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The Points Guy believes that credit cards can transform lives, helping you leverage everyday spending for cash back or travel experiences that might otherwise be out of reach. That's why we publish a variety of editorial content and card comparisons: to help you find a great card to turn your goals into reality.
Our site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened with our partners, and this may impact how or where these products appear. While we don't cover all available credit cards, our editorial team creates and maintains all of the analysis of these cards, and our content is not influenced nor subject to review by any credit card company, bank or partner prior to (or after) publication. Please view our advertising policy and product review methodology for more information.
Reviews
Bank of America Premium Rewards credit card review: Not to be underestimated
Olivia Mittak is a credit cards editor at TPG. She specializes in maximizing earn for points and miles, finding the best welcome bonuses and choosing the right credit cards for your wallet.
Compliance manager Stanley Sanford has years of compliance experience in the credit card industry dating back to 2017. He's reviewed content for several reputable sites, including CreditCards.com, Bankrate, CNET. and even thepointsguy.com before leading the compliance team for The Points Guy full time in early 2022.
Ryan is a former TPG credit cards writer who has been around points and miles for several years and has published content at Miles to Memories, AwardWallet and The Points Guy. His wife joins him on many of his trips, and they enjoy snowboarding, diving, and seeing animals in the wild. When not traveling, Ryan is probably answering questions from his family about how he travels so much and whether this points & miles stuff is illegal.
also contributed to this story
May 26, 2025 • 9 min read
The cards we feature here are from partners who compensate us when you are approved through our site, and this may impact how or where these products appear. We don't cover all available credit cards, but our analysis, reviews, and opinions are entirely from our editorial team. Terms apply to the offers listed on this page. Please view our advertising policy and product review methodology for more information.
Editorial note: This is a recurring post, regularly updated with new information and offers.
Quick summary
A mid-tier travel rewards card offers flexible redemption options and benefits such as airline incidentals and expedited security credits.
Best value is unlocked for those enrolled in a specific banking loyalty program, which boosts earning rates significantly.
Points earned cannot be transferred to airline or hotel loyalty programs, but can be redeemed for cash back, travel, or gift cards at a fixed value.
The card is most competitive for those who maximize the linked banking program; otherwise, other travel cards may offer higher rewards.
What to consider
Eligibility for enhanced earning rates requires membership in the issuer's loyalty program and an eligible bank account.
A modest annual fee applies, and the card lacks transfer partners for points.
Application approval is subject to specific limits on the number of cards you can open within set timeframes.
What you'll miss from the article
A detailed comparison of how this card stacks up against other similarly priced travel rewards cards, including pros and cons for frequent travelers.
Generated by AI with support from our editorial team.
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.
Related stories
Bank of America® Premium Rewards® credit card
TPG Editor's Rating3.5 / 5
at Bank of America's secure site.
Rewards rate
2X
Earn unlimited 2 points for every $1 spent on travel and dining purchases.
1.5X
Earn unlimited 1.5 points for every $1 spent on all other purchases.
Intro offer
60,000 points
Annual fee
$95
Regular APR
19.49% - 27.49% Variable APR on purchases and balance transfers
Bank of America Premium Rewards credit card overview
If you qualify for the Bank of America Preferred Rewards® program, the has the potential to be quite a lucrative card to use for everyday spending. For those who prefer other banks, there are better-earning travel cards available. Card rating*: ⭐⭐⭐½
* Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Not everyone sees the value in Bank of America’s credit card offerings. Many have low or nonexistent annual fees, but they tend to lack the perks that are often associated with popular rewards cards. The rewards earned also don’t transfer to airline or hotel programs. But if you're a part of the Preferred Rewards program, there can be some great benefits to having a Bank of America credit card.
Despite having premium in its name, this card isn’t like other products with annual fees in the $400-$500 range and a ton of perks. Instead, this card has a reasonable $95 annual fee and a more modest selection of benefits.
Still, it offers great flexibility in redeeming points and can produce outstanding earning rates if you can maximize Bank of America’s Preferred Rewards banking program. We recommend a credit score of at least 670 for this card.
Let's dig into the details.
Bank of America Premium Rewards pros and cons
Pros
Cons
Preferred Rewards members can earn additional bonus points
Airline incidentals credit
TSA PreCheck or Global Entry credit
Can transfer points earned into a 529 college fund
Other cards offer higher earning rates for key bonus categories
Must open a Bank of America account to get the best value for points
No transfer partners
Bank of America Premium Rewards welcome bonus
With the , you’ll receive 60,000 online bonus points after spending $4,000 on purchases in the first 90 days of account opening.
This is the standard offer on this card, so you may want to wait for an elevated offer before applying. That said, this card doesn't typically offer limited-time offers, so don't wait too long if you want to add this card to your wallet.
These points have a fixed value of 1 cent each, meaning this bonus is worth $600. This is far from the most lucrative bonus out there, but $600 can go a long way toward airfare, hotel costs or anything in between.
THE POINTS GUY
While Bank of America has no published restrictions that apply specifically to earning welcome bonuses, remember that it does have its 2/3/4 rule regarding card applications. You can only get approved for two Bank of America cards in a two-month period, three cards in a 12-month period and four cards in a 24-month period.
Remember that your entire credit profile will be considered, so approval is not guaranteed, even if you fall under these numbers. Lastly, there are no restrictions in the application terms saying that you cannot get this bonus if you previously had this card.
While the doesn’t hold a candle to top-tier cards like , it does come with nice perks for its low annual fee. Notable perks on this card include:
Up to $100 in statement credits annually for qualifying airline incidentals
Up to $100 statement credit for TSA PreCheck or Global Entry every four years
Baggage delay insurance
Lost luggage protection
Emergency evacuation and transportation
Trip delay, interruption and cancellation insurance
Purchase protections
Auto rental collision damage waiver
DAMIRCUDIC/GETTY IMAGES
This is a solid set of benefits for a card with a $95 annual fee. As long as you maximize the annual airline incidentals credit every year, you’ll get positive value out of this card. Cardholders also get access to certain Visa Signature® benefits, such as access to the Visa Signature Luxury Hotel Collection.
Earning points on the Bank of America Premium Rewards
With the , you’ll earn 2 points per dollar spent on travel and dining and 1.5 points per dollar on everything else. Travel and dining are defined broadly, meaning there are a lot of expenses that can qualify for double points.
MASKOT/GETTY IMAGES
The real value here is in the Preferred Rewards program. If you are a member of the Preferred Rewards program, you can earn 25-75% more points on every purchase, up to an impressive 2.625 points per dollar on nonbonus spending. That’s higher than any flat-rate card out there.
Redeeming points on the Bank of America Premium Rewards
Another thing to like about the is that it causes zero stress and consumes very little time. You don’t need to jump through hoops to find award availability, and you don’t have to go to a specific portal if you want to use your points to pay for your gym membership.
Since points are worth the same no matter what you redeem them for, you’re not penalized for redeeming them for cash back.
There are a few ways to redeem points:
Cash back: When your points balance is 2,500 points or more, you can receive cash back as a statement credit or deposit it into an eligible Bank of America checking or savings, Merrill or 529 college savings account. This is an impressive option that can be an excellent way to prepare for expensive tuition costs for yourself or someone in your family.
Travel purchases: You can book flights directly through the Bank of America travel portal. This is a good way to redeem points because you can still earn miles and make progress toward elite status by flying on a paid ticket (buying directly from the airline may be better, though, because you may get a lower fare class when booking through a portal).
Gift cards: A final option allows converting points into gift cards at popular merchants like Amazon, Whole Foods and Starbucks. We advise against this, since you won't get great value from your points compared to using them for cash back or travel.
GISELLEFLISSAK/GETTY IMAGES
Hearing that points are worth 1 cent each may initially seem disappointing, especially compared to what other points and miles are worth. However, the simplicity of not jumping through hoops or stressing about “maximum redemption value” can be a strong point here.
Which cards compete with the Bank of America Premium Rewards?
The best cards to compare to the are cards with similar annual fees. Let’s take a look at a few:
If you like Chase: The (see rates and fees) has a $95 annual fee. It offsets that fee with a complimentary DashPass membership (activate by Dec. 31, 2027) and a $50 statement credit for hotel stays booked through Chase Travel℠. This card earns bonus points on dining, online grocery orders, travel, streaming services and more. To learn more, read our full review of the Chase Sapphire Preferred.
If you like Citi: The (see rates and fees) also comes with a $95 annual fee, offset by a $100 discount on an eligible hotel stay of $500 or more each year when you book through CitiTravel.com. The Strata Premier earns bonus points on a huge range of purchases, including travel, dining, groceries, gas and electric vehicle charging stations. To learn more, read our full review of the Citi Strata Premier.
If you like American Express: The has an introductory annual fee of $0 for the first year (then $95 per year; see rates and fees). The main benefit of this card is up to $120 in statement credits every calendar year (up to $10 each month) for Disney Streaming services. Valid at DisneyPlus.com, Hulu.com or Stream.ESPN.com U.S. websites (enrollment is required; subject to auto-renewal). This card earns bonus cash back at U.S. supermarkets (6% on the first $6,000 spent each year, then 1%), U.S. gas stations (3%) and on transit (3%) and select U.S. streaming subscriptions (6%). Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit and at Amazon.com checkout. To learn more, read our full review of the Amex Blue Cash Preferred.
For additional options, take a look at our picks for the best travel cards.
If transfer partners aren’t a big deal to you, we recommend considering the . This is especially true if you’re a Preferred Rewards member and can get additional points for every dollar spent. If you want to get the most value out of your rewards or you're a frequent traveler, another card would be a better option.
Bottom line
The Bank of America Premium Rewards card is worth considering if you want a mid-tier card with attractive benefits. While its lack of transfer partners will be a turn-off for many, it still offers good redemption options.
As always, consider it against other mid-tier cards to make sure it’s the right choice for you.
For rates and fees of the Amex Blue Cash Preferred, click here.
