The Bank of America Premium Rewards card is a great card that offers a lot of travel and purchase protections for a $95 annual fee. Plus the sign-up bonus of 50,000 points is worth $500.
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.
Premium Rewards Card Information
Application Link: Bank of America Premium Rewards.
Current Sign Up Bonus: 50,000 points.
Recommended Bonus: At least 50,000 points.
Annual Fee: $95.
- 2x points on dining and travel.
- 1.5x points everywhere else.
Redeeming Rewards: Each point is worth one cent, which can be redeemed for anything from travel to cashback to gift cards. The sign-up bonus of 50,000 points would equal $500.
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 and dining and 2.625x points everywhere else.
Premium Rewards Card Benefits
$100 Airline 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– The Premium Rewards card comes with a Global Entry or TSA PreCheck credit. If you already have it, you could always use the card to buy it for a family or friend. I prefer Global Entry over TSA PreCheck because Global Entry includes TSA PreCheck plus expedited customs.
Trip Delay Insurance– If your flight is delayed for more than 12 hours, you can seek reimbursement of up to $500 per ticket for you and your eligible family members for reasonable expenses such as hotel, food, and transportation.
Trip Cancellation or Interruption Insurance– Cardholders are covered up to $5,000 per person per trip for non-refundable travel expenses if you have to cancel due to a covered reason.
Baggage Delay Insurance– This coverage reimburses you for up to $100 per day (up to 5 days) when a common carrier delays your bags for more than six hours.
Secondary Rental Car Insurance– This secondary coverage covers any damage to the rental car not covered by your own insurance.
No Foreign Transaction Fees– You can use your Premium Rewards card anywhere in the world without a foreign transaction fee.
Purchase Protection– This coverage protects eligible items up to 90 days if they are damaged or stolen for up to $10,000 per claim.
Return Protection– This benefit provides reimbursement for the cost of an eligible item if the retailer does not accept a return within 90 days. Coverage is limited to $250 per item and $1,000 per calendar year.
Extended Warranty– This coverage extends an item’s warranty by an extra year on warranties of less than one year.