The post is updated with new information on a regular basis.
It's fun to learn how to maximize your points and miles. There is something to be said for the simplicity of cash-back rewards when booking through airline and hotel loyalty programs.
There are five reasons to add the Bank of America Premium Rewards credit card to your wallet.
Transferable points are the royalty of the award travel world, but a well-rounded portfolio should include points or miles that can be used like cash.
You can redeem points at a rate of 1 cent per point, for a statement credit towards purchases. It's possible to wipe out travel expenses that would otherwise be paid for out of pocket.
These points can be used to cover airfare and hotels. You can book awards through airline and hotel loyalty programs when prices are low. Cash-back rewards can give you better value when prices are low. You will be able to maximize your return if you have both options.
Is it not possible to not travel for now? You can maximize your points on other redemptions.
You can more than offset the annual fee with the card's annual up-to-$100 airline statement credit. You can use the credit to pay for baggage fees, inflight entertainment, and seat upgrades, even though it can't be used to buy airfare. You can get up to $200 in credits during your first year as a cardmember if you take advantage of the benefit.
The credit on the card can be used to cover the application fee for Global Entry. If you already enroll in an expedited security program or have a similar credit available on another card, this might not be that important.
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It doesn't have to be your own benefit for it to work for Global Entry or the PreCheck application. If you use your card to pay the fee for a friend or family member, it will be paid back the same way.
There are top credit cards for Global Entry.
You can get a sign-up bonus of 50,000 points if you spend $3,000 in the first 90 days. After you meet the spending requirement, you will have at least 54,500 points, which is worth $545 in statement credits. Since you earn 2 points per dollar on travel and dining purchases, you will end up with more.
The current top travel rewards credit cards offer more lucrative bonuses, but this is a strong offer for a cash back product. The Capital One Venture rewards credit card has less flexibility than other competitors. The PremiumRewards card has some of the more compelling perks that are missing from those cards.
The premium rewards card has a standard earning rate of 1.5 points per dollar for most purchases and 2 points per dollar for travel and dining. You can come out ahead if you use a card that earns 2% cash back or one that earns more valuable rewards.
You can increase your return through Bank of America's preferred rewards program. To participate, you must have an eligible Bank of America checking account and an average daily balance of at least $20,000. Customers with a balance of $100,000 or more can get the biggest bonus. You will earn 3.5 points per dollar on dining and travel and 2.6 points per dollar on non-bonus spending at that level.
It's a no-brainer to get this card if you already have high value accounts with Bank of America. Establishing a new banking relationship like The Points Guy did a few years ago may be a good idea.
Don't ignore Bank of America preferred rewards.
Bank of America has been overshadowed by other credit card companies. The three issuers have a track record of giving large sign up bonuses and high end benefits, but they also limit how many accounts you can have and how often you can open new ones. If you want todiversify your portfolio, the Premium rewards card is a good option.
The number of accounts you have opened across all card issuers will count against you when you apply for a Chase card. If you have reached the limit, you should wait to apply at Bank of America.
Lounge access or elite status aren't included in the Bank of America Premium Rewards credit card. Cash-back rewards are flexible and easy to redeem, and the chance to earn a solid return on everyday spending is offered. The sign-up bonus provides a lot of extra value up front and the card effectively pays for itself through the yearly airline credit.
If you want to earn points outside of airline and hotel loyalty programs, this card is a good starting point.
Check out the other posts for more information.
The additional reporting was done by Ryan Wilcox.
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