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.
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- 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
Welcome Bonus
The Premium Rewards Card currently offers the following welcome bonus:
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Earning Points
The Premium Rewards Card earns points at the following rate:
- 2 points per dollar on travel.
- 2 points per dollar on dining.
- 1.5 points per dollar on all other purchases.
Extra Points with Preferred Rewards
Members of the Preferred Rewards program earn 25% to 75% more cashback 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 3.75% cashback on the select category, 2.5% cashback on grocery/wholesale, and 1.25% cashback everywhere else.
Platinum ($50,000 to $99,999) = 50% rewards boost, which equals 4.5% cashback on the select category, 3.0% cashback on grocery/wholesale, and 1.5% cashback everywhere else.
Platinum Honors ($100,000+) = 75% rewards boost, which equals 5.25% cashback on the select category, 3.5% cashback on grocery/wholesale, and 1.75% cashback everywhere else.
Annual Fee
The Premium Rewards Card has a $95 annual fee, which can be offset by a $100 travel credit, trip and purchase protections, and a Global Entry/TSA PreCheck credit.
Premium Rewards Travel Benefits
The Premium Rewards Card offers the following perks for travel:
$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 like many other travel cards.
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.
Global Entry includes TSA PreCheck and expedited immigration upon arrival from an international trip back to the United States.
Trip Delay Insurance
This card offers trip delay insurance when you purchase your flight with this card.
This reimburses you for reasonable expenses things like hotels, food, transportation, and other necessary items.
Flights are increasingly delayed or canceled, and it is too risky to not use a card that offers free trip delay insurance.
Trip Cancellation / Interruption Insurance
Trip cancellation and interruption insurance reimburses 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 when you pay for your travel expenses with this card.
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.
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.
You still need to maintain liability car insurance to cover damage to another person or property.
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.
Purchase Benefits
The Premium Rewards Card also offers the following benefits for purchases:
Extended Warranty
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.
Return Protection
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 $500 per eligible item and up to $1,000 annually.
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.
