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Now Available: New “Premium” Bank of America Credit Card (Full Details!)

Now Available: New “Premium” Bank of America Credit Card (Full Details!)

Million Mile SecretsNow Available: New “Premium” Bank of America Credit Card (Full Details!)Million Mile Secrets Team

We devote thousands of hours of research to help you get Big Travel with Small Money. You support us by signing-up for credit cards through partner links which earn us a commission. Here’s our full Advertising Policy.

A couple of months ago, I told you about a rumored premium credit card from Bank of America.

Via The Points Guy, the card offer is now live!  And the rumors about the card’s features were true.  So if you were excited to apply for this card, now’s your chance!

Now Available New Premium Bank Of America Credit Card Full Details
The Bank of America Premium Rewards Credit Card Sign-Up Bonus Is Worth $500 in Travel or Cash Back

Emily and I don’t earn a commission on this card, but we’ll always keep you informed of new deals!

New Bank of America Premium Rewards Credit Card

Link:   Bank of America Premium Rewards Credit Card

Link:   New Premium Travel Rewards Card From Bank of America Arriving This Fall!

The new Bank of America Premium Rewards comes with 50,000 point sign-up bonus after spending $3,000 on purchases within the first 90 days of account opening.  It also comes with:

  • 2 points per $1 spent on travel and dining purchases
  • 1.5 points per $1 spent on all other purchases
  • $100 airline incidental credit (per calendar year)
  • $100 Global Entry / TSA PreCheck credit
  • NO foreign transaction fees
  • $95 annual fee, NOT waived the first year

The points you earn are worth 1 cent each.  You can redeem them for:

  • Cash back (as a statement credit)
  • Deposit to a Bank of America or Merrill Lynch account
  • Travel purchases through the Bank of America Travel Center
  • Gift cards

You’ll need to redeem at least 2,500 points ($25) at a time.

And because you receive the annual airline incidentals credit each calendar year, you’ll receive it TWICE before your 2nd annual fee is due.  So you’ll receive the credit once when opening the card, and again in 2018.  That means you’ll get a value of $605 for opening this card after you pay the annual fee ($500 sign-up bonus + $100 airline incidental credit in 2017 + $100 airline incidental credit in 2018 – $95 annual fee).

Is This Card Worth It?

This card was rumored to compete with top-notch credit cards like the Chase Sapphire Reserve and Citi Prestige.  And while it does have some nice benefits, like a $100 airline incidental credit and Global Entry reimbursement, it definitely falls short.

For example, the Bank of America Premium Rewards does NOT grant you access to Priority Pass airport lounges.  It also earns points that are worth just 1 cent each (less than both the Chase Sapphire Reserve and Citi Prestige when you redeem for certain travel).  And you can NOT transfer points to valuable airline and hotel partners to increase the value of your points.

Now Available New Premium Bank Of America Credit Card Full Details
Transfer Citi ThankYou Points to Flying Blue for Discounted Awards to Europe

That said, there are plenty of reasons to get this card.  Its $95 annual fee is MUCH less than these other premium cards.  The annual $100 airline incidental credit, which you can use for things like checked baggage fees, in-flight entertainment, and in-flight food, more than makes up for it.

And if you’re a part of the Bank of America Preferred Rewards Program, you’ll get an improved earning rate with your card.  Based on the amount of money you have in your Bank of America account, or have invested with Bank of America or Merrill Lynch, you’ll earn:

  • Bank of America checking accounts up to $19,999 –  10% bonus
  • Preferred Rewards Gold members with $20,000 to $50,000 in assets – 25% bonus
  • Preferred Rewards Platinum members with $50,000  to $100,000 – 50% bonus
  • Preferred Rewards Platinum Honors members with $100,000 or more – 75% bonus

So you could potentially earn 3.5 points per $1 on travel and dining, and 2.625 points per $1 on everything else (1.5 points for regular spending X 75% bonus for being Preferred Rewards Platinum member).  That’s pretty great for non-bonus spending!

Note:   This is NOT a good card for folks new to miles & points.  Because applying for this card will affect your chances of being approved for other cards that offer bigger sign-up bonuses and earn more flexible points.

Bottom Line

With the new Bank of America Premium Rewards card, you’ll earn 50,000 point sign-up bonus after spending $3,000 0n purchases within the first 90 days of account opening.

The card also earns 2X points on travel and dining.  And comes with perks like Global Entry reimbursement and a $100 annual airline incidental credit.

This could be a great card for folks who are over Chase’s “5/24 rule”, or who are looking for a card with good benefits and points that are easy to redeem!

We don’t earn a commission on this card, but we’ll always give you all your options!

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Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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My wife and I are flying with our son on southwest. I wonder if I can use incidental airline credit to pay for the Early Bird check in for all of us. It’s $15 per person each way so the whole trip costs $90.

Awesome!

I’m excited to learn two things about this card!

1. If the incidental airline credit will rollover to the next year (allowing us to potentially have $200) at one time if we can’t use the first credit before the end of this year.

And

2. Is the incidental airline credit strictly for incidentals? My guess is this is, but I use them so often that I wish I could use it toward a ticket (though I guess this is probably why it’s a smart strategy for them).

I believe there would be no rollover. It’s a use it or lose it proposition for the calendar year. Incidentals such as on board drinks and baggage fees. Cannot use it toward the cost of the ticket which is a huge no go for me. Not biting on this card. As the author said it falls short compared to the benefits of other cards.