Bank of America Premium Rewards Credit Card
2x Travel & Dining with $100 Airline Credit
Practical Recommendation
Want a simple travel card that actually pays for itself? This is it. You get clean earn rates (2x on travel and dining, 1.5x everywhere else), easy redemptions at a flat 1¢ per point, and two useful credits that can wipe out the annual fee if you fly even once a year.
It's good out of the box; it's great if you bank with Bank of America. Enroll in Preferred Rewards and the 25%–75% boost quietly turns 2x into up to 3.5x and 1.5x into up to 2.625x. If you want transfer partners or lounges, look elsewhere. If you want easy value, this is low-maintenance.
Credits
Practical Advice
This is what makes or breaks a card for you. If you can use these credits in your normal spend, the perks and protections are all bonus for you. We have a calculator at the bottom of this section to help you calculate that. Below we break down exactly what every credit is to show you if it's easy or if they're going to make you jump through 17 hoops to redeem it.
- $100 Airline Incidental Credit (each calendar year) – Automatically reimburses up to $100 per calendar year for qualifying airline incidentals like checked bags, seat selection, ticket change fees, day-pass lounge purchases, and in-flight food and Wi-Fi. No airline selection required; credits post after eligible charges. Airfare, upgrades baked into the ticket, gift cards, and mileage purchases are typically excluded. Great for anyone who pays bag/seat fees even once a year. — Official terms (BofA) • Helpful explainer — How it posts & what triggers
- $100 Global Entry / TSA PreCheck Credit (every 4 years) – Up to $100 back when you charge a Global Entry or Transportation Security Administration PreCheck application to the card. Choose Global Entry ($100) over TSA PreCheck ($78) since Global Entry includes TSA PreCheck plus faster customs re-entry. Posts automatically in 2–3 weeks. You can use it for someone else if you pay with your card. Simple, set-and-forget value if you ever fly. — Global Entry • TSA PreCheck • Official terms (BofA)
| What It Is: | Up to $100 in statement credits each calendar year for airline incidental fees (checked bags, seat assignments, same-day changes, lounge day passes, in-flight food/Wi-Fi). |
| How It Works: | Pay eligible incidentals with the card; credits post automatically until you hit $100 for the year—no airline selection needed. |
| Gotchas: | Doesn't cover airfare, award taxes, gift cards, mileage purchases, or upgrades bundled into the ticket. Charges must post by Dec 31 to count for that year. |
| Who Actually Benefits: | Anyone who flies once or twice a year and pays bag/seat fees or buys onboard Wi-Fi. |
| Practical Value: | Real $100 annually if you fly; $0 if you don't. |
| What It Is: | Up to $100 in statement credits once every 4 years for a Global Entry ($100) or Transportation Security Administration PreCheck ($78) application. Global Entry is the better choice since it includes TSA PreCheck plus faster customs re-entry. |
| How It Works: | Charge the fee to the card; the credit appears automatically (usually within 2–3 weeks). Global Entry includes Transportation Security Administration PreCheck. |
| Gotchas: | One credit per 4-year window per account; account must be open/good standing when the credit posts. |
| Who Actually Benefits: | Travelers who want shorter security lines or faster re-entry to the U.S. |
| Practical Value: | Easy $100 every four years if you apply or renew. |
This is effectively what you are paying for this card. It is now up to you if the perks, protections, and earning rates are worth this fee to you over other cards.
Perks
- Earning, at a glance – 2x on travel and dining; 1.5x everywhere else. Straightforward categories with no caps.
- Preferred Rewards bonus (25%–75%) – Enroll with Bank of America to boost base earn automatically (turns 2x into up to 3.5x; 1.5x into up to 2.625x) if you qualify by balances. — Preferred Rewards
- Simple redemptions at 1¢ – Redeem points for statement credits, travel through the portal, or cash deposits; practical value is a clean 1¢ per point. — Redemption overview
- Pool points within BofA "points" cards – Combine balances across points-earning BofA cards for easier redemptions (separate from "cash back" products).
- No foreign transaction fees – Take it abroad without the 1%–3% surcharge many cards still charge. — No-FTF cards (BofA)
Protections
- Trip Delay Insurance – Reimburses up to $500 for hotels/meals when a covered trip is delayed 12+ hours. Useful for overnight disruptions.
- Trip Cancellation/Interruption – Up to $2,500 for nonrefundable passenger fares if you must cancel/cut short for covered reasons.
- Baggage Delay/Loss – Essentials reimbursement for delayed bags and coverage for lost items by the carrier (caps apply).
- Rental Car Insurance (Secondary CDW) – Covers theft/damage to your rental when you pay with the card and decline the agency's CDW (not liability).
- Purchase Protection – Short-term coverage for theft/accidental damage on eligible new items.
- Extended Warranty – Adds extra warranty time on eligible purchases.
Preferred Rewards: How to Boost Your Points
If you bank with Bank of America or Merrill, you can boost your points by 25% to 75%. Here's how it works:
How to Qualify
Step 1: Open a Bank of America checking account (required)
Step 2: Maintain qualifying balances across your accounts:
- What counts: Any mix of Bank of America deposits + Merrill accounts (IRAs and 529s included)
- How to qualify: Keep the tier's 3-month average, or get early enrollment by hitting the balance within 30 days of opening your checking account
$20,000 - $49,999
$50,000 - $99,999
$100,000 - $999,999
What It Does to This Card
Preferred Rewards boosts your earned points by:
- Gold: +25% boost
- Platinum: +50% boost
- Platinum Honors: +75% boost (maximum for credit cards)
The boost applies to your earned points after purchase, turning 2x travel/dining into up to 3.5x and 1.5x everything else into up to 2.625x.
Your Effective Rates
Important Notes
- Redemption value: Points are worth 1¢ each regardless of Preferred Rewards status
- No foreign transaction fees: This benefit remains regardless of Preferred Rewards status