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  Bank of America Premium Rewards Card

Bank of America Premium Rewards Card

in Personal Credit Cards from Bank of America

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Bank of America Premium Rewards Card

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in Personal Credit Cards from Bank of America

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Highlights
Highlights
Balance Transfer APR  (Variable APR) 17.49% - 24.49%
Credit Score Range 690 - 850
Annual Fee $95
Purchase APR  (Variable APR) 17.49% - 24.49%

Bank of America Premium Rewards Card Review

If you're wondering whether Bank of America Premium Rewards Card is the right card for you, read on. This is everything you need to know to make a good choice.

Key takeaways:

  • Signup bonus. Offers a signup bonus of 50000 points after spending $3,000 within 3 months that can be redeemed for travel, gifts, or other perks.
  • High APRs. This is not a great card for people who carry a balance. It has a variable purchase APR that ranges from 17.49% up to 24.49%.
  • 3% Balance transfer fee. Bank of America Premium Rewards Card charges a fee of up to 3% on balance transfers. For example, a balance of $1,000 could cost up to $30 in transfer fees. The minimum fee is $10.
  • $0 foreign transaction fee. This card does not charge foreign transaction fees, which makes a great credit card to carry with you when traveling abroad.
  • Multiple credit card benefits. Includes generous credit card perks, such as rental insurance, emergency support, extended warranty protection on purchases, Global Entry / TSA Precheck Fee Credit, purchase protection, travel accident insurance, travel assistance, trip cancellation insurance, and fraud protection.
  • Good or better credit required. You should probably try with another card if your credit score is below 690.

Bank of America Premium Rewards Card Pros and Cons:

The Good The Bad
  • Multiple credit card perks.
  • Offers auto rental collision damage waiver.
  • Extended warranty on purchases.
  • Free access to your credit score.
  • Global Entry / TSA Precheck Fee Credit.
  • Travel accident and travel assistance insurance.
  • Trip cancellation insurance.
  • No foreign transaction fee.
  • Cardholders can earn rewards on every purchase.
  • Earn rewards on every purchase.
  • Bank of America Premium Rewards Card reports to multiple credit bureaus.
  • Cardholders can earn rewards on their purchases.
  • Higher than average purchase APRs.
  • Requires good to excellent credit.
  • Charges an annual fee of $95
  • Charges a 3% balance transfer fee.

Is there a Bank of America Premium Rewards Card cash back or rewards program?

Bank of America Premium Rewards Card offers a rewards program to its customers.

Bank of America Premium Rewards Card Rewards
Rewards rate (all purchases) 1.5%
Max rewards rate 2%
Annual rewards limit N/A
Signup Bonus ($) N/A
Signup Bonus (Points/Miles) 50000
Signup Bonus Spend Requirement $3000
Signup Bonus Spend Period (months) 3 months
Annual Loyalty Bonus $100

Does Bank of America Premium Rewards Card have a signup bonus?

Bank of America Premium Rewards Card doesn't offer a cash signup bonus. However, it does include a 50000 points signup bonus after spending $3000 that can be redeemed for travel, gifts, or other perks.

Does Bank of America Premium Rewards Card offer an annual loyalty bonus?

Yes, Bank of America Premium Rewards Card offers card users an annual bonus worth up to $100.

What are the Bank of America Premium Rewards Card benefits?

Bank of America Premium Rewards Card provides the following benefits:

  • Free Credit Score
  • Auto Rental Collision Damage Waiver
  • Emergency Support
  • Extended Warranty Protection
  • Trip Cancellation Insurance
  • Zero fraud liability
  • Travel Accident Insurance
  • No blackout dates when redeeming miles
  • Travel Assistance
  • Reports to major credit bureaus

What are the relevant APRs for Bank of America Premium Rewards Card?

Bank of America Premium Rewards Card is a charge card and therefore doesn't have interest charges. You must pay your balance in full every month.

What are the Bank of America Premium Rewards Card fees?

The following fees apply to Bank of America Premium Rewards Card:

Bank of America Premium Rewards Card Fees
Fees Amount
Annual Fee $95
Foreign Transaction Fee 0%
Returned Payment Fee up to $29
Late Payment Fee up to $40

Does Bank of America Premium Rewards Card have a foreign transaction fee?

Bank of America Premium Rewards Card does not charge foreign transaction fees. If you are a frequent traveler, this can save you hundreds of dollars in credit card fees when you travel out of the country.

Does Bank of America Premium Rewards Card report your account activity to credit bureaus?

Bank of America Premium Rewards Card reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

How to apply for Bank of America Premium Rewards Card

  • Visit the Bank of America Premium Rewards Card website.
  • Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
  • Check the information is accurate and submit your application.
  • If you're denied click here to find out why your application may have been rejected and what you can do about it.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.

View Bank of America Premium Rewards Card's published terms & conditions.
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Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Every Purchase (Points) 1.5 points for every $1 spent on all other purchases
Foreign Currency Transaction Fee 0%
No Foreign Transaction Fee  
No Interest Grace Period for Late Payment 25 days
Cash Advance Fee Minimum $10
Cash Advance Fee (%) Up to 3%
Minimum Cash Advance Fee ($) Starting at $10
Annual Fee $95
Minimum Interest Charge $1.50
Returned Payment Fee Up to $29
Late Fee Amount Up to $40
Customer Type Personal
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Credit Score Range 690 - 850
Card Type
  • Bonus Offers
  • Charge Card
  • Rewards
  • Travel
Card Network Visa
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Lost Luggage Insurance  
Emergency Support  
Travel Insurance  
Fraud Liability  
Extended Warranty  
Credit Card Benefits
  • Auto Rental Collision Damage Waiver
  • Emergency Support
  • Extended Warranty Protection
  • Fraud Liability
  • Free Credit Score
  • Global Entry / TSA Precheck Fee Credit
  • Purchase Protection
  • Travel Accident Insurance
  • Travel Assistance
  • Trip Cancellation Insurance
Free FICO Score  
Bonus Rewards Earn unlimited 2 points for every $1 spent on travel and dining purchases
Annual Airline Credit Up to $100
Annual Loyalty Bonus $100
No Reward Expiration Period  
No Blackout Dates  
Rewards Categories
  • Every Purchase
  • Restaurants
Signup Bonus (points) 50,000
Rewards Type Points
Cash Advance APR (Variable APR) 20.49% - 27.49%
Balance Computation average daily balance (including new purchases).
Penalty APR (Variable APR) 29.99%
Purchase APR (Variable APR) 17.49% - 24.49%
Balance Transfer APR (Variable APR) 17.49% - 24.49%
Balance Transfer Fee Minimum $10
Balance Transfer Fee % 3%

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Annual Fee $0 Annual Fee
Purchase APR 16.49% - 24.49%
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    5% 29% Variable APR
Credit Score Range 700 - 850     300 850
Annual Fee $90 Annual Fee
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