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Bank of America card benefits

These perks can help you get even more value from your Bank of America credit card

Summary

No matter which card you carry, your Bank of America card is likely packed with benefits that can stretch its value.

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There are many benefits offered for Bank of America reward credit cards. This extra value is offered through perks like travel protection, purchase protection, special access to museums and an elevated cash-back benefit based on assets.

Most of Bank of America rewards credit cards have no annual fee – so cardholders gain even more value. Read on to learn the scope of what these perks are and how you can maximize your Bank of America card benefits.

What benefits are available to Bank of America cardholders?

Bank of America continues to be a top choice for consumers who want a combination of reward benefits, unique offers and valuable services. You very well may have a Bank of America credit card in your wallet, so here are some perks you can begin to enjoy today.

Travel protections

When booking travel, reach for your Bank of America consumer credit card, because it likely offers standout travel benefits. These perks protect you so you can often opt out of purchasing extra travel insurance.

Protections vary by your specific Bank of America card, but perks might include trip cancellation or trip interruption insurance, trip delay insurance, baggage insurance and car rental protections. You can find the specific terms for your protections in your Bank of America guide to benefits. The Bank of America® Premium Rewards® credit card offers the most extensive benefits.

Especially during current travel times, these benefits are particularly valuable. Bank of America Premium cardholders, for instance, will be reimbursed for eligible delayed, interrupted or canceled trips. For example, when you pay for the trip with your eligible card, you will receive up to $500 per ticket if a covered trip is delayed for more than 12 hours.

Another scenario is if you experience a bag delay, you can receive reimbursement of up to $100 a day for up to five days, as long as you paid for your fare with your Bank of America Premium rewards card. This benefit could help with if you need clothes or personal care items. Furthermore, if emergency transport is needed, there is coverage for eligible services for both you or an immediate family member.

Rental car protection and road assistance

When renting a car, you can decline the collision or loss damage waiver offered by the car rental carrier, because your qualifying Bank of America credit card covers auto rental collision damage waiver. This perk provides you reimbursement for damage due to theft or collision of your rental car. The Bank of America Premium Rewards card, Bank of America® Cash Rewards credit card and Bank of America® Travel Rewards credit card all come with car rental protections.

Purchase protection perks

The Bank of America retail protection benefits also vary by card. Again, the best pick among the Bank of America card portfolio is the Bank of America Premium Rewards card.

This card offers a noteworthy purchase security benefit; it reimburses you for the cost of an eligible item if you’re not happy or satisfied with the item within 90 days of your purchase and the retailer or merchant will not accept your return. This coverage caps at $250 per item and $1,000 per year.

Preferred Rewards program

If you want to raise your cash back and credit card rewards to the next level, take advantage of the Bank of America Preferred Rewards program. You can earn bonus credit card rewards based on your combined qualifying balances in Bank of America banking accounts and Merrill investment accounts.

There are three tiers in the Preferred Rewards program:

  • Gold – $20,000 to $49,999
  • Platinum – $50,000 to $99,999
  • Platinum Honors – $100,000

The thresholds are quite lucrative: Gold members receive a 25% bonus on rewards, and the bonus rate goes up to 50% for the Platinum tier and 75% for the Platinum Honors tier.

In short, cardholders have the opportunity to earn 25% to 75% more rewards on every purchase.

Currently, eligible credit cards are the Bank of America Premium Rewards, Bank of America Cash Rewards and the Bank of America Travel Rewards credit card. (Be aware, business credit cards, co-branded Bank of America credit cards and non-rewards credit cards are not included in the Preferred Rewards program.)

Bank of America Museums on Us program

Offering free admission to more than 225 participating museums and cultural attractions across the U.S. during the first full weekend of each month, this benefit offers tremendous value to cardholders. Venues include museums, botanical gardens, aquariums, zoos and science centers in dozens of cities across the country.

Bank of America’s 2020 participant list includes the Metropolitan Museum of Art in New York City, the Los Angeles County Museum of Art and the Reginald F. Lewis Museum of Maryland African American History & Culture in Baltimore, among others.

Cardholders just present their credit card and a valid photo ID to gain one free general admission to any participating institution. Admission is limited to the cardholder only; guests are not eligible.

Getting the most out of your Bank of America card

The first step to reaping all the benefits from your Bank of America rewards cards is to download the Bank of America app, where a dashboard will outline your benefits. Travel protections and retail protection bench marks can be easily accessed from your membership page. You can also track your rewards there.

It’s also important to recognize benefits vary from card to card. And some perks, like the Preferred Rewards program, mandate specific requirements and vary by asset tier.

Bottom line

No matter which card you carry, your Bank of America card is likely packed with valuable benefits – including perks like travel protection, retail protection and free entry to participating museums, zoos and more.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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Credit Card Rate Report Updated: November 25th, 2020
Business
13.91%
Airline
15.50%
Cash Back
15.85%
Reward
15.75%
Student
16.12%

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