{"id":125646,"date":"2024-09-16T18:00:06","date_gmt":"2024-09-16T18:00:06","guid":{"rendered":"https:\/\/entertainment.runfyers.com\/index.php\/2024\/09\/16\/is-the-bank-of-america-premium-rewards-card-worth-the-95-annual-fee-the-points-guy\/"},"modified":"2024-09-16T18:00:06","modified_gmt":"2024-09-16T18:00:06","slug":"is-the-bank-of-america-premium-rewards-card-worth-the-95-annual-fee-the-points-guy","status":"publish","type":"post","link":"https:\/\/entertainment.runfyers.com\/index.php\/2024\/09\/16\/is-the-bank-of-america-premium-rewards-card-worth-the-95-annual-fee-the-points-guy\/","title":{"rendered":"Is the Bank of America Premium Rewards Card worth the $95 annual fee? – The Points Guy"},"content":{"rendered":"


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The Bank of America\u00ae\ufe0f Premium Rewards\u00ae\ufe0f credit card<\/a><\/span> has the potential to be one of the highest-earning cash-back rewards cards<\/a> on the market, but it carries qualification requirements and, of course, an annual fee. Let’s review the benefits of the card to help you decide whether the $95 annual fee is worth paying for card membership.<\/p>\n

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Bank of America Premium Rewards Card earning structure<\/h2>\n

The amount of financial holdings you have within Bank of America and Merrill will determine how much cash back the BofA Premium Rewards card<\/a><\/span> will earn. The card works in conjunction with Bank of America Preferred Rewards Program<\/a>, so make sure you understand the infrastructure and tiers of that rewards system. Based on your tier within the Preferred Rewards Program (which you need to sign up for separately), the Premium Rewards Card will earn the following points:<\/p>\n

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Spend Categories<\/th>\nRegular Cardholder<\/strong><\/th>\nTier 1 \u2013 Gold ($20,000 \u2013 $50,000)<\/strong><\/th>\nTier 2 \u2013 Platinum ($50,000 \u2013 $100,000)<\/strong><\/th>\nTier 3 \u2013 Platinum Honors ($100,000 \u2013 1,000,000)<\/strong><\/th>\nTier 3 \u2013 Diamond Honors ($1,000,000+)<\/strong><\/th>\n<\/tr>\n<\/thead>\n
Travel\/Dining earnings<\/td>\n2 points per dollar<\/td>\n2.5 points per dollar<\/td>\n3 points per dollar<\/td>\n3.5 points per dollar<\/td>\n3.5 points per dollar<\/td>\n<\/tr>\n
Other purchase earnings<\/td>\n1.5 points per dollar<\/td>\n1.875 points per dollar<\/td>\n2.25 points per dollar<\/td>\n2.625 points per dollar<\/td>\n2.625 points per dollar<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n

Each point is worth 1 cent toward cash back into your Bank of America deposit account or Merrill Lynch or 529 college savings account. You can redeem points for covering travel purchases or gift cards, but I recommend you just stick to cash back. With the basic rewards structure of the card covered, let’s look at all the card benefits and decide which ones could make the annual fee worthwhile, and which ones could make paying $95 hard to justify.<\/p>\n

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Which benefits are worth the $95 annual fee?<\/h2>\n

Sign-up bonus<\/h3>\n

With this card, you earn 60,000 online bonus points after spending $4,000 in the first 90 days of account opening. That’s worth $600 deposited into your checking, savings or investment account. It’s a pretty easy decision to pay $95 and get $600, assuming you have an easy plan to meet the minimum spend requirement. This bonus, of course, is not repeated for subsequent years of card membership, when you’ll still have to pay $95.<\/p>\n

Airline incidental fee<\/h3>\n

You’re also eligible to receive an annual up to $100 airline credit to cover purchases such as seat upgrades, baggage fees, inflight services and lounge fees. Airfare is not included in what qualifies for reimbursement, though purchasing a seat upgrade could qualify,<\/a> depending on the airline<\/a>.<\/p>\n

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