Bank of America Premium Rewards card benefits guide

Although the Bank of America® Premium Rewards® credit card isn’t as popular as other travel credit cards at this level, there are plenty of reasons to consider it. Not only does it offer 2X points on travel and dining purchases, but cardholders also earn a flat rate of 1.5X points on all other purchases. Those who apply and are approved can also earn a generous welcome offer — 60,000 points after spending $4,000 in the first 90 days — and an array of Bank of America Premium Rewards card benefits, which can make the offer an even better deal.

If you’re curious about which perks you’ll get with the Bank of America Premium Rewards card and how everything works, read on to learn more.

Bank of America Premium Rewards credit card travel benefits

While the Bank of America Premium Rewards credit card doesn’t let you transfer your points to airline and hotel partners like some other travel credit cards do, you can redeem your rewards for cash back in the form of a statement credit, a deposit into an eligible Bank of America or Merrill account, gift cards or travel through the Bank of America Travel Center.

You also get a handful of helpful travel perks just for being a cardholder:

• No foreign transaction fees
• Up to $100 in statement credits for airline incidentals
• Up to $100 in statement credits for Global Entry or TSA PreCheck

Bank of America Premium Rewards card travel protections

The Bank of America Premium Rewards credit card also comes with a number of travel insurance benefits and protections, including the following:

• Trip delay reimbursement: Get up to $500 if a covered trip is delayed for more than 12 hours)
• Trip cancellation and interruption insurance: Provides up to $2,500 for non-refundable passenger fares if your trip is canceled or interrupted by illness or other covered situations.
• Baggage delay insurance: Provides up to $100 per day for up to 5 days when bags are delayed or misdirected for more than 6 hours. Coverage is secondary to the common carrier.
• Lost luggage reimbursement: Provides coverage for luggage and its contents if they are lost or stolen due to theft or misdirection by the common carrier (airline, bus, train, cruise ship).
• Travel and emergency assistance services: Helps you coordinate medical, legal, and travel services while traveling. Keep in mind, you are responsible for the cost of any goods or services.
• Emergency evacuation and transportation coverage: If something happens during your trip that results in emergency evacuation, you can be covered for eligible medical expenses and transportation costs.
• Secondary auto rental coverage: Provides reimbursement for damage due to collision or theft. Keep in mind that you must decline the collision/loss damage waiver from the auto rental agency in order to use this secondary coverage.
• Roadside dispatch: 24/7 on-demand referral dispatch network that provides emergency roadside assistance, towing and locksmith services.

Bank of America Premium Rewards card purchase protections

The Bank of America Premium Rewards credit card offers quite a few purchase protections that will automatically apply to eligible purchases you charge to your card.

• Purchase protection: Up to $10,000 per claim for items damaged or stolen within 90 days of purchase.
• Return protection: Coverage is limited to $250 per eligible item and up to $1,000 annually, and the item must be in like-new/good condition within 90 days of purchase.
• Extended warranties: Extend the period of the manufacturers’ warranty for up to one additional year for items purchased with your credit card.

Maximizing the Bank of America Premium Rewards card

Since the Bank of America Premium Rewards credit card bases the rewards you earn on your spending, maximizing its benefits involves using it for all of your purchases and bills. You should aim to use it for dining and travel purchases specifically, since you can earn an elevated rate of 2X points for each dollar spent. From there, using it for other purchases you need to make can help you rack up 1.5X points per dollar spent on a regular basis.

Also note that Bank of America Preferred Rewards members can earn 25 percent to 75 percent more rewards for using this card or other qualifying Bank of America rewards cards. Ultimately, this means eligible cardholders with the Bank of America Premium Rewards credit card could earn 2.5X to 3.5X points for every dollar spent on travel and dining purchases and 1.87X to 2.62X points for every dollar spent elsewhere.

This free program is for Bank of America customers who have an active, eligible Bank of America account and a three-month combined average daily balance of $20,000 or more in eligible Bank of America or Merrill accounts. Bank of America will automatically enroll you in the program once these requirements are met.

When it comes to using the Bank of America Premium Rewards card benefits shared in this guide, remember that you’ll need to pay with your credit card to qualify. If you pay with another credit card, you won’t be eligible for purchase protections or travel insurance benefits on those transactions.

The bottom line

The Bank of America Premium Rewards credit card isn’t as well known as some other travel cards, but there’s much more to it than meets the eye. In addition to its generous earning rate and welcome offer, cardholders will get quite a few perks along the way, like travel protections.

Even so, it never hurts to compare this card to the benefits offered by other top travel credit cards. With some basic research, you can find a travel credit card that checks off the boxes you care about the most.

Information about the Bank of America Premium Rewards credit card was updated on June 10, 2024.