5 Lesser-Known Perks of the Bank of America Premium Rewards Card

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The newest premium credit card on the market comes to us from Bank of America — the Bank of America Premium Rewards Credit Card. For those not familiar with this newcomer, it currently has a sign-up bonus of 50,000 points after you spend $3,000 in the first 90 days.

Highlights of the card include a $100 airline credit to cover purchases such as seat upgrades, baggage fees, in-flight services and more. Every four years, you’ll also get up to a $100 Global Entry credit, which can be used to give you TSA PreCheck or Global Entry — which every frequent traveler should have. Aside from these benefits, there are some perks that aren’t as widely advertised but can be just as useful.

In This Post

1. Lost Luggage Reimbursement

No one wants to lose their luggage when they travel. Between dealing with the airline to get your bag back and going without all of your essentials, there’s a lot to worry about. But, the BofA Premium Rewards Card offers something to help ease the pain of losing a piece of luggage.

The card’s lost luggage coverage protects both your luggage and the contents inside of it if it’s lost or stolen due to theft or misdirection by the common carrier. Bank of America defines common carriers as airlines, buses, trains and cruise ships. Keep in mind that you must pay for the entire cost of the ticket with your card. The benefit covers up to $3,000 per trip (New York residents are limited to $2,000 per trip).

Items or losses that are not covered include automobiles, automobile accessories and/or equipment, motorcycles, motors, bicycles, boats or other vehicles or conveyances; contact lenses, eyeglasses, sunglasses, hearing aids, artificial teeth, dental bridges and prosthetic limbs; money, securities, credit or debit cards, checks and traveler’s checks; tickets, documents, keys, coins, deeds, bullion, stamps, perishables, consumables, perfume, cosmetics, rugs and carpets, animals, cameras, sporting equipment and household furniture; property shipped as freight or prior to to departure date; items specifically identified or described in and insured under any other insurance policy; losses arising from confiscation or expropriation by any government or public authority or detention by customs or other officials; losses resulting from abuse, fraud or hostilities of any kind; or business items, cellular telephones or art objects.

Young handsome man passenger in his 20s with carry-on backpack waiting at conveyor belt to pick his luggage in arrivals lounge of airport terminal building

2. Trip Cancellation/Trip Interruption

If something comes up with your trip, the Premium Rewards Card helps to ensure that you’re not completely losing everything you spent. If you have to cancel your trip due to a covered reason, the benefit will cover up to $5,000 per person, per trip, for the unused prepaid non-refundable travel expenses.

Covered types of non-refundable expenses include airfare and other common carrier fares (such as cruises, buses and train), hotel costs, tours booked through a tour operator, prepaid rental cars, rented recreational vehicles, change fees and commercial recreational excursions.

Your trip will be covered for reasons such as accidental injury, change in military orders, a call to jury duty, named storm warning and more. However, not all expenses are covered, such as a change in plans, financial circumstances, any loss because of unused vouchers, tickets, credits or coupons and more.

3. Purchase Security

If you run into a problem with a purchase you just made, the Premium Rewards Card covers you — whether the item is stolen or damaged. Say, for example, you bought a new iPhone, and just a few days after having it, you drop it right on its face and the screen completely shatters and isn’t useable. If you didn’t purchase Apple Care and it’s not covered, the purchase security with your Premium Rewards Card could really come into play.

The protection with this card will repair, replace or reimburse you if an eligible item purchased with your card is stolen or damaged within 90 days of purchase. You’ll be covered for up to $10,000 per claim.

Along the same lines, the Premium Rewards Card also offers an extended protection benefit. The extended protection/warranty manager card perk doubles the time period of the manufacturer’s warranty for up to one additional year.

4. Delayed Baggage Protection

Along the same lines of the lost luggage reimbursement, the Bank of America Premium Rewards Card also offers coverage if your bags are delayed. When your checked baggage is delayed for at least six hours with a common carrier, you’re eligible for BofA’s protection.

The benefit covers up to $100 per day for up to five days that your baggage is delayed. The card’s benefit is limited to expenses incurred for essential items, such as toiletries, clothing and chargers for electronic equipment. Some items aren’t covered, such as hearing aids, tickets, business samples, jewelry and watches, cameras and more.

Not only you, as the primary cardholder, are covered by this benefit. Your spouse or domestic parter and dependent children are also eligible for baggage delay insurance. So, if several family members’ bags are delayed on a trip, you’ll have insurance to help you cover the cost of essentials until you’re reunited with your bags.

5. Visa Luxury Hotel Collection

This benefit gives you access to a portfolio of premium hotels. If you stay with one of the hotels in the collection from your Premium Rewards Card, you’ll get benefits that include best rate guarantee, late checkout, free breakfast daily for two, automatic room upgrades (if available) and more.

When booking a hotel through the Visa Luxury Hotel Collection that comes with your card, you’ll get a best rate guarantee if you find a lower room rate on another site within 24 hours of making a booking. The lower rate must have identical booking requirements, be publicly verifiable and be for the same hotel, room type, dates and number of guests.

The room upgrade guarantees that you’ll be upgraded to the next-highest room class for the duration of your stay — that is, if there’s a room available. In addition, you’ll get a $25 credit at checkout to be applied to food or beverage costs from your stay.

Other benefits include complimentary continental breakfast for each day of your stay for you and a guest. By booking through the collection, you’ll also be considered a VIP Guest and get complimentary in-room Wi-Fi and a 3pm checkout upon request.

Bottom Line

While the Bank of America Premium Rewards Card has plenty of perks on the surface, some great benefits aren’t as widely advertised. From reimbursing you for lost luggage to offering you special treatment at a collection of premium hotels, the card offers value in a variety of ways.

Bank of America® Premium Rewards® Credit Card

This brand new card from Bank of America gets really interesting if you have a BofA checking, savings or investment account. Depending on the value of your combined accounts you can potentially get as much as 3.5x on travel/dining and 2.625x on other purchases making it the richest consumer banking bonus out there.

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More Things to Know
  • Receive 50,000 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 per $1 spent on all other purchases
  • If you're a Bank of America Preferred Rewards client, you can get a 25%-75% rewards bonus on every purchase.
  • No limit to the points you can earn and your points don't expire
  • Flexibility to redeem for a statement credit, deposit into eligible Bank of America® or Merrill Lynch® accounts like checking, savings, and 529, for gift cards or use at the Bank of America Travel Center.
  • Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
  • No Foreign Transaction Fees
  • Low $95 annual fee
Intro APR on Purchases
N/A
Regular APR
17.49% - 24.49% Variable APR on purchases and balance transfers
Annual Fee
$95
Balance Transfer Fee
Either $10 or 3% of the amount of each transaction, whichever is greater.
Recommended Credit
Excellent/Good

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

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.