Rewards Rate
Unlimited 2 points per $1 spent on travel and dining
points per $1 on all other purchases
in annual travel credits, including up to $100 airline incidental statement credits
Global Entry or TSA PreCheck credit
Welcome Bonus
The welcome bonus is one of the highlights: you can earn 60,000 bonus points (worth $600 when redeemed for travel) after spending $4,000 within the first 90 days of account opening. For a card with just a $95 annual fee, that’s a fantastic offer!
APR
20.24-28.24% Variable APR
Pro & Cons
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Up to $200 in annual credits for travel and airline fees
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Generous travel and dining rewards rate
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No foreign transaction fees
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Enhanced rewards for Preferred Rewards members
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Valuable welcome bonus
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$95 annual fee (though easily offset by the perks)
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Rewards are best used for travel and statement credits
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Requires excellent credit for approval
Bank of America® Premium Rewards® Card
The Bank of America® Premium Rewards® credit card is considered a versatile option for those who value premium benefits. A straightforward rewards structure is provided, along with additional perks for Bank of America Preferred Rewards members. Whether frequent travel or everyday spending is prioritized, this card is designed to enhance the experience while offering value through travel credits and high rewards rates.
Capital One Walmart Rewards® Mastercard®
Good for:
Card is no longer available
cash back when using Walmart.com or the app for delivery or pickup purchases only
cash back for purchases at Walmart stores in the U.S. and Puerto Rico, as well as at Murphy USA gas stations
additional cash back (totaling 5%), when using Walmart Pay for purchases within the first 12 months at Walmart Stores
cash back when purchasing gift cards through Walmart
cash back on purchases made at Sam’s Club and its gas station
Up to 5% cash back on every purchase
One-time cash bonus after spending $500 within 3 months of opening an account
Introductory APR for 15 months on purchases and balance transfers; balance transfer fee may apply
points per $1 spent on all purchases.
point welcome bonus – valued at $250 when redeemed for travel, after spending $1,000 in the first 90 days.
Card Highlights
- Unlimited 2 points per $1 spent on travel and dining
- 1.5 points per $1 spent on all other purchases
- $200 annual travel credits for general travel and airline incidentals
- $100 Global Entry or TSA PreCheck credit every four years
- No foreign transaction fees
- Rewards with no spending caps and points that never expire
Rewards Redemption
With this card, flexibility in point redemption is provided, making it easy to use rewards as needed. Points can be redeemed for travel-related purchases, such as flights, hotels, and vacation packages through the Bank of America Travel Center. Additionally, points can be applied as statement credits to offset travel expenses or reduce monthly balances. For those who prefer cash back, points may also be converted into cash rewards. A selection of gift cards from well-known brands is available as another redemption option. There are no limits on the number of points that can be earned, and points never expire, ensuring long-term value for cardholders.
Card Terms, Rates and Fees
- Annual fee: $95
- Balance transfer fee: 4% of the amount of each transaction
- Foreign translation fee: None
Maximize Benefits and Avoid Fees
Certain strategies can be applied to maximize the value received from the Bank of America® Premium Rewards® credit card:
- Spending on travel and dining: The highest rewards rate (2 points per dollar) is applied to these categories.
- Utilizing the travel credits: The $100 airline incidental credit and $100 Global Entry or TSA PreCheck credit should be leveraged to offset travel costs.
- Enrolling in Preferred Rewards: Bank of America clients can benefit from increased points earning (up to 75% more) by joining the Preferred Rewards program.
- Paying the balance in full monthly: Interest charges can be avoided by ensuring that the balance is paid off completely each month.
Qualification Requirements
|
Requirement |
Description |
|
Credit score & credit history |
Good to excellent credit (typically 670+) |
|
Income |
Sufficient income to meet credit obligations. |
|
Job-status |
Stable employment preferred |
|
Citizenship/residency |
US citizen or permanent resident |
|
Age |
18+ with a valid SSN or ITIN |
|
Required documents |
Valid ID and proof of income. |
What Makes This Card Appealing?
The Bank of America® Premium Rewards® credit card is seen as a worthwhile option for frequent travelers and those who want to maximize rewards on everyday purchases. Despite its $95 annual fee, the card’s benefits—including unlimited rewards, annual travel credits, and no foreign transaction fees—provide significant value. Preferred Rewards members may find even greater value due to the potential for higher points earning.
How to Apply
Applying for the Bank of America® Premium Rewards® credit card is straightforward:
Fill in personal information
Phone number, email address and citizenship status
Financial information
Terms & conditions
- Visit the Bank of America website: Go directly to the card’s application page.
- Click “Apply Now”: Start the application process.
- Fill in your details: Provide your personal and financial information, including:
- Full name
- Social Security number
- Residential address
- Employment and income information
- Review the terms: Make sure you understand the card’s rates and fees.
- Submit your application: You may get instant approval, but some applications might take a little longer.
FAQ
Is an annual fee charged for this card?
Yes, an annual fee of $95 is applied.
Can international transactions be made without additional fees?
Yes, no foreign transaction fees are charged, making the card ideal for international travel.
How can points be redeemed?
Points can be redeemed for travel, statement credits, cash back, or gift cards through the Bank of America rewards portal.
