Bank of America® Premium Rewards® Credit Card Review: Great for Travelers, Foodies and BoA Customers

The Bank of America® Premium Rewards® credit card is a solid pick if you’re a frequent traveler who likes to dine out and enjoy carnivals, museums and other fun experiences. The card offers high rewards on travel and dining. You may earn bigger rewards if your account Bank of America (BoA) and/or Merrill is over $20,000. Despite having an annual fee and a high credit score requirement, it is still a strong travel card due to its sign-up bonus, travel perks and consistent points value.

The BofA Premium Rewards caters to those who frequently spend on travel and dining, offering two points per dollar spent in these categories. All other purchases get 1.5X points. Unlike other travel cards, which reduce the value of your points when redeemed for non-travel purposes, redeeming points is more flexible with the BofA Premium Rewards — one point is always worth one cent.

The card becomes more appealing for Bank of America Preferred Rewards members, who can earn 25% to 75% more points on every purchase. To qualify, the deposit on your BoA and/or Merrill account must be at least $20,000.

The BofA Premium Rewards also comes with travel perks and a generous sign-up bonus worth $600, which requires a $4,000 spend in 90 days. However, it may not be a fit if you’re looking for a no-annual-fee card or your credit is below good to excellent.

>> MORE: MoneyGeek's Best Travel Credit Cards

The BofA Premium Rewards lets you earn unlimited two points per dollar on travel and dining purchases. For all other spending, you earn 1.5 points per dollar.

Under the travel category, Bank of America includes airlines, hotels, rental cars, taxi, bus, ferries, tolls, art galleries, amusement parks and more. Meanwhile, the dining category includes restaurants, fast food and drinking establishments.

Bank of America and Merrill customers have special rewards opportunities. They can receive a 25% to 75% bonus on points earned, depending on their account balances:

When it comes to redemption, BofA Premium Rewards is more flexible than other travel cards. Points can be redeemed as gift cards, travel, statement credit and account deposits, all at a consistent value of one cent per point. Points don’t expire as long as your account is active. You can redeem points by using Bank of America’s app or directly in its travel portal.

The BofA Premium Rewards is a great pick if you often travel and eat out. It offers big rewards in these categories and comes with relevant perks.

The BofA Premium Rewards is a solid travel and dining card. However, consider these factors before you get the card:

We compare the BofA Premium Rewards with similar cards to help you decide if it's the right card for you.

If you want to maximize your rewards, pair the BofA Premium Rewards with a card that offers high rewards on uncovered categories.

For example, the Blue Cash Everyday® Card from American Express is a no-annual-fee card with 3% cash back on U.S. supermarkets, U.S. gas stations, and U.S. retail up to $6,000 per year in purchases, then 1%. Cashback is provided as Reward Dollars, which can be redeemed as a statement credit or used at Amazon.com checkout. Pairing these two cards could cover various spending categories, ensuring you earn high rewards on your purchases.

The BofA Premium Rewards is great for frequent travelers and diners looking for a no-fuss card to earn rewards on their purchases. If you're a Bank of America or Merrill customer with a substantial deposit, the additional rewards boost could make this card particularly lucrative.

However, if you have a limited budget for travel and dining or the $95 annual fee seems steep relative to your expected rewards, you might want to consider other options. This card is most rewarding for those who can effectively leverage its high earning potential and redeem points.

In evaluating the BofA Premium Rewards, MoneyGeek considered various features important to cash back cardholders. Our evaluation process included 60 cards and considered the following factors, from highest to lowest percentage:

• Effective Reward Rate (50%): High cash back value per dollar.
• Annual Fee (10%): No cost for card ownership.
• Offer Return on Investment (10%): Excellent introductory offer value.
• Intro Purchase (5%): Long-term 0% APR on purchases.
• Recommended Credit (5%): Broad credit score accessibility.
• Issuer Satisfaction (5%): Exceptional customer service.
• Penalties (5%): No penalty rates or fees.
• Regular APR (5%): Low ongoing interest rate.
• Foreign Transaction (5%): No fees on international transactions.

For rates and fees of the Blue Cash Everyday® Card From American Express, please click here.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.