Bank of America Premium Rewards® Credit Card Review

Bank of America® Premium Rewards® Credit Card Review

This article will give a detailed review of the Bank of America® Premium Rewards® Credit Card, a card known as a travel and dining rewards card.

The Bank of America® Premium Rewards® Credit Card offers unlimited 2X points for every dollar spent on travel, groceries and dining and 1.5X points on all other purchases. With an offering of unlimited bonus rewards and zero foreign transaction fee, it is the ideal card for people who love traveling or have jobs that require frequent travel. While it has a $95 annual fee, the premium rewards and powerful perks the card offers make it an overall solid option.

Bank of America® Premium Rewards® Credit Card: pros and cons

Rewards system in a nutshell

The Bank of America® Premium Rewards® credit card has a reward rate of 2X points per dollar spent on travel, groceries and dining purchases. You can earn 1.5X points for every dollar spent on every other purchase.

If you’re a member of the Preferred Rewards program, you can earn extra rewards bonuses of up to 75%. For example, for every dollar you spend on travel and dining, you’ll earn 3.5 points. You can also earn up to 2.62 points per dollar spent on other purchases.

You earn unlimited points, and they do not expire, so you don’t have to rush to redeem them. Also, every point equals one cent regardless of the redemption option.

Redeeming points with this card is straightforward. While you can’t redeem less than 2500 points, the points redemption system is flexible, with many options to choose from. Here are the ways of using the rewards:

• Redeem for cash — You can get a cashback into your Bank of America checking or savings account. You can also apply your rewards as a statement credit to your credit card.
• For investment — Your points can be transferred as a credit to eligible Merrill Edge® and Merrill Lynch® accounts.
• Travel Purchases — Pay for all or part of your trip with points at Bank of America Travel Center. This covers flight, hotel, and car rental expenses.
• Gift Cards — You can buy gift cards with your rewards.

Who can benefit from getting the Bank of America® Premium Rewards® Credit Card?

The Bank of America® Premium Rewards credit card is an excellent option for people who frequently travel and dine out. Its Preferred Rewards program offers the most benefits to those who own a Bank America or Merrill account with a significant balance. For example, a balance ranging between $20,000 and over $100,000 in any of those accounts will give you access to the reward rates increase from 25% to 75%.

While owning a sizable balance in a Bank of America or Merrill account unlocks more rewards, travelers and frequent diners without a hefty balance in these accounts can enjoy competitive returns on their spendings too. So whether you’re looking forward to a weekend getaway or a business trip, the travel perks of this card will be of great benefit to you. With the airline fee credit, you can always buy food and upgrade your seat on a flight. Points can also be used to book flights and cover hotel and car rental expenses.

Are there any other benefits?

Aside from the sign-up bonus and other rewards and benefits this credit card offers, other nice perks make it unique and worth getting. Here are some of them:

• Travel protection —You get insurance for trip delays, interruptions, cancellations, baggage delays, lost luggage, and emergency evacuation.
• Fraud protection — Suspected abnormal patterns or fraudulent activities are acted on immediately, and you are notified instantly. You won’t be held responsible for fraudulent transactions.
• Purchase protection — you will be covered in case a newly purchased item gets damaged or stolen within 90 days of purchase. Additionally, the card doubles the manufacturers’ warranties, up to one year.
• Text or email alerts — Notifications of balances, due dates, and other activities will be sent to you by text or email so you can stay informed.
• Overdraft protection — This covers declined purchases, returned checks, or any overdraft on your Bank of America checking account.
• Digital wallet — When you add your card to your mobile device, you can shop in-store or online using Apple Pay, Google Par, or Samsung Pay.
• Paperless statement — E-statement reports can be provided via online or mobile banking for increased security.
• FICO® Score Program for Free — This online tool gives you access to your FICO® score. You can also see the factors affecting your score and learn how to keep a healthy credit.
• Concierge service — Concierges will assist you with travel-related tasks such as planning, event reservations, and restaurant recommendations.
• Contactless Chip Technology — This technology lets you make swift, easy, and secure purchases with a simple tap. You can use it in millions of places around the world.
• 24-hour customer service — Bank of America provides customer service to tend to your needs round the clock.

Conclusion

After a good look at the features of the Bank of America® Premium Rewards® credit card, we are convinced it is a solid travel credit card. Rewards rates for travel and dining are competitive, and the redemption of points is easy, quick, and flexible, with an option to convert them to cash.

This card isn’t without its disadvantages. It has an annual fee and, for example, doesn’t offer airport lounge perks. However, the zero foreign transaction fees, sign-up bonus, and a set of travel-related insurances should compensate for those. When you weigh up the pros and cons, you’ll agree that this card is a solid deal.

Anyone seeking a credit card with great rewards will benefit significantly from this card. For example, if you spend $1,000 on travel and dining, you’ll get 2,000 points, which is the equivalent of $20. For any other purchases worth $1,000, you can get 1,500 points. But don’t forget that the minimum redemption amount is 2,500 or $25. As a member of the Preferred Rewards Program, you’ll earn even more — up to 75% more or up to 3.5X points for travel and dining.

With the redemption value of one cent per point, you won’t have to struggle with finding the best way to get maximum value for the points you’ve earned.