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Want a premium card with points for travel and cashback?
The Bank of America Premium Rewards Credit Card is designed for individuals who value rewards on their everyday spending, particularly on travel and dining. With its competitive rewards structure, this card offers an attractive option for those looking to maximize their credit card benefits.
Earn rewards on purchases and enjoy a valuable sign-up bonus. The card is ideal for those who want to earn rewards without rotating categories or spending limits.
Discover the benefits of using the Bank of America Premium Rewards Credit Card for your daily expenses and travel plans.
Key Takeaways
- Earn rewards on travel, dining, and other purchases
- Competitive rewards structure with no rotating categories
- Valuable sign-up bonus for new cardholders
- No spending limits on rewards earnings
- Ideal for individuals who want to maximize their credit card benefits
Premium Rewards
Bank of America Travel Rewards vs Premium Rewards: Which Card is Best for You?
When deciding between two travel-focused credit cards from Bank of America, you’ll want to analyze how often you travel, how much you spend in different categories, whether you’ll benefit from perks that cost money (annual fees, credits), and whether you already have or plan to have a strong banking relationship (such as through Preferred Rewards). Below is a breakdown of the two cards across several dimensions.
Key Similarities
First, the similarities:
- Both cards are part of Bank of America’s travel rewards offerings.
- Both offer the possibility of boosted rewards via Bank of America’s Preferred Rewards program, which gives you additional percentage rewards increases if you hold certain balances with Bank of America or Merrill. Bankrate+5Bankrate+5U.S. News Money+5
- Neither card charges foreign transaction fees. financedevil.com+4U.S. News Money+4Bankrate+4
Key Differences
Here are several key areas where the cards differ and how those differences might affect your decision:
| Feature | Travel Rewards | Premium Rewards |
|---|---|---|
| Annual Fee | $0 (no annual fee) LendingTree+2U.S. News Money+2 | $95 per year WalletHub+3U.S. News Money+3Bankrate+3 |
| Rewards Earning Rates (base / travel & dining categories / all purchases) | Base: 1.5 points per $1 on all purchases. Travel via BoA Travel Center gets 3× points. Bankrate+3LendingTree+3Bankrate+3 | 2 points per $1 on travel & dining, 1.5 points per $1 on all other purchases NerdWallet+4U.S. News Money+4Bankrate+4 |
| Welcome / Sign-Up Bonus | 25,000 bonus points after spending $1,000 in the first 90 days (worth about $250 in travel credits) NerdWallet+2Bankrate+2 | 60,000 bonus points after spending $4,000 in the first 90 days (~$600 value) U.S. News Money+2Bankrate+2 |
| Intro APR / Balance Transfer Offer | 0% Intro APR on purchases for 15 billing cycles; zero-interest for balance transfers made within first 60 days; then variable rate. U.S. News Money+3NerdWallet+3Bankrate+3 | Premium Rewards does not typically have a 0% intro APR or major balance transfer specials; its benefits are more about ongoing rewards and travel credits. Bankrate+2financedevil.com+2 |
| Travel / Perk Credits | More limited. Lacks many of the credits that Premium offers. The Travel Rewards card focuses on simple rewards; fewer high-end travel perks. Bankrate+1 | Offers perks such as up to $100 per year in airline incidental statement credits (for seat upgrades, baggage fees, etc.), and up to $100 every four years for Global Entry or TSA PreCheck application fees. U.S. News Money+2Bankrate+2 |
| Rewards Value / Boost via Preferred Rewards | If part of Preferred Rewards, you can get a bonus (25-75%) on all purchases, increasing your effective point earnings significantly. Bankrate+2Bankrate+2 | Also gets boosts via Preferred Rewards, which can make the base earning (2× travel/dining, 1.5× everything else) more lucrative. NerdWallet+2U.S. News Money+2 |
| Best Use Case | Best for casual travelers, people who want no fee, want decent rewards without paying a fee, or those who don’t spend heavily in travel/dining but want flexibility. Also for people who want an intro APR / balance transfer feature. | Best for more frequent travelers or diners, people who will make use of the travel credits and perks, and who can justify paying the annual fee with the benefits. Also useful if you benefit from Preferred Rewards. |
Which Card Suits Which Type of User?
To help you decide, here are some user profiles and which card tends to be better for each:
| Profile | Travel Rewards is Probably Better If… | Premium Rewards is Probably Better If… |
|---|---|---|
| Occasional traveler | You travel lightly or infrequently, dine out sometimes, and prefer to avoid annual fees. | You travel more often or dine often and will use credits so that the fee is worth it. |
| Heavy traveler / dining spender | If you don’t spend enough in travel/dining categories to offset the $95 fee of Premium. | If you spend enough (travel, dining) such that the extra points + credits + perks produce net value exceeding $95. |
| Credit card benefits user | You care more about no fee, simplicity, maybe intro APR deals. | You value perks (lounge access, travel protections, airline incidental credits, TSA/Global Entry credits) and don’t mind managing to use those perks. |
| Preferred Rewards program participant | Even with boosts, the Travel Rewards card can become quite valuable if you are in a high tier of Preferred Rewards. | Premium Rewards with Preferred Rewards in a high tier can amplify the returns even more; probably the better yield once you are in that situation. |
Bank of America Travel Rewards
Comparison
Here’s a side-by-side comparison in table format, to help you judge quickly.
| Feature | Bank of America Travel Rewards Credit Card | Bank of America Premium Rewards Credit Card |
|---|---|---|
| Annual fee | $0 (no fee) | $95 per year |
| Welcome / Sign-Up Bonus | ~ 25,000 points after $1,000 spent in first 90 days (~$250 travel credit) Bankrate+2NerdWallet+2 | ~ 60,000 points after $4,000 spent in first 90 days (~$600 value) U.S. News Money+2Bankrate+2 |
| Rewards rate (base / categories) | 1.5× points per $1 on all purchases; 3× when booking travel through BoA Travel Center in some cases. NerdWallet+2Bankrate+2 | 2× points per $1 on travel & dining; 1.5× per $1 on all other purchases. financedevil.com+3U.S. News Money+3Bankrate+3 |
| Intro APR / Balance Transfer | 0% Intro APR on purchases for 15 billing cycles; 0% on balance transfers done within first 60 days; then standard variable rate. Bankrate+2NerdWallet+2 | No major 0% intro APR / balance transfer promotion generally; the focus is more on rewards and perks. financedevil.com+1 |
| Travel & Perk Credits | Limited; mostly reward points and redeeming for travel or travel-related purchases; fewer statement credits. Bankrate+1 | Includes perks: airline incidental statement credit (up to $100/year), credit for Global Entry / TSA PreCheck every four years, travel protections, etc. U.S. News Money+2Bankrate+2 |
| Foreign Transaction Fees | None | None U.S. News Money+1 |
| Redemption options | Travel purchases, statement credits, etc. Redeem points toward travel or eligible travel/dining purchases; flexible redemptions. Bankrate+1 | Similar flexibility, with redemption for travel, statement credit, deposits, also gift cards; plus more premium perks associated with travel. U.S. News Money+2Bank of America Private Bank+2 |
| Best for… | Users who want no annual fee, occasional travel, simplicity, those who will use the intro APR or balance transfer benefits. | Users who travel regularly, dine out often, will benefit from credits and perks, and can make up for the $95 fee via usage. |
Final Thoughts: Which One Should You Pick?
- If you’re just starting out with travel credit cards or want to avoid annual fees, the Travel Rewards Credit Card is likely a safer, more cost-effective choice. You get decent rewards (1.5× everywhere, more when booking via BoA Travel Center sometimes), no foreign transaction fees, and useful flexibility in redemptions.
- If you travel often, dine out frequently, and will take advantage of travel credits (airline incidental, Global Entry/TSA), then after accounting for the $95 annual fee the Premium Rewards Credit Card tends to offer more value. Especially if you are in or plan to be in a higher tier in the Preferred Rewards program, because the reward multipliers there (25-75% extra) can make a big difference.
- Also consider how comfortable you are with managing the perks. Premium Rewards has more things to track (credits, travel protections, etc.) which you’ll want to use to truly get your money’s worth. If you won’t use those perks, paying $95 just for a slightly higher rate on travel/dining might not be worthwhile.
What Makes the Premium Rewards Card Stand Out
The Bank of America® Premium Rewards® Credit Card is making waves in the credit card industry with its exceptional rewards program. This card is designed to offer cardholders a rewarding experience, especially for those who frequently travel or dine out.
Card Basics and Key Features
The Premium Rewards Card comes with several key features that make it an attractive option for potential cardholders.
- It offers 2X points on travel and dining purchases, making it ideal for individuals who frequently travel or dine out.
- The card has no rotating categories or spending limits on its rewards earnings, providing a straightforward rewards experience.
Target Audience Profile
The Premium Rewards Card is tailored for a specific audience:
- Frequent Travelers: Individuals who travel often can benefit greatly from the 2X points on travel purchases.
- Dining Enthusiasts: Those who enjoy dining out can also reap the benefits of 2X points on dining purchases.
- Individuals Seeking Simplicity: The card’s straightforward rewards structure, with no rotating categories, appeals to those who prefer a simple, hassle-free rewards experience.
Sign-Up Bonus and Welcome Offer
The Bank of America Premium Rewards Credit Card offers a compelling welcome offer that can significantly boost your rewards points. This card is particularly attractive to new applicants due to its generous sign-up bonus.
Current Bonus Value and Comparison
The current sign-up bonus for the Bank of America Premium Rewards Credit Card is 50,000 points after spending $3,000 in the first 90 days. This offer is competitive with other premium credit cards in the market. For instance, it stands alongside offers from top credit card issuers, providing a substantial boost to your rewards balance right from the start.
Compared to other Bank of America credit cards, the Premium Rewards Card’s sign-up bonus is one of the most rewarding, making it an excellent choice for those looking to maximize their credit card benefits.
Minimum Spending Requirements and Timing
To qualify for the sign-up bonus, cardholders must meet the minimum spending requirement of $3,000 within the first 90 days of account opening. This can be achieved through a combination of purchases, ensuring that the requirement is manageable for most users.
It’s essential to note that the timing of your purchases is crucial. You have 90 days from the date of account opening to spend $3,000, so planning your larger purchases during this period can help you meet the requirement.
Rewards Structure and Earning Potential
The Bank of America Premium Rewards Credit Card offers a robust rewards structure that caters to cardholders who frequently travel or dine out. With this card, you can earn points on your purchases, especially in the categories of travel and dining.
Cardholders earn 2X points on all travel and dining purchases, making it an excellent choice for those who enjoy exploring new destinations or savoring their favorite restaurants. The rewards structure is straightforward, allowing you to accumulate points easily.
For instance, if you’re a frequent traveler, you can earn 2X points on flights, hotels, and other travel-related expenses. These points can be redeemed for future travel, statement credits, or other rewards. The earning potential is substantial, and with the right spending habits, you can maximize your rewards earnings.
By understanding the rewards structure and earning potential of the Bank of America Premium Rewards Credit Card, you can make the most out of your credit card and enjoy the benefits that come with it.
