Best travel card for Bank of America Preferred Rewards members
The Bank of America Premium Rewards card allows cardmembers to earn 2 points per dollar on travel and dining expenses, but Preferred Rewards members will earn at a higher rate of up to 3.5 points per dollar spent.
At a glance
- 2X Earn unlimited 2 points for every $1 spent on travel and dining purchases
- 1.5X Unlimited 1.5 points per $1 spent on all other purchases
- Receive 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.
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.
At a glance
- 2X Earn unlimited 2 points for every $1 spent on travel and dining purchases
- 1.5X Unlimited 1.5 points per $1 spent on all other purchases
- Receive 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.
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.
- If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87-2.62 points on all other purchases, for every $1 you spend.
- No limit to the points you can earn and your points don't expire.
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
- Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
- No foreign transaction fees.
- Low $95 annual fee.
- 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.
Our Take
TPG Editor's Rating
Overview
The Bank of America Premium Rewards card is not the best mid-tier travel card out there, unless you’re a part of Bank of America’s Preferred Rewards program. It has a simple earning structure, with cardmembers being able to earn up to 2 points per dollar on travel and dining and 1.5 points per dollar on everything else, which allows for hassle-free earning. The card also comes with valuable perks like a $100 Global Entry/TSA PreCheck® credit and up to $100 annual airline incidental statement credit.
Pros
- This card is more valuable for Bank of America Preferred Rewards members, who can get between a 25% and 75% bonus on points earned.
- Comes with up to $100 in airline incidental statement credits annually and up to $100 Global Entry/TSA PreCheck® statement credit and travel protections
- Can transfer points earned into a 529 college fund.
Cons
- Other cards offer higher points for key bonus categories.
- Must open a Bank of America account to get the best value for points.
Who is this card good for?
The card is best for people who are part of Bank of America’s Preferred Rewards program. This highly increases the earning potential of the card at a rate of 25-75% and makes the Premium Rewards card a stand-out card amongst mid-tier travel cards.
Earning Rewards
The Premium Rewards card earns 2 points per dollar on travel and dining and 1.5 points per dollar on everything else. If the cardmember is part of the Bank of America’s Preferred Rewards program, they can earn 2.5-3.5 points per dollar on travel and dining and 1.875-2.625 points per dollar on other categories. The exact earnings will depend on their tier in the Preferred Rewards program.