Bank of America® Premium Rewards® credit card is an excellent rewards credit card that comes with a great bonus offer and packs a punch with its premium travel perks and premium benefits. This card lets you earn unlimited points on all the purchases you make, so using it regularly is your best bet to racking up points that do not have an expiry date. You can even look forward to earning extra rewards on your purchases if you happen to be a Bank of America® Preferred Rewards client. This credit card could be the one for you if you want to earn points on all your purchases, you don't carry balances and you travel quite frequently.
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Bank of America® Premium Rewards® credit card
18.24% - 25.24% Variable APR
$95 annual fee
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Here, GET.com provides answers to key questions about how Bank of America® Premium Rewards® credit card works and what it offers.
Questions And Answers For Bank of America® Premium Rewards® credit card
Answer: Yes, this card lets you earn 50,000 bonus points - a $500 value - after you make at least $3,000 in purchases (exclusive of any fees, returns and adjustments) in the first 90 days of account opening. This one-time welcome bonus is limited to customers opening a new account and will not apply to requests to convert existing accounts. Upon qualifying for the bonus points, your 50,000 bonus points will be posted to your rewards balance in around 8-12 weeks' time.
Answer: Absolutely. Bank of America® Premium Rewards® credit card lets you earn rewards points on practically every purchase and service you spend on. This card lets you earn 2 points for every $1 spent on your travel and dining purchases; and 1.5 points for every $1 spent on all other purchases charged to your card. There is no limit to how many points you can earn, so the more you use your card, the more points you will earn.
If you are someone that travels or dines out a lot, Bank of America® Premium Rewards® credit card could be a really good card to go for. Compared to some other cards in the market, its travel and dining categories are pretty extensive. Restaurants, fast food, and drinking establishments, such as bars or taverns all fall under the dining category.
The travel category is even broader as it includes airlines, hotels, motels, timeshares, trailer parks, motor home and recreational vehicle rentals, campgrounds, car rental agencies, truck and trailer rental, cruise lines, travel agencies, tour operators and real estate agents, operators of passenger trains, buses, taxis, limousines, ferries, boat rentals, parking lots and garages, tolls and bridge fees, tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos, etc.
What's more, you get flexibility in determining how you want to use your points. You can redeem your points for cash back as a statement credit, or as a deposit into your eligible Bank of America® or Merrill Lynch® accounts including checking, savings, and 529. You can also use your points to purchase travel (air, car, and hotel) through the Bank of America Travel Center or even redeem your points for gift cards.
Answer: Yes! You get to enjoy a 25%-75% rewards bonus on every purchase you make if you are a Bank of America® Preferred Rewards client. This is a smart way to rack up more points quickly and effortlessly.
Answer: Of course, this is one of the best travel credit cards on the market right now. Bank of America® Premium Rewards® credit card comes loaded with travel and premium benefits. It offers premium world-class Visa Signature® benefits; travel protection for things like trip delays, cancellations and interruptions, baggage delay inconvenience, lost luggage and emergency evacuation and transportation; purchase security; extended warranty; return protection; auto rental collision damage waiver; and roadside assistance. Terms and conditions apply.
Additionally, Bank of America® Premium Rewards® credit card lets you enjoy up to $200 in travel statement credit rewards. How does this work? You can receive up to a $100 Airline Incidental Statement Credit annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees - automatically applied to your card statement. You will also receive up to $100 Airport Security Statement Credit towards TSA Pre✓ ® or Global Entry application fee, once every four years. To ensure that you qualify for both statement credits, make it a point to use your Bank of America® Premium Rewards® credit card when paying for all airline incidental transactions as well as the TSA Pre✓ ® or Global Entry application fee.
Along with features including account alerts, text banking, online and mobile banking to help you manage and monitor your account easily, Bank of America® Premium Rewards® credit card also comes with several attributes to help you stay protected, such as chip technology for enhanced security and protection when making purchases at chip-enabled terminals in over 130 countries; $0 fraud liability; and online shopping security with the complimentary ShopSafe® service.
This card is compatible with Apple Pay®, Google Pay™ and Samsung Pay as well. Plus, you can use the optional overdraft protection service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America® checking account to your credit card. Transfer fees may apply, though.
Answer: Yes, you need to pay to use this card as it has a $95 annual fee.
Answer: Yes, this is a good card to reach for when you are making international purchases overseas or online as it has no foreign transaction fees. If you routinely spend a lot in currencies other than the US dollar, the amount of savings to be had can quickly accumulate since most cards that come with such fees typically charge a 3% foreign transaction fee on each foreign currency transaction.
Answer: Yes, with Bank of America® Premium Rewards® credit card you will earn 2 points for every $1 spent on your travel and dining purchases and 1.5 points for every $1 spent on all other purchases. There is no limit to the total amount of points you can earn, which means that the more you spend, the more you earn.
Keep in mind that Bank of America® Premium Rewards® credit card has a 18.24% - 25.24% variable APR for purchases, based on your creditworthiness when you open your account. That said, if you adopt good credit card habits like paying your balances in full and on time every billing cycle, this is a pretty rewarding card for purchases since you get to earn unlimited rewards points, your points do not expire and there is no cap on how many points you can earn.
Answer: No. Bank of America® Premium Rewards® credit card has a 18.24% - 25.24% variable APR for balance transfers. In addition, a balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater, will apply.
Answer: Not really. Bank of America® Premium Rewards® credit card has a 27.24% variable cash advance APR and a cash advance fee of either $10 or 5% of the amount of each transaction, whichever is greater, this fee will apply to ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advances.
Answer: No, your rewards points do not have an expiry date. They will remain valid so long as your account is in open and in good standing.
Answer: Yes, there is a late payment fee of up to $39 as well as up to 29.99% variable penalty APR, based on your creditworthiness. The penalty APR may be applied to new transactions on your account indefinitely if you make a late payment. This is one of the reasons that it's very important that you make an effort to pay your credit card bill in full and on time each billing cycle if you want to make all your rewards count.
Answer: No, this card is only available to you if you have excellent or good credit. If you do not have excellent or good credit at the moment, you should not apply for Bank of America® Premium Rewards® credit card as getting rejected may hurt your credit score.
Answer: Yes, Bank of America® Premium Rewards® credit card lets you check and monitor your FICO® Score that's updated monthly at no charge when you opt in. This can be done easily within your Mobile Banking app or in Online Banking.
Answer: Bank of America® Premium Rewards® credit card is a rewards credit card that is suitable for people with excellent or good credit. If traveling is up your alley, you don't carry balances, and you are looking for a card that rewards you for every purchase you make, Bank of America® Premium Rewards® credit card is an excellent option even though it has a $95 annual fee. This annual fee is very reasonable considering the value and range of benefits you can enjoy with the card.
This is a straightforward card and the more you use it, the more points you can earn and accumulate. It lets you earn unlimited 2 points for every $1 spent on your travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.
Plus, Bank of America® Preferred Rewards clients can enjoy a 25%-75% rewards bonus on every purchase they make. If you already are a Bank of America® Preferred Rewards client, getting Bank of America® Premium Rewards® credit card would really be a sensible option as it helps you rack up points quickly, especially if you use it regularly.
You can use your points in a number of different ways and points earned do not expire as long as your account remains in good standing. In addition, this card comes packed with a useful assortment of premium perks and benefits. Bank of America® Premium Rewards® credit card has no foreign transaction fees, comes with travel insurance protection, premium Visa Signature® benefits, return protection, extended warranty and more.
This card even offers you up to $200 in travel statement credit rewards - a true gem if you are someone who travels a lot. Let's not forget that it has a 50,000 bonus points offer for new account holders. Bank of America® Premium Rewards® credit card lets you earn 50,000 bonus points - a $500 value - after you make at least $3,000 in purchases in the first 90 days of account opening.
More about Bank of America® Premium Rewards® credit card:
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