The Bank of America® Premium Rewards® Credit Card is a great card that offers a lot of travel and purchase protections for a $95 annual fee.
This card gets even better for those who have $20,000+ in a Bank of America or Merrill account, which makes them eligible for the Preferred Rewards program, which can earn you 25-75% more points.
- Earn 50,000 Bonus Points After Spending $3,000 in the First 90 Days
- 2X Points on Travel and Dining
- 1.5X Points on Other Purchases
- $100 Airline Fee Credit
- $100 Credit for Global Entry/TSA PreCheck
- Extensive Travel and Purchase Protections
- $95 Annual Fee
Extra Points with Preferred Rewards
Members of the Preferred Rewards program earn 25% to 75% more points on every purchase based on the amount of money in Bank of America banking and/or Merrill Investment accounts.
Gold ($20,000 to $49,999) = 25% rewards boost, which equals 2.5x points on travel and dining, and 1.875x points everywhere else.
Platinum ($50,000 to $99,999) = 50% rewards boost, which equals 3x points on travel and dining and 2.25x points everywhere else.
Platinum Honors ($100,000+) = 75% rewards boost, which equals 3.5x points on travel, dining, and groceries, and 2.625x points everywhere else.
Premium Rewards Card Benefits
$100 Airline Fee Credit
Each year, you receive a $100 airline incidental statement credit for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees with U.S. Airlines.
Global Entry / TSA PreCheck Credit
This card offers a Global Entry or TSA PreCheck fee credit.
TSA PreCheck is a membership program offering dedicated airport security lines and faster security screening (typically 5 minutes or less) at more than 200 airports across the United States and includes over 81 airlines.
With TSA PreCheck, you do not need to remove your shoes, laptop, small liquids, belts, or light jackets.
Global Entry includes TSA PreCheck and expedited immigration upon arrival from an international trip back to the United States.
TSA PreCheck and Global Entry require an interview and background check, but TSA PreCheck is typically faster and easier to obtain.
If you already have Global Entry or TSA PreCheck, you could use the card to purchase Global Entry for a family or friend or use it when your membership needs to be renewed. (Some TSA PreCheck enrollment centers require the credit card name to match the applicant’s name, whereas Global Entry doesn’t have the same requirement.)
Trip Delay Insurance
You should always buy flights with a credit card that offers trip delay insurance, which reimburses you for things like hotels, food, transportation, and other necessary items.
Flights are increasingly delayed or canceled, and it is too risky to not use card that offers free trip delay insurance. Plus, airlines frequently blame delays on weather or an external factor to get out of paying compensation to passengers.
This benefit can really come in handy during a delay. While other passengers are worried about where to sleep and eat, you can book a nice hotel of your choice and enjoy some nice meals, without worrying about the cost.
For the Premium Rewards card, you are covered up to $500 per ticket for you and your eligible family members if a covered trip is delayed (due to a covered hazard) for more than 12 hours.
Trip Cancellation / Interruption Insurance
When you’re planning a trip, the last thing you want to worry about is whether or not your travel plans will be covered if something goes wrong. That’s where credit card trip cancellation and interruption insurance comes in.
Trip cancellation and interruption insurance reimburse you for non-refundable expenses if your trip is interrupted or canceled for a covered reason such as illness, severe weather, or an accidental injury.
To be eligible for trip cancellation and interruption insurance, you’ll need to pay for your travel expenses using this card.
Travel is crazy enough without having to worry about being out of pocket if something goes wrong, so I always suggest booking all travel with a card that offers travel protections.
For the Premium Rewards card, you are covered up to $2500 for non-refundable passenger fares if your trip is canceled or cut short by sickness or other covered situations.
Baggage Delay Insurance
Baggage delay insurance can reimburse you for the cost of necessary personal and business items if (1) you purchased your trip with this card and (2) your bag is delayed by a common carrier like an airline, train, ferry, or cruise ship, etc.
Common reimbursable items include clothing, toiletries, and phone chargers, which can be a life-saver when you are without your bag.
The Premium Rewards card offers reimbursement of up to $100 per day (up to five days), when your bags are delayed or misdirected by a common carrier for more than six hours.
Lost Luggage Reimbursement
Lost luggage reimbursement covers the cost to repair or replace your luggage and the contents inside if your bag is lost or damaged during a covered trip.
You must purchase the trip with this card, and it will also cover immediate family members traveling with you.
Coverage is also secondary to any reimbursement from the airline or common carrier. For example, if your bag and its contents were worth $1,000 and the airline gave you $200, you could file a claim for $800.
Credit card extended warranty protection adds up to an additional year of coverage for eligible purchases on manufacturer’s warranties up to 3 years.
Coverage matches the protection provided by the original warranty so that damage or defect would have to be covered by the original warranty for extended warranty coverage.
The maximum coverage is $10,000 per item and $50,000 per cardholder.
For example, if you bought a TV with a manufacturer’s warranty of three years, then this card would extend the warranty for free to the fourth year.
This card provides you with return protection, which provides you with reimbursement for the cost of an eligible item of personal property if you are dissatisfied with the item for any reason within 90 days of the purchase and if the retailer will not accept the return.
Coverage is limited to $250 per eligible item and up to $1,000 annually.
Items must be received by the Benefit Administrator in like-new/good working condition.
Purchase Protection for 90 Days
Purchase protection can save you a lot of money if you bought an eligible item that is damaged or stolen within 90-days.
For example, if accidentally dropped your new phone or laptop and broke the screen, you could file a claim to get it replaced if it was purchased within the last 90 days.
Coverage for this benefit is limited to $10,000 per claim and up to $50,000 per cardholder.
Secondary Rental Car Insurance
Secondary rental car insurance covers any damage to a rental car not covered by your primary insurance when you pay for the rental using this card.
Other credit cards offer primary rental car insurance, which pays before your insurance and saves you the hassle of filing multiple insurance claims.
But there are situations where this secondary insurance becomes the primary insurance, including when renting a car outside the U.S. and your personal car insurance does not cover you in that country, or if you don’t have collision insurance.
You still need to maintain liability car insurance to cover damage to another person or property.