Bank of America® Premium Rewards® Credit Card
Bank of America
Welcome Offer
Our take
A general travel-and-dining rewards card that becomes more compelling for Bank of America relationship customers who qualify for an earning boost. Without that boost, it should be compared carefully with other mid-tier travel cards. Its simpler cash-like redemption path may appeal to people who do not want airline-transfer complexity.
Best for
- ✓ Bank of America relationship customers
- ✓ Travelers preferring flexible cash-like rewards
- ✓ People wanting broad travel and dining categories
Not ideal for
- — Travel hackers focused on transfer partners
- — People without enough spend or relationship bonus to recover the fee
- — Travelers seeking lounge access
Conservative break-even test
Calculate rewards both with and without your verified relationship tier, then add only incidental credits you naturally use. Compare the result with a no-fee flat-rate card and include the annual fee.
Is the Bank of America Premium Rewards Credit Card right for you?
The Bank of America Premium Rewards is a $95-a-year cash-back card from Bank of America. Its strongest everyday earning is 2% on dining, with 1.5% on most other purchases. Whether it pays off depends mostly on how many of its credits replace spending you already do.
Who it's for
- ✓ People who spend steadily on dining, where it earns 2%
Who should skip it
- — Applicants with fair or limited credit — the issuer targets excellent credit
- — Anyone who won't earn at least $95 a year more than a no-fee card
First-year value estimate
Year two, without the welcome bonus: about $100 before credits ($195 in rewards minus the $95 fee).
Assumptions
- $3,000 a year in dining (2%) and $9,000 on everything else (1.5%) — $12,000 total, about $1,000 a month.
- Rewards valued at 1¢ per point or 1% cash back (cash-equivalent).
- Welcome bonus: 60,000 Bank of America Travel Points at 1¢ each (OpenCard valuation) ≈ $600.
- Annual fee of $95 in year one and every year after.
- Recurring credits are listed separately below and are not counted here.
An illustration, not a promise of value. Change the spending to match yours; rewards are not cash until redeemed. Card data reviewed 2026-06-14.
How the fee is offset by credits
At face value the listed credits ($125 a year) exceed the $95 fee, but only spending you would have made anyway counts. A realistic test is to add up only the credits you used last year.
| Credit | Terms | Per year (face value) |
|---|---|---|
| Airline Incidental Statement Credit | $100 per year | $100 |
| Global Entry / TSA PreCheck Credit | $100 once every four years | $25 |
| Total face value | $125 | |
How it compares
Rules and gotchas
- The welcome bonus requires $3,000 in 3 months — roughly $1,000 a month. That fits inside the $1,000 a month in our illustration.
- The Global Entry / TSA PreCheck-style credit renews only once every four years, so it adds little to the yearly math.
Frequently asked questions
- Does the Bank of America Premium Rewards have an annual fee?
- Yes — $95 a year, according to the issuer information in our record.
- What does the Bank of America Premium Rewards earn?
- 2% on travel, 2% on dining, and 1.5% on other purchases.
- Is the Bank of America Premium Rewards worth it in the first year?
- Using our illustration ($12,000 of yearly spending, $3,000 of it in dining), the first year comes out around $700 before credits, including a welcome bonus valued at $600. Year two drops to about $100 before credits.
- Do the Bank of America Premium Rewards's credits cover the annual fee?
- The listed credits add up to $125 a year at face value against a $95 fee. Count only the credits you'd use without changing your spending.
- What credit do I need for the Bank of America Premium Rewards?
- Our record lists "Excellent" credit as the typical target for the Bank of America Premium Rewards. Bank of America makes the final decision based on its own criteria.
Earning Rates
Dynamic Reward Rules
Relationship bonus
BofA Rewards / Preferred Rewards — Eligible Bank of America deposit and Merrill investment balances determine tier. Credit-card rewards bonus is applied to eligible Bank of America credit cards; tier names/thresholds reflect the 2026 BofA Rewards transition and should be re-verified as terms settle.
Benefits & Credits
Up to $100 in annual statement credits for qualifying airline incidental purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees.
/yearUp to $100 statement credit every four years for Global Entry or TSA PreCheck application fees charged to the card.
Other Benefits
No foreign transaction fees.
Insurance
Sources
- https://www.uscreditcardguide.com/boa-premium-rewards/
- https://thepointsguy.com/credit-cards/bank-of-america-premium-rewards-credit-card/
- https://www.bankofamerica.com/credit-cards/products/premium-rewards-credit-card/
- https://www.nerdwallet.com/credit-cards/reviews/bank-of-america-premium-rewards-credit-card/
- https://info.bankofamerica.com/en/rewards/bofa-rewards
- https://newsroom.bankofamerica.com/content/newsroom/press-releases/2026/02/new-bofa-rewards--program-to-reach-millions-more-clients-with-ex.html
- https://www.bankofamerica.com/credit-cards/preferred-rewards-credit-cards/
Last Updated: Jun 14, 2026