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The Bank of America Premium Rewards credit card has a sign-up bonus offer for 50,000 points. These 50k points are worth $500 in redemption value.
This is a fairly competitive travel rewards card in the ~$90-$100 annual fee tier (competitors below). It’s an even better card if you’re already a Bank of America customer and meet their Preferred Rewards status.
You’ll earn the most points on Travel and Dining purchases and redemption is very flexible. You won’t have the ultra premium perks cards like the Chase Sapphire Reserve® or The Platinum Card® from American Express do. But, you’ll still get some good ones for this $95 annual fee option.
*This card is issued by Bank of America. BoA also offers great sign-up bonuses for their Checking/Savings accounts.
CHASE SAPPHIRE PREFERRED® CARD
The Chase Sapphire Preferred® Card currently has an offer for 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Redeeming the 60,000 bonus points through the Chase Ultimate Rewards program, which is praised by users, will get you $750 in value towards travel. The 60K bonus points are worth $750 because you get 25% more value whenever you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards.
Even better, strategize with Chase Ultimate Rewards points transfer partners to potentially get even more value. Each point can be worth up to 2 cents apiece (60k points = ~$1,200). Read more on this here.
Bank Of America Premium Rewards 50,000 Bonus Points
Spend at least $3,000 within the first 90 days, and you’ll get a bonus of 50,000 points valued at $500.
*Compare this bonus to the best credit card bonuses here.
This card offers flexible redemption options. Redeem for cash back as a statement credit, or as a deposit into your eligible Bank of America or Merrill Lynch accounts including checking, savings, and 529, or to purchase travel (air, car, and hotel) through the Bank of America Travel Center or redeem for gift cards. No matter how you redeem, your 50,000 points will still receive $500 in value.
Here are some ideas on meeting the $3,000 spending requirement.
What Are Bank Of America Premium Rewards Card Points Worth?
No matter how you redeem, each point is worth 1 cent. 50,000 points are valued at $500.
You can redeem your points in three different ways:
- Points can be redeemed as a statement credit, or as a deposit into your eligible Bank of America or Merrill Lynch accounts
- Purchase travel (air, car, and hotel) through the Bank of America Travel Center
- Purchase gift cards
I’ll go over how you can get more rewards for being a Bank of America customer below.
Bank Of America Premium Rewards Card Top Features
You won’t get an automatic 10% boost to your rewards just for being a Bank of America customer. Bank of America’s other standard cash back and travel cards have this perk. But, you’ll be able to get the Preferred Rewards boost if you qualify.
If you’re a Bank of America Preferred Rewards client with at least $20,000 in combined accounts, you can enjoy a 25% – 75% rewards bonus on every purchase. Qualifying accounts include Bank of America (Checking/Savings), Merrill Lynch and Merrill Edge accounts. That means you could earn up to 3.5 points per $1 on travel and dining purchases and up to 2.625 points per $1 on all other purchases.
| Balance In Account | Rewards Bonus | Points Per Dollar Earned |
| Under $20,000 | 0% | Travel/dining: 2 Other spending: 1.5 |
| $20,000 to $49,999 (Gold) | 25% | Travel/dining: 2.5 Other spending: 1.875 |
| $50,000 to $99,999 (Platinum) | 50% | Travel/dining: 3 Other spending: 2.25 |
| $100,000+ (Platinum Honors) | 75% | Travel/dining: 3.5 Other spending: 2.625 |
Get up to a $100 Airline Incidental Statement Credit annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees – automatically applied to your card statement.
Get up to $100 Airport Security Statement Credit towards TSA PreCheck or Global Entry Application fee, every four years.
For best use of the card, I recommend you use the credit towards Global Entry, since the rewards membership already includes TSA PreCheck.
Having no foreign transaction fees is a necessity of any good travel rewards card. You don’t want to be concerned with how much you’ll get hit with transaction fees when you make a purchase abroad. Use the card anywhere in the world without having to pay an extra ~3%.
Bottom Line
For $95 a year, you can take advantage of a great sign-up bonus and good rewards rates, especially if you’re already a customer with substantial amounts in your Bank of America accounts. The $500 in bonus points will more than cover that annual fee for 5 years.
Overall, this card does well versus the competition. It makes the most sense for current Bank of America customers. Otherwise, there are several other travel rewards cards just as attractive.
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Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.