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Bank of America Premium Rewards Credit Card

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Bank of America Premium Rewards Credit Card

Updated July 2026 · 5 min read
Quick verdict

The BofA Premium Rewards is the best card in the Bank of America lineup for travelers. At $95 you get 2x on travel and dining, a $100 airline incidental credit, Global Entry coverage, and up to 75% more points for Preferred Rewards members with qualifying BofA balances.

7
☆☆☆☆☆
★★★★★
Bank of America - Travel Card
The Premium Rewards shines for Preferred Rewards members. At Platinum Honors tier ($100k+ in BofA/Merrill balances), earning rates jump to 3.5x on travel and dining and 2.625x on everything else -- turning a $95 card into a high-earning workhorse without complex transfer partner strategy.
Disclosure: This post may contain affiliate links. If you apply for a credit card through our links, we may receive a commission from the issuer at no additional cost to you. We maintain editorial integrity; all opinions expressed are our own and are not provided or influenced by the card issuers. For more information, please see our Financial & Affiliate Disclaimer.
Welcome offer
60,000 Bonus Points
Earn 60,000 bonus points -- a $600 value -- after spending $4,000 in the first 90 days from account opening.
Annual fee $95
Minimum spend $4,000
Approx. signup value 825
Yearly recurring value 225
Apply now →
Rates & fees · Terms apply

Pros & cons

Pros
  • Preferred Rewards multiplier can reach 3.5x travel/dining at Platinum Honors
  • $100 airline incidental credit offsets most of the annual fee
  • $100 Global Entry/TSA PreCheck every 4 years
  • Simple redemption: statement credits, deposits, or travel portal
  • No foreign transaction fees
  • Works well for BofA/Merrill banking customers
Cons
  • No transfer partners -- points cannot be moved to airlines or hotels
  • 2x on travel and dining is unimpressive without Preferred Rewards
  • $100 airline credit covers incidentals only, not base fares
  • Requires meaningful BofA/Merrill balances for the multiplier
  • Competing cards offer more premium benefits at the same fee

Who this card is for

✓ Good fit

BofA or Merrill customers with $20,000+ in combined balances who qualify for Preferred Rewards

✓ Good fit

Travelers who want simple earning with no category tracking or transfer complexity

✓ Good fit

Cardholders who spend on travel and dining and want 2x minimum

✓ Good fit

Those already banking with BofA or investing with Merrill

✕ Skip it

Travelers who want to maximize award value through airline or hotel transfers

✕ Skip it

Those without meaningful BofA/Merrill balances earning only the base 2x

✕ Skip it

Premium travel card seekers who want lounge access

Earning rates

2X
Points on all travel purchases and restaurant spending worldwide.
1.5X
Points on all other purchases, unlimited.
Preferred Rewards Bonus
Earn 25-75% more points based on your BofA/Merrill balance tier.

Benefits breakdown

The Premium Rewards earns at a flat rate with a bonus multiplier for BofA banking customers. Points are redeemable for travel, cash back, or deposits.

$100 Airline Incidental Credit
Annual credit for airline incidentals: seat upgrades, checked bags, inflight food, club passes. Select your qualifying airline.
$100
$100 Global Entry/TSA PreCheck
Up to $100 every 4 years for application fee.
$100
Preferred Rewards Multiplier
Earn 10-75% more points based on BofA/Merrill balance tier. At Platinum Honors: 3.5x travel/dining, 2.625x everything else.
Varies
No Foreign Transaction Fee
No fees on international purchases.
Perk
Estimated value 225
After 95 fee ~$130 net

What to look out for

Airline Credit Is Incidentals Only

The $100 credit does not apply to base airfare. Qualifying purchases are bags, seat fees, and inflight spending.

No Transfer Partners

Points cannot be transferred to airlines or hotels. Redemption value is fixed at 1 cent per point.

Preferred Rewards Requires Balance

The earning multiplier only activates with qualifying BofA/Merrill balances. Without those, this card underperforms competing travel cards.

Our take

The Premium Rewards is a good card if you are already in the BofA/Merrill ecosystem. The Preferred Rewards program is genuinely valuable: at $100,000 in combined balances, you earn 3.5x on travel and dining with no annual fee increase. Outside that ecosystem, the Chase Sapphire Preferred or Capital One Venture offer better transfer flexibility. For a full look at BofA cards, see our BofA card guide.
The 60,000-point welcome offer is worth $600 toward travel at 1 cent per point. That simplicity is the card's hallmark: no blackout dates, no transfer complexity, no portal games. If you already bank with BofA or invest with Merrill, this card belongs in your wallet. See our full analysis in our BofA rewards guide.
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Sid

I'm Sid, the traveler behind this site. My journey started as a simple "back-up plan" to help pay for expensive personal travel. I realized that with the right strategy, this hobby scales incredibly well. Since then, I have earned and spent over 15 million miles across nearly every major global loyalty program. This blog is where I share what I've learned about this hobby (and ramble a bit), hoping it will also help you travel and see the world. Learn more about me. Want to get in touch? Drop me a line.

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