View source for Bank of america travel and premium rewards cards

{{DISPLAYTITLE: Bank of America Unlimited Cash, Premium, and Travel Cards}}
{{Page|card|BOA cards}}

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{{CardInfobox
|Bank=Bank of America
|Webpage=//www.bankofamerica.com/credit-cards/products/premium-rewards-credit-card/
|ApplyLink=//www.bankofamerica.com/credit-cards/products/premium-rewards-credit-card/
|BusinessVersion=Both
|Fee=95
|Waived=
|FTF=0
|Credit=
|CreditValue=
|CurrentOffer=Travel version of card has a 25,000 point bonus, instead of the normal 20,000 points. 

Business Travel version has a 30,000 point bonus ($3,000 spend), instead of the normal 25,000 points ($1,000 spend). 
|CurrentSpend=
|CurrentSpendCustom=
|OfferLink=
|NormalOffer=50000
|NormalSpend=3000
|NormalCustom=
|NormalValue = 460
|NormalPer = .15
|PointType=points
|SignupBonusChart=//www.uscreditcardguide.com/boa-premium-rewards-credit-card/#Historical_Offers_Chart
|BonusCategories=2-3.5% Travel (Premium card)

2-3.5% Restaurants (Premium card)

1.5-2.65% Everything Else
|CreditScore=
}}

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'''For anyone who can move $100,000 in investment or retirement assets to Merrill Lynch, each of these cards earn 2.625% cash back on all purchases and may be the best option for your general-purpose reward card'''.

'''If you can't qualify for the higher reward rates, you probably want to use a different card for your everyday spending. But it is still worthwhile to get the Premium Rewards version for its valuable signup bonus and first-year travel credits'''. 

{{TOC|All}}
*[[#Bank of America Travel Reward Card Options|Bank of America Travel Card Options]]
*[[#Bank of America Preferred Rewards Program|Bank of America Preferred Rewards Program]]
*[[#Collecting the Signup Bonus|Signup Bonus]]
*[[#Airline Incidental Credit (Premium Rewards Card)|Premium Rewards Card Airline Incidental Credit]]
*[[#Using the Card for your Everyday Spending|Using for your Everyday Spending]]
*[[#Other Notable Benefits|Other Notable Benefits]]
*[[#Getting Rid of the Card|Getting Rid of the Card]]
{{/TOC}}


=== Bank of America Options === 

There are four Bank of America credit cards that earn 1.5 to 2.625% back on everyday purchases, plus a student version of the Travel Reward card. 

{{List|Card}}
{{CardItem|BOAUnlimited|noguide}}
'''Unlimited Cash Rewards'''. The simplest version of the card has no annual fee and earns points that can be directly redeemed for statement credit. It typically has a 20,000 point signup offer. However, if this is the card you want, sign up for the Premium Rewards card instead, collect its much larger signup bonus, and then downgrade to the Unlimited Cash Card at the end of the first year. [//www.bankofamerica.com/credit-cards/products/unlimited-cash-back-credit-card/?campaign=4051617~W6~en_US Bank of America Webpage]. 

{{CardItem|BOAPremium|noguide}}
'''Premium Rewards'''. While it has a $95 annual fee, the Premium Card has a much higher signup bonus, a higher reward rate on travel and restaurant spending, a $100 annual airline incidental credit, better purchase protections, and no foreign transaction fee. If you can take full advantage of the airline incidental credit, you get the other extra benefits for free. But if you don't want to bother with the credit and already have a card that offers good travel and restaurants rewards, you are better off starting with this card (for its better signup bonus) and then downgrade to the Unlimited Cash or Travel Rewards Card at the end of the first year. [//www.bankofamerica.com/credit-cards/products/premium-rewards-credit-card/ Bank of America Webpage]. [//www.uscreditcardguide.com/boa-premium-rewards-credit-card/#Historical_Offers_Chart Signup Bonus Chart].

{{CardItem|BOATravel|noguide}}
'''Travel Rewards'''. The Travel Rewards version is very similar to the Unlimited Cash version. The main advantage of the Travel Rewards Card over the Unlimited Cash Card is that the Travel Rewards card has no foreign transaction fees. But the downside is that you can only use points to offset travel purchases, rather than for true cashback. However, if you have one of the other Bank of America cards, you can transfer the points from the Travel Rewards card to that card to cash them out. [//www.bankofamerica.com/credit-cards/products/bankamericard-travel-rewards-credit-card/ Bank of America Webpage].  [//www.uscreditcardguide.com/boa-travel-rewards-credit-card/#Historical_Offers_Chart Signup Bonus Chart].

{{CardItem|BOATravelBiz|noguide}}
'''Business Advantage Travel Rewards'''. On the surface, this card looks better than the personal version, as it normally has a higher signup bonus and offers the added benefit of 3x points on travel purchases made through Bank of America. However, Bank of America's business cards are not eligible for the Preferred Rewards point bonus (based on your personal accounts), which is the primary reason most people would be interested in any version of this card. [//www.bankofamerica.com/smallbusiness/credit-cards/products/travel-rewards-business-credit-card/?campaign=2125845~B8~en_US Bank of America Webpage]. [//www.uscreditcardguide.com/boa-travel-rewards-business-credit-card/#Historical_Offers_Chart Signup Bonus Chart].

{{/List|Card}}

=== Bank of America Preferred Rewards Program ===

{{BOA Preferred Rewards}}

Unfortunately, Bank of America doesn't count personal assets towards qualifying for Preferred Rewards status for business credit cards (or vice versa). If you want higher rewards from this card (and the business Cash Rewards Card), the assets will need to be associated with your business. But depending on the type of business you have, you may be able to transfer personal assets to a business-titled account in order to qualify for status for your Bank of America business credit cards and accounts.

{{Box|Using Your Points}}
Points from the Travel Rewards card can be used to offset grocery, dining, and travel purchases. Points from the Unlimited Cash and Premium Rewards Card can be directly credited to your statement without needing to offset specific transactions. If you multiple cards, you can transfer points from the Travel Rewards Card to the Premium Rewards Card for the easier redemption option. 
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=== Collecting the Signup Bonus ===

<ul class="bulletlist">
<li>'''It is worth signing up for Premium Rewards version, just to collect the signup bonus'''. {{Signup Amount|$500}} {{Signup Credit|$100 airline incidental credit|calendar|50}}</li>

{{Signup Value|460|3000|95}} {{Signup Variable|airline incidental credit}}  

<li>'''The signup bonus on the Unlimited Cash and Travel Rewards Cards are a lot less interesting'''. The normal 20,000 point bonus is worth $200. Because you can only sign up for a total of four Bank of America credit cards every two years, you are usually better off focusing on cards that have more valuable signup offers. However, if you are interested in using this card as your general-purpose reward card, the signup bonus provides a nice additional bonus, especially considering the card has no annual fee.</li>

If there are other attractive Bank of America signup bonuses, you are better off applying for the Premium Rewards version. Even if you prefer the Unlimited Cash or Travel Rewards version, you can collect the higher bonus from the Premium version and then convert it to the no-annual-fee card at the end of the first year, while preserving your other BOA slots for other cards. If you aren't interested in many other BOA bonuses, you should sign up for multiple of these cards and then cancel whichever one you don't want to hold onto. 

<li>'''You may be able to earn the signup bonus on both the personal and business Travel Rewards Card'''. If you have any kind of business, you can get either or both of the personal or business cards. {{Link|Business Cards}}.</li>

<li>'''There are restrictions to earning the signup bonuses multiple times'''. You aren't eligible for the Premium Rewards card if you've had the card in the last 24 months, and you aren't eligible for the Unlimited Cash or Travel Rewards Card if you already have the card, unless you've had it for at least 24 months. In other words, for the Premium Rewards card, you'll need to wait to reapply until 24 months after you cancel the card. For the Unlimited Cash and Travel Rewards Cards you have two options. You can cancel and reapply for a new bonus or you can hold onto the card and get a new card every two years.</li> 

The Business Travel Rewards Card isn't subject to any of the normal Bank of America restrictions. 
</ul>

=== Airline Incidental Credit (Premium Rewards Card) ===

<ul class="bulletlist">
<li>'''The Premium Rewards card includes an annual $100 airline incidental credit'''. Unlike the incidental credits from the American Express cards, it is not limited to a single airline that you select at the beginning of the year. You can use it for across different airlines.</li>

<li>'''Credits only apply to incidental expenses''' like baggage fees, food and beverage purchases, and airport lounge access fees, not on actual ticket purchases. The credit for this card explicitly includes ticket change and cancellation fees and preferred seating upgrades, which are often excluded from similar credits on other cards. However, it only includes flights that start in the United States, and that are operated by the major US airlines (Alaska, American, Delta, Frontier, Hawaiian, JetBlue, Southwest, US Airways, and United, but not Spirit).</li> 

<li>'''The credit is automatically applied to any applicable charges'''. You simply use the card to pay the fee and it will be automatically offset on your credit card statement. If necessary, the credit will be spread across multiple charges.</li> 

<li>'''Because the credit is issued on a calendar-year basis, you can qualify for two credits the first year you have the card'''. For example, if you sign up for the card in August, you can get up to $100 credit for purchases made between August and December and you can take advantage of another $100 credit between the following January and August.</li> 

<li>'''You are not supposed to receive the credit when you purchase a gift card from an airline. However, in practice, you are reimbursed with some airlines'''. If you don't have an opportunity to use the credit naturally, you can typically purchase $100 in gift cards, get reimbursed for your purchase, and then use the gift cards to eventually purchase actual airplane tickets. This works on some airlines and not others and you need to keep each purchase under an airline-specific maximum, so you'll need to search online or experiment. {{Link|incidental credits}}.</li>

<li>'''If you can get full value from the credit, it offsets the Premium Card's annual fee'''. You get the travel bonus category reward rates and the ability to directly cash out your points at no additional effective cost over the Travel version of the card.</li> 
</ul>

=== Using the Card for your Everyday Spending ===

<ul class="bulletlist">
<li>'''If you can move $100,000 in investment or retirement assets to Merrill Lynch, Bank of America Unlimited Cash, Premium, and Travel Rewards Cards offer the highest ongoing cashback rate of any widely-available card'''. With the 75% bonus from Platinum Honors Status, the base reward rate is boosted to 2.625%.</li>

<li>'''Otherwise, there are better cashback options'''. At the $50,000 level, the reward rate is only boosted to 2.25%, and at the $20,000 level, the reward rate is only boosted to 1.8%. You can earn more from other cards. {{Link|general purpose}}</li> 

<li>'''If you are willing to use your points for award travel, you can earn more valuable rewards from other cards'''. For example, Using 1.5x Ultimate Rewards points for Hyatt award nights is generally more valuable than 2.5% cashback, as is using 1.5-2x Membership Rewards points for frequent flyer tickets. {{Link|general purpose}}.</li>

<li>'''The Discover Card earns 3% back in the first year'''. It is often possible to cycle through Discover Cards every year to sustain this 3% rate.</li> 

<li>'''The Bank of America Premium Card comes with return protection, extended warranty coverage, and protection for lost and stolen items, but don't include price protection''' (which rebates the difference if something you buy is available cheaper elsewhere during the first 60-90 days). The Unlimited Cash and Travel Rewards CArds don't come with this features. This can be one of the reasons to pay the annual fee for the Premium Card (which can be potentially offset with the Airline Incidental Credit.  {{Link|purchase protections}}.</li>

<li>'''If you want to use one of these cards as your general-purpose reward card, you need to decide whether you also want to use it for your travel and restaurant purchases'''. This Premium Rewards version gives you a 2% base rate on travel and restaurant purchases, which turns into 3.5% with the Platinum-level bonus. That's not bad, but you there are several other cards that provide higher rewards.  {{Link|Travel Spending}}. {{Link|Restaurant Spending}}.</li>
</ul>

=== Other Notable Benefits ===

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{{Benefit Signature}}

{{Benefit BOA}}

<li>'''$100 TSA Credit''' (Premium version). You get up to a $100 rebate of your your application fees for Global Entry or TSA Precheck. You can take advantage of the credit once every four years and even spread it across multiple charges.</li>

<li>'''Extensive travel protections''' (Premium version). Like the true premium credit cards, you'll get a full set of travel protections, whenever you use the card to purchase travel—including trip cancellation, trip delay, baggage delay, and lost baggage coverage.</li>
</ul>

=== Getting Rid of the Card ===

<ul class="bulletlist">
<li>{{Cancel Cashout}}</li>

<li>'''Try to use your airline incidental credit before you cancel your Premium Rewards Card'''. Since the credit is based on the calendar year, you normally have plenty of time to use it before you need to cancel your card.</li> 

<li>'''If you cancel your card, you may not be able to easily get it back'''. Bank of America limits your ability to get more than 4 cards every 24 months and 3 cards every 12 months. And you can't get one of their cards if you've gotten more than 3 personal credit cards from any bank in the last 12 months (7 cards for BOA banking customers). If you are signing up for bunch of new credit cards, you won't be able to get new Bank of America cards. Furthermore, you explicitly can't sign up for the Premium Rewards Card if you've had it during the past 24 months.</li> 

If you aren't taking advantage of the enhanced rewards on travel purchases (because you have an even better option) or the annual airline incidental credit, you can convert your Premium Rewards card to the no-annual-fee Travel Rewards version and retain the same rewards rate on everyday purchase. </li> 

<li>'''Rather than cancelling your card, you may want to change it to the Cash Rewards Card'''. The Cash Rewards Card earns a base rate of 3% on your choice of categories, including online shopping. With Platinum Honors status, the reward rate is boosted to 5.25%. Since bonus rewards are capped for each quarter, it can be helpful to have multiple copies of the card. But the only way to currently get multiple copies is to convert from other Bank of America cards.</li>

<li>'''If you want to cancel your Premium Rewards Card, it is best to do so before you are charged your annual fee'''. Bank of America may refund the fee if you cancel shortly afterwards, but they may not.</li>

<li>{{Cancel Retention}}</li>
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