Bofa Premium Rewards Credit Card vs Other Top Options

The Bank of America Premium Rewards credit card is a popular choice for those seeking a high-end rewards experience, but how does it stack up against its competitors? The card offers 3 points per dollar spent on travel and dining purchases, with a $95 annual fee.

One key difference between the BofA Premium Rewards card and other top options is its flexible redemption options. With the BofA card, you can redeem your points for statement credits, travel, gift cards, or even cash back. This level of flexibility is unmatched by many of its competitors.

The Chase Sapphire Preferred, for example, offers 2 points per dollar spent on travel and dining, but its redemption options are more limited. You can redeem your points for travel, cash back, or gift cards, but you'll get a lower redemption value than with the BofA card.

The Bank of America Premium Rewards card is a great option for earning rewards, especially for travel and dining enthusiasts. You can earn unlimited 2X points on travel and dining purchases, and 1.5X points on all other purchases.

To maximize your earnings, consider joining the Bank of America Preferred Rewards Program, which offers three membership tiers: Gold, Platinum, and Platinum Honors. Each tier requires a certain balance in your eligible Bank of America deposit and Merrill investing accounts.

To qualify for the Gold tier, you need at least a $20,000 balance, which gives you a 25% points boost. For Platinum, you need at least $50,000, which gives you a 50% points boost. And for Platinum Honors, you need at least $100,000, which gives you a whopping 75% points boost.

Here's a breakdown of the points boost for each tier:

By joining the Preferred Rewards Program and reaching the higher tiers, you can significantly increase your earnings. For example, if you spent $10,000 on travel and dining purchases, you could earn up to 35,000 points with the Platinum Honors tier, compared to 20,000 points at the regular rate.

The Bank of America Premium Rewards credit card has a range of benefits that make it a great option for travelers and foodies alike.

Up to $100 in airline incidental credits each year can help offset the cost of flights, seating upgrades, and other travel expenses.

The card also offers statement credits of up to $100 per calendar year for incidental airline purchases, including checked baggage fees, onboard food and beverages, and in-flight entertainment purchases.

Additionally, the card provides up to $100 in statement credits every four years to pay the TSA PreCheck or Global Entry program application fee.

You can also earn unlimited 2X points on travel and dining purchases, and unlimited 1.5X points on all other purchases.

If you're a Bank of America Preferred Rewards member, you can earn up to 75% more points on purchases, depending on your tier within the program.

Here's a breakdown of the points boost you can expect based on your tier:

The higher your tier, the more you can earn every time you swipe. For example, if you spent $10,000 on travel and dining purchases, you could earn up to 35,000 points with a Platinum Honors tier.

The Bank of America Premium Rewards Credit Card comes with a $95 annual fee. This is a mid-tier card, comparable to some competitors like the Chase Sapphire Preferred and the Capital One Venture Rewards Credit Card.

You won't have to worry about foreign transaction fees, making it a good card to bring along on international adventures. The annual fee is $95, but you can earn back some of that with the annual up to $100 airline credit.

If you're not careful, you can end up paying more in fees than you save. Missing payments or paying late will cost you $29 the first time, and $40 every time after that. To avoid this, it's a good idea to automate your payments or send them in a few days before the due date.

Here are some key fees and charges to be aware of:

Remember, the ongoing APR is 20.24%-28.24% Variable APR, so make sure to pay your balance in full each month to avoid interest charges.

The Bank of America Premium Rewards card has a rewards program that's perfect for travel enthusiasts. You can earn 2 points for every dollar on travel and dining purchases.

One of the program's best features is its flexibility. You can cash in points for a statement credit, a direct deposit into your Bank of America account, or even credit to your Merrill investment account. Points never expire, but you must have at least 2,500 points to start redeeming them.

The points are worth 1 cent per point, so 2,500 points would equal $25 in cash back. This makes it easy to redeem your points for cash or other rewards.

If you're a Bank of America or Merrill customer, you may be eligible for Preferred Rewards, which can boost your points earning potential. With Preferred Rewards, you can earn up to 3.5 points for every dollar on travel and dining purchases and up to 2.62 points on all other purchases.

The Bank of America Premium Rewards card is a great option for frequent travelers. It offers a range of travel perks that can save you money and make your trips more enjoyable.

One of the most valuable benefits is the trip cancellation, delay, and interruption insurance, which provides reimbursement for non-refundable passenger fares if you need to cancel or cut your trip short for a covered reason.

The card also offers baggage delay and lost luggage insurance, which can reimburse you for toiletries, clothing, and other essentials if your luggage is delayed or lost.

You can receive up to $100 in statement credits per calendar year for incidental airline purchases, such as seating upgrades, ticket change or cancellation fees, and checked baggage fees.

Additionally, you can get up to $100 in statement credits every four years to pay for the TSA PreCheck or Global Entry program application fee.

Here are some of the travel benefits you can expect from the Bank of America Premium Rewards card:

The Bank of America Premium Rewards credit card offers a generous welcome bonus of 60,000 online bonus points after making at least $4,000 in purchases in the first 90 days of account opening. This bonus is worth $600, making it a great incentive to sign up for the card.

You can earn 2 points for every $1 spent on travel and dining purchases, and 1.5 points for every $1 spent on all other purchases. This rewards structure is designed to benefit frequent travelers and diners.

One of the perks of the card is a statement credit of up to $100 every four years for the Global Entry or TSA Precheck application fee. This can be a huge time-saver and a valuable benefit for frequent travelers.

You can also earn a statement credit of up to $100 each year to cover incidental airline fees, such as checked bags, seat upgrades, and in-flight refreshments.

If you're a Bank of America Preferred Rewards member, you can earn a 25% increase on credit card rewards, making your rewards even more valuable. To qualify for Preferred Rewards, you need to have an average daily balance of at least $20,000.

Here's a breakdown of the rewards and bonuses you can earn with the Bank of America Premium Rewards credit card:

If you're a frequent traveler looking for flexibility in credit card rewards, the Bank of America Premium Rewards credit card is worth considering.

This card is especially suitable for Bank of America customers with significant balances in their accounts, as they can earn a great sign-up bonus and good reward rates.

The annual fee is relatively modest, making it a good option for those who want to earn rewards without breaking the bank.

The reward points have the same value regardless of how you redeem them, giving you flexibility in how you use your rewards.

The Citi Premier card is a great option if you're looking for a travel rewards card. It earns 3x points in multiple everyday spending categories.

One of its standout features is the excellent welcome bonus offer - you can earn 75,000 bonus points after spending $4,000 in the first three months of account opening. This is a significant incentive to sign up.

The Citi Premier card also comes with an annual hotel savings benefit, which can help you save money on your hotel stays.

The Bank of America Premium Rewards credit card is a great option for frequent travelers who want flexibility in their credit card rewards. It offers a sign-up bonus, good reward rates, and points that have the same value regardless of how you redeem them.

With a relatively modest annual fee of $95, cardholders can earn a great welcome bonus of 60,000 online bonus points, which is equivalent to $600 in value. This is a significant incentive for those who make at least $4,000 in purchases in the first 90 days of account opening.

The card also offers unlimited 2 points for every $1 spent on travel and dining purchases, and unlimited 1.5 points for every $1 spent on all other purchases. This means that cardholders can earn a lot of points quickly, especially if they use the card for their daily expenses.

One of the standout features of this card is its travel insurance benefits. Cardholders can enjoy trip cancellation/interruption insurance, car rental insurance, baggage delay insurance, trip delay insurance, lost luggage reimbursement, and travel and emergency assistance services. These benefits can provide peace of mind and financial protection for travelers.

Here's a summary of the card's benefits:

Overall, the Bank of America Premium Rewards credit card is a great option for frequent travelers who want flexibility in their credit card rewards and a range of travel insurance benefits.

The Citi Premier and Chase Sapphire Preferred are two popular credit cards that offer great rewards and benefits.

Both cards offer a 60,000-point bonus after spending $4,000 in the first 3 months, but the Sapphire Preferred requires a $95 annual fee, while the Premier has a $95 annual fee, but with no foreign transaction fees.

The Sapphire Preferred offers 2X points on travel and dining purchases, while the Premier offers 3X points on travel, including gas stations, and 2X points on dining and entertainment.

The Premier has a higher points value, with a redemption value of 1.25 cents per point, compared to the Sapphire Preferred's 1 cent per point.

The Sapphire Preferred has a longer intro APR period, with 0% intro APR for 12 months, while the Premier has a 0% intro APR for 12 months, but with a higher regular APR.

The Premier offers a higher credit limit, with a starting limit of $5,000, while the Sapphire Preferred has a starting limit of $5,000, but with a higher regular APR.

To qualify for the Preferred Rewards program, you'll need to have an average daily balance of at least $20,000.

The program has multiple tiers, with higher balances unlocking better rewards. To reach the Platinum tier, you'll need an average daily balance of at least $50,000 in assets between your Bank of America and Merrill accounts, maintained for three months.

At the Platinum tier, your baseline rewards earnings will be over the 2% cash-back level, making it a significant advantage. This is especially true when compared to cards like the Citi Double Cash Card, which earns 2% cash back on all purchases.

To reach the Platinum Honors status, you'll need an even higher average daily balance of over $100,000, maintained for three months. This will unlock even better rewards, including a baseline cash back of 3.5% on travel and dining and 2.625% on all other purchases.

The Bank of America Premium Rewards Credit Card is a solid choice for those seeking a travel rewards card with good earning rates and a large welcome bonus offer. The card has a relatively low annual fee of $95.

You'll need good to excellent credit to qualify for this card, which means a FICO score of at least 670. This is a reasonable requirement, but it's essential to ensure you meet it before applying.

The card offers 2x points on travel and dining, and 1.5x points on everything else, with no spending caps or limits. This makes it easy to earn points on your daily purchases.

You won't find a metal card option with this card, just the standard plastic material. If you're particular about the card's design, you might want to consider other options.

Here are some key features to consider: