Or, consider other cards for 50,000 more miles or points that transfer into United miles with additional flexibility for your everyday spending.
Earn 60,000 bonus points after spending $1,000 on purchases within the first three months of account opening.
$1,000 toward travel or transfer to United, Southwest, and more.
That's $750 toward travel when you redeem through Chase Ultimate Rewards® or 1:1 point transfer to leading airline and hotel loyalty programs.
The Bank of America Premium Rewards card has a $95 annual fee that’s not waived, and while it’s often talked about as a travel card, it’s really a cash rewards card for people with excellent credit that earns extra rewards in categories travelers like.
Here’s how it works.
Dining and travel purchases earn 2 points per dollar spent and all other purchases earn 1.5 points per dollar spent.
Rewards are worth 1 cent each when you redeem for travel, statement credit, or cash back. So 10,000 points is worth $100. There are no special travel sites or airlines required – you can use your points for statement credit on anything you’d like.
The introductory sign-up bonus offers 50,000 bonus points after spending $3,000 within the first 90 days after opening your account. This sign-up bonus is worth $500.
The Preferred Rewards program offers additional bonuses to those who bank with Bank of America or have Merrill Lynch/Merrill Edge investment accounts. Bonuses depended on the amount of money that is invested or on deposit according to the following:
|Gold||$20,000||25%||2.5X travel/dining, 1.875X other purchases|
|Platinum||$50,000||50%||3X travel/dining, 2.25X other purchases|
|Platinum Honors||$100,000||75%||3.5X travel/dining, 2.625X other purchases|
Using your rewards is incredibly simple. You don’t have to worry about finding award availability, in fact, you don’t even need to worry about what you are able to redeem your points for. Points are worth the same one cent each regardless of how they are redeemed. This includes cash back, travel purchases, and gift cards.
Yes, you can redeem your points as cash back at a rate of one cent each. You have the option to redeem your cash back as a statement credit or deposit your cash back into an eligible Bank of America checking or savings accounts, 529 college savings account, or Merrill Lynch/Merrill Edge investment account.
It is not possible to transfer Bank of America rewards to airline miles.
You can, however, book a flight either on your own and redeem your points as a statement credit, or you can book a flight directly with your points through the Bank of America travel portal.
It is not yet known if it will be possible to transfer points between the Bank of America Premium Rewards card and other Bank of America cards. Bank of America does allow transfers between some types of cards, but not all.
Your points don’t expire as long as your card account is kept open.
In addition to the cash back for everyday spending, the Bank of America Premium Rewards card offers a couple of other benefits that are well worth noting.
The B of A Premium Rewards card is an amazing card if you have big deposits with Bank of America or Merrill Lynch via Bank of America’s Preferred Rewards Program.
Depending on your level in Preferred Rewards, you can earn up to 3.5 points per dollar spent on travel and dining purchases and 2.625 points per dollar spent on all other purchases. There isn’t another credit card that offers that level of rewards with an uncapped potential.
Without participating in Preferred Rewards, the card isn’t as exciting.
There’s a $100 airline incidental fee credit every year, but you have to remember to charge enough eligible fees on your card to get your money’s worth with that. And 1.5x points per dollar on most spending isn’t worth paying a $95 annual fee considering you can earn the same 1.5x points with the no annual fee Bank of America Travel Rewards card.
All in all, the Bank of America card isn’t ground breaking unless you have a big Bank of America or Merrill Lynch balance, but how does it compare to other cards on the market? Let’s take a look at a few of the most popular.
|Bank of America Premium Rewards||Chase Sapphire Preferred||Barclaycard Arrival Plus
||Citi ThankYou Premier|
|Annual Fee||$95||$0 introductory annual fee the first year, then $95||$89||$95|
|Airline Fee Credit||$100||N/A||N/A||N/A|
|Global Entry/TSA PreCheck Fee Credit||$100||N/A||N/A||N/A|
|Points transferable into real airline miles?||No||Yes||No||Yes|
In terms of deciding which of the above cards is best for you, you should consider how much you can spend in order to meet the minimum spending requirement and where you generally spend money from day-to-day. One card may present you the ability to earn more points compared with another card.
If you have big travel aspirations, and want to deal with the complexity of regular airline miles, a credit card with points you can transfer into real airline miles like the Chase Sapphire Preferred will offer you many more options.
However, if you primarily travel in economy and have little flexibility with your dates, then a card that lets you use your points like cash for travel like the Bank of America Premium Rewards or Barclaycard Arrival Plus is a better option.
The Bank of America Premium Rewards card is not a chip + PIN card, but it is a chip + signature card.
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Foreign Transaction Fee Waived
Points Can Transfer to Airline Miles ?
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