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The Bank of America Premium Rewards credit card is one of the most exciting mid-tier cash back cards we’ve ever seen since it launched in September 2017. It’s currently offering a sign-up bonus of 50,000 points (worth $500) after spending $3,000 in the first 90 days, and you can apply here.
While cash-back cards are generally fairly simple and straightforward, the BoA Premium Rewards cards has plenty of quirks to be aware of if you’re looking to get maximum value from this card. Below I’ve answered some of the more common questions about the card, including how to join the Bank of America Preferred Rewards program to increase your bonus earnings.
Q: Who’s eligible for the 50,000-point welcome bonus?
A: Since this is a relatively new product everyone will be eligible for the 50,000 point bonus, you just have to be aware of BoA’s “2/3/4” rule:
- You can only get approved for 2 new cards in a 2-month period
- You can only get approved for 3 new cards in a 12-month period
- You can only get approved for 4 new cards in a 24-month period
Q: How long will the 50,000 point bonus stick around?
A: This bonus has been around since the product launched in September of 2017, but we don’t know exactly how long it will be sticking around for.
Q: How much are these points worth?
A: Points are worth one cent each whether you redeem them for travel, cash back or gift cards. I always recommend redeeming for cash back no matter how you plan on “using” your rewards, and putting travel or other expenses on your credit card to earn more points!
Q: Is there a minimum point redemption?
A: You can redeem as few as 2,500 points, or $25.
Q: What is the annual fee?
A: $95.
Q: What are the bonus categories on this card?
A: Unless you’re a member of BoA’s Preferred Rewards banking program, you’ll earn 2 points per dollar on travel and dining and 1.5 points per dollar everywhere else.
Q: How can I enroll in Bank of America’s Preferred Rewards banking program?=
A: To join the Preferred Rewards program, you’ll need an eligible Bank of America personal checking account and a 3-month average combined balance of $20,000 or more in a Bank of America account and/or Merrill Edge or Merrill Lynch investment accounts.
Q: If I’m a member of Preferred Rewards, how many points does this card earn?
A: There are three tiers in Preferred Rewards, and your tier is based on how much money you have in your accounts:
| Spend Categories | Regular Cardholder | Tier 1 – Gold ($20,000 – $50,000) | Tier 2 – Platinum ($50,000 – $100,000) | Tier 3 – Platinum Honors ($100,000+) |
|---|---|---|---|---|
| Travel/Dining Earnings | 2x points | 2.5x points | 3x points | 3.5x points |
| Other Earnings | 1.5x points | 1.875x points | 2.25x points | 2.625x points |
Q: What counts as travel and dining purchases with this card?
A: The travel category is broadly defined and includes things like airlines, hotels, timeshares, motor home and RV rentals, campgrounds, car rentals, cruises, tour operators, ferries, limousines, boat rentals and more. Dining includes fast food, sit-down restaurants, and bars.
Q: What does the $100 annual Airline Incidental Statement Credit cover?
A: Similar to the Amex Platinum’s incidental credit, this credit will be automatically applied to eligible airline incidental purchases such as seat assignment, baggage, lounge fees, and more. This credit is issued each calendar year, not each cardmember year.
Q: What kind of travel protection benefits are available with the card?
A: You’ll enjoy trip delay reimbursement of up to $500 per ticket for you and your eligible family members if your trip is delayed more than 12 hours (for covered reasons). Trip cancellation/interruption coverage will reimburse up to $5,000 per person per eligible trip for unused, pre-paid, non-refundable travel expenses including tours, hotels, and airfare if you cancel for a covered reason.
You’ll also enjoy up to $100 a day of baggage delay insurance for up to 5 days when your bags are delayed more than 6 hours, as well as a lost luggage insurance policy. There’s also an emergency evacuation and transportation policy if you or a member of your immediate family become sick or injured during a covered trip and need emergency medical evacuation.
Q: Are there any foreign transactions fees with the Bank of America Premium Rewards card?
A: Nope! This card is a winner at home and on the road.
