Earn 50,000 bonus points with the Bank of America® Premium Rewards® card

Bank of America Premium Rewards Bonus

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Many rewards credit cards are currently upping their sign-up bonus offers for a limited time, hoping to encourage users to take advantage of the holiday season and higher spending to earn a little extra from their gift shopping. But cards like the Bank of America Premium Rewards continue to offer consistently high welcome bonuses and can potentially get you more out of your standard rewards.

With the Premium Rewards card, users not only get 50,000 bonus points after spending $3,000 in the first 90 days ($500 value), but they also have the opportunity to boost their rewards rate up to 75 percent based on the balance in their Bank of America checking or savings account.

What is the Bank of America Premium Rewards card worth in the first year?

The 50,000 point sign-up bonus is not the highest you’ll find in a travel rewards card, especially with many other cards occasionally including limited time inflated bonuses. But the offer still gets users competitive value, especially when combined with a great overall rewards earning scheme.

The Bank of America Premium Rewards card is designed with explorers in mind, offering two points per dollar on all travel and dining purchases. In addition, cardholders get 1.5 points per dollar on general purchases. Since most similar travel cards only offer one point per dollar outside of bonus categories, the Premium Rewards card can get cardholders more value in the first year.

Bank of America® Premium Rewards® Card


Rewards rate

  • 2 points per dollar on travel and dining purchases
  • 1.5 points per dollar on other purchases

Sign-up bonus

  • 50,000 points if you spend $3,000 in first 90 days


Why use it?

The Bank of America Premium Rewards card combines the features of a cash back card with the features of a premium travel card for great value. 

Read review

Annual Fee

$95

Estimated earnings in first year ($1,325 monthly spend) 

$661

If you are already a Bank of America customer with at least $20,000 in an eligible checking or savings account, you can boost this rate even further by enrolling in the Preferred Rewards program. Members earn a rewards boost up to 75 percent based on the balance in their account. Here’s a quick look at what you can expect to earn for each tier of the program.

  Rewards boost  Rewards rate Value of 50,000 point sign-up bonus 
No Bank of America Account None
  • 2 points per dollar on travel and dining
  • 1.5 points per dollar on general purchases
 $500
Gold customers ($20,000-$49,999 balance) 
25%
  • 2.5 points per dollar on travel and dining
  • 1.875 points per dollar on general purchases
 $625
Platinum customers ($50,000-$99,999 balance) 50%
  • 3 points per dollar on travel and dining
  • 2.25 points per dollar on general purchases
 $750
Platinum Honors customers ($100,000+ balance) 75%
  • 3.5 points per dollar on travel and dining
  • 2.625 points per dollar on general purchases
 $875

While the sign-up bonus might not be the highest one available, it can be worth significantly more for Bank of America customers.

Who is eligible to earn the sign-up bonus?

To earn the sign-up bonus for the Bank of America Premium Rewards card, applicants must first meet initial qualifications. The card is limited to those with good to excellent credit (above 670). Cardholders of other Bank of America credit cards might be eligible to convert their account, but they won’t receive the sign-up bonus.

If you are a previous or existing accountholder for the Premium Rewards card, you also might not be eligible for the offer.

Redemption options for the Bank of America Premium Rewards card

One of the best features of the Premium Rewards card is the flexibility of redemption options. Once you’ve earned some points, you can use them to make purchases in the Travel Center or redeem for cash rewards. If you choose the cash option, you also have the choice between a statement credit or an electronic deposit into an eligible Bank of America, Merrill Edge® or Merrill Lynch® account.

Whether your use your points for travel, gift cards or cash rewards, you will always get the same value – 1 cent per point. You also never have to worry about points expiring, and there is no limit to how many you can earn.

Should you apply for a Bank of America Premium Rewards card now?

The sign-up bonus for the Bank of America Premium Rewards card doesn’t change often, so there is no rush to take advantage of a limited time offer. But if you already have a Bank of America checking or savings account and qualify for the Preferred Rewards program, you can get unprecedented value out of the bonus and your everyday spending. If you have any holiday shopping to take care of in the coming months, now can be a good time to benefit from a great rewards rate.


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Updated: 12-19-2018