The Bank of America Premium Rewards Visa Signature is a mid-tier travel-focused credit card. It’s a fair option for casual travelers since the card can pay for itself. However, it’s best if you’re enrolled in the Preferred Rewards program. Anyone who isn’t in that program may be better served with other credit cards.
FEATURES AT A GLANCE
- $95 annual fee
- No foreign transaction fees
- 2x points on travel
- 2x points on dining
- 1.5x points on everything else
- $100 annual airline incidental credit
- $100 credit towards Global Entry or TSA PreCheck (once every 4 years)
SIGN UP BONUS
You can earn 50,000 bonus points ($500) after spending at least $3,000 in your first 90 days of having the card. This introductory bonus isn’t likely to change.
OTHER BENEFITS OF THE PREMIUM REWARDS CARD
Visa Signature benefits, including:
- Trip Cancellation / Interruption Insurance
- Trip Delay Reimbursement
- Lost Luggage Reimbursement
- Baggage Delay Insurance
- Auto Rental Collision Damage Waiver (Secondary)
- Travel and Emergency Assistance plus 24/7 Concierge
- Purchase Protection
- Extended Warranty Protection
- Return Protection
- Roadside Dispatch Assistance
RESTRICTIONS AND CREDIT SCORE
Recommended credit score: 670+
Bank of America pulls credit reports from Experian or Equifax. They rarely use TransUnion but it may depend on your personal relationship with the bank and your location.
Bank of America has some anti-churning rules. Most important is 3/12 or 7/12: If you’ve applied for 3+ cards in the past 12 months (7+ cards if you have a relationship with BoA) then your application may be auto-rejected. Chase and Barclays have similar restrictions.
Bank of America’s “dining” category doesn’t specifically mention food delivery services as being eligible, but those are likely covered. The “travel” category has a more thorough explanation and is unusually broad. You can earn 2x points not just for airlines and hotels, but also buses, taxis, ferries, parking, tolls, and: “tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos and the like.” BoA also notes that “Purchases from some merchants that provide travel-related goods and services will not be eligible, like in-flight goods and services, and duty-free airport purchases.“
MAXIMIZING REWARDS WITH THE PREMIUM REWARDS CARD
The Airline Incidental Statement Credits apply to “qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees.” Incidental credits don’t cover airline tickets or gift cards, so they can potentially be difficult to use. If you’re able to use all $100 of the annual credit, then Premium Rewards pays for itself.
Points are unlimited and don’t expire.
Bank of America Preferred Rewards is required to maximize most BoA cards. With Gold status, 2x points equals 2.5% cash back, while 1.5x points becomes 1.875%. These are poor earn rates and easily outdone by other cards. Things become interesting only at higher tiers.
Platinum:
- 2x = 3%
- 1.5x = 2.25%
Platinum Honors or higher:
- 2x = 3.5%
- 1.5x = 2.625%
Being at Platinum is close to the Chase Trifecta, and is decent for everyday purchases. Most everyday cards earn 2% cash back at best. Premium Rewards shines at Platinum Honors, and people can make a case for this card being unbeatable on general purchases. The downside is needing at least $100,000 with Bank of America and/or Merrill investment accounts.
ALTERNATIVES TO THE PREMIUM REWARDS
Unlimited Cash Rewards and Travel Rewards earn 1.5x on everything, without an annual fee, which allows Platinum Honors customers to earn 2.62% cash back on every purchase. This is often the best option for general (non-category) everyday spending. Only in a few situations can people earn more cash back without category restrictions.
If you aren’t a Preferred Rewards Platinum member or higher, many options will earn more rewards. Premium Rewards delivering 2% cash back on dining/travel and 1.5% cash back on everything else is a poor rate for a card with an annual fee. Dozens of cards earn at least 2% cash back on all purchases instead of 1.5%.
Good no-fee dining cards include the US Bank Altitude Go, Citi Custom Cash, Capital One SavorOne, or anything from Cardless.
Good no-fee travel cards include the Penfed Pathfinder Rewards. Bank of America has slightly better Visa Signature perks than the Pathfinder, but it’s still good.
The closest competitors to Premium Rewards are probably the Capital One Venture, Chase Sapphire Preferred, and Citi Premier.
CONCLUSION
Bank of America’s Premium Rewards card is hit-or-miss depending on your preferences. You have to meet at least one of the following requirements each year:
- Use the full $100 annual airline incidental credit;
- Be Platinum status or higher in the Preferred Rewards program;
- and/or value the Visa Signature benefits highly.
The Visa Signature benefits are decent and comparable to the Chase Sapphire Preferred. Both have better perks than competitors like the Citi Premier and American Express Green. If you can afford a luxury card AF though, any Visa Infinite card will be better.
The $100 Global Entry credit also helps to offset the Premium Rewards annual fee. But if you want a Global Entry credit and $100 annual airline credit, the cheapest option is Penfed Pathfinder Rewards ($0 AF).
Overall, Premium Rewards is fine. It isn’t the best option for most people, and it isn’t the worst option either. It depends on your lifestyle and preferences.
We rate the Premium Rewards card 3 out of 5 stars. ⭐⭐⭐
Note: This review was last updated in March 2022. Details may have changed since then. Please do your own research where applicable, to ensure you’re getting the best deal. Or contact us directly to benefit from our personalized consulting services!