Bank of America Premium Rewards Review (2026)

Most travel rewards cards charge a $95 annual fee and ask you to juggle a stack of bonus categories. The Bank of America Premium Rewards card does the opposite. It pays a flat 2 points on travel and dining and 1.5 points on everything else, so you never have to track which quarter is which.

This Bank of America Premium Rewards review breaks down the real numbers as of June 2026: the rewards rates, the welcome bonus, the APR, the fees, and the Preferred Rewards boost that turns this from a decent card into one of the best-kept secrets for existing Bank of America customers. We will also be honest about who should skip it.

Key facts at a glance

Rewards: simple flat rates that add up

The earning structure is refreshingly plain. You get 2 points per $1 on travel and dining, and 1.5 points per $1 on all other purchases. There are no rotating categories and no spending caps on those rewards.

Points are worth 1 cent each when redeemed for cash back, statement credits, gift cards, or travel through Bank of America. So 60,000 points equals about $600. Your points do not expire as long as the account stays open.

That 1.5x base rate is the quiet strength here. Many travel cards drop to 1x outside their bonus categories, so a flat 1.5x on the bulk of your spending often out-earns flashier cards over a full year.

If you like that flat-rate philosophy but do not bank with Bank of America, the Robinhood Gold Card is the closest premium alternative worth a look. It pays an unlimited 3% cash back on every purchase with no foreign transaction fee, and you open it through a Robinhood brokerage account, so there are no rotating categories to track at all.

Welcome bonus and the Preferred Rewards boost

As of June 2026, new cardholders earn 60,000 online bonus points after spending $4,000 in the first 90 days. At 1 cent per point, that is roughly $600 in value, which more than covers the first several years of the annual fee.

The bigger story is Preferred Rewards. If you keep qualifying balances across Bank of America deposit and Merrill investment accounts, you earn a 25% to 75% bonus on every point. At the top Platinum Honors tier (which needs a $100,000+ three-month combined balance), your 2x travel and dining effectively becomes 3.5x, and your 1.5x base becomes about 2.62x. That is genuinely strong for a $95 card.

If you do not bank with Bank of America, you do not get that boost, and the card becomes much more ordinary. Be honest with yourself about which group you are in. If you are weighing issuers, our Bank of America vs Discover credit card comparison lays out the tradeoffs side by side.

APR and fees: read this before you carry a balance

The purchase APR is 19.49% to 27.49% variable as of June 2026, and the same range applies to balance transfers. There is no 0% intro APR offer on this card, so it is built for people who pay in full each month, not for financing a large purchase.

The annual fee is $95 and is not waived the first year. On the plus side, there is no foreign transaction fee, which makes the card useful abroad. APRs vary by creditworthiness, and a penalty APR can apply if you fall behind, so always confirm the current terms in Bank of America's Rate and Fee disclosures before applying.

To get real value here, treat the rewards as a bonus on spending you would do anyway and pay the statement in full. Carrying a balance at a 20%-plus APR erases rewards quickly.

Travel perks worth knowing

Two credits help offset the annual fee. You get up to $100 per year in airline incidental statement credits for things like checked bags, seat upgrades, and in-flight food. You also get a statement credit of up to $100 for TSA PreCheck or Global Entry once every four years.

Unlike airline-specific cards, the airline credit is not tied to one carrier, so you can use it across whichever airline charges you incidental fees. That flexibility suits people who do not fly a single airline loyally.

Who should consider this card, and who should not

This card fits an existing Bank of America or Merrill customer with good-to-excellent credit who wants flat, no-fuss rewards and the Preferred Rewards multiplier. For that person, it can quietly out-earn cards with much higher fees, and it sits comfortably among the best credit cards for excellent credit.

Because approval typically calls for a score around 720 or higher, it pays to know exactly where your number sits before you apply. A free credit-monitoring tool like Creditship tracks all three bureaus and tells you in plain language when your score is in range for a premium card like this one, so you can time your application instead of risking a hard pull that gets declined.

If your score is not quite there yet, the smarter move is a card you can actually be approved for now that still earns rewards while you graduate toward a premium card. The Aspire Cash Back Rewards Mastercard is an unsecured Mastercard with no security deposit, prequalification without a hard pull, and up to 3% cash back, which makes it a realistic stepping stone for readers in the fair-credit range who plan to move up to a card like Premium Rewards later. Keeping your credit utilization low on whichever card you use is one of the fastest ways to push your score toward that premium-card range. Our full Aspire Mastercard review walks through the year-two fee structure so you know what to expect.

What users commonly report

Reviewers often praise how simple the card is to use day to day, and Preferred Rewards members frequently mention that the point multiplier makes it punch well above its $95 fee. The travel and TSA PreCheck credits are commonly called easy to actually use.

A common complaint is that the card feels underwhelming for anyone who does not bank with Bank of America, since the headline value depends on the Preferred Rewards boost. Some users also note that the lack of any intro APR makes it a poor fit if you plan to carry a balance.

Frequently Asked Questions

Is the Bank of America Premium Rewards card worth the $95 annual fee?

For most people the answer is yes if you spend a few thousand dollars a year on travel and dining, since the rewards and the up-to-$100 airline credit can outweigh the fee. The value jumps sharply if you also qualify for Preferred Rewards through Bank of America deposit or Merrill accounts.

What credit score do I need for the Premium Rewards card?

Based on our research, approval typically calls for good-to-excellent credit, generally around 720 or higher. Bank of America does not publish a hard cutoff, so a strong payment history and low utilization help your odds.

How much are Bank of America Premium Rewards points worth?

Each point is worth 1 cent when redeemed for cash back, statement credits, gift cards, or travel booked through Bank of America. That makes 60,000 points worth about $600, and points do not expire while the account is open.

Does the Premium Rewards card charge foreign transaction fees?

No. As of June 2026 the card has no foreign transaction fee, which makes it a reasonable choice for spending while traveling outside the United States. Terms and conditions apply, so confirm current details before you travel.

This Bank of America Premium Rewards review reflects publicly available terms as of June 2026. APRs and bonus offers vary by creditworthiness and can change, so verify the current details on Bank of America's official disclosures before applying.