Bank of America Premium Rewards Review
The Bank of America Premium Rewards credit card is an attractive option for consumers who value travel rewards and dining benefits. This card offers a robust rewards program, major travel perks, and opportunities to earn significant bonuses, making it ideal for frequent travelers or dining enthusiasts. This detailed review of the Premium Rewards card will help you determine if it aligns with your financial goals.
Key Features and Benefits
The Bank of America’s Premium Rewards card stands out in the travel rewards arena due to several key features:
- Rewards Program: Earn 2 points per dollar on travel and dining, and 1.5 points on all other purchases. This straightforward earning structure makes it easy to accumulate points, especially with high spending in these categories.
- One-Time Offer: New cardholders can earn 60,000 points after spending $4,000 in the first 90 days. This equates to approximately $600 in value when redeemed for travel or cash back, offering an enticing bonus for new applicants.
- Annual Fee: The annual fee is $95, which is relatively low compared to other premium travel cards. This fee can be easily offset by effectively utilizing the card’s benefits.
- No Foreign Transaction Fees: This card does not charge foreign transaction fees, which is a significant advantage for international travelers.
- Travel Credits: Receive up to $100 in statement credits per calendar year for airline incidental fees, plus an additional $100 credit every four years for TSA PreCheck or Global Entry application fees.
- Flexible Redemption Options: Points can be redeemed for cash back, statement credits, or travel through the Bank of America Travel Center, with each point valued at approximately 1 cent.
Maximizing Your Rewards
To maximize the benefits of your Bank of America Premium Rewards card, consider these strategies:
Join Preferred Rewards: Maintain a balance in Bank of America accounts to qualify for the Preferred Rewards program, which offers a 25-75% bonus on rewards based on your account balance. For example:
- Gold tier: $20,000 to $49,999 = 25% points bonus.
- Platinum tier: $50,000 to $99,999 = 50% points bonus.
- Platinum Honors tier: $100,000 or more = 75% points bonus, equivalent to 2.625 points on general purchases and 3.5 points on travel and dining.
Use this card for general spending, especially in high-reward categories such as travel and dining, to accumulate points more quickly.
Travel Protections: The card includes valuable travel protections like trip cancellation insurance, trip delay reimbursement, lost luggage reimbursement, and emergency assistance, adding value and peace of mind when traveling.
Potential Drawbacks
While the Bank of America Premium Rewards card has many advantages, consider these potential drawbacks:
Limited Transfer Partners: Unlike some premium cards, this card does not allow points transfer to airline and hotel loyalty programs, which may be a limitation for frequent travelers who prefer maximizing rewards through loyalty programs.
Annual Fee Justification: The $95 annual fee is reasonable, but users should ensure they can leverage the card’s benefits to justify this cost annually. If you don’t travel frequently or utilize airline credits, it may not be worth it.
Comparison with Other Travel Cards
Here’s how the Bank of America Premium Rewards card compares to other popular travel credit cards:
| Feature | Bank of America Premium Rewards | Chase Sapphire Preferred | Capital One Venture Rewards |
|---|---|---|---|
| Annual Fee | $95 | $95 | $95 |
| Sign-Up Bonus | 60k points | 60k points | 75k miles |
| Points on Travel/Dining | 2x | 2x | 2x |
| Points on Other Purchases | 1.5x | 1x | 2x |
| Foreign Transaction Fees | No | No | No |
| Transfer Partners | Limited | Extensive | Extensive |
| Travel Credits | Up to $200 | None | None |
The Bank of America Premium Rewards card offers competitive rewards and benefits with a reasonable annual fee. However, it falls short in transfer partners and redemption flexibility compared to the Chase Sapphire Preferred or Capital One Venture Rewards.
Customer Service and Support
Bank of America provides extensive customer service options, including:
- 24/7 Customer Service: Access support anytime via phone or online chat.
- Mobile App Functionality: Manage your account, check balances, review transactions, pay bills, and redeem rewards using the Bank of America mobile app.
- Fraud Protection: Enjoy zero liability for unauthorized transactions and alerts for suspicious activities.
Conclusion
The Bank of America Premium Rewards credit card is an excellent choice for those who value travel and dining rewards. With flexible redemption options and enhanced earning potential through the Preferred Rewards program, this card is ideal for frequent travelers and diners seeking a straightforward rewards scheme with significant travel credits and insurance protections.
