is the most convenient way to pay if you are a Bank of America® customer. You’ll earn bonus points quickly and will be packing your bags in no time.
Offer of 25,000 points online (worth $250) and no annual fee
- For every $1 spent, you will earn 1.5 points, anywhere, any time, and the points will never expire.
- You can book your trip whenever and wherever you like without blackout dates, and get a statement credit for travel and dining expenses.
- Purchases have a 0% introductory APR for the first 15 billing cycles. After the introduction of APR, a Variable APR will apply, which is currently 13.99% to 23.99%.
- Preferred Rewards members earn 25%-75% more points on every purchase. With every $1 you spend, you can earn up to 2.62 points. Don’t have an account yet? Check out Preferred Rewards.
A bonus of 50,000 points (worth $500) is being offered online
- When you spend $1 on travel and dining, you’ll receive 2 points, and when you spend $1 on other purchases, you’ll receive 1.5 points.
- TSA Pre®/Global Entry and Airline Incidentals can earn you a credit of up to $200. Additionally, you’ll receive world-class travel perks, such as travel and purchase protections, luxury hotel collections, and concierge services.
- The points you earn can also be redeemed for credits to eligible Merrill® accounts, including 529 accounts. It can be done as a statement credit on your credit card or as a gift card purchase at the Bank of America Travel Centre.
- Members of Preferred Rewards get 25%-75% off each purchase. If you spend $1 on travel and dining, you could earn up to 3.5 points, and if you spend $1 on other purchases, you could earn up to 2.62 points.
Furthermore, since Bank of America Premium Rewards does not allow points transfers to partners, consider cards that do if you’re trying to maximize your rewards. Cards that earn Amex Membership Rewards points, Chase Ultimate Rewards points, Citi ThankYou Rewards, or Capital One Venture miles are examples.
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