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Bank of America is the second-biggest bank in the US, with around 69 million consumer and small business clients and over $2.45 trillion in assets under management. During its long tenure in the banking industry, it’s won numerous accolades, most recently the Global Finance World’s Best Bank Award 2023.
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 has an APR of 20.24%-27.24% 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.
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.
BoA has a huge welcome offer for this card whereby you receive 60,000 bonus points (worth up to $600) when you spend $4,000 in the first 90 days of account activation.
You can apply for the Bank of America® Premium Rewards® Credit Card online. Here are the steps to follow.
Go to the Bank of America website, select “Credit Cards,” and then “Travel and Airlines Rewards Cards."
Scroll to the Premium Rewards credit card and click "Apply Now."
Provide the information required and submit your application.
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.
Bank of America hasn’t started the minimum requirements for this card. However, you’re likely to need a good to excellent credit score (i.e. a FICO score of 670) and above to qualify.
You can redeem your rewards online on the BofA website, through its mobile banking app, or by phone at 800-434-8313. On the bank’s website, log in to your online banking account, search for your credit card, and then click the “Rewards” tab. To redeem via the mobile app, log into the app and tap “View My Rewards.”
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 also get a generous welcome bonus worth up to $600 if you spend $4,000 on the card. 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.
