|Card / Notes||Bonus / Annual Fee|
|Bank of America Premium Rewards|
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Earning rate: ⚬ 2X travel and dining ⚬ 1.5X everywhere else
Noteworthy Perks: ⚬ $100 annual airline incidentals fee reimbursement ⚬ Up to 75% bonus for Preferred Rewards banking customers
|50K after $3K spend in 90 days
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$95 annual fee
FM Mini Review: This card has best-in-class earnings for those with $100K+ invested with BOA. With that level of investment, you would earn 3.5X travel & dining and 2.62X everywhere else.
The Bank of America Premium Rewards Card offers 2 points per dollar on travel & dining and 1.5 points per dollar everywhere else. Points are worth 1 cent each and can be redeemed as a statement credit or as a deposit into your eligible Bank of America or Merrill Lynch account (including savings, checking, and 529). Points can also be used to purchase travel through the Bank of America Travel center or they can be redeemed for gift cards. In other words, this card essentially earns 2% back on travel & dining and 1.5% back on everything else.
However, it gets more compelling if you have money banked/invested with Bank of America / Merrill Lynch. Those with $20K or more on deposit can earn a “Preferred Rewards” bonus. At the top end, those with $100K or more invested will earn a 75% bonus on points earned, meaning that they would earn 3.5X on travel & dining and 2.62X on everything else. Unlike the Bank of America Travel Rewards card, these points are not limited to being used on travel, meaning that this card can effectively earn 2.62% back on all spend as cash deposited into your Bank of America / Merrill Lynch account. That’s a best-in-class rate.
If you can afford to keep a large balance with Bank of America or Merrill Edge investments, this is a fantastic choice since it is possible to get 2.625% back on all spend as cash in your bank account.