If you have your sights set on traveling more this year or want flight upgrades without hurting your wallet, the Bank of America® Premium Rewards® credit card can help.
To start, you can earn 50,000 online bonus points — a $500 value welcome bonus — when you spend $3,000 in the first 90 days of opening an account. This rewards card has a $95 fee like its main competitors, but offers slightly lower rewards rates. But its boosted rewards program and additional travel credits are attractive incentives that may make it a good fit for your wallet.
Here’s what the Bank of America® Premium Rewards® credit card has to offer and how it stacks up against other rewards credit cards.
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Bank of America® Premium Rewards® credit card
Intro OfferReceive 50,000 online bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening
APR20.24% – 27.24% Variable APR on purchases and balance transfers
Intro Purchase APRN/A
Recommended Credit Excellent/Good
- Earn unlimited 2 points for every $1 spent on travel and dining purchases
- Unlimited 1.5 points per $1 spent on all other purchases
Annual Fee$95
Balance Transfer APR20.24% – 27.24% Variable APR on purchases and balance transfers
Balance Transfer Fee Either $10 or 3% of the amount of each transaction, whichever is greater.
Late Payment Fee See terms
Foreign Transaction Fees None
Penalty APR up to 29.99% APR
- Earn unlimited 2 points for every $1 spent on travel and dining purchases
- Unlimited 1.5 points per $1 spent on all other purchases
Our Take
This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Rewards and redemption
With the Bank of America Premium Rewards credit card you’ll earn 2X points on travel and dining and 1.5X points for all other purchases with no spending caps. If you sign up for Bank of America’s Preferred Rewards program, you can earn 25% to 75% extra in rewards.
You can redeem your points toward gift cards and purchases from the Bank of America Travel Center. Or you can choose a statement credit, get a deposit into your Bank of America checking or savings account or have rewards sent to an eligible Merrill investment account — usually worth $0.01 per point. There aren’t any blackout dates or restrictions when earning or redeeming your points.
Depending on your travel preferences, the Premium Rewards credit card can be a good fit for your wallet, but if you want to earn more rewards on travel and dining without keeping track of an additional rewards program, like Bank of America, other rewards credit cards may offer better rewards and perks for the same annual cost, such as the Chase Sapphire Preferred® Card.
Welcome offer
The Premium Rewards credit card has a generous welcome bonus of 50,000 online bonus points when you spend at least $3,000 in purchases within the first 90 days of account opening (roughly $1,000 each month.) For context, 50,000 points is worth $500. This welcome bonus is on par with other similar rewards cards, although some card issuers offer a higher welcome bonus if you spend more.
Intro APR
The Bank of America Premium Rewards does not have a 0% introductory APR for new purchases or balance transfers. The card has a variable APR of 20.24% to 27.24% and a 3% balance transfer fee (minimum $10).
If you’re planning a bigger purchase and want to space out the payments or need to transfer a balance without paying interest for a few months, another option like the Wells Fargo Reflect® Card for balance transfers and the Chase Slate Edge℠ may be better.
Other perks
Even though the card has a $95 annual fee, the up to $200 in travel statement credits can offset this fee. Here’s what you’ll get:
- Up to $100 in airline incidental statement credits: The credit can cover seat upgrades, baggage fees, in-flight services and airline lounge fees. The funds are automatically applied to your card’s statement annually.
- Up to $100 in airport security statement credits: This can be used toward TSA PreCheck® or Global Entry application fees every four years.
Other cardholder perks include:
- Travel insurance protections in case of trip delays, cancellations, lost luggage and more
- Purchase protection for up to 90 days on new purchases (up to $10,000 per claim)
- Visa Signature® Luxury Hotel Collection benefits, including room upgrades (when available), complimentary in-room Wi-Fi (when available) and VIP guest status
- Visa Signature® concierge service
- 24/7 roadside assistance
Comparable cards
Chase Sapphire Preferred® Card
If you’re a frequent traveler or dine out often, the Chase Sapphire Preferred® Card may suit your spending habits better than the Bank of America Premium Rewards card. The Sapphire Preferred offers 5X points on travel booked through Chase Ultimate Rewards® and 3X points on dining at restaurants, including eligible delivery services, takeout and dining out — a higher rate than the Bank of America Premium Rewards card. You’ll also earn 3X points on online grocery purchases (excluding Target, Walmart, and wholesale clubs) and select streaming services, 2X points on other travel purchases and 1X points on all other purchases.
The welcome bonus is also slightly higher. You can earn 60,000 points if you spend $4,000 within the first three months of account opening, compared to the 50,000 online bonus points after spending $3,000 in purchases in the first 90 days of account opening the Premium Rewards card offers. For a limited time, the Chase Sapphire Preferred also offers 5X points on Lyft rides (through March 31, 2025).
The Sapphire Preferred card offers up to $50 in statement credits annually for hotel stays booked through the Chase rewards portal. It also offers similar travel perks, as well as purchase protection, but its purchase protection has a smaller threshold per claim than the Premium Rewards Card. Both have the same annual fee — $95 — but the Chase card also comes with a complimentary six-month Instacart+ subscription (activate by July 31, 2024), one year of DashPass (activate by December 31, 2024) and a $10 monthly statement credit from GoPuff (through December 31, 2023).
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card* is another good choice if you’re planning a few trips this year. Similar to the Sapphire Preferred, you’ll earn 5X miles on hotels and rental cars booked through Capital One Travel. With the Venture Rewards card, you’ll also earn unlimited 2X miles on all other purchases and 5X miles when you book a car through Turo until May 16, 2023.
The card has a 75,000-mile welcome bonus when you spend $4,000 within the first three months, requiring you to spend more than the Premium Rewards card, in exchange for a higher welcome bonus. Then, you can redeem your miles for merchandise, including Amazon.com purchases and PayPal, miles for travel through Capital One Travel or be reimbursed for past travel expenses. Like the Bank of America Premium Rewards card, the Venture Rewards card also has a $95 annual fee, offers up to a $100 statement credit you can use towards Global Entry or TSA PreCheck and good to excellent credit is recommended for approval.
Even though the Premium Rewards card comes with up to $100 in airline incidental statement credits annually, the Venture Rewards Card has a few other special perks to upgrade your road trip or flight. You’ll get two free visits to Capital One Lounges or partner lounges per year, automatic Hertz Five Star status and access to Capital One Entertainment, which includes pre-sale tickets, and exclusive access to sports, dining and more.
FAQs
What is a rewards credit card?
A rewards credit card offers cash back, points or miles when you make purchases. Some rewards cards offer these incentives when you spend within certain categories, while others might offer a flat-rate on all purchases.
For example, you may earn 2X points on your groceries or gas. Depending on the card issuer, you can redeem your rewards toward travel, merchandise, a statement credit, mailed check or deposit to your checking or savings account. Some credit cards have spending caps for rewards — meaning after you spend a certain amount, you may earn fewer rewards within that category.
How many credit card rewards can I earn?
Usually, card issuers don’t have a limit on how many credit card rewards you can earn. Although, some cards have spending caps for higher rate rewards. When using a rewards credit card, it’s best to only charge what you can afford to pay back in full each month. Otherwise, the interest you accrue may offset the rewards you earn.
Do credit card rewards expire?
As long as you remain a cardholder your credit card rewards typically don’t expire — but there are some exceptions. Some credit card issuers may require you to redeem or use your rewards within a specific timeframe. Before opening a new credit card, it’s best to review your card issuer’s terms and conditions to find out how you can earn and redeem rewards, and how long you have to use them.
*All information about the Capital One Venture Rewards Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
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