Bank of America Premium Rewards Credit Card: strategies, FAQs, hacks, and smart alternatives.

The Bank of America Premium Rewards is a versatile financial tool built for those who expect more than just points from their everyday spending.

The Bank of America Premium Rewards Credit Card isn’t just another rewards card—it’s a powerful financial tool for those who want more than just points. With elevated earnings on travel and dining, up to $100 in annual travel statement credits, and no foreign transaction fees, it delivers strong day-to-day value and travel flexibility.

Paired with the Bank of America Preferred Rewards program, the card becomes even more valuable, offering up to 75% more rewards on every purchase. In this guide, you’ll learn how to maximize its benefits, use it strategically for both travel and everyday spending, and get clear answers to frequently asked questions.

Whether you’re optimizing your reward redemptions or leveraging built-in perks like travel insurance and purchase protection, this card is designed to help you earn more, save more, and travel smarter.

✅ Step-by-Step Guide to Using the Card Effectively

1. Enroll in Preferred Rewards

To earn up to 75% more points, link your Bank of America checking account and maintain at least $20,000 in qualifying balances. With Platinum Honors, your earnings can reach 3.5 points per $1 on travel and dining.

2. Automate High-Value Spending

Use the card for:

• Flights, hotels, and rental cars (2x points)
• Restaurants, delivery, and cafes (2x points)
• Recurring bills, streaming services, and gas (1.5x points)

Consider scheduling automatic payments like subscriptions or utilities to build consistent rewards.

3. Redeem Smartly

Your best redemptions include:

• Travel bookings via Bank of America Travel Center
• Statement credits or direct deposits into your Bank of America accounts
• Avoid redeeming points for merchandise, as value per point drops

4. Track Travel Credits

You receive up to $100 in airline incidental credits each calendar year. Use it for baggage fees, in-flight purchases, or seat upgrades. Also, redeem the TSA PreCheck / Global Entry credit (every 4 years).

5. Layer with Other BoA Cards

If you also use the Customized Cash Rewards or Travel Rewards cards, you can build a multi-card strategy tailored to specific spending categories while pooling points.

❓ Frequently Asked Questions (FAQ)

1. What counts as travel or dining?

Eligible travel includes flights, hotels, taxis, trains, and more. Dining includes restaurants, fast food, coffee shops, and food delivery services like Uber Eats.

2. Do points expire?

No. As long as your account is open and in good standing, points never expire.

3. How can I check if I qualify for Preferred Rewards?

Log into your BoA account. You’ll need a Bank of America checking account and at least $20,000 in combined balances.

4. Can I transfer points to travel partners?

No, Bank of America does not currently offer point transfers to airline or hotel programs.

5. How long do airline incidental credits take to post?

Usually within 2 to 3 weeks of the qualifying purchase.

6. Are there foreign transaction fees?

No — this card charges $0 on international purchases.

7. Does this card offer purchase protection?

Yes. You get coverage for purchase security and extended warranty protection.

8. What is the minimum credit score required?

Approval is typically for those with good to excellent credit (700+).

9. Can I downgrade this card?

Yes. You may be able to downgrade to a no-annual-fee BoA card without closing your account.

10. Is there cell phone protection?

No, this benefit is not included with the Premium Rewards card.

💡 Advanced Tips & “Insider” Hacks

• Use your travel credit early each year, then again after Jan 1 to double dip within 12 months
• Track spending by category in the BoA app to optimize rewards
• Stack with dining or travel promotions, such as airline portals or restaurant bonus apps
• Ask for a retention bonus after year one if you’re considering closing the card
• Call support to split your balance to another BoA card if you want better 0% terms without applying for a new product

🔍 How It Compares to Similar Cards

Card Name	Key Strength	Annual Fee
Chase Sapphire Preferred	Best for travel transfer partners	$95
Capital One Venture Rewards	Flat-rate for flexible travel redemptions	$95
Wells Fargo Autograph Journey	Points + travel protections + intro offers	$95
Amex Gold Card	Strong dining rewards + airline credits	$250

If you don’t bank with BoA, you may find more value in cards that offer higher multipliers or flexible transfer options.

🏁 Final Take: Is the Bank of America Premium Rewards Worth It?

If you value simple, consistent rewards, travel occasionally, and can tap into Preferred Rewards boosts, this card delivers tremendous return.

While it doesn’t offer transfer partners or luxury lounge access, it shines in:

• Transparent redemption structure
• High-value travel perks (for a moderate fee)
• Reliable purchase protections

Paired with a BoA checking account and optimized usage, the Premium Rewards card is one of the most versatile mid-tier options available today.

💡 Tip: Run the numbers — if you’re spending $2,000/month on the right categories and are a Platinum Honors member, this card could yield $700–$900/year in value.