Bank of America® Premium Rewards® Credit Card
- Best for: Bank of America customers who’ll use a $100 yearly airline fee credit
- What Sets It Apart: Up to $100 a year in airline fee credits against a $95 fee; 2 points per $1 on travel and dining; points worth 1 cent each as cash
- Cost: $95 annual fee; no foreign transaction fee; variable APR of 19.74% to 27.74%
- Features: 60,000 points after $4,000 in purchases in the first 90 days; 1.5 points per $1 on everything else; up to $100 every four years for TSA PreCheck or Global Entry; 10% to 75% more points through BofA Rewards; trip delay, cancellation, and lost luggage coverage
- Pros: Airline credit more than covers the fee; 3 points per $1 on travel and dining with $100,000 in balances; points don’t expire while the account is open
- Cons: 1.5 points per $1 on everyday purchases without BofA Rewards; no airline or hotel transfer partners; no airline credit for tickets or on Allegiant, Spirit, or Sun Country
Get the Bank of America® Premium Rewards® Credit Card if you’ll use its $100 yearly airline fee credit, which more than pays the $95 annual fee. It’s best when you keep $100,000 or more with Bank of America and Merrill, since the bank’s BofA Rewards program then lifts travel and dining to at least 3 points per dollar.
It suits Bank of America customers who fly a few times a year and eat out often. It sits between the no-fee Travel Rewards card and the $550 Premium Rewards Elite.
Key Features
- $95 annual fee, no foreign transaction fee, and a variable interest rate (APR) of 19.74% to 27.74%
- A bonus of 60,000 points, worth $600, after $4,000 in purchases in the first 90 days
- 2 points per $1 on travel and dining and 1.5 points per $1 on everything else, with no cap
- Up to $100 each calendar year toward airline fees like checked bags and seat upgrades, plus up to $100 every four years for a TSA PreCheck or Global Entry application
- Points worth 1 cent each as cash, travel, or gift cards
Pros
- An airline credit that more than covers the annual fee when you use it in full
- 10% to 75% more points through BofA Rewards, which replaced Preferred Rewards in May 2026 and only requires an eligible personal checking account at the bank
- 3 points per $1 on travel and dining and 2.25 on everything else at $100,000 in Bank of America and Merrill balances, beating a flat 2% card
- Coverage for trip delays, cancellations, and lost luggage
Cons
- 1.5 points per $1 on everyday purchases without BofA Rewards, less than a flat 2% card
- Without the airline credit and before any BofA Rewards bonus, earning back the fee over a no-fee 1.5-point card takes $19,000 a year in travel and dining
- No airline credit for tickets, or for fees on Allegiant, Spirit, or Sun Country
- No transfers to airline or hotel loyalty programs
Bank of America customers who’ll spend the airline credit each year should get it over the no-fee Travel Rewards, since that credit more than pays the fee. The Elite costs $105 a year more than this card even after both cards’ credits, so it suits travelers who’d use its airport lounges or its 20% discount on flights paid with points.
Learn more about the Bank of America® Premium Rewards® Credit Card or see how it compares to the best travel rewards credit cards.
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