BofA Premium Rewards Credit Card: All-Time-High 60,000-Point Bonus, $100 Annual Airline Credit, $95 Annual Fee

The welcome bonus on this card has finally increased. It is now an all-time-high 60,000-point bonus, worth $600. The card has a $95 annual fee, but it also offers a $100 airline incidental credit, which is relatively easy to use. So it can be a good long-term keeper as a “sock drawer” card with effectively negative annual fee.

• BofA Premium credit card application link

Bank of America Premium Rewards credit card

Highlights

• $100 airline incidental credit: Each calendar year, airline incidental charges made on this card can be reimbursed up to $100. According to the official terms, only seat fees, baggage fees, upgrade fees, and in-flight purchases are eligible for reimbursement, and airfare is not eligible. However, in practice, other purchases that have been reimbursed include award ticket close-in booking fees, taxes and fees, airline change fees, and AA gift cards.

• TSA Pre/Global Entry credit: These two benefits are very useful for people who fly often and can greatly reduce security wait times. However, they are available only to U.S. citizens. The application fee is $85/$100. If you pay with this card, you can get reimbursed once every four years.
• Preferred Rewards bonus: If you are a BofA Preferred Rewards member, you can earn an additional bonus on the rewards you receive. That means the 2x earning on dining and travel can become as high as 3.5x, and the 1.5x on all other purchases can become 2.65x.
  • Regular BofA Checking/Saving users can get an extra 10% rewards bonus
  • BofA Gold (Checking+investment account >$20,000) can get an extra 25% rewards bonus
  • BofA Platinum (Checking+investment account >$50,000) can get an extra 50% rewards bonus
  • BofA Platinum Honors (Checking+investment account >$100,000) can get an extra 75% rewards bonus
  • For more details, see: The most comprehensive guide to BofA Preferred Rewards benefits

BofA card benefits

• Free museums: On the first weekend of each month, BofA cardholders get free admission to major museums nationwide. You can also add authorized users for family members so they can get free admission with their own cards. For the list of free museums by state, please click here
• BofA Deal: Offers 5%-15% cash back or fixed-amount cash back at various merchants. Good deals that have appeared before include: Sears 15% cash back (capped at $25), Nordstrom Rack 15% cash back (capped at $37.5), plus an extra $5 for using any BofA Deal. For details, see “Guide to Using BofA Deals”
• Free credit score: BofA credit cards now provide a free TransUnion credit score. See also: Comparison of free credit scores

$100 airline incidental credit DP (from DOC)

American Airlines:

• Baggage check:1,2,
• Award close in fee:1($75) ,2,3,
• Award taxes & fees:1($11.20) ,2,3(didn’t work, was for $132) ,4,
• eGift card:1($50) ,2($100) ,3($50 & $50) ,4($100) ,5($100) ,6($100) ,7($100) ,8($100) ,9($100) ,10,11($100) ,12($100) ,13($100) ,14($50) ,15($100) ,16($55) 17($100) ,18($88.xx) ,19,20($100) ,21($100) ,22($100) ,23($50) ,24($100) ,25($100) ,26($100) ,27($100) ,28($100) ,29($100) ,30($100) ,31($100) ,32($100) ,33($100) ,34($100) ,35($100) ,36($100) ,37,38,39,40,41,42,43,44,45,46,
• Change fee:1
• International Preferred Seat:1
• Miles transfer:1

Alaska:

• Award taxes:1
• Fare change cost:1
• In-flight food/beverages:1,

Delta:

• Award taxes:1
• Comfort+:1,
• Change fees:1
• Checked baggage:1
• In-flight food:1,
• First class upgrade:1

Frontier:

• Exit row seat fee:1
• First checked bag:1
• Regular fare:1,
• Seat fee:1

JetBlue:

• $5.60 taxes:1
• Bags:1

Southwest:

• EarlyBird Check-In:1,2,3,
• Fare:1(under $60) ,2 ($49)
• $5.60 taxes:1,2,3,4,5,6,
• In-flight internet:1,

United:

• Award booking taxes:1,2,
• Baggage:1
• Flight change fee:1
• Additional checked baggage on international flights:1
• Seat upgrade:1,2 (didn’t work initially, but worked after manual intervention)

My Take

From the perspective of the annual fee, if you can fully use this card’s annual $100 airline incidental credit, it effectively offsets the annual fee, making the card cost nothing to keep. That said, the benefits are not especially outstanding, since there are already plenty of cards that earn 2x points. If you qualify for BofA’s top-tier Preferred Rewards status, Platinum Honors (checking + investment accounts > $100,000), then earning 3.5x on travel and 2.625x on everyday spending is actually quite solid, and this can work well as a one-card setup. Redeeming points is also simple and hassle-free, since you can just deposit them directly into a BofA account.

Application

• This card is slightly harder to get approved for than a no-annual-fee card, so it’s best to apply after you have at least one year of credit history.

• BOA application status check link, or call: (800) 732-9194
• 2/3/4 rule: at most 2 cards approved within 2 months, 3 within 12 months, and 4 within 24 months. However, BofA’s system is not very reliable, and sometimes a card may be approved at first but later shut down.
• The welcome bonus on the same card can only be received once every 24 months, and you need to make sure the card is closed before applying again>
• You need to be a Resident to apply for a BOA credit card online: when applying for a BofA credit card online, if you select Non resident alien, you will not be able to continue and must apply by phone. However, BofA’s definition of Resident alien is different from the IRS definition of Resident alien for tax purpose. No matter what immigration status you used to enter the US, if you have lived in the US for 183 days within the past two years, then select Resident Alien. If you just arrived in the US and cannot meet this requirement, follow the prompt on the online application page and call 1.800.932.2775 to apply.
• You can call the reconsideration line (888-593-6092) to speed up credit card approval or request a review of a denied application.
• More about applying for BofA credit cards

Application Link