5 reasons to get the Bank of America Premium Rewards credit card
Editor’s Note: This is a recurring post, updated regularly with new information and offers.
Part of the fun of reward travel is learning how to maximize your points and miles. You can get outstanding value by booking through airline and hotel loyalty programs, but there’s something to be said for the simplicity of cash back rewards.
With that in mind, here are five reasons to add Bank of America® Premium Rewards® Credit Card into your wallet.
Diversify your rewards
Points are transferable is royalty to the award travel world, but a comprehensive portfolio should also include points or miles that function as cash.
The Premium Rewards Card lets you redeem points at a rate of 1 cent each as a statement credit on any purchase. This gives you the flexibility to eliminate miscellaneous travel expenses, including taxis, train tickets and parking fees, that would otherwise have to be paid out of pocket.
Of course, you can also use these points to pay for regular travel purchases like airfare and hotels. When prices are high, it’s better to book award tickets through airline and hotel loyalty programs. But when the price is low, you can get it Better value from cashback rewards. Having both options available will help you maximize your profits on each conversion.
Related: Not traveling now? How to maximize your reward points using other redemptions
Redeem valuable travel credits
the Premium rewards card There’s a $95 annual fee, but you can more than offset that cost with the card’s up to $100 annual random airline statement credit.
While this credit cannot be used to purchase airline tickets, you can use it to pay for a variety of incidentals, including baggage fees, in-flight entertainment, and seat upgrades each positive year calendar in which you are the cardholder.
The card also offers a credit of up to $100 every four years to cover application fees. Global entry or TSA PreCheck®. This may not seem important if you are already enrolled in an accelerated security program or if you still have one The same credit is available on another card.
However, keep in mind that this benefit applies to any Global Entry or TSA PreCheck application – it doesn’t have to be your own. You can use your card to pay a fee to a friend or family member and it will be refunded equally.
Score a solid welcome
the Premium rewards card is currently offering a welcome bonus of 60,000 points after spending $4,000 in the first 90 days of account opening. Additionally, if part of your spending is on travel or dining, you’ll earn a little more because you earn 2 points per dollar spent on those purchases.
You can find more attractive bonuses among the current bonuses Top travel rewards credit cardsbut this is an attractive offer for a cashback product. Competitors such as Capital One Venture Rewards Credit Card comes with less mileage or less flexibility or both. Those cards also lack some of the more attractive perks (such as a random annual airline credit of up to $100) that set the Premium Rewards cards apart.
Get impressive returns on everyday spending
Standard income rate above Premium rewards card is 1.5 points per dollar spent on most purchases and 2 points per dollar spent on travel and dining. Those numbers are no exception, and you’ll be ahead (or at least even) by using a card earns 2% cash back or one who earns more valuable rewards.
However, you can increase your profits up to 75% through Bank of America Preferred Rewards Program. To participate, you need a qualifying Bank of America checking account and an average daily balance of at least $20,000 in a qualifying deposit or investment account.
The biggest bonus is for customers with a balance of 100,000 USD or more. At that level, you’ll earn 3.5 points per dollar spent on dining and travel and an impressive 2.62 points per dollar on non-bonus spends.
If you already have a high-value account with Bank of America, getting this card is a no-brainer. If not, establishing a new banking relationship with Bank of America could be a profitable move.
Related: Stop skipping Bank of America Preferred Rewards
Spread your applications
When it comes to credit card rewards, Bank of America has historically been overshadowed by Amex, Chase and Citi. These three issuers have a track record of providing great welcome offers and premium benefitsbut they also limit the number of accounts you can have and how often you can open new accounts.
Focusing too much on any one card issuer will make it harder to take advantage of future opportunities, so the Premium Rewards card is a good choice if you’re looking to diversify your portfolio. own private.
Unfortunately, your application will still be counted against you when considered Chase’s infamous 24/5 ruleregarding the number of accounts you have opened on all card issuer. Bank of America also has it its own set of application limitationsso you should wait to sign up if you have reached the limit.
Related: Want to open a new Chase card? Here’s how to calculate your 5/24 position
Bottom line
The Bank of America Premium Rewards credit card doesn’t come with flashy travel perks like lounge access or elite status. Instead, it offers flexible and easy-to-redeem cashback rewards as well as the opportunity to earn solid profits on everyday spending. The welcome offer offers plenty of extra value from the get-go, and the card effectively pays for itself through annual airline credit.
If you’re looking to earn points beyond airline and hotel loyalty programs, this card is a good place to start.
For more information, see Full review of the Bank of America Premium Rewards credit card.
Register here: Bank of America Premium Rewards credit card
