Last updated: 5/10/2021

Bank of America Premium Rewards

Earns: Bank of America Preferred Rewards

GigaTake:

Bank of America points are a little confusing to understand, but the more business you do with BofA and Merrill Lynch, the more you can earn. The 1.5 points per dollar you earn for everyday spending is pretty good.

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Here’s how much you would earn with this card

(Based on spending from {{earliestTransactionDate | date}} through {{latestTransactionDate | date}})

You could earn Worth Plus Welcome Bonus Total
{{totalPointsYouCouldEarn | number}} Bank of America Preferred Rewards
per year
${{totalPointsYouCouldEarnValue | number}} {{welcomeBonus | number}} points
worth ${{welcomeBonusValue | number}}
${{totalValueToUser | number}}

How’d we figure that out?

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${{annualFeeAmount | number}}Annual Fee

${{basePointsAmount | number}} All Other ({{card.card.earning_rate}}%x) All Spending ({{card.card.earning_rate}}%x)

${{merchantBonusAmount | number}}{{ merchantsBonusLabels | commaSeparate }} ({{merchantsBonusAmounts[0].multiplier}}%x)

${{categoryBonusAmount.bonus | number}}{{categoryBonusAmount.category }} ({{categoryBonusAmount.multiplier}}%x)

${{categoryDiscount.discount | number}}{{categoryDiscount.category}} Credit

${{merchantCreditAmount | number}}Merchant Discounts

${{welcomeBonusAmount | number}}Welcome Bonus


Annual Fee${{annualFeeAmount | number}}

All Other ({{card.card.earning_rate}}%x) All Spending ({{card.card.earning_rate}}%x) ${{basePointsAmount | number}}

Merchant Bonus ({{merchantsBonusAmounts[0].multiplier}}%x)${{merchantBonusAmount | number}}

{{categoryBonusAmount.category }} ({{categoryBonusAmount.multiplier}}%x)${{categoryBonusAmount.bonus | number}}

Welcome Bonus${{welcomeBonusAmount | number}}

See how the Bank of America Premium Rewards compares to other credit cards

Bank of America Premium Rewards Other Cards


Hover the dots to view other Credit Cards

Reward Rate = 2x

Value = 1 cent per point
Effective Value = 2 %

0%
6%

Reward Rate = 2x

Value = 1 cent per point
Effective Value = 2 %

0%
7%

Reward Rate = 1.5x

Value = 1 cent per point
Effective Value = 1.5 %

0%
3%

Welcome Bonus = 50,000

Value = 1 cent per point
Effective Value = $500

$0
$1800

Annual Fee = $95

$0
$995
Welcome Bonus
50,000

OK

Bonus Rating

Points

After you spend $3,000 in 3 months

GigaInfo about Welcome Bonuses Welcome Bonuses 101 Article
Spending Rewards
2x Travel

Very Good

very good

2x Dining

Good

good

Good

In the top 50% of cards.

1.5x All Other

Good

good

Good

In the top 50% of cards.

Is this card right for me?

That depends on your individual spending patterns. We have a tool that figures it out for you. Learn what you could earn.

Program Name
Bank of America Preferred Rewards
Gigapoints Value
1¢ per point
0.4¢ PER POINT
2¢+ PER POINT
Annual Fee
  • $95
Use this card for…

You can earn more rewards by using different cards for different purchases. We built a tool that tells you which card to use, when. Just plug in your favorite brand, store, or category to find out which card pays the most.

Use the Best Card For tool Go

Additional perks of owning this card

$100 Airline Incidental Statement Credit

Get up to a $100 Airline Incidental Statement Credit annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees – automatically applied to your card statement.

TSA Pre✓ or Global Entry Application

Get up to $100 Airport Security Statement Credit towards TSA Pre✓ ® or Global Entry Application fee, every four years.

The Fine Print

PURCHASES APR 15.99% to 22.99%
BALANCE TRANSFER APR 15.99% to 22.99%
BALANCE TRANSFER FEE Either $10 or 5% of the amount of each transaction, whichever is greater.
CASH ADVANCE APR 18.99% to 25.99%
CASH ADVANCE FEE Either $10 or 5% of the amount of each transaction, whichever is greater.
LATE PAYMENTS Up to $40
FOREIGN TRANSACTION FEE 0%