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The Premium Rewards credit card is one of the bank’s top reward cards. Each $1 spent on dining and travel with this card earns you 2x points, while all other purchases earn 1.5x points. You can redeem points for various rewards, including cash back, travel purchases, and gift cards.
The BofA Premium Rewards credit card is best for people who spend significantly on travel and dining. It’s a great option for the bank’s Preferred Rewards program members, who can get up to 75% more rewards.
The BofA Premium Rewards credit card has an APR of 19.74% - 27.74% Variable for purchases. It also carries an annual fee of $95. However, it doesn’t charge any foreign transaction fees.
With this card, you earn 2 points for every $1 spent on travel and dining and 1.5 points for every $1 spent on all other eligible purchases.
Cardholders who are also members of the Preferred Rewards program earn 25%-75% more points on each purchase, depending on your tier in the program. This means each $1 spent on travel and dining gets you 2.5 to 3.5 points and 1.87 to 2.62 points on all other purchases.
The value of points remains constant regardless of how you redeem them. There’s no upper limit for points, and they don’t expire as long as your account remains open.
Moreover, the bank will automatically give you $100 in statement credit for any airline incidental purchases you make with your card—for example, seat upgrades, airline lounges, and inflight services. You’ll also get another similar amount of credit every four years when you use your card to pay TSA PreCheck or Global Entry fees.
There is a huge welcome offer for this card — Receive 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.
You can apply for the Bank of America® Premium Rewards® Credit Card online. The bank will respond in as few as 30 seconds, whether it has approved you.
Bank of America offers 24/7 phone support for lost or stolen credit cards. You can reach its customer service team by calling 800-732-9194 or 1-757-677-4701 if you’re outside the US.
Online chat support is also available for certain services. To confirm whether you can get assistance this way, log into your online bank account, go to the “Help and Support” tab, and select "Contact us." From the drop-down menu, choose a topic and click "Go." A "Chat now" link will appear if online chat is available.
You can also explore the bank’s comprehensive FAQ section or Help Center on its website for quick answers to common queries.
Feedback about the quality of BofA customer service is mixed. Some customers praise the bank for its quick response times and immediate plus effective assistance. Others report long wait times and difficulties getting their issues resolved.
Bank of America has implemented various security measures to safeguard your information and account. For example, it lets you enable features like fingerprint sign-in and two-factor authentication to increase the safety of your account.
Furthermore, the bank uses Secure Sockets Layer (SSL) technology to protect any information you send over the internet from being intercepted or tampered with.
Data privacy is also a top priority for Bank of America. Only employees providing you with a service can access your financial data. For a detailed understanding of how the bank handles your personal information, refer to the comprehensive privacy policy on its website.
Finally, Bank of America offers all eligible customers a $0 Liability Guarantee. This policy offers protection against fraudulent transactions made through your account, ensuring you aren’t held responsible for unauthorized charges.
For a modest annual fee of $95, the Bank of America® Premium Rewards® credit card provides a decent selection of perks, including a rewards rate of 2 points per dollar on travel and dining experiences and 1.5 points per dollar on all other purchases.
You can also earn a generous welcome bonus — Receive 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. You don’t have to worry about racking up currency conversion fees when abroad, as there are no foreign transaction charges with this card.
If you’re looking for rewards cards with a healthy balance of benefits and costs, the BofA Premium Rewards card is worth looking into.
This review was compiled using information from Bank of America’s website and online review sites.
Disclosure: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.
Editorial disclosure: The credit card offers and information presented on this page are current as of the published date. However, credit card terms, including APRs, fees, and promotional offers, are subject to change without notice. Some offers listed may no longer be available or may have expired. Please refer to the issuer's website for the most up-to-date terms and conditions.
Sean LaPointe is a personal finance writer at BestMoney.com, specializing in tax relief and debt consolidation. With over eight years of experience, his work has appeared in The Motley Fool, Angi, and more. Sean’s passion lies in providing up-to-date information that helps readers make informed financial decisions.