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3. Bank of America® Premium Rewards® credit card: Does it offer what the name promises?

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12 reviews from Intuit Credit Karma members

3.6

Rating: 3.6 out of 5.

Great for flexible travel

Annual Fee: $95

This content is curated by Intuit Credit Karma’s Editorial team using data from members who were approved for this card or similar cards, or who self-matched this card or similar cards. Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse this content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Here’s the average credit limit of members who matched their Bank of America® Premium Rewards® credit card or similar cards.

% of members by credit limit range

The average credit limit for members who have matched with this card or similar cards is $14,217, with $5,000 being the most common.

Here’s the average credit score of members who matched their Bank of America® Premium Rewards® credit card or similar cards.

% of members by credit score range

The average credit score for members who have matched with this card or similar cards is 707, with 760 being the most common. Note this is just one of the deciding factors when it comes to getting approved.

Member stats

Updated daily

27.4%

Average credit utilization (or what percent of the card’s credit limit is being used) of members who matched with this card or similar cards.

40 years

Average age of members who matched this card or similar cards.

$101,460

Average annual income of members who matched this card or similar cards. Note: Income may be estimated for some members by Credit Karma and may differ from members’ actual incomes.

Pros and cons

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Good sign-up bonus

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Airline incidental fee credit

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TSA PreCheck or Global Entry application fee credit

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No Priority Pass™ airport lounge access

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No airline or hotel point transfer partners

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No bonus for travel redemptions

4 things you need to know about the Bank of America® Premium Rewards® credit card

1. The annual fee is within reach

The Bank of America® Premium Rewards® credit card charges a reasonable $95 annual fee for the rewards it offers.

You usually see this kind of annual fee on mid-tier travel rewards cards. By contrast, some other premium credit cards charge annual fees above $400.

So the Bank of America® Premium Rewards® credit card could serve to lower the barrier to entry for many people who are turned off by the annual fees charged by more expensive competitors in the premium rewards space.

2. The travel credits add a nice touch

The travel credits are what set the Bank of America® Premium Rewards® credit card apart as a premium rewards card.

For one thing, you’ll receive a $100 airline incidental fee statement credit. While it won’t cover airfare, it can be used to help pay for things like baggage fees, lounge fees, seat upgrades and onboard purchases of food, drinks or entertainment.

You’ll also qualify for a $100 airport security statement credit, which can be used once every four years to cover the cost of applying for Global Entry or TSA PreCheck.

While you might be able to get more valuable travel credits from other premium credit cards, you won’t find either of these benefits offered by most traditional travel rewards cards with a comparable annual fee.

3. The sign-up bonus is competitive

The Bank of America® Premium Rewards® credit card offers 60,000 bonus points when you spend $4,000 on purchases during the first 90 days after opening the account. That sign-up bonus is worth $600.

That’s certainly not chump change, but it is possible to find a more valuable sign-up bonus from another credit card.

4. Score above-average rewards for everyday spending

The Bank of America® Premium Rewards® credit card offers competitive rewards for everyday spending.

You’ll earn two points for every $1 you spend on travel and dining, and 1.5 points per $1 spent on all other purchases. Many travel rewards cards offer a base rate of only one point per $1, so this is among the best offers for everyday spending that we have seen.

But even with earning an elevated 1.5 points on everyday spending, you’d still have to spend around $40,000 on everyday purchases to earn 60,000 points.

What’s missing for a premium rewards card?

The Bank of America® Premium Rewards® credit card bills itself as a premium rewards card, and it certainly offers a wide range of benefits. But compared with true premium rewards cards with higher annual fees, the real story is what it doesn’t offer.

• The travel credits are less generous and less flexible than the credits you could receive with some other premium rewards cards. For example, the Chase Sapphire Reserve® features $300 in statement credits as reimbursement for a broader range of travel purchases each account anniversary year.
• There is no Priority Pass™ membership offering complimentary access to airport lounges around the world.
• You can’t transfer points to partner airlines or hotels for other redemption opportunities.
• You don’t earn a bonus for redeeming your points toward travel.

Understanding your points and redemption options

The Bank of America® Premium Rewards® credit card makes it easy to redeem your points for a statement credit, bank deposit or a gift card. You can also use your points to book airfare, hotels or rental cars through the Bank of America® Travel Center.

In most cases, each point is worth 1 cent. But if you have a minimum of $20,000 saved with Bank of America or another qualifying account, when you make purchases on your card you’ll earn 25% more points. Cardholders with a minimum of $50,000 saved will earn 50% more, and those with at least $100,000 saved will earn 75% more.

We recognize these thresholds are high, so think of them as an added benefit rather than an essential aspect of using the card.

Last, your points won’t expire as long as you keep your credit card account open and in good standing.

Who this card is good for

The Bank of America® Premium Rewards® credit card is great for frequent flyers who want more than what a typical travel rewards card offers but don’t want to pay an especially expensive annual fee.

It may not be the best option for people looking for more elite travel benefits and redemption options. Less-frequent travelers without the need for TSA PreCheck or the travel credits may be able to get more value out of a card with a lower annual fee.

Not sure this card is right for you? Consider these alternatives.

If the Bank of America® Premium Rewards® credit card doesn’t float your boat, one of these other travel cards might be a better fit for your wallet.

• Bank of America® Travel Rewards credit card: This card could appeal to less-frequent travelers who don’t mind a less luxurious airport experience.
• Chase Sapphire Reserve®: This card could be right for frequent travelers who want a low-hassle airport experience.
• Platinum Card® from American Express: This card is another option for the luxury-minded traveler.
• Capital One Venture Rewards Credit Card: This card is a good option for power users who intend to use it for most of their credit purchases.