Bank of America® Premium Rewards® review: A great travel and dining cash back card

Financial institution of America® Premium Rewards card: Overview

APR

Intro: N/A

Buy: 20.24%–27.24% variable

Steadiness switch: 20.24%–27.24% variable , plus a payment of three%

Money advance: 23.24%–29.24% variable, plus a payment of three% to five%

Penalty: as much as 29.99% variable

Annual payment: $95

International transaction payment: none

Late cost: as much as $40

One of many key sights of the Financial institution of America® Premium Rewards® card is its rewards program: Cardholders earn 2 factors for each $1 spent on journey and eating purchases and 1.5 factors for each $1 spent on all different purchases. There’s no restrict to the variety of factors you possibly can earn, and factors don’t expire. Moreover, cardholders who’re enrolled within the Financial institution of America Most popular Rewards program can earn much more factors: as much as 3.5 factors per $1 spent on journey and eating and as much as 2.62 factors per $1 spent on all different purchases​​​​​​​​.

The cardboard additionally presents a spread of travel-related advantages and protections, making it significantly interesting for frequent vacationers. These embrace reimbursement for TSA PreCheck or International Entry membership charges, as much as $100 in an annual airline incidental credit score, journey cancellation/interruption insurance coverage, baggage safety, and extra. Cardholders additionally take pleasure in Precedence Move lounge entry and no overseas transaction charges.​​.

Financial institution of America Premium Rewards Card: Rewards 

The Premium Rewards card presents a simple rewards construction:

2 factors per $1 spent on journey purchases

2 factors per $1 spent on eating purchases

1.5 factors for each $1 spent on all different purchases

Moreover, Most popular Rewards members can earn 25%–75% extra factors on each buy. This interprets to incomes 2.5 to three.5 factors on journey and eating purchases and 1.87 to 2.62 factors on all different purchases, for each $1 spent.

New cardholders even have the chance to earn 60,000 on-line bonus factors—a $600 worth—after you make at the least $4,000 in purchases within the first 90 days of account opening.

The best way to redeem Financial institution of America Premium Rewards factors

Premium Rewards cardholders have a a number of choices for redeeming factors: 

Journey Rewards

Factors could be redeemed for airline journey, automotive leases, and lodge stays via the Financial institution of America Journey Middle, by going to the location or by calling the quantity on the again of your card. Journey reward redemptions begin at 2,500 factors.

Money Rewards

You can even select to obtain your factors as money again (observe that money rewards redemptions begin at 2,500 factors). There are just a few methods to go about this:

Get a press release credit score of any quantity

Have money again direct deposit into an eligible Financial institution of America account

Obtain a credit score to an eligible Merrill account account 

Have a verify mailed to you 

Make a contribution to a 529 account with Merrill 

You can even select to arrange computerized redemptions to both a Financial institution of America or a Merrill account, beginning at $25 in rewards. (Assertion credit, checks, and contributions right into a 529 account are usually not eligible for computerized redemption.)

Present Card Rewards 

An alternative choice is to make use of your factors for present playing cards from a wide range of retailers. Browse the Financial institution of America web site to see up-to-date present card choices, that are up to date often.

Further advantages

The cardboard comes with the next premium advantages:

Airline incidental assertion credit score: Stand up to $100 in assertion credit every year for qualifying purchases, equivalent to seat upgrades, baggage charges, in-flight providers, and airline lounge charges. Credit are mechanically utilized to your card assertion

Airport safety assertion credit score: Stand up to $100 for TSA PreCheck® or International Entry utility charges, each 4 years.

Journey delay reimbursement: If a visit is delayed as a result of a coated hazard for greater than 12 hours, you and your eligible members of the family can obtain as much as $500 per ticket bought to cowl affordable bills.

Journey cancellation/interruption reimbursement: in case your journey is canceled or reduce quick as a result of sickness or one other coated state of affairs, you possibly can obtain as much as $2,500 for non-refundable passenger fares.

Baggage delay reimbursement: Get reimbursed as much as $100 per day, as much as 5 days, in case your luggage are delayed or misdirected by a typical provider for greater than six hours for important gadgets. Be aware that this protection is secondary to the widespread provider.

Misplaced baggage reimbursement: You’ll be able to obtain protection in case your baggage and its contents are misplaced or stolen.

Journey and emergency help providers: This benefitt offers assist coordinating medical, authorized, and journey providers when you’re touring. The price of any items or providers is your accountability.

Emergency evacuation and transportation protection: If you happen to or a member of your instant household are injured or turn out to be sick throughout a visit removed from dwelling that ends in an emergency evacuation, you could be coated for eligible medical providers and transportation.

Buy safety: Obtain reimbursement of as much as $10,000 per declare for restore or alternative if an eligible merchandise bought with the cardboard is stolen or broken inside 90 days of buy. 

Guarantee supervisor service: This service doubles the time interval of the producers’ guarantee, as much as one further 12 months, for eligible gadgets bought along with your card. 

Return safety: Get reimbursed for the price of an eligible merchandise of private property in case you are dissatisfied with the merchandise for any cause inside 90 days of the acquisition and if the retailer won’t settle for the return. Protection is restricted to $250 per eligible merchandise, as much as $1,000 yearly..

Auto rental collision injury waiver: Get reimbursed for injury to a rental car as a result of collision or theft. Protection is supplemental to and in extra of different insurance coverage. It’s essential to decline the collision/loss injury waiver provided by the auto rental company to be coated.

Roadside dispatch program: You get entry to a 24/7 on-demand referral dispatch community that gives emergency roadside help, towing, and locksmith providers.

Is the Financial institution of America Premium Rewards card best for you?

Contemplating its intensive journey and buy protections and a strong rewards program, the Premium Rewards card is finest suited for many who journey and dine out typically, particularly members of the Financial institution of America Most popular Rewards program. With a comparatively low annual payment of $95, it can be a great possibility for many who desire a style of premium bank card advantages with out the excessive prices normally related to such playing cards.

Bank cards much like Financial institution of America® Premium Rewards card

If you happen to’re purchasing round for a rewards card, it’s a good suggestion to match comparable playing cards in the marketplace to make sure you’re selecting the one that most closely fits your spending habits and finances.

Chase Sapphire Most popular® vs. Financial institution of America Premium Rewards

One other bank card that could be a shut competitor to the Financial institution of America® Premium Rewards® card is the . Just like the Premium Rewards card, the Sapphire Most popular card comes with a $95 annual payment. This card presents a profitable rewards construction of 5x factors on journey bought via Chase Final Rewards® (excluding lodge purchases that qualify for the $50 Annual Final Rewards Resort Credit score), 3x factors on eating at eating places, and 2x factors on journey purchases. Factors are additionally value 25% extra when redeemed for journey.

Ceaselessly requested questions

What are the advantages of the Financial institution of America Premium Rewards card?

Advantages of the Financial institution of America® Premium Rewards® card embrace money again on journey and eating spending, a big sign-up bonus, assertion credit, journey protections, and extra.

How a lot are Financial institution of America premium reward factors value?

Factors earned with the BofA Premium Rewards card have a price of 1.0 cents per level, no matter how they’re redeemed.

Does the Financial institution of America Premium Rewards card have lounge entry?

If you happen to’re a Premium Rewards Elite cardholder, you get free limitless entry to greater than 1,300 airport lounges worldwide with as much as 4 complimentary Precedence Move™ Choose Memberships.

Please observe that card particulars are correct as of the publish date, however are topic to alter at any time on the discretion of the issuer. Please contact the cardboard issuer to confirm charges, charges, and advantages earlier than making use of.