How to maximize your earning with the Bank of America Premium Rewards card


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Editor’s note: This is a reoccuring blog post, frequently upgraded with brand-new info and deals.  

The Bank of America® Premium Rewards® credit scores card is a reliable traveling rewards card with a $95 yearly charge.

Often eclipsed by contending cards like the Chase Sapphire Preferred® Card or the Capital One Venture Rewards Credit Card, the Bank of America Premium Rewards card shouldn’t be neglected if you desire simpleness in earning and compensatory rewards.

There’s much more worth to be located with the card if you’re an existing Bank of America consumer and receive the Preferred Rewards program. The Preferred Rewards program supplies obvious worth for those that certify and can make your Premium Rewards card the frontrunner in your budget — consisting of up to a 75% rewards bonus offer on your qualified credit scores card.

If you currently bring this card — or were thinking of making an application for it — right here’s a run-through of how to maximize your earning prospective with the Bank of America Premium Rewards Card.

Overview of the Bank of America Premium Rewards card

First, we’ll discuss all of the advantages and benefits you’ll discover on the Bank of America Premium Rewards card, which bills a $95 yearly charge:

  • Sign-up bonus offer: Earn 60,000 on the internet bonus offer factors (a $600 worth) after you make at the very least $4,000 in acquisitions in the initially 90 days of account opening.
  • Rewards price: Earn endless 2 factors for each buck invested in traveling and eating acquisitions. Earn 1.5 factors for each buck invested in all various other acquisitions.
  • Up to $100 in yearly airline company declaration credit scores: Eligible for subordinate or secondary airline company acquisitions such as seat upgrades, luggage costs, inflight food and beverage, airline company lounge costs and even more.
  • Up to $100 declaration credit scores for Global Entry or TSA PreCheck: You’ll obtain compensation for your application to Global Entry or TSA PreCheck every 4 years.
  • Travel securities: When you spend for traveling with your card, you’ll obtain free insurance coverages such as journey hold-up compensation, journey cancellation/interruption insurance coverage, luggage hold-up and shed baggage compensation, traveling and emergency situation aid solutions, emergency situation discharge and transport defense, additional rental vehicle insurance coverage and roadside send off program.
  • Shopping securities: You’ll obtain acquisition defense, expanded guarantee, and return defense when you acquire qualified things with your card.
  • Premium advantages: You’ll have gain access to to the Visa Signature Luxury Hotel Collection and an attendant solution.
  • No international deal costs

Strategies for taking full advantage of the Bank of America Premium Rewards card

Beyond the 60,000-point sign-up bonus offer, you’ll desire to understand when to usage the Bank of America Premium Rewards card for optimum influence. Here are our recommendations:

See if you receive the Preferred Rewards program

A Bank of America branch in the Brickell community of Miami, Florida. EVA MARIE UZCATEGUI/BLOOMBERG/GETTY IMAGES

As pointed out over, Bank of America’s Preferred Rewards program is an outstanding means to discover much more worth from this card. The program has 3 degrees: Gold, Platinum, and Platinum Honors.

Gold Platinum Platinum Honors
Required equilibrium $20,000 to $49,999 $50,000 to $99,000 $100,000 or better
Credit card bonus offer 25% rewards bonus offer on eligible Bank of America Card

  • 2.5 factors per buck on traveling and eating acquisitions
  • 1.88 factors per buck on all various other qualified acquisitions
50% rewards bonus offer on eligible Bank of America Card

  • 3 factors per buck on traveling and eating acquisitions
  • 2.25 factors per buck on all various other qualified acquisitions
75% rewards bonus offer on eligible Bank of America Card

  • 3.5 factors per buck on traveling and eating acquisitions
  • 2.63 factors per buck on all various other qualified acquisitions

These are some strong earning prices, particularly as you go up the rankings of the Preferred Rewards program. For circumstances, the Platinum Honors degree uses you a massive 2.63 factors per buck on all various other acquisitions, an earning price that just can’t be defeated for non-bonus acquisitions. For context, cards like the Capital One Venture Rewards deal 2 miles per buck on all acquisitions, and the Chase Freedom Unlimited® deals 1.5% money back (1.5 factors per buck) on non-bonus classifications.

Then, usage your Premium Rewards card to spend for traveling, eating and also non-bonus acquisitions

Whether you receive Gold, Platinum or Platinum Honors, the Premium Rewards is unparalleled for traveling (2.5-3.5 factors per buck) and non-bonus acquisitions (1.88-2.63 factors per buck).

Many rewards bank card limit you to earning bonus offer factors on trips and resorts just. But with the Premium Rewards card, you have a wide traveling classification that consists of — yet isn’t restricted to — vehicle services, mobile home and mobile home services, holiday company and excursions, watercraft services, tolls and car parking costs and vacationer destinations such as art galleries, theme park, zoos and even more.

Similarly, the non-bonus multiplier is massive with the Premium Rewards card. While it’s nice to have cards in your budget that provide bonus offer classifications, there can be numerous exemptions.

On non-bonus classification investing, the Premium Rewards card 1.5 factors per buck invested, and much more if you’re a Preferred Rewards financial consumer with the bank (1.88 to 2.63 factors, depending upon your rate), so there’s very little of a possibility price to utilizing these cards for day-to-day acquisitions.

When not to usage the Bank of America Premium Rewards card

That stated, the Bank of America Premium Rewards card isn’t for everybody. Here are some situations where you’ll desire to prevent utilizing this card.

Don’t usage the Premium Rewards card if you desire gain access to to airline company and resort transfer companions

Although a traveling rewards card, Bank of America doesn’t have any type of transfer companions yet. Instead, your factors deserve 1 cent each, and you can obtain pay back transferred right into a Bank of America monitoring or interest-bearing account or qualified Merrill financial investment account, obtain a declaration credit scores, or retrieve for present cards or acquisitions with the Bank of America Travel facility.

With transfer companions, you can reserve astounding organization and superior seats. ZACH GRIFF/THE POIMTS MAN

This isn’t always a poor point. This card is a much-needed breath of fresh air for those that desire to maximize their acquisitions yet don’t desire to get involved in the nitty-gritty of airline company and resort transfer programs.

Points and miles can be a poor lasting financial investment, and those that like having money back that can be placed towards an unlimited number of opportunities will certainly appreciate this versatility. Plus, numerous traveling expenditures can’t generally be retrieved with factors, such as ski lessons or gallery tickets.

Don’t usage the Premium Rewards card for eating acquisitions

This one isn’t a mandatory guideline, as the Premium Rewards still uses an excellent return on all eating acquisitions. However, I can call a couple of cards off the leading of my head that I’d take into consideration far more fulfilling, such as the American Express® Gold Card that uses 4 factors at dining establishments (8% return based upon TPG’s July 2024 assessments) or the Chase Sapphire Preferred with 3 factors (6.15% return).

But there definitely comes a factor in life where taking full advantage of every acquisition to its complete prospective sheds its radiance. While you might open up the cards over for much better earning prices on eating, that indicates an additional card (and yearly charge) to maintain with. Thanks to its solid earning prices — particularly if you’re qualified for Preferred Rewards program incentives — the Bank of America Premium Rewards card is still a sufficient alternative for eating.

Bottom line

Whether or otherwise you receive the Preferred Rewards program, there’s lots of worth to be located with the Bank of America Premium Rewards card. The up-to-$100 in an airline company subordinate declaration credit scores every year alone offsets the $95 yearly charge, yet the rewards price maintains the card a solid challenger.

Apply right here: Bank of America Premium Rewards card

For prices and costs of the Amex Gold, click on this link.

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