Bank of America Premium Rewards Visa Review
The Bank of America Premium Rewards Visa credit card is among the best rewards cards for anyone who likes to travel or dine out at a favorite restaurant. It’s hard to go wrong with its low annual fee and generous sign-up bonus, travel credits, and above-average rewards for everyday spending.
Although maybe not in the same class as other upper-echelon cards, the Premium Rewards Visa is not to be underestimated. The sign-up bonus is respectable. When you charge $3,000 to your Bank of America Premium Rewards Visa credit card within the first 90-days of opening your account, you’ll be awarded 50,000 bonus points. That’s equal to $500 and covers the $95 annual fee for five years.
| 2 points on travel and dining purchases|
Generous 50,000 sign-up bonus
Extra points for a Preferred Rewards customer
1.5 points on everyday purchases <
Annual fee of $95
Higher regular APR
Bank of America Premium Rewards Visa Overview
- Card Type: Rewards
- Rewards Rate: 2 points for every dollar spent on travel and restaurants. 1.5 points for every dollar spent on everything else.
- Sign-up Bonus: 50,000 bonus points when you charge $3,000 to your card within the first 90-days
- Annual Fee: $95
- APR: 17.49% to 24.49% (variable)
- Intro APR: Not offered
- $200 in air travel credits
- Banking bonuses
- No cap on points
- No blackout dates
- No foreign transaction fees
- Points don’t expire
The Bank of America Premium Rewards Visa credit card is best for someone with an excellent credit rating and customers who are members of Bank of America’s Preferred Rewards program.
Anyone who wants more freedom with transferring their points and doesn’t want to deal with an annual fee.
|Bank of America Premium Rewards Visa||Chase Sapphire Preferred®||Capital One® VentureOne® Rewards Credit Card||Citi Premier|
*All information accurate as of Jan. 8, 2020.
Benefits of the Bank of America Premium Rewards Visa Card
Bank of America Preferred Rewards and Merrill investment account members earn 25% to 75% more points on every purchase.
Cardholders can earn an unlimited two points for every $1 spent on dining and travel purchases and unlimited 1.5 points for every $1 spent on all other purchases.
No expiration date
There is no limit to the points you can earn and points earned don’t expire.
Enrolled Preferred Rewards members can receive Preferred Rewards bonuses of 25% for the Gold tier, 50% for the Platinum tier, or 75% for the Platinum Honors tier.
The highest rewards rates are only available to customers enrolled in the Preferred Rewards program. Preferred Rewards customers must have an eligible Bank of America personal checking account to qualify.
While an APR range can be provided in advance, you won’t know what interest rate you’ll receive until your credit card application is approved. However, the best rule of thumb is the higher your credit score, the more favorable your interest rate will be.
Bank of America Premium Rewards Visa Compared to Capital One Venture Rewards Credit Card
If you want to earn bonus rewards but don’t want the hassle of keeping track of multiple categories to earn points (or miles), then both the Capital One Venture Rewards card and Bank of America’s Premium Rewards cards are good options.
Capital One Venture card offers miles and Bank of America’s Premium Rewards card offers points, but both let you redeem your rewards for travel. They both have similar APRs and both cards offer a sign-up bonus, although Capital One doesn’t require an annual fee.
The Bank of America Premium Rewards Visa credit card will get you a higher rewards rate for dining out and travel. In contrast, the Capital One Venture Rewards credit card offers 1.25 miles on every dollar spent. Neither card charges foreign transaction fees, which is great if you plan to travel abroad.
How to Earn Points
Bank of America Premium Rewards Visa credit cardholder’s earn two points for every dollar spent on travel and dining. You also earn 1.5 points per every dollar spent on everything else.
Cardholders can also use “travel” points on car rentals and hotels, other attractions like amusement parks and museums, and for transportation expenses like buses, parking lots, tolls, and taxis. Most “travel” cards don’t offer such broad categories to spend points. Plus, there’s no limit to the rewards you can earn, and your points never expire.
You receive 50,000 bonus points after making at least $3,000 in purchases in the first 90 days of opening your account and can earn even more by becoming a Bank of America Preferred Rewards member.
How to Redeem Points
Points earned with the Bank of America Premium Rewards Visa credit card can be redeemed for gift cards, a credit on your statement, to make a deposit into your Bank of America or Merrill account, or when you book your travel through the Bank of America Travel Center. As each point is worth 1 cent, you can use this card as a travel card or as a cash-back card with no loss in value, but you can’t convert them to points in hotel or airline loyalty programs.
As a cardholder, you also gain access to the Visa Signature Luxury Hotel Collection, which gives you the chance to earn and redeem points for late checkout, room upgrade, daily complimentary breakfast and Wi-Fi, and a $25 beverage or credit. Keep in mind that 2,500 is the minimum number of points you need to redeem.
The Bank of America Premium Rewards Visa credit card also has an extensive set of protections, like coverage for trip delays and interruptions, cancellations, lost luggage, and baggage delays And, with no foreign transaction fee, you are charged the average 3% fee many other cards charge when you use your card internationally.
The Bottom Line
The Bank of America Premium Rewards Visa credit card performs better than most of its competition in the same class, and wins hands-down if you’re a Bank of America customer. With 50,000 points to start with, an unlimited two points for every $1 spent on dining and travel purchases and unlimited 1.5 points for every $1 spent on everything else, this card is just too good to pass up.