The Bank of America Premium Rewards card targets affluent travelers with a $95 annual fee, 1.5x points on all purchases, and 2x points on travel and dining. The $600 signup bonus and travel credits can offset the fee for heavy spenders, but redemption value and Preferred Rewards stacking create complexity that favors existing Bank of America customers.
Bank of America Premium Rewards Credit Card Review
Bank of America's Premium Rewards card sits in a crowded middle ground between no-annual-fee cash back cards and premium travel cards. The $95 annual fee is modest compared to luxury travel cards, but it still requires careful math to justify. Unlike competing premium cards from Chase or American Express, this card lacks a clear redemption path—a strategic weakness that often gets overlooked.
Rewards Structure and Earning Potential
The card earns 1.5 points per dollar on all purchases, 2 points per dollar on travel and dining, and includes a 60,000-point signup bonus worth approximately $600 in account credit. However, points value depends entirely on how you redeem them. Through the Bank of America travel portal, points typically redeem at 1 cent per point, though the card caps travel redemptions at certain values. Direct cash back redemptions offer the same 1 cent per point rate, making this a fixed-value card rather than a flexible points currency like Chase Ultimate Rewards or American Express Membership Rewards.
For a cardholder spending $5,000 annually on travel and dining, $10,000 on other purchases, and $5,000 on mixed categories, the breakdown looks like this: $5,000 at 2x equals 10,000 points; $10,000 at 1.5x equals 15,000 points; $5,000 at 1.5x equals 7,500 points. Total annual earning: 32,500 points, or $325 in value. After the $95 fee, net value drops to $230—substantially lower than a flat 2% cash back card on the same spending pattern.
Travel and Incidental Credits
The card includes up to $100 in annual airline incidental credits and up to $100 toward Global Entry or TSA PreCheck renewal. These credits are category-specific and exclude airline tickets themselves. Eligible purchases include seat upgrades, baggage fees, and in-flight purchases. Global Entry costs $100 every five years, so frequent international travelers who use the credit will see tangible value. However, cardholder must actively monitor redemption to avoid leaving credits unused.
Foreign Transaction Fees and International Benefits
No foreign transaction fees apply, which is standard at this tier. The card offers no travel insurance, emergency assistance, or extended warranty protection—benefits that would justify the premium positioning. Competing cards like the Chase Sapphire Preferred include trip cancellation insurance and emergency medical evacuation, benefits this card entirely lacks.
Preferred Rewards Integration
This is where the card's value proposition shifts dramatically. Bank of America Preferred Rewards members earn bonus points: 25% more at Silver tier, 50% more at Gold tier, and 75% more at Platinum tier. To reach Platinum status, customers need $100,000 in annual Bank of America deposits or investments. For a Platinum member spending $20,000 annually, the 1.75x base earning (1.5x multiplied by 1.75) combined with 2.625x on travel and dining creates meaningful value acceleration. This integration makes the card substantially better for existing Bank of America wealth management customers than for standalone applicants.
Fee Analysis
The $95 annual fee requires approximately $6,333 in spending at 1.5 points per dollar (redeeming at 1 cent per point) to break even. Add travel and dining spending, and the breakeven drops. However, most competing cards—including the Chase Freedom Unlimited (no annual fee) and the Chase Sapphire Preferred ($95 fee but with insurance and travel protections)—offer cleaner value propositions without the Preferred Rewards dependency.
Approval Odds and Credit Requirements
Bank of America targets applicants with 700+ credit scores. Existing Bank of America customers with checking accounts and good history receive higher approval odds. First-time applicants with scores between 700-750 face meaningful rejection risk. Those under 700 should expect denial.
How to Maximize Value
Maximize this card by pairing it with Bank of America Preferred Rewards enrollment. Existing customers should compare the Premium Rewards card against the no-annual-fee Bank of America Cash Rewards card or Bank of America Travel Rewards card before upgrading. If Global Entry or TSA PreCheck renewal is due, absorb the $100 credit against the $95 fee for breakeven in year one. Heavy travel and dining spenders who maintain six-figure Bank of America accounts will see the strongest returns. Casual spenders should skip this card entirely.
Who Should Skip This Card
Anyone without six-figure Bank of America accounts should consider the Chase Sapphire Preferred ($95 fee, superior insurance and protections) or Chase Freedom Unlimited (no annual fee, 1.5% back everywhere). Students and applicants with scores below 700 will struggle with approval. Customers who redeem points for merchandise or transfer partners will find this card's fixed 1-cent redemption rate inferior to flexible points currencies.