60,000 points
Existing Bank of America or Merrill Lynch customers who can unlock Preferred Rewards bonuses.
The Bank of America Premium Rewards Card punches well above its $95 annual fee for people who already bank with BofA or hold Merrill Edge assets. The 60,000-point welcome bonus is worth $600 outright — enough to cover the first six years of annual fees — and the card's built-in $100 airline incidental credit and $100 Global Entry or TSA PreCheck credit every four years can effectively reduce the net cost of the card to nearly zero in any given year.
The real power comes from the BofA Rewards program. At base level, you earn 2x on travel and dining and 1.5x everywhere else. But if you hold $30,000 or more at Bank of America or Merrill Edge — a very achievable threshold for index fund investors — your earning rate jumps meaningfully. At the Preferred Honors tier (formerly Platinum Honors), you earn an effective 3x on travel and dining and 2.25x on everything else. That is Sapphire Reserve-level earning on a $95 card, without the $550 annual fee.
You should get this card if you have significant BofA or Merrill assets (especially in investment accounts), if you want travel perks without a four-figure annual fee, or if you value flexible redemptions that work against any travel purchase without portal restrictions.
Skip it if you are a points transfer enthusiast. The Premium Rewards has no airline or hotel transfer partners — points redeem only as statement credits against travel. If you want to book premium cabin awards through loyalty programs, the Chase Sapphire Preferred or Citi Strata Premier will serve you far better. Also skip it if your BofA balances are minimal; at base earning rates the card is solid but unspectacular.
The key pitfall right now is the BofA Rewards program change effective May 27, 2026. The former Platinum Honors tier (at $100,000+ in balances) is being renamed Preferred Honors and the multiplier is being cut from 75% to 50%. That is a real reduction for mid-tier high-balance holders who were earning 3.5x on travel. BofA is offering a 6-month transition period, but long-term you may see a lower effective rate starting late 2026. Also, the $100 airline incidental credit only covers incidentals — it does not pay for airfare directly.
Standard Bank of America application rules apply. No issuer-wide family restrictions like Citi's 48-month rule. BofA Rewards program replaces Preferred Rewards on May 27, 2026 — former Platinum Honors tier moves to Preferred Honors (50% boost, down from 75%); former Diamond Honors moves to Premier (75% boost). A 6-month transition period protects current tier benefits. $95 annual fee is not waived the first year.
Cashback Match — all cash back doubled at end of year 1
Annual Fee: $0
175,000 Membership Rewards points
Annual Fee: $895
150,000 bonus points (limited time)
Annual Fee: $795
Cashback Match end of first year
Annual Fee: $0
$150 cash back (15,000 points)
Annual Fee: $0
No welcome bonus
Annual Fee: $0 first year, then $99
Miles Match — all miles doubled at end of year 1
Annual Fee: $0
100,000 Membership Rewards points
Annual Fee: $325
80,000 bonus miles
Annual Fee: $0 intro first year, then $150
70,000 bonus miles
Annual Fee: $0 intro first year, then $150
75,000 American Airlines miles
Annual Fee: $0 intro first year, then $99
80,000 Hilton Honors points
Annual Fee: $0
130,000 Hilton Honors points
Annual Fee: $150
175,000 IHG One Rewards points
Annual Fee: $99
200,000 Membership Rewards points
Annual Fee: $375
Cashback Match at end of first year
Annual Fee: $0
300,000 Membership Rewards points
Annual Fee: $895