Bank of America Premium Rewards Credit Card Overview
[2023.6 Update] The new sign-up bonus is 60k, a record high.
Application Link
feature
- 60k sign-up bonus: Earn 60,000 points after spending $4,000 or more within 90 days of account opening.This is the highest sign-up bonus for this card.
- Points can be directly redeemed 1:1 for statement credit, or deposited into a BoA savings account, etc. Therefore, the 60k sign-up bonus is worth $600.
- Earn 2x points on travel and dining, and 1.5x points on all other purchases.
- BoA Preferred Rewards Account Tiers Bonus: If you have BoA checking account , and in a BoA bank account + Merrill Edge Investment Account If the asset size reaches a certain level, you can get a cashback bonus. Gold level (need assets over $20k) can get 25% more; Platinum level (need assets over $50k) can get 50% more; Platinum Honors level (need assets over $100k) can get 75% more.
- per calendar year$100 Reimbursement of airline miscellaneous expenses: seat selection, baggage, lounge fees, etc., automatically returned to the account. Note that this cannot be used to directly reimburse air tickets.
- $100 TSA Pre or Global Entry reimbursement (every four years).
- No Foreign Transaction Fee (FTF).
shortcoming
- $95 annual fee, not waived in the first year.
Recommended application time
- It is recommended that you apply after having a credit history of more than one year.
- 【New】【2/3/4 Rule】A maximum of 2 BoA cards can be approved within 2 months; a maximum of 3 BoA cards can be approved within 12 months; a maximum of 4 BoA cards can be approved within 24 months. Currently, BoA’s IT system is still quite poor, so this rule may not reject you at the beginning, but it is possible that your application is approved at first, and then a few days later, you find that the card is closed because it is “approved in error”.
- 【New】If you are holding or have held this card within 24 months, you will not be able to apply for this card.BoA 24 Month Churn Card Rules.
- Theoretically, BoA’s credit card is only valid for US persons (seeIdentification of tax filing status》) can apply online. If you are a Non-Resident Alien (NRA), you need to call or go to the local branch to apply. In fact, the bank will not really verify whether you are a US Person. NRA online applications can also be approved, but at your own risk.
Summarize
Actually, this card is a cashback card. The annual fee of $95, combined with 2% for travel and dining and 1.5% guaranteed cashback, is not too bad. Compared with CSP, it lacks the ability to transfer points (of course, BoA has never had this function), but one of the highlights is the annual (calendar year) $100 airline reimbursement (it is not clear whether GC is effective at present), at least it is easier to exchange for the annual fee. Another major feature of BoA is that there are rebate bonuses for assets: if you have more than $100k assets in BoA or Merrill Edge, you can get rebate bonuses, which will eventually become a return rate of 2%*(1+75%)=3.5% for travel and dining, and 1.5%*(1+75%)=2.625% for other consumption! This is the highest return rate among all cards when there is no bonus category. It is worth considering for people who spend a lot. The money in BoA or Merrill Edge does not have to be in the form of cash. You can buy it into a very low-risk money fund (similar to Yu'e Bao in China), so there is no opportunity cost (if you already have enough funds).
If you don't want to pay the annual fee for this card one day, don't forget that BoA has another BoA Unlimited Cash and BoA Travel Rewards As a downgrade option, these two cards have no annual fee and all purchases are 1.5x, and there is also a deposit bonus of ×1.75.
Related credit cards
- BoA Customized Cash
- BoA Unlimited Cash
- BoA Travel Rewards
- BoA Premium Rewards (this article)
- BoA Premium Elite Rewards
Best downgrade option
After applying
- BoA application status query can Click here.
- BoA reconsideration backdoor number: 877-383-0120 or 866-811-4108. It seems that BoA's phone number keeps changing... If the number is disconnected, please let us know immediately. BoA can directly contact the person who has the decision-making power.
Sign-up bonus trend chart
