The credit card industry has always been filled with surprises. Every year, there’s a new credit card with an entirely new set of benefits. In 2016 with the Chase Sapphire Reserve® came out and, barely a year later, was launched in the Bank of America Premium Rewards credit card. Since then, it has become one of the best credit cards the market. With it, users can easily redeem fixed-value points for cash.
The bank of America Premium reward credit card is a highly sought-after card even though it’s rather expensive. It has strong competition in other cards like the Bank of America Travel Rewards credit card and the Chase Sapphire Preferred® card. However, it has more offers than other credit cards. The Premium Rewards Card is unlike other premium credit cards due to its lower annual fee. Its annual fee is only $95.
The Bank of America Premium Rewards Credit Card is one of America’s best travel credit cards. It’s important to note that the bank of America Premium reward credit card doesn’t have any form of access for airport lounge. This isn’t a common feature among other premium cards that makes the bank of America Premium reward credit card a unique one.
The one thing that both the Bank of America Premium Rewards card and other premium credit cards have in common is that they have a $100 fee reimbursement for TSA PreCheck®. This $100 fee makes it so you don’t have to pay another $95 annual fee on the Bank of America Premium Rewards credit card.
Who Should Use the Bank of America Premium Reward Credit Card?
The Bank of America Premium Rewards credit card draws many new users of credit cards due to rewards system. It’s best used as a travel card for a stress-free experience. You get a reward of 2 points for every $1 spent on travel and dining purchases, and 1.5 points for every $1 spent on all other purchases. This is a great feature because you’ll be able to use these points to make purchases in the future.
No matter the purchases you make, it can be redeemed for points. Whether it’s a new car, a flight ticket, dinner or a day-to-day purchase, you’ll be able to redeem them for points. It’s almost like you’re getting cash back by using your card.
The Bank of America Premium Rewards credit card is also beneficial if you like shopping for a wide variety of different items. Most premium credit cards are specialized for things such as travel. In other words, you’ll earn more points if you for one specific type of purchase rather than others.
Bonus for Signing Up
If you spend up to $3,000 with your Bank of America Premium Rewards credit card within your first 90 days of account opening, you’ll get 50,000 bonus points. The value of 50,000 points is $500. In other words, you’ll be given a free $500 if you spend $3,000 over 3-months. That’s not too difficult when you must pay for food and gas.
Benefits of a Bank of America Premium Reward Credit Card
Diversification of Your Rewards
The Bank of America Premium Rewards credit card gives you the opportunity of redeeming points whenever you make a purchase. With this, you have the ease of negating different travel expenses such as train tickets, parking fees and taxis.
These points can also be used for taking care of typical travel expenses like hotels and airfare. When prices suddenly go up, you’ll be at an advantage when you book awards through hotel and airline loyalty programs. You’ll also have benefit of having lower prices because you’ll get better value from cash rewards.
Redemption of Valuable Travel Credits
The Bank of America Premium Rewards Credit Card has an annual fee of $95 which you can easily offset with the annual $100 airline incidental statement credit on the card. You can use this credit to apply for a range of expenses such as seat upgrades, in-flight entertainment, and baggage fees. This benefit comes to you every year, making it possible for you to have a total credit of $200 in your first year use as a credit card member.
The Bank of America Premium Rewards credit card also offers you the benefit of a credit of $100 for every four years in covering the application fee for TSA PreCheck or Global Entry.
Great Returns on Daily Expenses
The earning rate that comes with the Bank of America Premium Rewards Credit Card is 1.5 points for every dollar spent and 2 points per dollar on dining and traveling expenses. These numbers are significant, and you’ll have an advantage when you use a card that rewards 2% cash back.
You can even increase your returns to the high rate of 75% with the Bank of America Rewards Program. All you need do to participate is sign up for a Bank of America checking account and maintain an average daily balance of $20,000 minimum in order to qualify for deposit or investment accounts.