Bank of America Premium Rewards Visa: A Compelling Offer You Shouldn’t Miss
Hey fellow travel enthusiasts! As a seasoned travel credit card aficionado, I’m always on the lookout for deals that can significantly enhance our travel experiences. Today, I’m excited to share a fantastic offer I’ve uncovered that I think deserves your serious consideration: the Bank of America Premium Rewards Visa card is currently offering a substantial sign-up bonus. This bonus, combined with the card’s already impressive perks, makes it a powerful tool for anyone looking to maximize their travel rewards.
The Headline: 60,000 Points (or $600!) for a $95 Annual Fee
Let’s cut to the chase. The current offer is this: you can earn 60,000 bonus points after spending $4,000 on purchases within the first 90 days of account opening. These 60,000 points can be redeemed for $600 cash back, a $600 statement credit to offset travel purchases, or for travel booked through the Bank of America Travel Center. This flexibility is one of the key strengths of this offer, catering to a wide range of travel preferences and financial goals. The card does carry a $95 annual fee, but honestly, the sign-up bonus more than compensates for that in the first year, and the ongoing benefits can easily justify it for many users.
Digging Deeper: The Earning Structure and Redemption Options
Beyond the initial bonus, the Bank of America Premium Rewards Visa offers a solid earning structure that makes it a useful card for everyday spending. You’ll earn 2 points per dollar spent on travel and dining purchases, and 1.5 points per dollar on all other purchases. This flat-rate earning on all purchases is particularly attractive because it means you’re consistently earning a bonus, even on categories that don’t traditionally offer bonus rewards.
As I mentioned earlier, the redemption options are quite versatile. You can redeem your points for:
* Cash Back: This is a straightforward option where you redeem points for cash back as a statement credit. Each point is worth $0.01, meaning 10,000 points equals $100. * Travel Statement Credit: You can redeem your points to offset travel purchases you’ve already made. This can be anything from flights and hotels to rental cars and even Uber rides. Again, each point is worth $0.01. * Travel Bookings through the Bank of America Travel Center: Booking through their travel portal can sometimes offer added perks or discounts, but it’s essential to compare prices with other booking platforms to ensure you’re getting the best deal. While I prefer the flexibility of booking directly with airlines and hotels, this option provides another avenue for using your points. * Gift Cards: You can also redeem your points for gift cards to various retailers and restaurants. The value per point may vary slightly with this option, so it’s worth checking the redemption rate before you commit.
Bank of America Preferred Rewards: Amplifying Your Benefits
Here’s where things get really interesting. If you’re already a Bank of America customer or are considering becoming one, the Bank of America Preferred Rewards program can significantly boost the value of this card. This program offers bonus rewards based on the amount of money you have in your Bank of America accounts and/or Merrill investment accounts.
The Preferred Rewards program has several tiers:
* Gold: Requires a combined balance of $20,000 to less than $50,000. Earns a 25% bonus on credit card rewards. * Platinum: Requires a combined balance of $50,000 to less than $100,000. Earns a 50% bonus on credit card rewards. * Platinum Honors: Requires a combined balance of $100,000 or more. Earns a 75% bonus on credit card rewards.
Let’s say you qualify for the Platinum Honors tier (75% bonus). That means your 2 points per dollar on travel and dining effectively become 3.5 points per dollar (2 \ 1.75 = 3.5), and your 1.5 points per dollar on all other purchases become 2.625 points per dollar (1.5 \ 1.75 = 2.625).
This is a huge boost! Suddenly, this card becomes one of the most rewarding cards on the market for everyday spending. If you can maximize the Preferred Rewards bonus, you’re essentially getting a return on your everyday purchases that rivals many premium travel cards with higher annual fees. I know I prioritize bank relationships for this exact reason.
Other Perks Worth Mentioning
Beyond the bonus and earning structure, the Bank of America Premium Rewards Visa offers several other valuable benefits:
* $100 Airline Incidental Statement Credit: Each calendar year, you can receive up to $100 in statement credits to cover incidental airline fees, such as baggage fees, in-flight purchases, and airline lounge access. I always appreciate this perk, as it helps offset the cost of travel incidentals that can quickly add up. * Global Entry or TSA PreCheck Credit: Every four years, you can receive a statement credit to cover the application fee for Global Entry or TSA PreCheck. This is a valuable perk that can save you time and hassle at the airport. I consider Global Entry an absolute must-have for any frequent traveler. * No Foreign Transaction Fees: This is a standard feature on most travel credit cards these days, but it’s still worth mentioning. You won’t be charged any foreign transaction fees when using your card abroad, which can save you a significant amount of money on international purchases. * Travel and Purchase Protections: The card offers a range of travel and purchase protections, including travel accident insurance, baggage delay insurance, rental car insurance, and purchase security. These protections can provide peace of mind when you’re traveling or making large purchases. It’s always a good idea to familiarize yourself with the terms and conditions of these protections before you need to use them. * Visa Signature Benefits: As a Visa Signature card, you’ll also have access to a variety of Visa Signature benefits, such as access to exclusive events, discounts on travel and entertainment, and 24/7 concierge service. I find the concierge service particularly helpful for making restaurant reservations or finding tickets to events.
The Catch: Is This Card Right for You?
While the Bank of America Premium Rewards Visa is a compelling offer, it’s not necessarily the perfect card for everyone. Here are a few factors to consider before applying:
* Spending Requirement: You need to spend $4,000 within the first 90 days to earn the bonus. This is a fairly substantial spending requirement, so make sure you can realistically meet it without overspending or carrying a balance. * Annual Fee: The card has a $95 annual fee. While the bonus more than covers the fee in the first year, you’ll need to decide whether the ongoing benefits justify the fee in subsequent years. * Interest Rate: If you carry a balance on your card, the interest rate can quickly negate the value of any rewards you earn. I always recommend paying your balance in full each month to avoid interest charges. * Bank of America Relationship: The Preferred Rewards program significantly enhances the value of this card, but it requires a substantial balance in Bank of America or Merrill accounts. If you don’t already have a relationship with Bank of America, it may not be worth opening one just to qualify for the Preferred Rewards bonus. * Redemption Preferences: If you prefer to transfer your points to airline or hotel partners, this card may not be the best fit. The Bank of America Premium Rewards Visa offers limited transfer options, so you’re primarily limited to redeeming your points for cash back, travel statement credits, or travel bookings through the Bank of America Travel Center.
My Personal Take: A Strong Contender for Everyday Spending
In my opinion, the Bank of America Premium Rewards Visa is a strong contender, especially for those who can leverage the Preferred Rewards program. The combination of a generous sign-up bonus, a solid earning structure, and valuable perks makes it a card worth considering.
For me personally, I find the flexibility of redeeming points for cash back or travel statement credits particularly appealing. While I enjoy the thrill of transferring points to airline and hotel partners for potentially higher value redemptions, I also appreciate the simplicity and predictability of cash back. I value knowing I can use my points to offset travel expenses or simply pad my savings account.
Additionally, I value the potential to boost rewards with the Preferred Rewards program, as I maintain significant balances with Bank of America already.
Final Thoughts: Act Fast!
Deals like this don’t last forever, so if you’re interested in the Bank of America Premium Rewards Visa, I encourage you to act fast. Review the terms and conditions carefully, make sure you can meet the spending requirement, and then apply with confidence. This card has the potential to significantly enhance your travel rewards and provide valuable benefits for years to come.
As always, do your own research and make sure this card aligns with your individual spending habits and financial goals. Happy travels, and happy earning!
