Up until now, if you traveled and wanted to use a Bank of America® rewards card, your only option was their travel card which awards a flat rate of 1.5 points per dollar spent. While this is a decent rewards rate, the card didn’t include the extra travel benefits that those on the road often look for when choosing a card.
The new Bank of America® Premium Rewards® credit card is not only a great option for earning rewards and perks on your travel purchases, but it’s also the bank’s only premier rewards credit card. If you travel and prefer a rewards card that offers just a little bit more than the average travel card, this is one you should consider. (See also: Best Premium Credit Cards)
Why We Like This Card
- 50,000 bonus points offer ($500 value)
- Unlimited 2 points per $1 spent on travel and dining
How This Card Works
This card awards an unlimited 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases.
Bonus points offer. Earn 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening. That’s a $500 value.
Your points do not expire, and you can redeem them for cash back as a statement credit, deposit into eligible Bank of America® or Merrill Lynch® accounts, for gift cards or use at the Bank of America® Travel Center.
- $95 Annual Fee
- 17.24% – 24.24% Variable APR for purchases and balance transfers
- 3% Balance Transfer Fee or $10, whichever is greater
- No Foreign Transaction Fee
Bonus worth $500. If you make at least $3,000 in purchases with the card within the first 90 days of opening the account, you can earn a bonus of 50,000 bonus points. This bonus is worth $500, which is one of the most valuable bonuses currently offered, especially for a card with only a $95 annual fee. (See also: Best Airline Miles Bonuses)
Low annual fee. You won’t find many other travel rewards cards or premium cards available with an annual fee that is less than $100. In fact, most of the premium cards with additional travel benefits carry annual fees of at least $400 per year.
Customer bonus. As with the other Bank of America credit cards, this one offers a customer bonus of 10% on each purchase if you have an active Bank of America checking or savings account. Further, if you’re a Preferred Rewards client, your points bonus will increase to 25%-75%.
Travel benefits. The annual airline incidental credit is enough to help pay the card’s annual fee. You also get a $100 credit every four years that you can use for TSA Pre✓® or Global Entry. Plus, this card comes with travel insurance protection which includes protections for assisting with trip delays, cancellations and interruptions, baggage delay inconvenience, lost luggage and emergency evacuation and transportation. (See also: Best Credit Cards that Offer TSA Pre Check or Global Entry Credit)
Who This Card Is Best For
This card is best for those who frequently travel and dine out, especially if you are able to use the annual airline incidental credit and the credit you get for TSA Pre✓® or Global Entry. Further, if you are already a Bank of America customer or plan on becoming one, this card offers the most rewards. Because there is no foreign transaction fee, it’s also ideal for making purchases outside of the US.
Click here to learn more and apply for the Bank of America® Premium Rewards® credit card today!