All Cards
Bank of America|Personal
Bank of America Premium Rewards
4.1/5
Annual Fee
$95
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Earn 60,000 bonus points after spending $4,000 in the first 90 days.
Our Take
Only a standout if you're a BoA Preferred Rewards member, that boost can push earnings to 2.625x on everything, 3.5x on travel and dining. Without it, Venture and Sapphire both beat it.
Key Benefits
- 2x travel + dining
- $100 airline credit
- Preferred Rewards boost
- No foreign tx fees
All Benefits
- Welcome offer of 60,000 online bonus points (a $600 value when redeemed for a statement credit toward travel or cash) after you make at least $4,000 in purchases in the first 90 days of account opening (per the Bank of America issuer product page and corroborated by The Points Guy and Upgraded Points reviews)
- $95 annual fee, not waived the first year (per the Bank of America issuer product page; one of the lowest annual fees among $95+ travel cards with primary travel insurance)
- Earn unlimited 2 points per dollar on travel and dining purchases, with no cap on category bonus earnings (per the Bank of America issuer product page; both travel and dining merchant categories use Visa's merchant category codes)
- Earn unlimited 1.5 points per dollar on all other purchases (per the Bank of America issuer product page)
- Up to $100 in airline incidental statement credits each calendar year for qualifying purchases such as seat upgrades, baggage fees, in-flight food and entertainment, and airline lounge day passes; credit applies automatically when the charge is coded by the airline as an incidental fee (per the Bank of America issuer product page and the Upgraded Points review; airfare itself, gift cards, and award-ticket taxes/fees do NOT qualify, which is the same restriction Amex and Citi place on their airline credits)
- Up to $100 statement credit for Global Entry or TSA PreCheck application fee, available once every four years per account; credit posts within 1-2 statement cycles after the application fee is charged to the card (per the Bank of America issuer product page and The Points Guy review)
- Preferred Rewards bonus: when you are enrolled in Bank of America Preferred Rewards (free program tied to combined BofA deposit and Merrill investment balances), you earn 25% more points at the Gold tier ($20,000-$49,999 in qualifying balances), 50% more at the Platinum tier ($50,000-$99,999), or 75% more at the Platinum Honors tier ($100,000+); Diamond and Diamond Honors tiers also receive the 75% bonus on this card (per the Bank of America issuer product page and the Upgraded Points review; this is the card's signature value lever and replaces the standard 10% redemption bonus)
- At the maximum 75% Preferred Rewards boost, effective earning becomes 3.5 points per dollar on travel and dining and 2.625 points per dollar on all other purchases - among the highest non-category, no-cap earn rates from any US issuer (per Upgraded Points' math on the Preferred Rewards multiplier)
- Points are redeemable at a fixed 1 cent per point for cash back to a Bank of America checking or savings account, as a statement credit, for a deposit into an eligible Merrill account, or to a 529 college savings plan account; there is no carve-out for using points only on travel (per the Bank of America issuer product page and TPG review)
- Travel redemption flexibility: points can be applied as a statement credit against any travel purchase made with the card (flights, hotels, rental cars, taxis, ride-share, vacation packages booked anywhere, not just through a portal); minimum redemption is just 2,500 points (per Bank of America's redemption flow described in the issuer product page video transcript)
- Points do not expire as long as the account remains open and there is no cap on the number of points that can be earned (per the Bank of America issuer product page)
- Transfer partners: Not offered - Bank of America Premium Rewards points cannot be transferred to airline or hotel loyalty programs, so the value ceiling per point is fixed at roughly 1 cent (called out as the card's main weakness in both Upgraded Points and TPG reviews versus Chase Sapphire Preferred and Amex Gold transferable-points cards)
- No foreign transaction fees on purchases made outside the United States (per the Bank of America issuer product page; valuable given the card's solid travel insurance package)
- Visa Signature card with chip-and-signature plus tap-to-pay; Visa Signature concierge available 24/7 for travel planning, dining reservations, and ticket sourcing (per Visa's standard Signature benefits guide referenced on the Bank of America product page)
- Auto Rental Collision Damage Waiver: secondary coverage in the US (primary outside the US) when you decline the rental company's CDW and pay for the rental entirely with the card; reimburses for collision damage or theft of most rental vehicles, up to the actual cash value of the vehicle (per the Upgraded Points review citing the Visa Signature Guide to Benefits; note that Upgraded Points describes the coverage as secondary, while several other public sources describe BoA Premium Rewards' rental coverage as primary - rewardztravel treats the coverage as secondary domestically until the Visa Signature Guide to Benefits PDF can be verified directly with the issuer)
- Trip Cancellation and Interruption Insurance: reimburses non-refundable, pre-paid passenger fares when a covered trip is canceled or cut short due to covered reasons such as covered illness, injury, or death; coverage is provided through the Visa Signature Guide to Benefits and applies when the entire common-carrier fare is paid with the card (per the Upgraded Points review)
- Trip Delay Reimbursement: covers reasonable additional expenses (meals, lodging, toiletries, medication) when a common carrier trip paid for with the card is delayed more than a covered threshold (per the Upgraded Points review; specific dollar caps and hour thresholds are set by the Visa Signature Guide to Benefits for the Premium Rewards card)
- Baggage Delay Insurance: reimburses essential purchases like clothing and toiletries when checked baggage is delayed more than 6 hours by a common carrier; pays up to a per-day cap for a limited number of days as specified in the Visa Signature Guide to Benefits (per the Upgraded Points review)
- Lost Luggage Reimbursement: covers the cost of personal items contained in checked or carry-on baggage that is lost by the common carrier, in excess of any reimbursement provided by the carrier (per the Upgraded Points review)
- Travel Accident Insurance: provides accidental death and dismemberment coverage when you charge an entire common-carrier fare to the card; coverage limits are set by the Visa Signature Guide to Benefits (commonly cited as a standard Premium Rewards card travel protection)
- Roadside Dispatch: pay-per-use roadside assistance hotline available 24/7 for towing, jump-starts, lockout service, tire changes, and fuel delivery; cardholders pay a flat per-incident fee for the service used (standard Visa Signature benefit available on the Premium Rewards card)
- Purchase Protection: covers eligible items purchased with the card against accidental damage or theft for up to 90 days from the date of purchase, with reimbursement up to a per-claim cap set by the Visa Signature Guide to Benefits (per the Upgraded Points review)
- Extended Warranty: extends the manufacturer's US warranty by up to one additional year on warranties of 3 years or less for eligible items purchased with the card (per the Upgraded Points review of standard Visa Signature benefits)
- Return Protection: Upgraded Points mentions return protection in their feature summary of the card, but rewardztravel flags this benefit as 'verify with issuer' because Visa removed return protection from most Visa Signature cards in 2024-2025 and Bank of America has not separately announced whether they still fund it on the Premium Rewards card
- Cell Phone Protection: Not offered on the Bank of America Premium Rewards Card; cell phone coverage is reserved for certain other Bank of America cards and competitor products like the Chase Sapphire Preferred (called out as a gap in the Upgraded Points review)
- Airport lounge access: Not offered (no Priority Pass, no proprietary BoA lounge network, no Centurion-style benefit); lounge access on Bank of America cards is reserved for the Premium Rewards Elite tier at $550 annual fee
- Hotel or airline elite status: Not offered (no Marriott, Hilton, Hertz, or airline status comes with the Premium Rewards card)
- Annual hotel credit, dining credit, or rideshare credit: Not offered (no monthly or annual lifestyle statement credits beyond the airline incidental and TSA PreCheck/Global Entry credits)
- Authorized users: free to add, and authorized-user spend earns points at the same rates and contributes to the welcome offer spend requirement (per the Bank of America issuer product page)
- 529 college savings redemption: redeem points for a credit to an eligible 529 college savings plan account, allowing tax-advantaged growth of reward dollars (per the TPG review; this is a relatively rare redemption path among non-issuer-portal points cards)
- BankAmeriDeals: targeted merchant offers loaded to the card in mobile/online banking that return additional cash back at retailers; offers are personalized and rotate (called out in the Doctor of Credit coverage as an ongoing BoA card benefit)
- Eligibility note: Bank of America applies the '2/3/4' rule (no more than 2 BoA cards approved in 2 months, 3 in 12 months, or 4 in 24 months) plus general Chase 5/24-style application velocity scrutiny; new applicants who already hold multiple BoA cards or who have many recent new accounts across other issuers may be denied (widely documented by Doctor of Credit and Upgraded Points; not a written benefit but a real-world acquisition constraint)
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