Bank of America Premium Rewards Card Benefits Guide
Although the Bank of America® Premium Rewards® credit card is not as popular as other travel credit cards at this level, there are many reasons to consider it. Not only does it offer 2X points on travel and dining purchases, but cardholders also earn a flat rate of 1.5X points on all non-bonus spend. Plus, when you apply, you get a generous welcome offer, $200 in travel credits to use, and a range of free card benefits, which add even more value to this offer.
If you’re curious about what benefits you’ll get with the Bank of America Premium Rewards Card and how it all works, read on to learn more.
Bank of America Premium Rewards Card Highlights
Before detailing the benefits of the card, it is important to know details such as the welcome offer of the card, the winning rate and the fees.
- Welcome offer: Earn 50,000 bonus points (worth $500) when you spend $3,000 on purchases within 90 days of account opening
- Reward rate: Earn 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases
- Annual subscription: $95
- APR: 15.99% to 22.99% (variable)
With the Bank of America Premium Rewards Credit Card, you’ll earn 2 points per dollar on travel and dining purchases and 1.5X points on all other purchases. The rewards you earn with this card are unlimited and your points do not expire as long as your account is open.
Cardholders have some flexibility when it comes to redeeming rewards. You can redeem for:
- Cash back in the form of a statement credit or deposit to an eligible Bank of America or Merrill account
- Gift cards
- Travel booked through the Bank of America Travel Center
Bank of America Premium Rewards Credit Card Travel Benefits
Although the Bank of America Premium Rewards Credit Card does not allow you to transfer your points to airline and hotel partners like some other travel credit cards do, you receive travel benefits simply as a cardholder. .
No foreign transaction fees
This card does not require you to pay foreign transaction fees if you use it for purchases abroad, which makes it a good choice for traveling outside the United States. This fee would normally add an additional 3% (on average) to every overseas purchase you make.
Up to $100 in statement credits for airline incidentals
Cardholders can receive up to $100 in statement credits for airline incidental charges each year they have the card. You can use these credits for charges such as seat upgrades, baggage fees, in-flight services, airline lounge fees and more.
Up to $100 in statement credits for Global Entry or TSA PreCheck
You’ll also get up to $100 in application fee credits for a Global Entry or TSA PreCheck membership. This statement credit offer can be applied to your account once every four years.
Bank of America Premium Rewards Card Travel Protections
The Bank of America Premium Rewards Credit Card also comes with a number of free insurance benefits and travel protections, such as:
Travel delay reimbursement
When you pay for an eligible trip with your credit card, you get trip delay coverage when a covered trip is delayed more than 12 hours. This coverage is valid for up to $500 per ticket for you and eligible family members.
Trip cancellation and interruption insurance
You’ll also get Trip Cancellation and Trip Interruption Insurance, valid for up to $2,500 in eligible prepaid expenses when your trip is canceled or curtailed by a covered event.
Baggage delay insurance
If your baggage is delayed for six hours or more, you can use this insurance to pay for incidentals (up to $100 per day). This coverage applies for up to five days and is secondary to any reimbursement you receive from a common carrier.
Reimbursement of lost baggage
If your checked or carry-on baggage is lost by a common carrier or stolen in transit, you may receive a refund. You must pay for your common carrier trip with your credit card to be eligible.
Travel and emergency assistance services
This benefit allows you to request assistance when you are traveling and need emergency assistance. Examples of assistance you may receive include medical and legal referrals.
Emergency evacuation and transportation coverage
If you get hurt or sick while traveling away from home, you can get help with emergency evacuation and transportation bills.
Secondary car rental coverage
Cardholders are also eligible for car rental coverage in the form of Car Rental Collision Damage Waiver, which provides reimbursement in the event of a vehicle collision or theft. This coverage is secondary to any other insurance you may have.
Finally, note that cardholders have access to a roadside dispatch number that provides 24-hour emergency roadside assistance, towing, and locksmith services. The hotline is free, but you’ll have to pay for all services you receive.
Bank of America Premium Rewards Card Purchase Protections
The Bank of America Premium Rewards Credit Card offers many purchase protections that will automatically apply to eligible purchases you charge to your card.
When items you purchase with your card are stolen or damaged within 90 days of purchase, your item will be refunded, repaired or replaced (up to $10,000 per claim) through Bank’s Purchase Protection Coverage. of America.
Return protection gives you a refund when you want to return an item within 90 days of purchase, but the retailer won’t take it back. Coverage is valid for up to $250 per qualifying item and up to $1,000 per year.
Eligible items that have a manufacturer’s warranty may qualify for extended warranty protection through this benefit. This coverage doubles the existing manufacturer’s warranty – Bank of America adds up to an additional 24 months when doubling a warranty.
How to Maximize the Benefits of the Bank of America Premium Rewards Credit Card
Since the Bank of America Premium Rewards credit card rewards you for spending, the best way to maximize its benefits is to use it for all your purchases and bills. You should aim to use it for restaurant and travel purchases in particular, as you can earn a high rate of 2X points for every dollar spent.
Also note that Bank of America Preferred Rewards members can earn 25% to 75% more rewards using this card or other Bank of America rewards cards. This free program is for Bank of America customers who have an active, eligible Bank of America account and a three-month combined average daily balance of $20,000 or more in eligible Bank of America or Merrill accounts. You can enroll in the program once these requirements are met.
When it comes to using the Bank of America Premium Rewards card benefits shared in this guide, remember that you will need to pay with your credit card to receive the benefits mentioned above. If you pay with another credit card, you will not be eligible for purchase protections or travel insurance benefits on those transactions.
The bottom line
The Bank of America Premium Rewards credit card isn’t as well-known as some other travel cards, but it has a lot more to offer than meets the eye. In addition to the generous win rate and welcome offer, cardholders will enjoy plenty of perks along the way.
Even so, it never hurts to compare this card with other Bank of America credit cards or other rewards credit cards and their benefits. With some basic research, you can find a travel credit card that ticks the boxes that matter most to you.