Bank of America Premium Rewards Credit Card Review

The Bank of America Premium Rewards Visa is perfect for travelers.

Bank of America Premium Rewards Credit Card Review

Do you like to travel? If so, you can rack up rewards with the Bank of America Premium Rewards credit card. This travel-based credit card comes with a host of perks and a few drawbacks attached to it. You want to know them both before you decide if this card is a good choice for you. We’ll outline them all next.

Bank of America Premium Rewards Credit Card Benefits

1. Large Bonus for Signing Up

This travel rewards card offers members a larger card bonus for signing up than other cards. You get 90 days to spend $3,000. This is just $1,000 a month, and it’s very doable if you travel. Spend this amount, and you’ll earn 50,000 bonus points. So these points equal out to a reward of $500. This amount is on the higher end for any reward card, especially the travel card category.

2. Decent Reward Potential

If you use this card regularly, you’ll have the potential to earn decent rewards. You earn two points for every dollar you spend on dining and travel. All other purchases you make with the Bank of America cards earns you 1.5 points per dollar. Even if you don’t use this card for large purchases, you can still earn and redeem your rewards. There is no cap on the number of points you can earn. Additionally, they don’t expire for as long as your account is in good standing.

3. No Blackout Dates

The Bank of America Premium Rewards credit card makes it extremely easy to travel any day of the year. Blackout dates can restrict your flight plans, but they’re a thing of the past with this card. You’ll have zero blackout dates per year. This means you can book a flight when you want without having to shuffle things around.

4. Flexible Redemption Options

The Bank of America travel card offers members other important perks. You can use your points for travel discounts and flights. However, you can also redeem them for cash, statement credits, gift cards, and merchandise. You can switch up how you choose to redeem every time too! So this makes it a flexible and convenient option for people who need different types of rewards.

5. Preferred Awards Member

The Bank of American rewards members who use their card and spend a lot throughout the year. Once you reach this level, your point bonuses increase. You’ll get between 25% to 75% more points on every single purchase you make. In turn, you can stack your rewards even quicker.

6. Credits

Once a year, the Bank of America will reward cardholders with a $100 credit for travel incidentals. You’ll also get close to $100 in expedited screening statement credits. These come from just having the card in good standing, and you get these credits every year. This helps to offset the card’s annual fee. You can use these credits however you’d like when you travel.

7. No Foreign Transaction Fee

As a travel card, you don’t want foreign transaction fees. You’ll pay none when you use the Bank of America Premium travel card. This is great news for people who plan to use their card while they’re out and about. You won’t have to factor in an extra fee every time you run your card through a non-U.S. bank.

8. Luxury Travel Perks

Cardholders get automatic access to the Visa Signature Luxury Hotel Collection. This perk gives you both travel insurance and a host of other benefits. They include free upgrades, best rate guarantee, complimentary breakfast and WiFi, VIP guest status, and more. So you’ll get these perks every time you use this card to book your travel.

9. Wide Acceptance

The Bank of America Premium Rewards Card is a Visa card. Visa and MasterCard are two of the most widely accepted credit lenders in the world. You won’t have to worry about carrying several cards because most vendors accept them. This is especially nice when you travel to more remote locations because there’s a reduced chance of losing it.

10. Extended Warranty

Have you ever made a big-ticket purchase and wanted a longer warranty? If you make it with Bank of America’s card, you can get one. They’ll add a full year onto your product’s existing warranty. This gives you greater peace of mind when it comes to buying the more expensive items.

Bank of America Premium Rewards Credit Card Cons

1. Annual Fee

As a rewards card, you shouldn’t be surprised to see an annual fee. You’ll pay $95 every year you have the card open and in good standing. While this isn’t terrible, it’s hard to justify for light users. However, the lower annual fee makes it easy to balance it out with rewards.

2. Credit Requirements

You need excellent credit to apply for this card. That means that it shuts out a lot of people. Your APR will also depend on your credit at the time you apply, and it ranges between 17.99% and 24.99%. If you don’t have good enough credit, the lender will deny you and drop your credit score a few points.

3. Can’t Transfer Points

The Bank of America Premium Rewards card doesn’t allow you to transfer points between airline and hotel partners. You can use it for one or the other when you travel. This can make it hard to take advantage of the best rates and point opportunities. However, you can still earn if you plan your trips out.

4. No Priority Pass

If you want a card to give you lounge access in airports, this one isn’t it. There is no Priority Pass associated with this card. You’ll have to stay in the main lounges when you book your flights with this travel card. This isn’t a deal-breaker, but it can be inconvenient for some travelers.

Bottom Line on the Bank of America Premium Rewards Credit Card

The Bank of America Premium Rewards Visa credit card is a solid option for people who travel. You get a host of benefits with relatively minor setbacks. As long as you use your card in a smart manner, you can benefit from it. So take a look and see if it’ll work for you with your travel itinerary.

Monica Kowollik

Director at CreditFast.com
Monica has covered credit card and personal finance news for over 15 years. From an early age, she developed an interest in financial literacy and saving money. Monica hopes to help others to improve their personal finances one article at a time.

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