Bank of America Premium Rewards® Credit Card Review 2026

# Bank of America Premium Rewards® Credit Card Review 2026

Updated: February 25, 2026

Meta Description: Bank of America Premium Rewards review 2026: 2x on travel/dining, $95 fee, 60k bonus. Preferred Rewards members earn up to 3.5x points.

Quick Verdict

⭐⭐⭐⭐ 4/5 - Best for Bank of America Customers

The Bank of America Premium Rewards® Credit Card is an excellent mid-tier travel card, especially for existing Bank of America or Merrill Lynch customers. With the Preferred Rewards program, you can boost your earning rate to 2.625x or even 3.5x points, making this one of the most valuable cards in its class.

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At a Glance

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Who Should Get This Card?

✅ Perfect For:

• Bank of America Customers: Existing relationship = Preferred Rewards boost
• High Balance Investors: $100k+ at Merrill = 75% earning bonus
• Travel & Dining Enthusiasts: Strong 2x base rate, up to 3.5x with boost
• Flexible Redeemers: Redeem for travel, cash back, or statement credits
• Travel Credit Seekers: $100 annual airline incidental credit
• Simple Rewards Users: No transfer partners to manage

❌ Skip If:

• You have no Bank of America relationship (can't maximize value)
• You want transfer partners for outsized redemption value
• You spend heavily on groceries or gas (no bonus category)
• You can't maintain $20k+ combined balances for Preferred Rewards
• You prefer pure cash back over travel points

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Sign-up Bonus: Strong Value

The current offer of 60,000 points after $4,000 spend in 90 days is competitive:

Redemption Options:

• Travel Purchases: $600 (redeem at 1¢ per point against travel)
• Cash Back: $600 (direct deposit or statement credit)
• Gift Cards: Varies, typically 0.8-1¢ per point
• Investments: Deposit to Merrill Edge account

Pro Tip: 60,000 points covers the first 6+ years of annual fees, making this card essentially free if you just capture the bonus and use it moderately.

Earning the Bonus:

• Target: $4,000 in 90 days
• Daily Spend Needed: ~$45/day
• Strategy: Time your application before planned travel, holiday shopping, or home improvement projects

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Earning Rewards: Better with Preferred Rewards

Base Earning Rates:

• ✈️ Travel: 2x points (flights, hotels, car rentals, cruises, rideshares)
• 🍽️ Dining: 2x points (restaurants, bars, cafes, food delivery)
• 🛒 Everything Else: 1.5x points (gas, groceries, bills, shopping)

Preferred Rewards Multiplier Boost:

Bank of America offers bonus earnings based on your combined balances (checking, savings, CDs, Merrill investments):

This is a game-changer: At Platinum Honors tier, you're earning 3.5x on travel/dining and 2.625x on everything else—better than most premium cards costing $250+.

Annual Earning Potential (Platinum Honors):

Annual Value (Platinum Honors): $709 - $95 fee + $100 credit = $714 net value

Annual Earning Potential (No Preferred Rewards):

Annual Value (Base): $405 - $95 fee + $100 credit = $410 net value

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Redemption Options: Cash-Focused Flexibility

1. Travel Redemption (1¢ per point)

• Book travel through Bank of America's portal
• Or redeem as statement credit against travel purchases
• No blackout dates or restrictions
• Covers flights, hotels, car rentals, cruises, vacation packages
• Minimum: 2,500 points ($25)

2. Cash Back (1¢ per point)

• Direct deposit to Bank of America account
• Statement credit to card
• Check mailed to you
• Minimum: 2,500 points ($25)

3. Merrill Edge Investment Account (1¢ per point)

• Deposit points as cash into your Merrill Edge brokerage
• Invest rewards in stocks, ETFs, mutual funds
• Unique benefit: Turn spending into investments automatically

4. Gift Cards & Shopping (0.8-1¢ per point)

• Amazon and other major retailers
• Typically lower value than cash/travel
• Recommendation: Stick with cash or travel redemption for maximum value

No Transfer Partners

Unlike Chase, Amex, or Capital One, Bank of America points cannot transfer to airlines or hotels. This limits upside but simplifies the program—points are always worth 1¢ each.

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Key Benefits & Perks

Annual Travel Credit

• $100 Airline Incidental Fee Credit: Reimbursement for baggage fees, seat selection, in-flight purchases
• Applies to any airline
• Posts within 1-2 billing cycles
• Effective Annual Fee: $95 - $100 = $0 or negative!

Travel Protection

• Trip Cancellation/Interruption Insurance: Up to $2,500 per trip
• Trip Delay Reimbursement: $300 per ticket (6+ hour delay)
• Baggage Delay Insurance: $100 per day (6+ hour delay)
• Lost Luggage Reimbursement: Up to $2,000 per passenger
• Auto Rental Collision Damage Waiver: Primary coverage (domestic and international)

Purchase Protection

• [Extended Warranty](/glossary#extended-warranty "Extended Warranty - Glossary Definition"): Adds 1 year to manufacturer warranty (up to 1 year additional)
• [Purchase Protection](/glossary#purchase-protection "Purchase Protection - Glossary Definition"): Covers damage/theft for 90 days ($2,500 per claim, $10,000/year)
• Price Protection: Not offered

Additional Benefits

• No Foreign Transaction Fees: Save 3% on international purchases
• Cell Phone Protection: Up to $800 per claim (2 claims/year, $50 deductible) when you pay bill with card
• Free ShopSafe: Create virtual card numbers for online shopping security
• 24/7 Travel Assistance: Emergency travel services
• Visa Signature Concierge: Travel booking help, restaurant reservations, event tickets

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Fees & Rates

Annual Fee

• $95 (not waived first year)
• Effective Fee: $0 after $100 airline credit
• Worth it?: Yes, even without Preferred Rewards status

APRs (Variable)

• Purchases: 20.24% - 28.24%
• Balance Transfers: 20.24% - 28.24%
• Cash Advances: 29.99%

Important: This is not a 0% intro APR card. Pay in full every month.

Other Fees

• [Balance Transfer](/glossary#balance-transfer "Balance Transfer - Glossary Definition"): 3% ($10 minimum)
• Foreign Transaction: $0 ✅
• Late Payment: Up to $40
• Returned Payment: Up to $40
• [Cash Advance](/glossary#cash-advance "Cash Advance - Glossary Definition"): 5% ($10 minimum)

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Real-World Value Examples

Example 1: Platinum Honors Member

Annual Spending:

• Travel: $5,000 × 3.5x = 17,500 points ($175)
• Dining: $6,000 × 3.5x = 21,000 points ($210)
• Groceries: $6,000 × 2.625x = 15,750 points ($158)
• Gas: $2,400 × 2.625x = 6,300 points ($63)
• Other: $4,600 × 2.625x = 12,075 points ($121)
• Total: 72,625 points = $726

Net Value: $726 - $95 + $100 credit = $731/year

Example 2: Gold Tier Member ($20k balance)

Annual Spending:

• Travel: $3,000 × 2.5x = 7,500 points ($75)
• Dining: $4,000 × 2.5x = 10,000 points ($100)
• Other: $13,000 × 1.875x = 24,375 points ($244)
• Total: 41,875 points = $419

Net Value: $419 - $95 + $100 credit = $424/year

Example 3: Weekend Trip Redemption

Trip Costs:

• Roundtrip flight: $400 (baggage fee: $60)
• 2 nights hotel: $320
• Dining/activities: $180
• Total: $900 charged to card

Rewards Earned (Platinum Honors):

• Flight: $400 × 3.5x = 1,400 points
• Hotel: $320 × 3.5x = 1,120 points
• Dining: $180 × 3.5x = 630 points
• Total: 3,150 points ($31.50 value)

Plus: $60 baggage fee reimbursed from $100 annual credit

Total Value from Trip: $31.50 + $60 = $91.50

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Comparison to Competitors

vs. Chase Sapphire Preferred

Verdict: BofA wins for customers with Preferred Rewards (higher earning). Chase wins for transfer partner flexibility and portal bonus.

vs. Capital One Venture Rewards

Verdict: BofA wins with Platinum Honors status. Venture wins for simplicity and transfer options.

vs. Citi Premier Card

Verdict: Citi Premier has higher base rates and transfers. BofA wins at Platinum Honors tier.

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How to Maximize Value

1. Achieve Preferred Rewards Status

The single most important factor for maximizing this card:

• Gold ($20k): Save $20,000 across BofA/Merrill accounts → +25% earnings
• Platinum ($50k): Save $50,000 → +50% earnings
• Platinum Honors ($100k): Save $100,000 → +75% earnings

Strategies:

• Move emergency fund to BofA savings
• Transfer brokerage to Merrill Edge
• Combine spouse/partner accounts (must live at same address)
• Count 401k/IRA balances at Merrill

2. Maximize the $100 Airline Credit

What qualifies:

• Checked bag fees
• Seat selection fees
• In-flight food/beverage
• Change/cancellation fees
• Pet fees
• Not: Airfare itself

How to use:

• Purchase on your card
• Credit posts automatically within 1-2 statements
• Use across multiple airlines (no restriction)

3. Use for All Travel & Dining

Set this as your go-to card for:

• Flights, hotels, rental cars
• Restaurants, bars, coffee shops
• Food delivery (DoorDash, Uber Eats)
• With Platinum Honors: 3.5x is elite-tier earning

4. Pair with Other BofA Cards

Customized Cash Rewards Card (no annual fee):

• Choose 3% category: gas, online shopping, dining, travel, drug stores, or home improvement
• Earns separate cash back (not points)
• With Preferred Rewards: 3% becomes 3.75% (Gold), 4.5% (Platinum), 5.25% (Platinum Honors)

Strategy: Use Premium Rewards for travel/dining, Customized Cash for chosen 3% category, creating a comprehensive earning setup.

5. Redeem Strategically

• Best: Travel statement credits or cash back (always 1¢ per point)
• Good: Merrill Edge deposits (invest your rewards)
• Avoid: Gift cards (lower value)

6. Use Travel Protections

• Always book travel with this card for insurance coverage
• Primary rental car coverage saves $15-30/day
• Keep receipts for trip delay/baggage claims

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Application Tips

Approval Odds

Minimum Requirements:

• Credit score: 690+ (good to excellent)
• Income: $30,000+ recommended
• Existing BofA relationship helpful but not required

BofA Application Rules:

• 2/3/4 Rule: Maximum 2 cards in 2 months, 3 cards in 12 months, 4 cards in 24 months
• Existing relationship increases approval odds
• Consider opening checking account first (sometimes bonus offers available)

When to Apply

✅ Good Times:

• After establishing BofA checking/savings (build relationship)
• When you can meet $4,000 spend in 90 days
• Before major travel plans (maximize benefits + credit)
• If you have $20k+ to move to BofA for Preferred Rewards

❌ Bad Times:

• Immediately after opening another BofA card (2/3/4 rule)
• If credit score is under 690
• Planning major loan in next 6 months
• Can't naturally meet spend requirement

Application Strategy

1. Open BofA checking account first (optional but helpful)
2. Move funds to achieve Preferred Rewards tier
3. Apply online for Premium Rewards card
4. Call reconsideration if denied: 1-866-224-8555
5. Enroll in Preferred Rewards program after approval

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Frequently Asked Questions

Q: Is the annual fee worth it without Preferred Rewards?

A: Yes! The $100 airline credit alone makes the effective fee $0. The 2x on travel/dining and 1.5x on everything else is solid even at base level.

Q: How do I enroll in Preferred Rewards?

A: Log into your BofA account, go to "Preferred Rewards," and enroll. You must have qualifying balances and accept terms. Status updates monthly.

Q: Do retirement accounts count for Preferred Rewards?

A: Yes! IRAs, 401(k)s, and other retirement accounts at Merrill Lynch count toward your combined balance.

Q: Can I have multiple BofA credit cards?

A: Yes, but they limit approvals to 2/3/4 rule (2 in 2 months, 3 in 12 months, 4 in 24 months).

Q: Does the airline credit work for any airline?

A: Yes! Unlike Amex Platinum (limited to one airline), this works across all airlines.

Q: Can I transfer points to airlines or hotels?

A: No. BofA points are fixed-value (1¢ each) and cannot transfer to partners.

Q: Do points expire?

A: No, as long as your account is open and in good standing.

Q: Can I downgrade to avoid the fee?

A: Yes, after 1 year you can downgrade to BofA Travel Rewards (no annual fee, lower earning rates).

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Bottom Line

Pros ✅

• Strong 60,000 point sign-up bonus (worth $600)
• 2x on travel & dining, 1.5x on everything else
• Up to 3.5x on travel/dining with Preferred Rewards (best-in-class)
• $100 annual airline incidental credit (makes fee $0)
• No foreign transaction fees
• Primary rental car insurance (domestic & international)
• Cell phone protection ($800 per claim)
• Simple redemption at 1¢ per point (no complexity)

Cons ❌

• Maximum value requires $100k in BofA/Merrill accounts
• No transfer partners (limits upside potential)
• No portal bonus like Chase (1.25¢) or Amex (1.1¢)
• BofA 2/3/4 rule limits card applications
• Fewer travel protections than ultra-premium cards
• Lower earning on groceries/gas vs. category-specific cards

Final Score: ⭐⭐⭐⭐ (4/5)

Recommendation: This card is exceptional for Bank of America customers who can achieve Gold tier or higher Preferred Rewards status. At Platinum Honors (3.5x travel/dining, 2.625x everything), it rivals cards costing $300-500 annually. Even without Preferred Rewards, the $100 airline credit and solid 2x/1.5x earning make it a worthwhile travel card. However, if you don't have a BofA relationship and can't move assets over, Chase Sapphire Preferred or Capital One Venture may offer better value.

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Ready to Apply?

Current Offer: 60,000 bonus points after $4,000 spend in 90 days + $100 airline incidental credit

Apply for Bank of America Premium Rewards® Card →

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*Disclaimer: Credit card offers and terms may change. Please verify current offers on the issuer's website. This review is for informational purposes only and not financial advice.*

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Related Content:

• Best Travel Credit Cards 2026
• Bank of America Preferred Rewards Program Explained
• Best Credit Cards for Bank of America Customers
• How to Maximize Credit Card Rewards
• Chase Sapphire Preferred vs BofA Premium Rewards