Link: Apply now for the Bank of America® Premium Rewards® credit card with 60K bonus points
We’ve just seen a best-ever welcome bonus rolled out on the Bank of America® Premium Rewards® credit card. Not only is this a card that many people should be eligible for, but this also has the potential to be one of the most lucrative credit cards for everyday spending.
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Bank of America Premium Rewards Card best-ever bonus
The Bank of America Premium Rewards Card is offering a new bonus of 60,000 bonus points after spending $4,000 within the first 90 days of account opening. Since this card was launched, it has had the same bonus of 50,000 points upon completing minimum spending, so this offer is 20% better.
Points earned on the card can be redeemed for one cent each, and you can redeem as long as your balance is 2,500 points or higher. You can redeem points for everything from a statement credit, to an electronic deposit into a Bank of America account, to a contribution to an eligible savings account.
As you can tell, this bonus will get you $600 in statement credits, which is solid.
Who is eligible for the Bank of America Premium Rewards Card?
The Bank of America Premium Rewards Card has fairly limited eligibility restrictions when it comes to earning the bonus. The bonus on the card may not be available if you’ve had the card in the past 24 months, but otherwise eligibility is unrelated to having any other Bank of America card.
Bank of America’s general application rules apply.
Why the Bank of America Premium Rewards Card is worth it
The Bank of America Premium Rewards Card has a $95 annual fee. The card offers some benefits that can help offset that, including:
- A $100 annual airline incident statement credit, which can be used for qualifying purchases of seat upgrades, baggage fees, inflight services, and airline lounge fees; these will automatically be applied to your card statement when you use the card
- A $100 statement credit toward TSA PreCheck or Global Entry once every four years
The area where the card really shines, though, is with the rewards structure. The card offers 2x points on travel and dining and 1.5x points on all other purchases, all with no foreign transaction fees. That’s not too exciting in and of itself, since that’s the equivalent of 1.5-2% cash back.
The reason you should potentially be excited is because of Bank of America’s Preferred Rewards program, which rewards those who keep assets with Bank of America:
- Those in the Gold Tier (with $25-50K in assets with Bank of America) receive a 25% credit card rewards bonus
- Those in the Platinum Tier (with $50-100K in assets with Bank of America) receive a 50% credit card rewards bonus
- Those in the Platinum Honors Tier (with $100K+ in assets with Bank of America) receive a 75% credit card rewards bonus
If you qualify for that highest tier, you’d be looking at earning 3.5% cash back on dining and travel and 2.625% cash back on all other purchases. That’s an unrivaled return on everyday spending, for someone looking to use a cash back card.
Read a full review of the Bank of America Premium Rewards Card here.
Bottom line
The Bank of America Premium Rewards Card is offering a new best-ever bonus of 60K bonus points upon completing minimum spending. Since the card was launched, it otherwise had a bonus of 50K points, so this is a bit better.
While this isn’t the most exciting credit card bonus out there, it is a very good bonus on a card that many people don’t have. Furthermore, this card has the potential to be the single best cash back credit card in the world for everyday spending. If you have sufficient assets with Bank of America, you can earn the equivalent of a 2.625% return on your everyday spending.
Do you plan on picking up the Bank of America Premium Rewards Card with 60K bonus points?
I will say, please bring more of this content. Point deflation has gotten out of control with our domestic carriers, and I'm actively looking to diversify into cash rewards programs.
@Lucky, do you know if investment/retirement accounts at Merrill Lynch count as BOA deposits or do they have to be with the commercial bank?
They count if they are linked to your checking account profile. Their phone agents can make that happen. However, a checking account is required in order to enroll in the rewards program.
Correct, but all you need is $100 to sit in the checking account.
@Never In Doubt - Thanks for the further clarification.
@Andrew, thanks for the detailed info. Longtime Merrill customer, but have never had a retail banking relationship with BOA.