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60,000 points on your first spend. Up to $200 in travel credits per year. No foreign transaction fees. All for a $95 annual fee.
The Bank of America® Premium Rewards® Credit Card isn’t the most sophisticated card on the market — and that’s exactly why it works so well for most people.
In this guide, you’ll learn how the card works, what the approval requirements are, how to get the most out of your points, and whether this product is really the right fit for your financial profile.
Bank of America® Premium Rewards® Credit Card
What Is the Bank of America® Premium Rewards® Credit Card?
The Bank of America® Premium Rewards® Credit Card is a rewards card designed for consumers with solid credit histories who want to earn points on travel, dining, and everyday purchases.
The key differentiator is simplicity: no rotating categories to track, no earning caps. The card earns 2 points per dollar on travel and dining and 1.5 points per dollar on all other purchases — no exceptions.
Points never expire as long as the account remains active, and Bank of America uses one of the broadest definitions of “travel” among U.S. card issuers, which means purchases that other cards would categorize as general spending often qualify for the double-points rate.
Credit Limit: What to Expect at Approval
Your credit limit is determined individually based on your financial profile. The bank evaluates your credit score, payment history, income level, and existing relationship with the institution.
Applicants with a score of 700 or higher have significantly better odds of being approved with a higher limit.
It’s worth noting that even lower-limit approvals come with full access to all card benefits — your limit has no effect on the rewards program, travel credits, or included protections.
Welcome Bonus: 60,000 Points = $600 in Rewards
Spend at least $4,000 in the first 90 days of account opening and you’ll receive 60,000 bonus points — worth $600 in rewards.
If you have planned purchases during that window — flights, electronics, recurring bills — you can use the card to hit the threshold naturally.
The $600 in rewards alone covers more than six years of the annual fee.
Bank of America® Premium Rewards® Credit Card Benefits
Unlimited points with no expiration
The card earns 2 points per dollar on travel and dining and 1.5 points per dollar on everything else, with no earning cap and no expiration date.
Every dollar you spend works in your favor — regardless of where or what you’re buying.
Up to $200 in combined travel statement credits
The card offers up to $200 in combined statement credits, split across two categories.
The first is an annual credit of up to $100 for airline incidental fees — such as checked baggage fees, seat upgrades, in-flight purchases, ticket change or cancellation fees, and airline lounge access fees charged by eligible carriers. This credit resets every January.
The second is a credit of up to $100 toward the application fee for TSA PreCheck or Global Entry, valid once every four years. These federal programs allow expedited screening at U.S. airport security checkpoints and customs.
Important: Allegiant Air, Spirit Airlines, and Sun Country Airlines are not eligible carriers for the incidental credit.
No foreign transaction fees
The card charges no foreign transaction fees. Many competing cards add 2% to 3% on every purchase made outside the U.S. — a meaningful cost over the course of any international trip.
The card also continues to earn points normally on all purchases made abroad.
Travel protections and insurance
The card includes coverage for trip delay and cancellation, lost or delayed baggage reimbursement, rental car collision damage, emergency assistance abroad, and emergency evacuation.
These are protections that cards in the same annual fee range frequently leave out or offer in a more limited form.
$95 annual fee
The annual fee is not waived in the first year. However, when you factor in the $600 welcome bonus, the annual travel credits, and the elimination of foreign transaction fees, the cost is easy to recover within the first few months of active use.
How to Redeem Your Points: A Complete Guide
Where to access the rewards program
All point management is handled through the Bank of America Travel Center (bankofamerica.com/travel) or through the mobile banking app, under the “My Rewards” section.
The portal lets you check your point balance, track travel credits, and initiate redemptions directly.
Available redemption options
- Travel — flights, hotels, and rental cars booked through the Travel Center, at 1 cent per point
- Discounted airfare — when you pay for flights through the Travel Center using points, you receive a 20% discount, effectively raising the value of each point to approximately 1.25 cents
- Cash back — direct deposit into a Bank of America checking or savings account, or credit to a Merrill investment account
- Statement credit — applied directly to your card balance
- Gift cards — from a range of partner brands, at 1 cent per point
- Experiences — events and activities available through the Visa Signature concierge
Maximizing points with Preferred Rewards
What truly sets this card apart from the competition is its compatibility with Bank of America’s Preferred Rewards program.
Customers who maintain qualifying balances in Bank of America deposit accounts or Merrill investment accounts receive a bonus on all points earned: 25% for balances between $20,000 and $49,999 (Gold tier), 50% for balances between $50,000 and $99,999 (Platinum), and 75% for balances above $100,000 (Platinum Honors).
In practice, a Platinum Honors member earns up to 3.5 points per dollar on travel and dining and up to 2.62 points per dollar on general purchases — making this one of the highest-earning cards in its class for existing Bank of America customers.
Note that Bank of America has announced the Preferred Rewards program will be rebranded as BofA Rewards starting in May 2026. Existing members will be migrated automatically with no loss of benefits during the transition period.
What the card doesn’t offer
The Bank of America® Premium Rewards® card does not allow point transfers to airline or hotel loyalty programs.
Cardholders looking to maximize point value through transfer partners will find more flexibility with cards like the Chase Sapphire Preferred or the Citi Strata Premier. The Premium Rewards card is built around clarity and convenience — not strategic complexity.
Approval Requirements
Credit score
A score of 700 or higher is the ideal starting point. Below that, approval is still possible, but the initial credit limit tends to be more conservative.
You can check your score for free through platforms like Credit Karma, Experian, or directly through your bank’s mobile app.
Verifiable income
The bank will ask for your gross annual income during the application process. Stable, documentable income directly influences the credit limit you’re offered.
Positive credit history
Few or no recent late payments, low credit utilization, and length of credit history are all factors the bank evaluates in its review.
Basic documentation
You’ll need your Social Security Number (SSN) or ITIN, your current residential address, and income information.
Step-by-Step: How to Apply
1. Check your credit score first
Review your score before starting the application. If it’s below 700, it may be worth waiting a few months to improve it and increase your chances of being approved with a higher limit.
2. Go to the official Bank of America website
Apply at bankofamerica.com. Avoid third-party sites — always go directly to the source to make sure you’re seeing the card’s current terms and conditions.
3. Fill out the online application
The process is straightforward. You’ll provide your name, address, SSN, employment details, and annual income. Have this information ready before you start to avoid interruptions.
4. Wait for a decision
Many applications receive an instant decision. In some cases, the bank may request additional documentation or take a few business days to complete its review. If approved, your card will arrive by mail within 7 to 10 business days.
Is This Card Right for You?
This card makes sense if you want straightforward rewards without managing rotating categories or transfer partners, travel at least a few times a year and can take advantage of the annual incidental credit, and want solid travel protections on a card with a sub-$100 annual fee.
It makes even more sense if you already maintain a balance with Bank of America or Merrill — the Preferred Rewards program significantly boosts your return and can make this the highest-earning card in your wallet.
It may not be the best fit if you want to maximize point value through airline or hotel transfer partners, prefer bonus categories like groceries, gas, or streaming, or are still building credit and haven’t yet reached the score needed for favorable approval terms.
Conclusion
The Bank of America® Premium Rewards® Credit Card is well-positioned for consumers with established credit who value simplicity, predictability, and real travel benefits — all for a $95 annual fee that pays for itself with ease.
The 60,000-point welcome bonus, up to $200 in combined travel credits, and no foreign transaction fees deliver tangible value from the first months of use. For those with an existing Bank of America relationship who can take advantage of Preferred Rewards, the return potential grows even further.
If the profile fits, there’s no reason to wait.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial advisors, and nothing in this content should be interpreted as a recommendation to apply for any financial product. Although we consulted official sources to verify the information presented, credit card terms — including rewards rates, annual fees, credits, and benefits — are subject to change by the issuer at any time and without prior notice. Always refer to the official Bank of America website and the card’s terms and conditions for the most current and accurate details before making any financial decision.
