• Aditya Bagaria

Bank of America Premium Rewards credit card review!

Updated: Dec 17, 2020



Background:

This is the premium travel rewards credit card offered by Bank of America.


Annual Fee: $95


What type of earning do I get?

No tier: 1.5 points per dollar if you don’t hold any status with Bank of America


Gold tier: 1.875 points per dollar


Platinum tier: 2.25 points per dollar


Platinum Honors tier: 2.625 points per dollar


Benefits:

TSA Precheck or Global Entry

· This one is pretty standard among premium credit cards. Every 4 years, you can get a $100 credit for Global Entry or $85 every 4.5 years for TSA Precheck. I would suggest to go with Global Entry as it offers TSA Precheck as well and faster immigration when you travel internationally. Plus, you get an extra $15 of value with Global Entry when compared to TSA Precheck.


$100 of Airline Fee Credits

· This covers incidental fees such as baggage fees, food, and WiFi. This is not tied to any airline like American Express. If you don’t have an airline-specific credit card such as the Alaska Airlines Visa Credit Card that waives luggage fees for your first bag, this can come in very handy!


Analysis:

At $95, Bank of America offers a $100 credit which can easily offset the annual fee. If you hold at least Platinum tier status in the Bank of America Preferred Rewards program, then this card becomes a no-brainer. The earning rate for cashback is the highest in the industry and if you don’t like playing with award travel, this is the best credit card for everyday spend.