The Bank of America Premium Rewards Credit Card is a popular option for those looking for a high-end rewards credit card that offers robust benefits, particularly for travel enthusiasts. With its 2x points on travel and dining, along with a generous 50,000-point bonus after meeting a spending requirement, this card is often compared to other premium cards like the Chase Sapphire Preferred Card and the American Express Gold Card. But is it the right choice for you? Let’s dive into the features of this card, compare it with some other popular options, and see how it stands up to the competition.
Key Features of the Bank of America Premium Rewards Credit Card
The Bank of America Premium Rewards Credit Card is tailored for people who travel frequently and want to earn rewards on their daily spending. Here are some of its most notable features:
1. Sign-Up Bonus
- 50,000 Online Bonus Points: You’ll earn 50,000 points after spending $3,000 in the first 90 days from account opening. This bonus is worth approximately $500 in travel statement credits, making it a solid deal for those who meet the spending requirement early on.
2. Rewards Rate
- 2x points on travel and dining purchases: This includes spending on flights, hotels, car rentals, and restaurants.
- 1.5x points on all other purchases: Whether you’re buying groceries, paying for your utility bills, or making any other everyday purchase, you’ll earn 1.5x points on those.
- Points Redemption: You can redeem points for travel credits, gift cards, and more. Travel credits are especially valuable, as you can use them for hotel stays, flights, and car rentals.
3. Annual Fee
- $95 annual fee: This fee is typical for premium rewards cards and is relatively low compared to other high-end credit cards like the Chase Sapphire Preferred, which charges a $95 annual fee as well. However, this is still something to consider when comparing the overall value of the card.
4. Additional Benefits
- No foreign transaction fees: This is a major perk for anyone who travels abroad frequently, as foreign transaction fees can quickly add up with other cards.
- Up to $100 for Global Entry or TSA PreCheck: This reimbursement benefit is perfect for frequent flyers who want to speed up their airport experience. You can claim a credit for either Global Entry or TSA PreCheck, which helps save time during security screening.
- Concierge service: You can access 24/7 concierge assistance, whether you need help with travel arrangements, dining reservations, or event tickets.
- Travel insurance: This card also offers travel insurance benefits like trip cancellation insurance, rental car insurance, and lost luggage reimbursement, which can add up to significant savings in case of emergencies.
Who is the Bank of America Premium Rewards Card Ideal For?
This card is perfect for someone who:
- Travels frequently: With 2x points on travel and dining, plus travel-related perks, this card is designed for those who spend a lot in these categories.
- Wants flexibility in points redemption: The card allows you to redeem points for a variety of rewards, including travel credits, making it ideal for those who want flexibility in how they use their points.
- Has a good credit score: The Bank of America Premium Rewards Card is best suited for people with good to excellent credit scores, typically in the range of 690–850.
How Does the Bank of America Premium Rewards Credit Card Compare to Other Popular Cards?
When comparing the Bank of America Premium Rewards Credit Card with other cards like the Chase Sapphire Preferred and American Express Gold Card, we need to look at the overall value, rewards rate, and benefits.
1. Chase Sapphire Preferred Card
- Sign-Up Bonus: 60,000 points after spending $4,000 in the first 3 months, worth $750 in travel through Chase Ultimate Rewards.
- Rewards Rate:
- 2x points on travel and dining
- 1x points on all other purchases
- Annual Fee: $95
- Ideal For: Travel enthusiasts who want a higher sign-up bonus and more options for redeeming points, particularly for travel-related expenses.
The Chase Sapphire Preferred Card offers a similar rewards structure of 2x points on travel and dining, but it comes with a larger 60,000-point bonus that’s worth $750 when redeemed through Chase Ultimate Rewards. This makes the Chase Sapphire Preferred a more attractive option if you’re looking to maximize your points for travel. Additionally, the points are more flexible when redeemed through the Ultimate Rewards program, which includes the option to transfer points to travel partners. However, if you’re looking for simpler redemptions, the Bank of America Premium Rewards card offers straightforward travel credits.
2. American Express Gold Card
- Sign-Up Bonus: 60,000 points after spending $4,000 in the first 6 months.
- Rewards Rate:
- 4x points at restaurants, including takeout and delivery
- 3x points on flights booked directly with airlines or on amextravel.com
- 1x points on all other purchases
- Annual Fee: $250
- Ideal For: Foodies and travelers who spend heavily at restaurants and on flights.
The American Express Gold Card offers a 4x points bonus at restaurants, including takeout and delivery, making it a great option for foodies. It also provides 3x points on flights, which is higher than the 2x points on travel that the Bank of America Premium Rewards card offers. However, the Gold Card comes with a higher $250 annual fee, which could be a deterrent for some. Additionally, while the Gold Card offers a higher rewards rate on food and travel, the Bank of America Premium Rewards card is more versatile and provides more general travel benefits like Global Entry/TSA PreCheck reimbursement.
Comparison Table
| Feature | Bank of America Premium Rewards Credit Card | Chase Sapphire Preferred | American Express Gold Card |
|---|---|---|---|
| Sign-Up Bonus | 50,000 points (worth $500 in travel credits) | 60,000 points (worth $750 in travel) | 60,000 points (worth $600 in travel) |
| Rewards Rate | 2x points on travel & dining, 1.5x on all other purchases | 2x points on travel & dining, 1x on others | 4x points at restaurants, 3x on flights |
| Annual Fee | $95 | $95 | $250 |
| Foreign Transaction Fees | None | None | None |
| Global Entry/TSA PreCheck Credit | Yes, up to $100 | No | No |
| Ideal For | Travelers who want easy redemption and a low annual fee | Travel enthusiasts seeking flexible point redemptions | Food lovers and frequent travelers |
Conclusion
The Bank of America Premium Rewards Credit Card is an excellent option for people who frequently travel and dine out. With its 2x points on travel and dining and a 50,000-point bonus, it provides good rewards for everyday and travel-related purchases. The card’s $95 annual fee is relatively low compared to other premium cards, and the Global Entry/TSA PreCheck reimbursement is an added bonus for frequent flyers.
However, if you want higher value in points redemptions, more flexible travel options, or a bigger sign-up bonus, you might want to consider cards like the Chase Sapphire Preferred or the American Express Gold Card. The Bank of America Premium Rewards Credit Card stands out for its simplicity and low fee, making it a great option for those who want a straightforward rewards card with valuable travel benefits.