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The Premium Rewards earns 2.0X on travel, 2.0X on dining, 1.5X on all_purchases with a $95 annual fee. The current signup bonus is 60,000 points (worth $600 at portal rates) after $5,000 spend.
The Premium Rewards is a points rewards card from Bank of America that carries a $95/yr on the visa network. At its core it earns 1.0X BankAmericard Rewards on everyday purchases, making it straightforward for cardholders who want predictable, consistent returns.
Points enthusiasts will find the most flexibility with the Premium Rewards. BankAmericard Rewards can be redeemed for travel, gift cards, statement credits, or transferred to loyalty partners. Cardholders who maximize transfer partners often extract 1.5–2+ cents per point, well above face value.
Combined with the current signup offer of 60,000 points (worth ~$600), The $95/yr fee is the key variable — run the numbers against your actual spending. If the rewards and benefits offset the fee, this card earns its place in your wallet. If not, consider a comparable no-fee alternative.
The Premium Rewards charges $95 per year. To justify this fee, you need to earn at least $95 in rewards and benefits annually.
At the base 1X earn rate (valued at ~1 cent per dollar), you would need to spend approximately $9,500/year on the card to break even on the annual fee through rewards alone — not counting perks and benefits.
Click any MCC code or merchant name to see all cards that earn bonus rewards there.
Signup Bonus Value
60,000 points BankAmericard Rewards Points
Spend $5,000 in first 3 months
Cash / statement credit$600
Portal redemption (1.00¢/pt)$600
Maximum value$600
Benefits
Trip Cancellation and Interruption Insurance
$2,500
Trip Delay Reimbursement
Included
Auto Rental Collision Damage Waiver
Included
Purchase Protection
$1,000
Extended Warranty
Included
Effective Annual Fee
Annual fee–$95
Net annual cost–$95 effective cost
Financial disclaimer: PointsPick is not a financial advisor. Credit card terms, APRs, and fees are set by Bank of America and subject to change. Verify all information on the issuer's website before applying.
You can apply for the Premium Rewards directly through Bank of America's website. The application takes about 5 minutes and requires your Social Security number, annual income, and housing payment information. Most applicants receive an instant decision. Note that the $95 annual fee is typically not charged until your first statement closes.
Before applying, check if you are pre-approved on Bank of America's website — a pre-approval uses a soft pull and does not affect your credit score.
For moderate spenders, generally yes. The Premium Rewards offers rewards and benefits that typically exceed the $95 annual fee for anyone who uses the bonus categories regularly.
What credit score is needed for the Premium Rewards?
Most successful applicants have a credit score of 670 or higher. Higher scores significantly improve approval odds.
What is the current signup bonus for the Premium Rewards?
The current signup bonus is 60,000 points. Check the issuer's website for the latest offer details and spending requirements.
Does the Premium Rewards have a foreign transaction fee?
No. The Premium Rewards does not charge a foreign transaction fee, making it a good option for international purchases and travel abroad.
Can you transfer Premium Rewards rewards to airlines?
No. The Premium Rewards does not offer transfer partners. Rewards are typically redeemed as statement credits, direct deposits, or gift cards.
Premium Rewards vs Marriott Bonvoy Boundless: which is better?
Both cards compete in the same category. The Premium Rewards and Marriott Bonvoy Boundless each have strengths depending on your spending patterns. See our detailed comparison for a side-by-side analysis.
How to downgrade the Premium Rewards to avoid the annual fee?
Call Bank of America and ask to product-change the Premium Rewards to a no-annual-fee card in the same family. This preserves your credit history and credit limit. The best time to downgrade is within 30 days of your annual fee posting for a full refund.
Methodology
This review draws on data from 35+ independent sources including official product pages, the CFPB Credit Card Agreements Database, community approval datapoints, expert point valuation sources, and our proprietary MCC verification database. Rankings are data-driven with no affiliate influence on placement. Card terms were last verified on March 08, 2026. Full methodology: www.pointspick.com/methodology.
