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Key takeaways
- The Financial institution of America® Premium Rewards® bank card just isn’t the strongest possibility for journey lovers, however it advantages present Financial institution of America prospects within the Most well-liked Rewards program.
- The cardboard has a $95 annual price and gives limitless 2X rewards on journey and eating purchases and 1.5X rewards on all different purchases.
- Most well-liked Rewards members can earn extra bonuses of as much as 75 % on rewards.
Selecting the best journey bank card will help you earn fascinating perks and advantages to spherical out your journey adventures, each close to and much. However you’ll need to take into account all of your choices earlier than absolutely committing to 1, together with the Financial institution of America® Premium Rewards® bank card.
The lengthy and wanting it’s that the Financial institution of America Premium Rewards bank card doesn’t supply a lot for journey lovers — aside from present Financial institution of America prospects within the Most well-liked Rewards program. Nevertheless, earlier than you scratch this card off your record, we’ll break down a few of its options and who it’d make sense for. Right here’s what you could find out about this card.
Fast card highlights
- Rewards price: Limitless 2X factors on journey and eating purchases; Limitless 1.5X factors on all different purchases
- Welcome supply: 60,000 on-line bonus factors after spending $4,000 on purchases within the first 90 days
- Annual price: $95
- Common APR: 21.24 % to 29.24 % (variable)
Further card perks and advantages
- As much as $100 credit score for World Entry or TSA PreCheck. Covers your software price for both program each 4 years (a price of $25 per yr).
- As much as $100 incidental airline credit score. Annual credit score that covers eligible prices like baggage charges, seat upgrades, adjustments to your flight, lounge entry or in-flight purchases like meals and drinks.
- Visa Signature Luxurious Lodge Assortment. Presents entry to perks like automated room upgrades (when obtainable), late checkout, complimentary Wi-Fi and breakfast, VIP Visitor standing in addition to a $25 meals and beverage credit score.
You should utilize your Premium Rewards factors for journey booked by way of the Financial institution of America Journey Heart, present playing cards or money again within the type of a press release credit score or a deposit into an eligible Financial institution of America or Merrill account.
“I exploit the rewards for assertion credit and to purchase shares in a separate Merrill Lynch brokerage account,” says Bankrate senior editor Harlan Vaughn.
Nevertheless, there are some notable omissions relating to extra protections and perks we normally see with journey playing cards. Notably, this card has no prolonged guarantee and buy safety, journey cancellation/delay insurance coverage or rental automotive protection. The shortage of journey companions for transferable factors is one other disappointing omission as properly.
When do you have to get the Financial institution of America Premium Rewards card?
With limitless 2X rewards factors on all journey eating purchases, this card is a powerful possibility for individuals who solely often journey or particularly journey out of the U.S., due to its lack of a overseas switch price.
“The chip and PIN options make [the Bank of America Premium Rewards card] an amazing card for worldwide journey,” says bank card author Ryan Flanigan. “It’s my go-to card after I go away the nation or must make purchases that don’t match right into a bonus class.”
Moreover, this card does tackle a distinct which means should you’re a part of the Financial institution of America Most well-liked Rewards program, which is an invite-only incentive program of Financial institution of America and its funding arm, Merrill. There’s no price to affix, and also you stand to earn a further 25 % to 75 % extra in rewards for every greenback you spend in your Premium Rewards card. The one requirement is to keep up a fairly excessive stability in your checking, financial savings or funding account with the financial institution to qualify.
Vaughn explains how he reached Most well-liked Rewards standing: “I had an outdated 401(okay) that I rolled over into a standard IRA with Merrill Lynch. I didn’t have a desire for the custodian, so it was a simple and automated technique to attain Platinum Honors standing, which supercharges all the cardboard’s earnings.”
There are extra advantages to being in this system, together with financial savings boosters and reductions on mortgage merchandise and brokerage providers primarily based on the tier you fall into. Beneath is a desk that exhibits you the way to qualify for every tier:
| Tier | Steadiness required | Bonus |
|---|---|---|
| Gold | $20,000 to $49,999 | 25% |
| Platinum | $50,000 to $99,999 | 50% |
| Platinum Honors | $100,000 to $999,999 | 75% |
| Diamond | $1,000,000 to $9,999,999 | 75% |
| Diamond Honors | $10 million or extra | 75% |
Although you could preserve a big amount of cash on deposit with the financial institution, you’ll discover it will possibly actually enhance your earnings with the Premium Rewards card. On the highest tier, you could possibly earn as much as 3.5X factors on journey and eating purchases and as much as 2.62X factors in your on a regular basis spending classes that don’t match into the cardboard’s bonus classes of eating and journey.
Even should you aren’t certain you possibly can develop into a Most well-liked Rewards Member, the $100 yearly assertion credit for airline incidentals are additionally a fascinating perk you gained’t need to overlook. Vaughn factors out that, “The airline incidental credit score works on any airline. I exploit it for seat upgrades and in-flight snacks. This profit alone covers the cardboard’s annual price and makes it price holding long run.”
When do you have to not get the Financial institution of America Premium Rewards card?
When you’re wanting throughout the mid-tier bank card area, this card doesn’t compete as properly with comparable journey playing cards when it comes to incomes and redeeming rewards. Moreover, the cardboard perks and advantages are slim in comparison with its mid-tier counterparts.
“The most important motive to keep away from this card is if you’re completely against paying an annual price. Nevertheless, the cardboard’s welcome supply is powerful and recoups the annual price for a number of years, in order that’s price contemplating,” says Vaughn.
All in all, the Financial institution of America Premium Rewards card will in all probability be extra helpful should you’re a Most well-liked Rewards member, which a minimum of allows you to earn a boosted rewards price in your spending in choose classes. Even then, the redemption choices usually are not as helpful as different playing cards with boosted redemptions for journey and journey companions, just like the Chase Sapphire Most well-liked® Card or the Capital One Enterprise Rewards Credit score Card.
The underside line
Whereas the Financial institution of America Premium Rewards bank card is probably not the best choice for journey lovers, it nonetheless gives a beneficiant welcome bonus and first rate rewards for journey and eating. Plus, its worth is considerably boosted for individuals who are already Financial institution of America Most well-liked Rewards members.
If you’re searching for a mid-tier journey bank card, this card could also be price contemplating, however take into accout its limitations and the potential want for a Most well-liked Rewards membership to maximise its advantages.
The details about the Financial institution of America® Premium Rewards® bank card was final up to date on Sept. 23, 2024.
