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Frequently asked questions about the Bank of America Premium Rewards Card

Dec. 03, 2019
8 min read
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Here's the link to apply now for the Bank of America® Premium Rewards® credit card with a 50,000-point bonus.

When I first reviewed the Bank of America® Premium Rewards® credit card after it debuted, I wrote that it was one of the more exciting mid-tier credit cards I'd seen in a while. That still holds true today. The card is still offering the same sign-up bonus of 50,000 points, which is worth $500, after you spend $3,000 in the first 90 days of account opening. And you can get fantastic value on everyday spend with it — as much as 2.625x points on regular purchases — when you keep additional assets with Bank of America.

Below, we've answered the most common questions about the card — including all the details about how to get the best returns by becoming part of the Bank of America Preferred Rewards banking program.

Where can I sign up and get 50,000 bonus points?

You can apply here: Bank of America® Premium Rewards® card application.

Who's eligible for the 50,000-point sign-up bonus?

There aren't any specific restrictions on this card's bonus, but be aware of Bank of America's general application restrictions, especially the issuer's 2/3/4 rule. We've also heard multiple reports of a new rule being implemented by Bank of America that is similar to Chase's 5/24 rule. While unconfirmed, there is certainly a pattern unfolding where those who have opened more than a few new cards (across issuers, not just with Bank of America) in the past 12 months may not be approved for a new BoA card.

How much are this card's points worth?

You'll get 1 cent per point regardless of how you redeem the points, whether it's for booking travel, gift cards, depositing into your eligible Bank of America or Merrill account, or via a statement credit. As more airlines and hotels move to a dynamic pricing model, fixed-value points are becoming more of a hot commodity. In a world where the value of a point or mile can shift at a moment's notice due to a booking system's pricing algorithm, it's nice to know you're getting a point's full potential value no matter how or when you redeem.

(Photo courtesy of United)
Fixed-value points mean you never have to worry about subpar redemptions on travel such as airlines. (Photo courtesy of United)

What is the minimum point redemption?

You can make redemptions with as few as 2,500 points.

How much is the annual fee?

You're only paying $95 per year for this card. That's a ridiculously low annual fee for a card that comes with such a high potential earning rate and travel perks including a $100 airline fee incidental statement credit and up to a $100 credit for your TSA PreCheck/Global Entry application enrollment fee.

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What are the bonus categories on this card?

If you aren't a member of Bank of America's Preferred Rewards banking program, the Premium Rewards card earns 2 points per every dollar spent on travel and dining purchases and 1.5 points per every dollar on all other purchases. It's not very often that we see a card offer bonus categories on top of a flat-rate spending bonus. This card offers similar categories to the Chase Sapphire Preferred Card, but with the added benefit of 1.5x on non-bonus category spending.

What qualifies as travel purchases with this card?

The travel category is relatively broad, including airlines, hotels, motels, timeshares, trailer parks, motor home and recreational vehicle rentals, campgrounds, car rental agencies, cruise lines, travel agencies, tour operators and real estate agents, passenger trains, buses, taxis, limousines, ferries, boat rentals, parking lots and garages, tolls and bridge fees, tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos and the like. Keep in mind that some travel-related purchases such as inflight goods and services and duty-free airport purchases are not eligible for 2x rewards.

Your daily train commute will count as travel with the Bank of America Premium Rewards card. (Photo by Getty Images)

What qualifies as dining purchases with this card?

The dining category includes fast-food and sit-down restaurants plus drinking establishments such as bars or taverns.

How can I take advantage of the Preferred Rewards program?

To enroll in the Preferred Rewards program, you’ll need an eligible Bank of America personal checking account and a three-month average combined balance of $20,000 or more in a Bank of America account and/or Merrill investment accounts. To enroll in the Preferred Rewards program, you’ll need an eligible Bank of America personal checking account and a three-month average combined balance of $20,000 or more in a Bank of America account and/or Merrill investment accounts. There are three tiers in Preferred Rewards, and your tier is based on how much money you have in your accounts:

Spend CategoriesRegular CardholderTier 1 - Gold ($20,000 - $50,000)Tier 2 - Platinum ($50,000 - $100,000)Tier 3 - Platinum Honors ($100,000+)
Travel/Dining Earnings2x points2.5x points3x points3.5x points
Other Earnings1.5x points1.875x points2.25x points2.625x points

What does the $100 annual Airline Incidental Statement Credit cover?

According to Bank of America, the credit covers incidental airline purchases such as seat upgrades, baggage fees, inflight services and airline lounge fees. The credit will be applied automatically to your card statement within seven days when you make an eligible purchase.

Is the $100 annual Airline Incidental Statement Credit issued each calendar year or anniversary year?

The airline incidental statement credit is issued each calendar year. That means you could apply for the card in November, use the airline credit for checked bags and inflight services (for example) in December and then get another credit for airline lounge fees and seat upgrades on a trip in January.

How often do I get the Global Entry/TSA PreCheck credit?

The Global Entry/TSA PreCheck application fee credit will reset once every four years. A statement credit will post to your account within seven days after the application fee is charged to your card.

What kind of travel protection benefits are available with the card?

The Premium Rewards card's trip delay reimbursement provides up to $500 per ticket purchased for you and your eligible family members for reasonable expenses if a covered trip is delayed due to a covered hazard for more than 12 hours.

The trip cancellation/trip interruption coverage provides reimbursement of up to $2,500 per person, per trip, for unused prepaid non-refundable travel expenses including passenger fares, if you have to cancel due to a covered reason.

Baggage delay coverage provides reimbursement of up to $100 per day for up to five days when your bags are delayed or misdirected by an airline, bus, train or cruise ship for more than six hours for essential items including clothing.

Baggage arrives from Delta Air Lines Inc. flights at Los Angeles International Airport (LAX) on Friday, March 29, 2019 in Los Angeles, Calif. © 2019 Patrick T. Fallon for The Points Guy
(Photo by Patrick T. Fallon/The Points Guy)

The lost luggage reimbursement policy provides coverage for your luggage and its contents if they are lost or stolen due to theft or misdirection by an airline, bus, train or cruise ship. Finally, the emergency evacuation and transportation coverage will cover eligible medical services and transportation if you or a member of your immediate family are injured or become sick during a trip far from home that results in an emergency evacuation.

What car rental protection is included?

The auto rental collision damage waiver provides reimbursement for damage due to collision or theft. Coverage is supplemental (secondary) to and in excess of other insurance such as your personal auto policy.

What kind of purchase protection is available with the card?

The Premium Rewards card's warranty manager doubles the time period of the manufacturers' warranty, up to one additional year on warranties of three years or less, for eligible items purchased with your card.

Return protection provides reimbursement for the cost of an eligible item of personal property if you're dissatisfied with the item for any reason within 90 days of the purchase and if the retailer will not accept the return. Coverage is limited to $250 per eligible item and up to $1,000 annually.

Are there any foreign transaction fees with the Bank of America Premium Rewards card?

No. The Bank of America Premium Rewards card does not charge foreign transaction fees.

Have another question about the Bank of America Premium Rewards credit card? Please share it in the comments below. Want a more in-depth analysis? Check out my full card review.

Updated on 5/3/21.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

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