by Daniel | Last Updated July 28th, 2021
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So today I just wanted to talk about the Bank of America Premium Rewards credit card, and go over some of the benefits it offers, and then decide if it’s worth it.
So the Bank of America Premium Rewards Credit Card is a good option to consider if you are looking for a credit card that has some nice travel-related benefits and a reasonable sign-up bonus – all whilst having a relatively low annual fee.
And speaking of the annual fee, it is currently $95, and this seems reasonable for all of the extra perks and benefits that come with the card.
Sign Up Bonus
So to begin with you can earn up to 50,000 bonus points after you spend a total of $3,000 within the first 3 months of opening the account, and these points are worth $500.
This means that any points you earn with this card will be worth 1 cent per point.
So assuming you do meet this spend requirement within the first 3 months this will easily cover the annual fee of $95.
Earning Points
Now earning points with the Bank of America Premium Rewards card has a few options.
First of all, you will earn unlimited 2x points for every $1 spent on either travel or dining, and until the end of 2021, you will also earn 2x points for every dollar spent at grocery stores.
All other purchases will earn 1.5x points for every dollar spent.
So this is a nice points earning structure as there are no limits on how many points you can earn.
Benefits and User Perks
The Bank of America Premium Rewards card comes with some pretty decent benefits considering it only has a $95 annual fee.
First up you can receive a credit of up to $100 for incidental airline fees such as seat upgrades, baggage fees, in-flight services, and airline lounge fees, and this is automatically applied to your credit statement.
You will also receive up to a $100 statement credit to put towards either TSA PreCheck or Global Entry once every four years, and this is usually only available from top-tier reward credit cards that cost quite a bit more in comparison.
So just these two benefits easily cover the annual fee of $95, so if you do travel even just a few times each year it is definitely worth looking into this card
Another nice benefit that comes with this card is the Visa Signature Luxury Hotel Collection.
And this gives a few nice perks when you make bookings through www.visasignaturehotels.com
First of all, you get a room upgrade upon arrival if it is available, you also get complimentary breakfast for 2, a $25 food and beverage credit, and finally, you also get late check-out if it is available as long as you request it when you check-in.
Travel insurance-related benefits
So in terms of travel-related coverage, the Bank of America Premium Rewards Credit Card actually offers a large range of benefits.
First of all, there is trip delay insurance that will cover up to $500 per ticket for you and eligible family members for any reasonable expenses if your trip is delayed for more than 12 hours.
You also get trip cancellation/interruptions coverage which can provide you with up to $2,500 per person per trip, if you have to cancel due to a covered reason.
There is baggage delay coverage which provides up to $100 per day for a maximum of 5 days if your bags are delayed, or misdirected by an airline carrier for more than 6 hours.
And finally, there is lost luggage reimbursement that provides coverage for luggage and its contents if it happens to be lost or stolen as a result of the airline service.
Insurance-related benefits
The Bank of America Premium Rewards Credit Card also comes with quite a few useful insurance-related benefits as well.
First of you have access to an auto rental collision damage waiver which provides you with reimbursement for damage or theft of a rental car, and for this to be valid you must decline the collision/loss damage waiver that is offered by the car rental agency.
Another benefit that is quite useful is purchase security.
This will either repair, replace or reimburse you on purchases that are either stolen or damaged and this gives you coverage for up to 90 days and provides up to $10,000 per claim.
There is also a warranty manager service which gives you up to an additional 1 year of warranty for items that are purchased on your card.
You also get Purchase protection which is a great benefit, basically, it gives you 90 days to return an item that you don’t want and that the retailer won’t accept for return. The coverage is limited to $250 per eligible item and up to a maximum of $1000 per year.
Is It Worth It?
So in my opinion I think the Bank of America Premium Rewards credit card is definitely worth it as you can quite easily cover the $95 annual fee with either the sign-up bonus or the $100 credit for incidental airline fees.
With the sign-up bonus and $200 in travel statement credit rewards, you are getting $700 in value which is more than7 times the cost of the annual fee.
You also get a lot of insurance-related coverage which is always useful whether it is travel-related or purchase-related.
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