Hello Friends, I hope all is well with you! I am going to be reviewing the Bank of America Premium Rewards credit card. These opinions are my own, and I am in no way influenced by anyone.
Overall Verdict: The Bank of America Premium Rewards credit card seems to be similar to the Chase Sapphire Preferred credit card. It has a certain reward amount for purchases on travel and dining, and it has a certain reward amount on all other purchases. This premium Bank of America rewards credit card has expanded benefits and protections that people will like as well as a sign-up bonus. Also, it has a potential to earn you extra rewards if you are able to be part of their preferred rewards program. However, there are still some cards out there that have a higher reward amount.
Some things about this card that I do like:
Some of the things that I don’t like:
The Bank of America Premium Rewards credit card offers you the chance to earn points for every dollar that you spend. The points are applied to the net purchase amount (purchases minus returns) at the end of every billing cycle. The points accumulate in your account until you decide that you want to redeem them. There are a few ways that you are able to redeem your points. The first and most common way would be to redeem your points as a statement credit. The second way would be to exchange your points for cash and deposit that in your bank account; however, you must have a bank account with Bank of America or have an eligible account with Bank of America in order to deposit the money. The third way would be to redeem the points for gift cards. The last way would be to use the Bank of America Travel Center and book a trip.
The Bank of America Premium Rewards credit card has an annual fee of $95.
This rewards card offers you the chance to earn 2x points for every dollar that you spend on dining and travel purchases. Additionally, you will earn 1.5x points for every dollar spent on all other purchases. You are able to earn more rewards if you are part of Bank of America’s preferred rewards program. The preferred rewards program is divided into three tiers: Gold, Platinum, and Platinum Honors. The way you get assigned to one of these tiers depends on how much money you have deposited with them. The required balance is based off of a three-month average.
|Tier||Required Balance||Credit Card Rewards Bonus|
|Gold||$20,000 to < $50,000||25% reward bonus|
|Platinum||$50,000 to < $100,000||50% reward bonus|
|Platinum Honors||$100,000 +||75% reward bonus|
For example, if you are at platinum honors, you get an extra 75% reward bonus, and that is added on to all the categories of rewards. You have a chance to earn 3.5x points for every dollar that you spend on dining and travel purchases and 2.25x points for every dollar spent on all other purchases
The Bank of America Premium Rewards credit card has a sign-up bonus of 50,000 points (worth $500) if you are able to spend at least $3,000 in the first 90 days of the account opening. This would be roughly a 17% return on the money you would have spent regardless.
This premium rewards credit card does not have a foreign transaction fee.
This Bank of America credit card has some good benefits considering it has a $95 annual fee.
For more information and details on their benefits, check out their benefits page.
This rewards credit card does not have an introductory APR offer. The APR would be between 15.99% and 22.99%; it just depends on your credit score.
They also have other fees such as:
For more information on their fees, check out their fee schedule.
There are a few ways to contact Bank of America for questions or problems. The first and most common way would be to call the number on the back of your card. The second way would be to find a location and schedule an appoint to meet with a representative. The third way would be to mail in your question, comment, or concern to one of their PO boxes. There will be times where you might have to wait a little longer than usual or maybe you get a bad agent here and there, but this tends to happen at all companies from time to time.
Who it’s perfect for:
Who it isn’t perfect for:
If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.
Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.