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10xTravel is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This site may earn compensation when a customer clicks on a link, when an application is approved, or when an account is opened. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. All values of Membership Rewards are assigned based on the assumption, experience and opinions of the 10xTravel team and represent an estimate and not an actual value of points. Estimated value is not a fixed value and may not be the typical value enjoyed by card members.
Editors Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Current Offer
The current offer is 60,000 bonus points after $4,000 in purchases in the first 90 days. Since points are worth 1 cent each, that’s roughly $600 in cash back or travel credits. The spending requirement works out to about $1,350 a month, which is meaningful, so this offer is best if you have a big purchase coming up or can put most of your spending on the card for ninety days after opening..
Annual Fee: $95
Terms Apply.
Our Take
The Bank of America® Premium Rewards® credit card is a straightforward points card for people who want simple, flexible rewards instead of a points program to learn. It earns a solid flat rate, offers a couple of useful travel credits, and keeps redemption easy. It isn’t built for outsized travel redemptions, and that’s the main thing to understand before you apply.
Start with the trade-offs. Points are worth a flat 1 cent each however you redeem them, whether for a statement credit, a deposit into an eligible Bank of America® or Merrill® account, gift cards, or purchases through BofA Travel. That’s simple, but it caps the upside, because there are no airline or hotel transfer partners to stretch your points further. The card also carries an annual fee, and the airline incidental credit that helps offset it has fine print about which airlines and purchases qualify, so check the terms before counting on it.
Here’s where it pays off. You earn 2 points per $1 spent on travel and dining and 1.5 points per $1 on everything else, with no cap, so there’s no category to track. At 1 cent per point, that works out to a 2% return on travel and dining and 1.5% on everything else. You also get an annual airline incidental statement credit for things like checked bags and seat upgrades, a statement credit toward TSA PreCheck® or Global Entry every four years, travel insurance protections for trip delays, cancellations, and lost luggage, and no foreign transaction fees. Points don’t expire as long as your account stays open, and BofA Rewards™ members earn more points.
This card fits if you want simple points you can turn into cash or travel credits, you check bags or pay airline fees so you can use the credit, and you travel internationally. Skip it if you want outsized value from airline and hotel transfer partners, because a transferable points card will usually do more. If you want a bigger set of travel perks, the Bank of America® Premium Rewards® Elite credit card is the step-up option.