The Bank of America® Premium Rewards® Credit Card stands out for customers looking for generous rewards, instant access, and valuable travel perks. You receive 2x points on travel and dining, 1.5x points everywhere else, and a $95 annual fee. The card also offers up to a $200 travel statement credit each year, which can greatly enhance value. Approved Bank of America account holders applying via targeted mobile app promotions can use their card instantly, making this card especially convenient for those eager to start spending right away.

How to Apply for the Bank of America® Premium Rewards® Card

• Log in to your Bank of America mobile app
• Locate a targeted promotion for the Premium Rewards® card
• Submit your application directly in the app
• If approved, access your card details for immediate use
• Add the card to your digital wallet and begin shopping

Top Pros

One major advantage is the opportunity for instant use, saving you time if you need to make immediate purchases. The points system is strong, especially for travel and dining fans, with 2x rewards in these categories. Another highlight is the $200 annual travel credit, which can offset the card’s annual fee and boost overall value, while new applicants enjoy an attractive sign-up bonus.

Potential Cons

The $95 annual fee may not fit the needs of those who prefer no-annual-fee cards. Instant access is often limited to existing Bank of America customers applying through specific app promotions, restricting flexibility for new customers or those applying on the web. Some may find other cards offer superior travel protections or benefits for no extra cost.

Our Verdict

The Bank of America® Premium Rewards® Credit Card is a competitive choice for current Bank of America customers, especially frequent travelers and diners. The ability to access your credit instantly, coupled with high-value rewards and statement credits, make it a smart addition for those maximizing daily and travel spend. However, those outside the qualifying promotions or seeking a no-annual-fee product may prefer to consider alternatives based on their unique spending habits.