Premium Rewards
Last updated: June 20, 2026. This guide summarizes Bank of America public product and benefit pages; always verify current terms before applying, booking, or relying on coverage.
Core multipliers
- 2xTravel and dining purchases (airlines, hotels, car rentals, restaurants, delivery, and other travel-coded merchants, subject to Bank of America's category definitions).
- 1.5xAll other purchases.
Card snapshot
What the card is built around
The Premium Rewards is a straightforward travel card whose primary differentiation is the Preferred Rewards program multiplier. At base, it earns 2x on travel and dining and 1.5x on everything else — competitive but not exceptional. The card becomes substantially more valuable for people who hold $20,000 or more across Bank of America banking and Merrill investment accounts, where the Preferred Rewards boost raises earn rates by 25% to 75% across all purchases.
Preferred Rewards boost
How the boost works
Preferred Rewards membership adds a percentage bonus to every point earned. The bonus tiers are: Gold (25% bonus), Platinum (50% bonus), Platinum Honors (75% bonus), and Diamond/Diamond Honors tiers introduced under the newer BofA Rewards program. Verify current tier thresholds and bonus percentages at bankofamerica.com/preferred-rewards.
Effective earn rates at Platinum Honors
At the Platinum Honors tier (typically requires $100,000+ in combined balances), the 75% boost raises travel and dining earn from 2x to 3.5x, and all other purchases from 1.5x to 2.625x. At this tier, the card can outperform cards with higher base rates.
Who benefits most
The card's value is disproportionately higher for people who already bank with BofA or invest through Merrill and can reach the Gold tier ($20,000+) or above. Without Preferred Rewards, the earn rates are solid but not unique relative to other $95 travel cards.
Statement credits
Insurance and protections
The Premium Rewards carries Visa Signature travel and purchase protections. These benefits apply when eligibility requirements are met. Verify coverage limits, time thresholds, exclusions, and claim requirements in the official benefit guide.
What is not included
The $95 Premium Rewards does not include airport lounge access. It also does not offer transferable airline or hotel loyalty points — redemptions are cash back, statement credits, travel portal bookings, or gift cards. For lounge access, the Premium Rewards Elite ($550) adds Priority Pass Select memberships.
Fit checklist
- You hold or plan to hold at least $20,000 in BofA/Merrill accounts, which makes the Preferred Rewards boost material to the card's value.
- You spend across travel and dining and want a flat non-category-cap earn rate supplemented by the Preferred Rewards multiplier.
- You can use the $100 airline incidental credit annually on bag fees, seat upgrades, or in-flight purchases.
- You want a TSA PreCheck or Global Entry fee covered every four years without paying a premium annual fee.
- You are comfortable with fixed-value point redemptions and do not need airline or hotel transfer partner access.