The Bank of America® Premium Rewards® credit card is a mid-tier travel credit card. At $95 per year, it earns 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases. Show
The card also offers a few desirable perks, which can make it a solid choice for frequent travelers who don’t want to spend hundreds of dollars in annual fees on premium rewards cards. The benefits include TSA PreCheck or Global Entry credits, airline incidental credits, travel protections and more. In this benefits guide, you’ll learn what the Bank of America Premium Rewards card has to offer and how you can use the card to maximize its value. Bank of America Premium Rewards card benefitsFor a credit card with a comparatively modest annual fee, the Bank of America Premium Rewards card has a few exciting things going on. TSA PreCheck or Global Entry creditsCredits to reimburse the cost of a TSA PreCheck or Global Entry membership are a popular credit card perk among travelers. However, it’s typically associated with more expensive credit cards, such as the Chase Sapphire Reserve card, the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express. See related: Best credit cards for expedited airport security screening If like most travelers, you like the idea of expedited airport security screening, you can get up to $100 in statement credits for TSA PreCheck or Global Entry once every four years with the Bank of America Premium Rewards card. Considering that offsets the card’s fee, that’s an excellent deal. Annual credits for airline incidentalsAnother premium-level benefit on the Premium Rewards is statement credits for airline incidentals, such as checked bags and in-flight refreshments. Once again, this is a perk typically reserved for the most expensive travel card offerings. The Amex Platinum, for instance, offers up to $200 in statement credits per calendar year on airline incidental charges. But Amex makes it somewhat complicated to use this benefit: You need to pick an eligible airline in January and stick to it throughout the year. With the Bank of America Premium Rewards, on the other hand, you’ll get up to $100 in annual credit for airline incidentals which you’ll be able to use with any airline. Not too bad for a mid-tier rewards card, especially considering the difference in annual fees – the Amex Platinum is a whopping $600 more expensive. Travel protectionsThe Bank of America Premium Rewards also comes with some valuable travel protections, including:
Better rewards for Preferred Rewards program membersThe Preferred Rewards program is available to Bank of America and Merrill customers with large checking, savings and investment account balances. The program offers appealing benefits like discounts on fees, higher rewards rates and interest rates on savings and more. There are three tiers in the Preferred Rewards program, based on combined qualifying balances:
If your combined balances meet any of these thresholds, here are what your rewards rates on the Premium Rewards card may look like:
Simple rewards redemptionSpeaking of rewards, the Premium Rewards card makes redeeming your points easy. You don’t have to worry about the point value – whichever redemption option you choose, you’ll get 1 cent per point. You can redeem for travel, gift cards, statement credit or direct deposit. To pay for travel with points, you can use Bank of America’s Travel Center. Alternatively, you can get reimbursement for travel you’ve already purchased. Unfortunately, Bank of America doesn’t have transfer partners, limiting your ability to maximize the point value. If you’re interested in transferring points, look into another mid-tier travel card, like the Chase Sapphire Preferred. At the same $95 per year, it offers outstanding perks and allows access to Chase Ultimate Rewards and the program’s excellent transfer partners. No foreign transaction feesThe Bank of America Premium Rewards is also a good card to take with you abroad. Since it’s on the Visa network, it’s widely accepted internationally – and you won’t have to worry about foreign transaction fees. Maximizing the Bank of America Premium Rewards cardNow that you know everything the Bank of America Premium Rewards card has to offer, you can get the most out of it. Here are some tips to help you maximize the card’s potential:
Bottom lineFor an affordable travel card, the Bank of America Premium Rewards credit card has plenty to offer, from popular perks like TSA PreCheck or Global Entry credits to less flashy but valuable benefits like rental car insurance. If you already have the card, it’s a good idea to keep these benefits in mind so you can use it to its full potential. If you’re still shopping around, make sure to consider your options and see what kind of perks other similar cards provide. Editorial Disclaimer The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners. Ana Staples is a staff reporter and young credit expert reporter for CreditCards.com and covers product news and credit advice. She loves sharing financial expertise with her reader and believes that the right financial advice at the right time can make a real difference. In her free time, Anastasiia writes romance stories and plans a trip to the French Riviera she'll take one day—when she has enough points, that is. Does Bank of America pay for TSA PreCheck?Apply for Global Entry or TSA PreCheck
The Bank of America® Premium Rewards® credit card comes with a $100 Global Entry or TSA PreCheck application fee statement credit, valid every four years.
Does Bank of America travel Rewards reimburse TSA PreCheck?Bank of America® Premium Rewards® credit card. Get up to $200 in combined Airline Incidental and TSA PreCheck®/Global Entry Statement Credits.
Which TSA PreCheck cards are free?Best Credit Cards for Free Global Entry and TSA Precheck® in October 2022 (Updated Monthly). Winner. Capital One Venture Rewards Credit Card. Learn More.. Dining and travel. Chase Sapphire Reserve® On Chase's Secure Website.. United Airlines. United℠ Explorer Card. On Chase's Secure Website.. Can you use a credit card for TSA PreCheck?You may pay the TSA PreCheck® Application Program fee with a credit card, debit card, money order, company check, or certified/cashier's check. Several credit cards and loyalty programs offer assistance with application fee costs.
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