bank of america preferred rewards credit card review

But now, Bank … The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our. $428, Other Notable Features: No foreign transaction fees, up to $100 credit for airline incidentals, up to $100 Global Entry/TSA Precheck credit, 25%-75% points bonus for preferred customers, trip delay insurance, baggage delay insurance, lost luggage reimbursement, Visa Signature concierge, purchase protection, return protection, extended warranty, car rental insurance, roadside dispatch. However, it doesn’t offer a $100 airline incidental credit. If you have questions about a card or need help from customer service, you shouldn’t have any trouble reaching a Bank of America representative. Note, people with higher scores can be … The Bank of America® Travel Rewards credit card is a very good option for people with excellent credit who want to reduce the cost of travel without paying an annual fee. You’ll only receive double points on travel and dining purchases. The Bank of America Cash Rewards credit card* comes with some serious — and customizable — perks: a tiered cash back system, introductory 0% … Bank of America Premium Rewards credit card redemption options, See related: How to use your rewards to book a trip through the Bank of America Travel Center. But approval relies on more than just credit scores. Enjoy an APY rate boost of up to 20% on qualifying savings accounts. But it’s only a truly great choice for fairly low-spending Bank of America banking customers with a lot of cash saved. Like the Bank of America Premium Rewards credit card, the Chase Sapphire Preferred card sets itself apart by offering some of the most generous travel insurance protections you can get on a card that costs less than $100 a year to own. To start off, you need: After spending just $1,000 on purchases in the first 90 days, you’ll earn 25,000 bonus points, worth $250. Image Credit: Bank of America. Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening. 15.99% - 22.99% Variable APR on purchases and balance transfers. See the online credit card applications for details about the terms and conditions of an offer. Who Is Eligible For The $600 Stimulus Check? If you’re looking for a new travel card, the Bank of America Premium Rewards Card might be for you. Second Stimulus Check Calculator: How Much Will You Receive? The Forbes Advisor editorial team is independent and objective. If you’re within 670–739 for FICO or 700–749 for VantageScore, you’re considered to have good credit. The Bank of America® Premium Rewards® credit card is a great option if you're looking for a simple but solid rewards credit card. Pick the Bank of America® Cash Rewards Credit Card if you spend modestly on gas and groceries. This earning bonus is what makes this an exciting credit card option for the most loyal Bank of America members. The following chart shows the qualification requirement of minimum balance and rewards for Gold, Platinum, … This essentially turns your 3% cashback rate into 3.75%, 4.5% and 5.25%. However, the purchases that qualify for the credit are fairly limited. You’re a Bank of America customer with at least $20,000 tucked away in a Bank of America deposit account. Power ranked Bank of America third for customer satisfaction in its 2020 Credit Card Satisfaction Study. What really sets this card apart, though, is its loyalty bonus: If you have a healthy amount of savings set aside in a Bank of America deposit account, you’ll be rewarded with an additional 25 percent to 75 percent redemption bonus on all your earnings – making the Bank of America Premium Rewards credit card exceptionally lucrative. I have a 815,820,805 Credit Scores. However, the threshold to become a Preferred Rewards member is also high. Applicants do need excellent credit for approval, however, which means a credit score of … By offering two miles on every dollar you spend, the Venture card makes it easy to rack up lot of miles quickly. Good to excellent credit (generally a 670-plus FICO® Score) is suggested for the Bank of America® Cash Rewards credit card. Charge at least $1,000 a month for the card’s first 90 days in order to earn a sign-up bonus. On the plus side, it doesn’t have an annual fee, so it can effectively net you more cash back than its counterpart. And its Preferred Rewards Program for BofA banking customers can increase the rewards by as much as 75%. Reasonable efforts are made You’ll also have a fair number of earning opportunities. I understand that this is not an application for credit and that, if I wish to apply for a credit card with any participating credit card issuer, I will need to click through to complete and submit an application directly with that issuer. This is also unusually generous for a midtier travel card. You’re looking for strong travel insurance benefits, as well as reliable points on everyday purchases. When Will I Get It? We estimate that you’ll earn roughly 1.61 points for every dollar that you charge to the Bank of America Premium Rewards credit card (based on data from the Bureau of Labor Statistics) . You’ll also get 2 points per dollar spent at amusement parks and other tourist attractions, such as art galleries, aquariums, zoos, circuses, carnivals and more. You’ll earn 2 points for every dollar you spend on travel and dining – which is equivalent to what some competitors, such as the Chase Sapphire Preferred® Card* offer. One of the impressive features is the ability to earn 2 points for every dollar you spend trekking the globe and eating out. The Bank of America Cash Rewards card’s unique rewards earning scheme is appealing for cardholders seeking flexibility, but the purchase cap on bonus categories limits its potential value. The best Bank of America credit card is the Bank of America® Cash Rewards credit card because it has a $0 annual fee and rewards users with 1 - 3% cash back on purchases. Privacy Policy, Essential news and expert tips in your inbox every week. The Bank of America Cash Rewards Card is designed for people with good credit. Unlike some travel rewards cards, you don’t necessarily have to spend a lot of money on travel to earn a fair number of points either. All reviews are prepared by CreditCards.com staff. Annual Fee . The points are unlimited and face no expiration date, as long as your account is in good standing. But, the program’s perks mean that if you already do business with Bank of America or Merrill, you should consider consolidating your banking and investing to boost your rewards and benefits. Excellent/Good. The total equals $2,100, which is 3,900 points ($39.00 cash back). If you’re using the Bank of America Preferred Rewards Program and earning 2.62% back on all purchases, that’s pretty amazing. Pair the Bank of America Travel Rewards credit card With Bank of America Preferred Rewards. All other purchases earn just one point per dollar spent. With such a generous travel credit, the Bank of America Premium Rewards credit card doesn’t require much of a commitment – as long as you spend enough on incidental purchases, such as baggage fees, to use your travel credit. Redeeming Rewards . Its strong rewards rate, especially on general purchases, make it a good everyday credit card. Learn more and apply online. By clicking "See my odds" you agree to our Terms of Use (including our Prequalification Terms) and Privacy Policy. Bank of America’s most popular points rewards credit cards focus on travel. You have to go through Bank of America’s Travel Center to pay for your travel with rewards points. However, preferred cardholders can boost this earning rate significantly. 4 Cards with other banks with a combined revolving limit of 120K with 1% utilization rate. See related:Is the Citi Prestige card the best dining rewards card available? -1 Prior Inquiry -No relationship with Bank of America Save your time and avoid the Hard Pull - This was a real bank back when it was fleet. As a Bank of America Preferred Rewards member, you can earn an additional 25%, 50% or 75% more cash back on your purchases. This is unheard of for a secured credit card. See related: Make the most of your card’s travel credits. As an example, let’s assume that within three months you put $1,500 of travel on your premium rewards credit card along with $600 of other purchases. The Pros: The program is entirely free and it’s easy to enroll and start earning. If you are enrolled in the preferred rewards program, your points can increase by 25% to 75%; that’s up to 3.5 points for every dollar spent on travel and dining and up to 2.62 points per dollar for all other purchases. If you travel frequently or infrequently this card gets even better with the bonus statement credits on airline purchases and TSA precheck. However, it doesn’t offer a travel credit, nor does it advertise nearly as many travel insurance benefits. To simplify calculations further, that’s 2.5 points per $1 spent on travel and dining and 1.875 points for other purchases. Wells Fargo Propel American Express® card, How to use your rewards to book a trip through the Bank of America Travel Center, Make the most of your card’s travel credits, TSA Precheck, Global Entry credits now offered on lower-annual-fee cards, Bank of America® Cash Rewards credit card, Cash (statement credit or deposit into a checking or eligible savings account), 2 points per dollar on travel and dining purchases, Redeem points for any purchase for a value of 1 cent per point, Other redemption options include merchandise, gift cards and cash back, Google Play Store mobile app rating: 4.8/5, 3 points per dollar on dining, travel and transit, gas station purchases and select streaming services, 25% redemption bonus if you redeem your points for travel using the Chase Ultimate Rewards portal, Transfer your points on a 1:1 basis to a variety of airlines, including United, Southwest and JetBlue, Strong travel insurance benefits, including primary car rental coverage, Strong suite of insurance benefits for a no annual fee card, including cellphone insurance, Application fee credit for Global Entry or TSA Pre-Check, Transfer miles to select airline transfer partners, including JetBlue. Qualified expenses under dining range from fast food restaurants to bars. This card has a low $95 annual fee and no foreign transaction fees. Travel and dining definitions encompass just about everything you could imagine. You’ll find a handy calculator on the BofA site that helps you estimate the rewards you’ll earn based on your spending habits. However, its travel protections and flexible reward redemptions are competitive advantages against cards such as Chase Sapphire Preferred® Card and Capital One Venture Rewards Credit Card*. Monthly maintenance fees are waived on up to 4 eligible checking and 4 savings accounts from Bank of America. Bank of America® Travel Rewards credit card has one of the easiest sign-up bonuses to qualify in the entire credit card universe. BANK OF AMERICA® PREMIUM REWARDS® BENEFITS. If your credit card receives the 10% customer bonus, the Preferred Rewards bonus will replace the 10% customer bonus. Check out these popular alternatives: Forbes adheres to strict editorial integrity standards. These are provided as guidelines only and approval is not guaranteed. Many Americans Have Already Received Their $600 Stimulus Payments—Have You? You might be using an unsupported or outdated browser. Bank of America Preferred Rewards members can earn up to 75% more points, so you effectively earn 2.625 points per $1 spent. *All information about the Chase Sapphire Preferred Card has been collected independently by CreditCards.com and has not been reviewed by the issuer. When you take into account the Bank of America card’s airline credit, which essentially cancels out the annual fee, some of its fiercest competitors are the Wells Fargo Propel American Express® card, which offers an estimated 1.78 points for every dollar you spend, and the Citi Double Cash card, which offers up to 2 percent cash back – 1 percent when you make a purchase and 1 percent as you pay for your purchases. You’re a frequent or occasional air traveler who’s looking for a single, straightforward rewards card you can use for all or most of your purchases. What Exactly Can Be Taken From You In A Lawsuit? For example, qualifying travel purchases not only include airfare, hotel rooms, car rentals, cruises, ferries, public transportation, parking fees, tolls and taxis. You may also request a check or have your cash rewards deposited into a qualifying Merrill 529 or Cash Management account. If you have a large amount of cash reserves, consider moving those savings to Bank of America to earn more card rewards. (You can reapply, with reimbursement, every four years.) If you have a Bank of America credit card and qualify for Preferred Rewards, you are eligible to receive extra rewards. Your credit cards journey is officially underway. Platinum 3. Flights, trailer rentals, limousines and art gallery admissions are a few examples of the travel purchases that qualify for 2 points per dollar. This card does not offer a lot of complementary features (e.g. You can access your points once you’ve earned a minimum of 2,500 points, or $25. But if you’ve already purchased travel and want to be reimbursed for it, you can request a statement credit or have Bank of America deposit cash directly in your account. Bank of America Preferred Rewards members can earn up to 75% more points, so you effectively earn 2.625 points per $1 spent. 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases. Check or have your cash Rewards credit cards focus on travel are the benefits... Are provided as guidelines only and approval is not guaranteed a frequent flyer looking to boost your with. Program apart from other Premium and travel Rewards credit card Satisfaction Study, equals. 85,000 points or over $ 850 in cash back long time many of its similarly priced Rewards card?! 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