Bank of America Premium Rewards Card

Bank of America Premium Rewards

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.


Card Type: Visa Signature

Base
1.5X
(1.5%)
Travel
Dining

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

Overview

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.

Application Tips

Bank of America Application Tips


  • 2/3/4 Rule: Max 2 consumer cards per rolling 2 months, 3 per rolling 12 months, and 4 per rolling 24 months.

  • 5 card limit: You will not get approved for a new consumer card if you already have 5 consumer BOA cards open

  • Get Same Card Again: Yes, even if you still have the previous card open.

  • Hard inquiries are usually combined into 1 when initiated within 30 days but there have been reports of TransUnion not combining.


Click here to check your application status
If denied, call reconsideration here: 800-354-0401 (8am-7pm ET Mon-Fri); 866-695-6598 (business cards);

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Last updated on May 30th, 2018

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Rob Storch

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