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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.
Guides
How to maximize your earning with the Bank of America Premium Rewards card
Stella is a full-time writer with expertise in credit cards, points and miles, and all things travel. She is a journalism graduate of the University of North Carolina, Chapel Hill and previously worked as a copywriter at JetBlue Airways and as a credit cards writer at LendingTree.
Chris Nelson is a credit cards writer for TPG. He specializes in budget travel, hotels, earning elite status through minimal spending and redeeming points for maximum value.
also contributed to this story
July 9, 2024 • 8 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 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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By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
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Quick summary
A popular travel rewards card offers straightforward earning and flexible redemption options, with a modest annual fee.
Cardholders can benefit from valuable perks, including annual airline incidental credits and statement credits for expedited airport security programs.
The card's rewards program is especially lucrative for those who qualify for a banking loyalty program, offering significant earning bonuses based on account balances.
While the card lacks airline and hotel transfer partners, its simplicity and strong earning rates make it appealing for those who prefer cash back or easy redemptions.
What to consider
Eligibility for enhanced rewards depends on participation in a banking loyalty program, which requires maintaining specific account balances.
Points are generally valued at 1 cent each and can be redeemed for cash back, statement credits, or travel purchases, but not transferred to airline or hotel partners.
Some other cards may offer higher rewards at restaurants, so comparing options based on your spending habits is advisable.
What you'll miss from the article
A detailed guide to maximizing rewards through the banking loyalty program and tips for when this card is most effective versus alternatives.
Generated by AI with support from our editorial team.
Update: Some offers mentioned below are no longer available. View the current offers here.
The Bank of America® Premium Rewards® credit card is a trusty travel rewards card with a $95 annual fee.
Often overshadowed by competing cards like the Chase Sapphire Preferred® Card (see rates and fees) or the Capital One Venture Rewards Credit Card, the Bank of America Premium Rewards card shouldn’t be ignored if you want simplicity in earning and redeeming rewards.
There’s even more value to be found with the card if you’re an existing Bank of America customer and qualify for the Preferred Rewards program. The Preferred Rewards program provides undeniable value for those who qualify and can make your Premium Rewards card the frontrunner in your wallet — including up to a 75% rewards bonus on your eligible credit card.
If you already carry this card — or were thinking about applying for it — here’s a rundown of how to maximize your earning potential with the Bank of America Premium Rewards Card.
Overview of the Bank of America Premium Rewards card
First, we’ll go over all of the benefits and perks you’ll find on the Bank of America Premium Rewards card, which charges a $95 annual fee:
THE POINTS GUY
Sign-up bonus: Earn 60,000 online bonus points (a $600 value) after you make at least $4,000 in purchases in the first 90 days of account opening.
Rewards rate: Earn unlimited 2 points for every dollar spent on travel and dining purchases. Earn 1.5 points for every dollar spent on all other purchases.
Up to $100 in annual airline statement credit: Eligible for incidental or ancillary airline purchases such as seat upgrades, baggage fees, inflight food and drink, airline lounge fees and more.
Up to $100 statement credit for Global Entry or TSA PreCheck: You’ll receive reimbursement for your application to Global Entry or TSA PreCheck every four years.
Strategies for maximizing the Bank of America Premium Rewards card
Beyond the 60,000-point sign-up bonus, you’ll want to know when to use the Bank of America Premium Rewards card for maximum impact. Here are our suggestions:
See if you qualify for the Preferred Rewards program
A Bank of America branch in the Brickell neighborhood of Miami, Florida. EVA MARIE UZCATEGUI/BLOOMBERG/GETTY IMAGES
As mentioned above, Bank of America’s Preferred Rewards program is an exceptional way to find even more value from this card. The program has three levels: Gold, Platinum, and Platinum Honors.
Gold
Platinum
Platinum Honors
Required balance
$20,000 to $49,999
$50,000 to $99,000
$100,000 or greater
Credit card bonus
25% rewards bonus on eligible Bank of America Card
2.5 points per dollar on travel and dining purchases
1.88 points per dollar on all other eligible purchases
50% rewards bonus on eligible Bank of America Card
3 points per dollar on travel and dining purchases
2.25 points per dollar on all other eligible purchases
75% rewards bonus on eligible Bank of America Card
3.5 points per dollar on travel and dining purchases
2.63 points per dollar on all other eligible purchases
These are some solid earning rates, especially as you move up the ranks of the Preferred Rewards program. For instance, the Platinum Honors level offers you a whopping 2.63 points per dollar on all other purchases, an earning rate that simply can’t be beaten for non-bonus purchases. For context, cards like the Capital One Venture Rewards offer 2 miles per dollar on all purchases, and the Chase Freedom Unlimited® (see rates and fees) offers 1.5% cash back (1.5 points per dollar) on non-bonus categories.
Then, use your Premium Rewards card to pay for travel, dining and even non-bonus purchases
Whether you qualify for Gold, Platinum or Platinum Honors, the Premium Rewards is unmatched for travel (2.5-3.5 points per dollar) and non-bonus purchases (1.88-2.63 points per dollar).
Many rewards credit cards restrict you to earning bonus points on flights and hotels only. But with the Premium Rewards card, you have a broad travel category that includes — but isn’t limited to — car rentals, motor home and recreational vehicle rentals, travel agencies and tours, boat rentals, tolls and parking fees and tourist attractions such as art galleries, amusement parks, zoos and more.
Similarly, the non-bonus multiplier is enormous with the Premium Rewards card. While it’s nice to have cards in your wallet that offer bonus categories, there can be many exclusions.
On non-bonus category spending, the Premium Rewards card 1.5 points per dollar spent, and even more if you’re a Preferred Rewards banking customer with the bank (1.88 to 2.63 points, depending on your tier), so there’s not much of an opportunity cost to using these cards for day-to-day purchases.
When not to use the Bank of America Premium Rewards card
That said, the Bank of America Premium Rewards card isn’t for everyone. Here are some scenarios where you’ll want to avoid using this card.
Don’t use the Premium Rewards card if you want access to airline and hotel transfer partners
Although a travel rewards card, Bank of America doesn’t have any transfer partners yet. Instead, your points are worth 1 cent each, and you can get cash back deposited into a Bank of America checking or savings account or eligible Merrill investment account, receive a statement credit, or redeem for gift cards or purchases through the Bank of America Travel center.
With transfer partners, you can book unbelievable business and first-class seats. ZACH GRIFF/THE POIMTS GUY
This isn’t necessarily a bad thing. This card is a much-needed breath of fresh air for those who want to maximize their purchases but don’t want to get into the nitty-gritty of airline and hotel transfer programs.
Points and miles can be a bad long-term investment, and those who prefer having cash back that can be put toward an infinite number of possibilities will enjoy this flexibility. Plus, many travel expenses can’t traditionally be redeemed with points, such as ski lessons or museum tickets.
Don’t use the Premium Rewards card for dining purchases
This one isn’t a hard-and-fast rule, as the Premium Rewards still offers a great return on all dining purchases. However, I can name a few cards off the top of my head that I’d consider much more rewarding, such as the American Express® Gold Card that offers 4 points at restaurants worldwide on the first $50,000 in purchases per calendar year; then 1 point per dollar (8% return based on TPG’s July 2024 valuations) or the Chase Sapphire Preferred with 3 points (6.15% return).
But there certainly comes a point in life where maximizing every purchase to its full potential loses its luster. While you could open the cards above for better earning rates on dining, that means another card (and annual fee) to keep up with. Thanks to its strong earning rates — especially if you’re eligible for Preferred Rewards program bonuses — the Bank of America Premium Rewards card is still a good enough option for dining.
Bottom line
Whether or not you qualify for the Preferred Rewards program, there’s tons of value to be found with the Bank of America Premium Rewards card. The up-to-$100 in an airline incidental statement credit each year alone makes up for the $95 annual fee, but the rewards rate keeps the card a strong contender.
Apply here: Bank of America Premium Rewards card
For rates and fees of the Amex Gold, click here.
Comments
By commenting, you agree to our Community Guidelines to help create a positive space for conversation. The responses below are not provided or commissioned by the bank advertiser, our partners, or The Points Guy (“TPG”). They have not been reviewed, approved, or otherwise endorsed by any of these parties. All responses are submitted by individual contributors, and neither the bank advertiser, our partners, nor TPG are responsible for ensuring that all posts and/or questions are answered.
