The Bank of America Premium Rewards Credit Card is a mid-tier travel rewards card that targets frequent travelers who want premium perks without a luxury card price. With a moderate annual fee and straightforward redemption value, this card delivers consistent travel and dining rewards while offering extra upside for Bank of America customers enrolled in the Preferred Rewards program.
Quick facts
- Annual fee: $95
- Welcome bonus: 60,000 points after $4,000 in purchases in the first 90 days (valued at $600 at 1 cent per point)
- Earning rates: 2 points per $1 on travel and dining; 1.5 points per $1 on all other purchases
- Point value: Generally worth 1 cent each for redemptions through Bank of America (no transfer partners)
- Preferred Rewards bonus: Eligible Bank of America Preferred Rewards members can earn up to 75% more points
- Intro APR: No 0% introductory APR on purchases or balance transfers
Overview and positioning
This card sits between basic cash back or entry-level travel cards and high-end premium travel cards. It aims to offer attractive travel earning and a meaningful welcome bonus while keeping the annual fee modest compared with premium competitors. The simplicity of a fixed redemption value makes the card easy to use, particularly for cardholders who prefer straightforward rewards and statement credit redemptions.
Rewards and redemptions
The card earns 2 points per $1 on travel and dining, and 1.5 points per $1 on everything else. Points are redeemed through the Bank of America rewards platform where they are generally valued at 1 cent each. That makes the welcome bonus worth about $600 when redeemed at that rate.
Points are worth just one cent each, with no option for transferring to airline or hotel partners.
That fixed value removes much of the complexity but also eliminates opportunities to extract outsized value by transferring to airline or hotel partners, a feature many travel-focused cardholders prize.
Notable benefits
- Welcome bonus: A meaningful lump-sum boost that covers the annual fee many times over if spent wisely.
- Straightforward redemption: Simple 1 cent per point value makes it easy to calculate redemptions and value.
- Preferred Rewards boost: Bank of America customers in the Preferred Rewards program can earn 25% to 75% more points depending on tier, significantly increasing overall return.
- Moderate annual fee: $95 is reasonable for the benefits offered compared with premium cards that charge several hundred dollars.
Drawbacks and considerations
- No transfer partners: Points cannot be moved to airline or hotel loyalty programs, limiting flexibility and the chance for outsized redemptions.
- Fixed point value: 1 cent per point is predictable, but often lower than what experienced travel hackers achieve via transfer partners.
- No 0% introductory APR: The card lacks a promotional 0% APR on purchases or balance transfers, which is a disadvantage for cardholders planning to carry a balance or move debt.
- Competition: Cards like the Chase Sapphire Preferred offer transferable points and flexible redemption options, which may be preferable to those who want maximum flexibility.
How it compares to similar cards
Compared with cards that offer transferable points, the Premium Rewards card emphasizes simplicity and bank-aligned perks rather than transfer value. For example, the Chase Sapphire Preferred provides points that can be transferred to multiple airline and hotel partners, often yielding higher value per point for award travelers. The Premium Rewards card competes more on ease of use, steady earning, and extra value for Bank of America customers through the Preferred Rewards tiers.
Example earnings
As a simple illustration, a cardholder who spends $1,000 monthly with $300 on travel/dining and $700 on other purchases would earn:
- Travel and dining: 2 points per $1 on $300 = 600 points
- Other purchases: 1.5 points per $1 on $700 = 1,050 points
- Total monthly points = 1,650 points (about $16.50 in value at 1 cent per point)
Preferred Rewards multipliers can increase these totals significantly, depending on tier.
Final verdict
The Bank of America Premium Rewards Credit Card is a solid mid-tier travel card for people who value simplicity and consistent point value, especially for those already banking with Bank of America and participating in Preferred Rewards. The generous welcome bonus and clear redemption rate make the math easy, and the $95 annual fee is reasonable for the benefits offered.
However, anyone seeking maximum flexibility, transfer partners, or promotional APR offers should compare this card against transferable-point products like the Chase Sapphire Preferred or other bank travel cards. Ultimately, the Premium Rewards card is best when straightforward rewards, a moderate annual fee, and strong BofA synergy matter more than the ability to squeeze out the highest possible point value.
Next steps
Readers should review personal travel and spending habits, check eligibility for Bank of America Preferred Rewards, and consider whether predictable redemption value or transfer flexibility is the priority before choosing this card. Consulting a financial professional can also help align card choice with broader financial goals.
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