We’ve been seeing small leaks from Bank of America that they’re going to try to get into the premium card market with their own rewards card. Before this new Premium Rewards credit card we had the Cash and Travel Rewards credit cards which didn’t offer any premium features and only gave you extra perks if you had certain bank account balances with the bank.
While this isn’t the ultra premium travel cards that we’ve been seeing it does offer a generous amount of features for only $95 annually. With a yearly $100 airline credit this card pays for itself every calendar year. With the annual travel credit being per the calendar year there’s a chance you can have $200 in airline credits with just one annual fee.
Features
- $95 annual fee
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases
- Get up to a $100 Airline Incidental Statement Credit annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees – automatically applied to your card statement
- Get up to $100 Airport Security Statement Credit towards TSA Pre✓ or Global Entry Application fee, every four years
- Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delay inconvenience, lost luggage and emergency evacuation and transportation
- Access to the Visa Signature Luxury Hotel Collection which allows you to enjoy a premium set of benefits when you use your Premium Rewards card to book through the Visa Signature Luxury Hotel Collection
- Access to the Visa Signature Concierge service who can help with travel planning, restaurant recommendations and event reservations
Increased Rates With Preferred Rewards
- Bank of America checking account holders with between $.01 – $19,999: 10% bonus on rewards
- 2.2x points per $1 spent on travel & dining purchases
- 1.65x points per $1 spent on all other purchases
- Preferred Rewards Gold $20,000 – $50,000: 25% bonus on rewards
- 2.5x points per $1 spent on travel & dining purchases
- 1.875x points per $1 spent on all other purchases
- Preferred Rewards Platinum $50,000-$100,000: 50% bonus on rewards
- 3x points per $1 spent on travel & dining purchases
- 2.25x points per $1 spent on all other purchases
- Preferred Rewards Platinum Honors $100,000+: 75% bonus on rewards
- 3.5x points per $1 spent on travel & dining purchases
- 2.625x points per $1 spent on all other purchases
Final Thoughts
This entry level travel rewards card is perfect for the Bank of America customer who has high balances and can take advantage of the increased rewards. No other card out there on the market can earn a constant 3.5x on travel and dining purchases for the $95 annual fee price point. The signup bonus of 50,000 points is a standard bonus you see with most $95 annual fee cards. It’s inline with comparable cards and would be a good choice if you’re a Preferred Rewards customer or don’t want look at other banks.
