Bank of America® Premium Rewards® Credit Card Review

Bank of America® Premium Rewards® Credit Card Review

When it comes to credit cards that offer a blend of travel perks, dining rewards, and everyday earning potential, the Bank of America® Premium Rewards® Credit Card stands out as a versatile option for the discerning consumer. As a financial expert, I have had the opportunity to analyze various credit cards over the years, and this particular card offers a well-rounded package of benefits and features that cater to a broad spectrum of users. In this comprehensive review, we will delve into the specifics of the card’s rewards structure, key benefits, fees, and overall value proposition.

Bank of America® Premium Rewards® Credit Card Key Takeaways

Before we dive deeper into the details, let’s highlight some of the key takeaways that make the Bank of America® Premium Rewards® Credit Card noteworthy:
1. Reward Points Structure:
– 2x Points per $1 spent on travel purchases.
– 2x Points per $1 spent on dining purchases.
– 1.5x Points per $1 spent on all other purchases.
2. Bonus Offer:
– 60,000 Bonus points (a $600 value) when you spend $4,000 in the first 90 days.
3. Annual Fee:
– $95 annually
4. Interest Rates:
– Purchase APR: 20.24% – 27.24% Variable
– Balance Transfer APR: 20.24% – 27.24% Variable
– APR for Cash Advances: 23.24% – 29.24% Variable
5. Travel Benefits:
– $200 in travel credits for qualifying purchases
– No foreign transaction fees
– TSA PreCheck or Global Entry Statement Credits
– Trip Delay Reimbursement
– Trip Cancellation/Interruption Coverage
– Baggage Delay Coverage
– Lost Baggage Reimbursement
– Travel and Emergency Assistance Services
– Emergency Evacuation and Transportation Coverage
– Auto Rental Collision Damage Waiver
6. Credit Score Requirement:
– Excellent (740-799)

Bank of America® Premium Rewards® Credit Card Pros and Cons

Pros:

1. Earn Unlimited Points on Every Purchase:
– The card offers a straightforward and generous rewards structure, particularly for those who frequently spend on travel and dining. Earning 2x points for these categories and 1.5x points on all other purchases ensures that every dollar spent counts towards accumulating valuable rewards.
2. Travel Related Statement Credits:
– One of the significant advantages of this card is the $200 in travel credits for qualifying purchases. This benefit can offset the cost of seat upgrades, baggage fees, in-flight services, and airline lounge fees, making travel more affordable and comfortable.
3. Earn Sign-up Bonus Points:
– The 60,000 bonus points offer, equivalent to a $600 value, is a compelling incentive for new cardholders. Meeting the $4,000 spending requirement within the first 90 days unlocks this generous reward, providing a substantial boost to your points balance.
4. No Foreign Transaction Fees:
– For globetrotters, the absence of foreign transaction fees is a significant benefit. You can use your card abroad without worrying about additional charges, making it an excellent companion for international travel.

Cons:

1. Has an Annual Fee:
– The card comes with a $95 annual fee, which may be a drawback for some users. However, the extensive benefits and rewards can easily outweigh this cost for frequent travelers and diners.
2. No Intro APR Offers:
– Unlike some other cards that offer introductory 0% APR periods for purchases or balance transfers, the Bank of America® Premium Rewards® Credit Card does not provide such offers. This might be a consideration for those looking to finance large purchases or transfer existing balances.
3. There Is Minimum Redemption:
– While the rewards structure is generous, there may be a minimum redemption threshold, which can be a slight inconvenience for those who prefer to redeem points more frequently.

Bank of America® Premium Rewards® Credit Card Benefits

One of the standout features of the Bank of America® Premium Rewards® Credit Card is its extensive list of benefits, particularly for travelers. Let’s explore these benefits in more detail:

Travel Benefits

1. $200 Travel Credit:
– Cardholders receive up to $200 in travel credits annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees. This benefit can substantially reduce the out-of-pocket cost of travel, making it more enjoyable and affordable.
2. No Foreign Transaction Fees:
– When traveling internationally, foreign transaction fees can add up quickly. Fortunately, this card eliminates those fees, allowing you to use your card abroad without incurring additional charges.
3. TSA PreCheck or Global Entry Statement Credits:
– Every four years, cardholders are eligible for a $100 statement credit toward TSA PreCheck or Global Entry memberships. These programs expedite security screening and customs processes, saving time and enhancing the travel experience.
4. Trip Delay Reimbursement:
– If your trip is delayed for more than 12 hours, you can receive up to $500 per ticket for covered delays. This coverage extends to the cardholder and family members, providing peace of mind in case of unexpected travel disruptions.
5. Trip Cancellation/Interruption Coverage:
– In the event you need to cancel or interrupt your trip for a covered reason, this benefit provides reimbursement of up to $2,500 per person, per trip, for unused prepaid non-refundable travel expenses, including passenger fares, tours, and hotels.
6. Baggage Delay Coverage:
– Should your bags be delayed or misdirected by a common carrier for more than six hours, you can be reimbursed up to $100 per day (up to five days) for essential items such as clothing. This coverage is secondary to the common carrier.
7. Lost Baggage Reimbursement:
– If your luggage and its contents are lost or stolen due to theft or misdirection by the common carrier, this benefit provides coverage to help replace your belongings.
8. Travel and Emergency Assistance Services:
– Travel emergencies can happen at any time. This benefit offers assistance with coordinating medical, legal, and travel services when you are away from home. While the cost of goods or services is your responsibility, having access to such support can be invaluable in a crisis.
9. Emergency Evacuation and Transportation Coverage:
– If you or a family member are injured or become sick during a trip far from home, this coverage can help with the cost of eligible medical services and transportation required for an emergency evacuation.
10. Auto Rental Collision Damage Waiver:
– When you decline the rental agency’s damage coverage, the card’s coverage provides secondary protection for damage to or theft of a rental vehicle. This benefit can save you money and offer peace of mind when renting a car.

Additional Benefits

1. Payment Flexibility:
– The card offers flexible payment options, allowing you to manage your finances according to your needs. Whether you prefer to pay in full each month or carry a balance, this card provides the flexibility to choose.
2. Fraud Protection:
– With advanced security features and fraud protection, the card ensures that your transactions are safe and secure. In the event of unauthorized charges, you are not held liable, and the issuer will work to resolve the issue promptly.
3. Rewards Bonus Points:
– In addition to earning points on purchases, the card occasionally offers bonus points for specific spending categories or promotions. Keeping an eye on these opportunities can help you maximize your rewards.
4. Purchase Protection:
– This benefit provides coverage for eligible purchases made with the card, protecting you against damage or theft for a specified period after the purchase date.
5. Extended Warranty Protection:
– When you use the card to purchase items with a manufacturer’s warranty, the card extends the warranty coverage, providing additional peace of mind and value.

Conclusion

The Bank of America® Premium Rewards® Credit Card is a compelling choice for those looking to earn rewards on travel, dining, and everyday purchases while enjoying a host of valuable travel benefits. With its generous rewards structure, comprehensive travel protections, and no foreign transaction fees, it caters to frequent travelers and those who appreciate dining out.
The $200 travel credit and TSA PreCheck or Global Entry statement credits further enhance its value proposition, offsetting the $95 annual fee and adding convenience to your travel experience. While the absence of an introductory APR offer and the presence of a minimum redemption threshold may be minor drawbacks for some, the overall benefits and rewards make this card a strong contender in the premium rewards credit card market.
As a financial expert, I recommend the Bank of America® Premium Rewards® Credit Card to individuals with excellent credit who seek a versatile rewards program and valuable travel benefits. Whether you are a frequent traveler, a dining enthusiast, or someone who wants to maximize rewards on everyday purchases, this card offers a well-rounded package that can align with your lifestyle and financial goals.
By carefully considering your spending habits and travel preferences, you can determine if this card is the right fit for you. If you prioritize earning rewards, enjoying travel perks, and having access to robust protection benefits, the Bank of America® Premium Rewards® Credit Card is certainly worth considering.