bank of america premium rewards travel insurance protection

Bank of America Premium Rewards card benefits guide

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Key takeaways

• The Bank of America® Premium Rewards® credit card offers a variety of travel benefits and protections, including trip delay reimbursement and emergency assistance services.
• The card also offers purchase protections and extended warranties that could give you peace of mind while shopping.
• Bank of America customers with a Preferred Rewards membership can maximize the card's potential and earn 25 percent to 75 percent more in rewards points.

Although the Bank of America® Premium Rewards® credit card isn’t as popular as other travel credit cards at this level, there are plenty of reasons to consider it. Not only does it offer 2X points on travel and dining purchases, but cardholders also earn a flat rate of 1.5X points on all non-bonus spending. Those who apply and are approved can also earn a generous welcome offer, 60,000 points after spending $4,000 in the first 90 days, and an array of Bank of America Premium Rewards card benefits — which can make the offer an even better deal.

If you’re curious about which perks you’ll get with the Bank of America Premium Rewards card and how everything works, read on to learn more.

Bank of America Premium Rewards credit card travel benefits

While the Bank of America Premium Rewards credit card doesn’t let you transfer your points to airline and hotel partners like some other travel credit cards do, you can redeem your rewards for cash back in the form of a statement credit , a deposit into an eligible Bank of America or Merrill account, gift cards or travel through the Bank of America Travel Center.

You also get a handful of helpful travel perks just for being a cardholder.

No foreign transaction fees

Up to $100 in statement credits for airline incidentals, up to $100 in statement credits for global entry or tsa precheck, bank of america premium rewards card travel protections.

The Bank of America Premium Rewards credit card also comes with a number of travel insurance benefits and protections, including the following:

Trip delay reimbursement

Trip cancellation and interruption insurance, baggage delay insurance, lost luggage reimbursement, travel and emergency assistance services, emergency evacuation and transportation coverage, secondary auto rental coverage, roadside dispatch, bank of america premium rewards card purchase protections.

The Bank of America Premium Rewards credit card offers quite a few purchase protections that will automatically apply to eligible purchases you charge to your card.

Purchase protection

Return protection, extended warranties, maximizing the bank of america premium rewards card.

Since the Bank of America Premium Rewards credit card bases the rewards you earn on your spending, maximizing its benefits involves using it for all of your purchases and bills. You should aim to use it for dining and travel purchases specifically, since you can earn an elevated rate of 2X points for each dollar spent. From there, using it for other purchases you need to make can help you rack up 1.5X points per dollar spent on a regular basis.

Also note that Bank of America Preferred Rewards members can earn 25 percent to 75 percent more rewards for using this card or other qualifying Bank of America rewards cards. Ultimately, this means eligible cardholders with the Bank of America Premium Rewards credit card could earn 2.5X to 3.5X points for every dollar spent on travel and dining purchases and 1.87X to 2.62X points for every dollar spent elsewhere.

This free program is for Bank of America customers who have an active, eligible Bank of America account and a three-month combined average daily balance of $20,000 or more in eligible Bank of America or Merrill accounts. Bank of America will automatically enroll you in the program once these requirements are met.

When it comes to using the Bank of America Premium Rewards card benefits shared in this guide, remember that you’ll need to pay with your credit card to qualify. If you pay with another credit card, you won’t be eligible for purchase protections or travel insurance benefits on those transactions.

The bottom line

The Bank of America Premium Rewards credit card isn’t as well known as some other travel cards, but there’s much more to it than meets the eye. In addition to its generous earning rate and welcome offer, cardholders will get quite a few perks along the way.

Even so, it never hurts to compare this card to the benefits offered by other top travel credit cards . With some basic research, you can find a travel credit card that checks off the boxes you care about the most.

Information about the Bank of America Premium Rewards credit card was updated on November 8, 2023.

Why I love the Bank of America Premium Rewards credit card

Is the Bank of America Premium Rewards card the travel card you should get?

Bank of America Premium Rewards credit card review

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Bank of America Premium Rewards Credit Card — Full Review [2024]

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Bank of America ® Premium Rewards ® credit card

60,000 points

20.24% - 27.24% Variable

Good to Excellent (670-850)

The Bank of America Premium Rewards card is a great travel rewards card for those looking for a simple approach to earning and redeeming rewards.

The Bank of America ® Premium Rewards ® credit card  is a great option for anyone looking for a travel rewards card with a simple approach to how you earn and redeem your rewards.

From travel and purchase protections to airline incidental and Global Entry credits, there is plenty to love about the Bank of America Premium Rewards card.

Plus, those that hold status in the Bank of America Preferred Rewards program can get even more value from the card by boosting their rewards by 25% to 75%!

Card Snapshot

Welcome bonus & info.

• Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
• Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases.
• If you’re a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87-2.62 points on all other purchases, for every $1 you spend.
• No limit to the points you can earn and your points don’t expire.
• Redeem for cash back as a statement credit, deposit into eligible Bank of America ® accounts, credit to eligible Merrill ® accounts, or gift cards or purchases at the Bank of America Travel Center.
• Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck ® /Global Entry Statement Credits of up to $100, every four years.
• No foreign transaction fees.
• Low $95 annual fee.
• This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Card Categories

Credit card reviews.

• Travel Rewards Credit Cards
• 2x points per $1 on travel and dining purchases
• 1.5x points per $1 on all other purchases
• Up to $100 annual airline incidental statement credit
• Global Entry/TSA PreCheck statement credit
• No foreign transaction fees
• Travel protections
• Purchase protections
• Boost your rewards rate with the Bank of America Preferred Rewards program
• $95 annual fee
• Points are worth a fixed 1 cent per point, so it isn’t possible to get outsized redemptions via airline and hotel transfer partners

Great Card If

• You want an all-around travel rewards card
• You want a card with a simple rewards and redemption structure
• You have status in the Bank of America Preferred Rewards program

Don’t Get If

• You want a card that earns transferable rewards
• You want a card that offers premium benefits

Bank of America Premium Rewards Card — Is It Worth It?

If you’re looking for an all-around travel rewards card that is easy to earn points with and offers a simple approach when it comes time to redeem your rewards, then the Bank of America Premium Rewards card might be a perfect option for you.

The card has a very reasonable fee of $95. With that, you receive benefits like a $100 annual airline incidental credit, Global Entry credit, trip delay insurance, rental car insurance, return protection, and much more.

Further, the card is practically a no-brainer for those with Bank of America Preferred Rewards status who are able to earn an additional 25% to 75% more rewards on all of their card spend.

Bank of America Premium Rewards Card Top Benefits

Bank of america preferred rewards point boost.

One of the best benefits of the Bank of America Premium Rewards card is the ability to boost your credit card rewards through the Bank of America Preferred Rewards program .

The Bank of America Preferred Rewards program is the bank’s loyalty program that offers increased perks, benefits, and credit card rewards for those who meet certain asset thresholds in eligible Bank of America accounts.

Here is a look at what you need to quality for, and the credit card rewards boost you receive, at each status level.

While it requires a substantial level of assets on deposit with Bank of America, the ability to earn an uncapped 3.5x points per $1 on travel and dining and 2.625x points per $1 spent on all other purchases is pretty stellar.

Travel Benefits

Up to $100 annual airline incidental credit.

Each year, you’ll receive up to $100 in airline incidental statement credits towards purchases with airlines like seat upgrades, baggage fees, inflight services, and airline lounge fees. This benefit alone can easily help you offset the card’s $95 annual fee.

Global Entry/TSA PreCheck Credit

Cardholders also receive a $100 Global Entry / TSA PreCheck credit every 5 years. For those unfamiliar, TSA PreCheck provides an expedited security experience at U.S. airports, while Global Entry helps you speed through customs when you return to the U.S. from abroad.

We recommend you opt to use your credit for Global Entry as it includes TSA PreCheck.

Travel and Purchase Protections

The card also offers a plethora of travel and purchase protections to help keep you covered.

• Trip Delay Insurance: Provides coverage for you and family members for reasonable expenses if a covered trip is delayed for more than 12 hours.
• Baggage Delay Insurance: Coverage towards essential items like clothing when your bags are delayed for more than 6 hours.
• Lost Luggage Insurance:  Covers you for the cost of items in your luggage if it is lost by the carrier or stolen.
• Trip Cancellation Insurance: Receive coverage for non-refundable passenger fares if your trip is canceled or cut short by sickness or other covered situations.
• Rental Car Insurance: Provides reimbursement for damage to your rental car due to collision or theft, but the coverage is secondary to your primary auto insurance.
• Purchase Protection: If an item purchased with the card is stolen or damaged within 90 days of purchase, you can receive coverage towards a repair or replacement.
• Extended Warranty Coverage: Extends the time period of the manufacturers’ warranty for eligible items purchased with your card.
• Return Protection: If you’ve purchased an item up to 90 days ago, and the retailer will not accept the return, you can receive coverage.

Best Ways To Earn and Redeem Your Premium Rewards Points

To earn as many points as possible, you’ll want to use your card for as many purchases as you can, especially since it earns 2x points per $1 on travel and dining purchases and 1.5x points per $1 on all other purchases.

That said, you can really take your rewards earning to the next level by gaining status in the Bank of America Preferred Rewards program, as doing so allows you to boost the number of points you earn on purchases by 25% to 75% depending on your status level.

The Bank of America rewards program is a fixed rewards program, allowing you to redeem all of your points through its own travel portal at a set rate of 1 cent per point. While there isn’t an opportunity to get outsized value here, the good news is that you can redeem points towards any travel purchase, including flights, hotels, rental cars, and more.

Alternative Cards to the Bank of America Premium Rewards Card

Chase sapphire preferred ® card.

A fantastic travel card with a huge welcome offer, good benefits, and perks for a moderate annual fee.

The Chase Sapphire Preferred ® card is one of the best travel rewards cards on the market. Its bonus categories include travel, dining, online grocery purchases, and streaming services, which gives you the opportunity to earn lots of bonus points on these purchases.

Additionally, it offers flexible point redemption options, no foreign transaction fees, and excellent travel insurance coverage including primary car rental insurance . With benefits like these, it’s easy to see why this card is an excellent choice for any traveler.

• 5x points on all travel booked via the Chase Travel portal
• 5x points on select Peloton purchases over $150 (through March 31, 2025)
• 5x points on Lyft purchases (through March 31, 2025)
• 3x points on dining purchases, online grocery purchases, and select streaming services
• 2x points on all other travel worldwide
• $50 annual credit on hotel stays booked through the Chase Travel portal
• 6 months of complimentary Instacart+ (activate by July 31, 2024), plus up to $15 in statement credits each quarter through July 2024
• Excellent travel and car rental insurance
• 10% annual bonus points
• No foreign transaction fees
• 1:1 point transfer to leading airline and hotel loyalty programs like United MileagePlus and World of Hyatt
• $95 annual fee
• No elite benefits like airport lounge access or hotel elite status
• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.
• Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more.
• Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Travel℠. For example, 60,000 points are worth $750 toward travel.
• Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
• Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2024.
• Member FDIC

Financial Snapshot

• APR: 21.49%-28.49% Variable
• Foreign Transaction Fees: None
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The Chase Sapphire Preferred card is another great starter travel rewards card option . With it, you’ll earn 5x Ultimate Rewards points per $1 on travel purchased through the Chase travel portal , 3x points per $1 on dining, online grocery purchases, and select streaming services, plus 1x point per $1 on all other purchases.

You’ll receive many of the same travel and purchase protections as the Bank of America Premium Rewards card, but you’ll also have access to Chase transfer partners , and your points are worth 1.25 cents per point when redeemed through the Chase travel portal.

See how these 2 cards compare here: Bank of America Premium Rewards card vs. Chase Sapphire Preferred card .

Capital One Venture Rewards Credit Card

Get 2x miles plus some of the most flexible redemptions offered by a travel credit card!

The Capital One Venture Rewards Credit Card   is one of the most popular rewards cards on the market. It’s perfect for anyone in search of a great welcome offer, high rewards rates, and flexible redemption options.

Frequent travelers with excellent credit may benefit from this credit card that offers a lot of bells and whistles. And it offers easy-to-understand rewards earning and redemption.

• 5x miles per $1 on hotels and rental cars booked through Capital One Travel
• 2x miles per $1 on all other purchases
• Global Entry or TSA PreCheck application fee credit
• No foreign transaction fees ( rates & fees )
• Access to Capital One transfer partners
• $95 annual fee ( rates & fees )
• Limited elite benefits
• Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel
• Earn unlimited 2X miles on every purchase, every day
• Earn 5X miles on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
• Miles won't expire for the life of the account and there's no limit to how many you can earn
• Receive up to a $100 credit for Global Entry or TSA PreCheck ®
• Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
• Enrich every hotel stay from the Lifestyle Collection with a suite of cardholder benefits, like a $50 experience credit, room upgrades, and more
• Transfer your miles to your choice of 15+ travel loyalty programs
• APR: 19.99% - 29.99% (Variable)

Capital One Miles

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With the Capital One Venture card , you’ll earn 5x Capital One miles per $1 on hotels and rental cars booked through Capital One Travel , and an unlimited 2x miles per $1 on all other purchases — making it one of the few travel rewards cards to offer such a high rewards rate for non-bonused purchases.

Plus the card offers 2 free visits to a Capital One Lounge or Plaza Premium Lounge each year, Hertz Five Star status , a Global Entry credit , and access to Capital One travel transfer partners .

The information regarding the Capital One Venture Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer. The information regarding the Bank of America ® Premium Rewards ® credit card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

Frequently Asked Questions

Is the bank of america premium rewards card worth it.

If you’re looking for a travel rewards card with a straightforward earning structure and easy point redemption process, that also offers solid card protections, then the Bank of America Premium Rewards card would be a great option for you.

What are the benefits of the Bank of America Premium Rewards card?

There are many benefits of the Bank of America Premium Rewards card. Namely, you’ll receive up to $100 annual airline incidental credit and Global Entry credit, along with travel and purchase coverage protections. Plus, those in the Bank of America Preferred Rewards program can boost their card rewards 25% to 75%.

Does the Bank of America Premium Rewards card have rental car insurance?

Yes, the Bank of America Premium Rewards card offers rental car insurance, but it is secondary to your primary auto insurance coverage.

What credit score do you need to be approved for the Bank of America Premium Rewards card?

There is no set credit score that will guarantee your approval for the Bank of America Premium Rewards card, as there are other factors taken into consideration like your years of credit history and the amount of credit that may already be extended to you. That said, if you have a credit score of 700 or higher, you should have reasonably high approval odds for the card.

Does the Bank of America Premium Rewards card have travel insurance?

Yes, the Bank of America Premium Rewards card has trip delay insurance, trip cancellation insurance, baggage delay insurance, lost luggage insurance, and rental car insurance.

Does the Bank of America Premium Rewards card have an annual fee?

Yes, the Bank of America Premium Rewards card has a $95 annual fee.

About Jarrod West

Boasting a portfolio of over 20 cards, Jarrod has been an expert in the points and miles space for over 6 years. He earns and redeems over 1 million points per year and his work has been featured in outlets like The New York Times.

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This bonus value is an estimated valuation calculated by UP after analyzing redemption options, transfer partners, award availability and how much UP would pay to buy these points.

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5 Things to Do When You Get the Bank of America Premium Rewards Credit Card

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You've applied for the Bank of America® Premium Rewards® credit card and were accepted. Once you receive it in the mail, what should you do next?

What to do after getting the Bank of America® Premium Rewards® credit card

1. plan your next vacation over dinner.

Cardholders receive 2 points per $1 on travel and dining and 1.5 points per dollar on other spending. Enjoy a leisurely dinner and plan an exciting vacation to make the most of these points. In addition to the bonus points, the Bank of America® Premium Rewards® credit card comes with travel benefits like trip delay and cancellation/interruption protection, lost luggage reimbursement, travel accident insurance, emergency evacuation and transportation coverage, as well as rental car collision coverage.

Low on vacation time for the year? Plan a staycation. Bank of America has a generous definition of travel spending. In addition to hotels, airlines and travel agencies, you'll earn 2 points per $1 for tourist attractions like art galleries, amusement parks, carnivals, circuses, aquariums, zoos and more. Even if a staycation isn’t in the cards for you, earn 2 points per $1 on your morning commute, as toll fees and parking are also coded as travel.

» Learn more: Bank of America® Premium Rewards® credit card review: Big bonuses for B of A’s best customers

2. Join the Bank of America Preferred Rewards® program

Arguably the best perk for cardholders is the bonus perk for Bank of America customers with larger balances.

If you have a $20,000 combined balance, you can sign up for Bank of America Preferred Rewards® . You’ll get a 25% boost on your rewards points, resulting in 2.5 points per $1 for travel and restaurants and 1.85 points per $1 on all other spending. For those with balances over $50,000, the reward point boost is 50%, for 3 points per $1 on travel and dining and 2.25 on everything else. Those with balances over $100,000 receive a whooping 75% rewards points boost, making their travel and restaurant spending worth 3.5 points per $1 and all other spending 2.625 points per $1.

To receive these perks, you need to be a member of the Bank of America Preferred Rewards® program. If you have an eligible Bank of America personal checking account and 3 months with an average combined balance of $20,000 or greater in qualifying Merrill and Bank of America accounts, you can enroll in Bank of America Preferred Rewards® online.

Once you qualify for a tier, you’ll maintain it for 12 months. If you meet the minimum qualifications for the next tier, Bank of America will automatically bump you up and you’ll see the bonus reflected in your next statement.

» Learn more: Bank of America Preferred Rewards®: More rewards with every swipe

3. Get a generous sign-up bonus

The Bank of America® Premium Rewards® credit card has an annual fee of $95 and has the following sign-up bonus: Receive 60,000 online bonus points - a $600 value - after you make at least $4,000 in purchases in the first 90 days of account opening. You can redeem this sizable bonus a number of different ways.

Once you have at least 2,500 points, you can receive cash back to your statement or into your Bank of America account, deposit your credit to eligible Merrill accounts, redeem for gift cards or use your points at the Bank of America Travel Center.

4. Apply for Global Entry or TSA PreCheck

The Bank of America® Premium Rewards® credit card comes with a $100 Global Entry or TSA PreCheck application fee statement credit , valid every four years. Frequent travelers know the benefit of TSA PreCheck and Global Entry when it comes to speeding through security and shaving precious time off waiting in lines at the airport. Plus, the $100 reimbursement for this will cover the card’s $95 annual fee for the first year.

» Learn more: The most valuable perks of the Bank of America® Premium Rewards® credit card

5. Bring extra luggage and get paid to have this card

If the TSA PreCheck or Global Entry fee statement credit wasn’t enough to entice you, there’s also an annual $100 statement credit for airline incidental fees. This means you can bring extra bags on your trip, upgrade your seat, enjoy in-flight purchases, or relax in the airline lounge, knowing these fees will be covered with the $100 statement credit.

This perk, as well as your 2 points per $1 earned on travel, applies to airlines with specific merchant category codes, so be sure to read up before assuming your bag fee will be covered. The $100 statement credit is automatically applied to applicable purchases each year, essentially eliminating the expense of the $95 annual fee.

» Learn more: Airline credit cards that offer free checked bags

Still not sure if the Bank of America Premium Rewards card is for you? Look at our reviews of top travel credit cards to see other options.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

On a similar note...

Tom Werner / DigitalVision / Getty Images

Advertiser Disclosure

Bank of America Premium Rewards card benefits guide

For a mid-tier rewards card, the Bank of America Premium Rewards has a lot to offer

Published: December 2, 2021

Author: Ana Staples

Editor: Emily Sherman

Reviewer: Kaitlyn Tang

How we Choose

At a rather modest price, the Bank of America Premium Rewards Credit Card can provide excellent value, thanks to its impressive list of benefits.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards , or use our CardMatch™ tool to find cards matched to your needs.

The Bank of America® Premium Rewards® credit card is a mid-tier travel credit card . At $95 per year, it earns 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases.

The card also offers a few desirable perks, which can make it a solid choice for frequent travelers who don’t want to spend hundreds of dollars in annual fees on premium rewards cards . The benefits include TSA PreCheck or Global Entry credits, airline incidental credits, travel protections and more.

In this benefits guide, you’ll learn what the Bank of America Premium Rewards card has to offer and how you can use the card to maximize its value.

Bank of America Premium Rewards card benefits

For a credit card with a comparatively modest annual fee, the Bank of America Premium Rewards card has a few exciting things going on.

TSA PreCheck or Global Entry credits

Credits to reimburse the cost of a TSA PreCheck or Global Entry membership are a popular credit card perk among travelers. However, it’s typically associated with more expensive credit cards, such as the Chase Sapphire Reserve card , the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express .

See related : Best credit cards for expedited airport security screening

If like most travelers, you like the idea of expedited airport security screening, you can get up to $100 in statement credits for TSA PreCheck or Global Entry once every four years with the Bank of America Premium Rewards card. Considering that offsets the card’s fee, that’s an excellent deal.

Annual credits for airline incidentals

Another premium-level benefit on the Premium Rewards is statement credits for airline incidentals, such as checked bags and in-flight refreshments. Once again, this is a perk typically reserved for the most expensive travel card offerings.

The Amex Platinum, for instance, offers up to $200 in statement credits per calendar year on airline incidental charges. But Amex makes it somewhat complicated to use this benefit: You need to pick an eligible airline in January and stick to it throughout the year.

With the Bank of America Premium Rewards, on the other hand, you’ll get up to $100 in annual credit for airline incidentals which you’ll be able to use with any airline.

Not too bad for a mid-tier rewards card, especially considering the difference in annual fees – the Amex Platinum is a whopping $600 more expensive.

Travel protections

The Bank of America Premium Rewards also comes with some valuable travel protections, including:

• Trip delay reimbursement, which allows a cardholder and their family members to receive coverage for delays in eligible cases.
• Trip cancellation or interruption protection, which provides coverage for eligible prepaid travel expenses for canceled trips due to a covered reason.
• Baggage delay insurance, which covers essential items when bags are delayed.
• Lost baggage reimbursement, which covers luggage and its contents stolen or lost due to misdirection by an airline.
• Emergency evacuation and transportation coverage, which covers eligible medical services and transportation if a cardholder or their family member is injured or sick while traveling.
• Roadside dispatch program, which provides emergency roadside assistance.
• Rental car insurance, which kicks in when you decline the collision damage waiver offered by the car rental agency.

Better rewards for Preferred Rewards program members

The Preferred Rewards program is available to Bank of America and Merrill customers with large checking, savings and investment account balances. The program offers appealing benefits like discounts on fees, higher rewards rates and interest rates on savings and more.

There are three tiers in the Preferred Rewards program, based on combined qualifying balances:

• Gold – $20,000 to $49,999
• Platinum – $50,000 to $99,999
• Platinum Honors – $100,000

If your combined balances meet any of these thresholds, here are what your rewards rates on the Premium Rewards card may look like:

Simple rewards redemption

Speaking of rewards, the Premium Rewards card makes redeeming your points easy. You don’t have to worry about the point value – whichever redemption option you choose, you’ll get 1 cent per point.

You can redeem for travel, gift cards, statement credit or direct deposit. To pay for travel with points, you can use Bank of America’s Travel Center. Alternatively, you can get reimbursement for travel you’ve already purchased.

Unfortunately, Bank of America doesn’t have transfer partners, limiting your ability to maximize the point value. If you’re interested in transferring points, look into another mid-tier travel card, like the Chase Sapphire Preferred . At the same $95 per year, it offers outstanding perks and allows access to Chase Ultimate Rewards and the program’s excellent transfer partners.

No foreign transaction fees

The Bank of America Premium Rewards is also a good card to take with you abroad. Since it’s on the Visa network, it’s widely accepted internationally – and you won’t have to worry about foreign transaction fees.

Maximizing the Bank of America Premium Rewards card

Now that you know everything the Bank of America Premium Rewards card has to offer, you can get the most out of it.

Here are some tips to help you maximize the card’s potential:

• Use the Premium Rewards on dining and travel – unless you have another card that earns more in these categories.
• Use the card on general purchases outside of the bonus categories on your other cards to earn more than 1 point per dollar.
• Read through terms and conditions to understand all travel protections available to you, as they sometimes can save you hundreds or even thousands of dollars.
• Sign up for Global Entry or TSA PreCheck and make sure to use the Premium Rewards to pay for the membership.
• Have the card handy when you travel to pay for airline incidentals and take advantage of the annual $100 credit.

Bottom line

For an affordable travel card, the Bank of America Premium Rewards credit card has plenty to offer, from popular perks like TSA PreCheck or Global Entry credits to less flashy but valuable benefits like rental car insurance.

If you already have the card, it’s a good idea to keep these benefits in mind so you can use it to its full potential. If you’re still shopping around, make sure to consider your options and see what kind of perks other similar cards provide.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Ana Staples is a staff reporter and young credit expert reporter for CreditCards.com and covers product news and credit advice. She loves sharing financial expertise with her reader and believes that the right financial advice at the right time can make a real difference. In her free time, Anastasiia writes romance stories and plans a trip to the French Riviera she'll take one day—when she has enough points, that is.

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BankAmericard benefits guide

The BankAmericard offers many compelling rewards and benefits, including 18 billing cycles of 0% APR promotional financing on both new purchases and balance transfers (followed by 12.99% to 22.99% variable APR). You can also receive a $100 statement credit if you meet the spending requirement, plus access to other valuable benefits. 

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Travel Rewards Credit Cards

Our Bank of America® travel rewards credit cards can get you closer to your next vacation.

From flexible travel points to cruise rewards to vacation packages or air miles, we've got a travel or cruise line credit card that's right for you. Start planning your next trip by applying for a Bank of America® travel rewards credit card online today.

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Bank of America ® Customized Cash Rewards

$200 online cash rewards bonus offer and 3% cash back in the category of your choice.

No annual fee †

Show More Show Less Bank of America ® Customized Cash Rewards credit card

• 3% cash back in the category of your choice, automatic 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter) and unlimited 1% cash back on all other purchases Calculate rewards
• Choose which category you want to earn 3% cash back in: gas and EV charging stations ; online shopping, including cable, internet, phone plans and streaming ; dining; travel; drug stores and pharmacies; or home improvement and furnishings. To change your choice category for future purchases, you must go to Online Banking, or use the Mobile Banking app. You can change it once each calendar month, or make no change and it stays the same .
• 0% † Intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 18.24% to 28.24% will apply. 3% † Intro balance transfer fee for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for all future balance transfers is 4% .
• Bank of America Preferred Rewards ® members earn 25%-75% more cash back on every purchase. That means the 3% choice category could earn 3.75% - 5.25% and the 2% at grocery stores and wholesale clubs could earn 2.50% - 3.50% , for the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, and the 1% for all other purchases could earn 1.25% - 1.75% . Not enrolled? Learn more about Preferred Rewards Cash Rewards .
• This online only offer may not be available if you leave this page, if you visit a Bank of America financial center or call the bank. You can take advantage of this offer when you apply now.

† Terms & Conditions  for Bank of America ® Customized Cash Rewards credit card

Bank of America ® Unlimited Cash Rewards

$200 online cash rewards bonus offer, show more show less bank of america ® unlimited cash rewards credit card.

• Earn unlimited 1.5% cash back on all purchases Calculate rewards
• No limit to the amount of cash back you can earn and cash rewards don’t expire as long as your account remains open
• 0% † Intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. After that, a Variable APR that's currently 18.24% to 28.24% will apply. 3% † Intro balance transfer fee for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for all future balance transfers is 4% .
• Bank of America Preferred Rewards ® members earn 25%-75% more cash back on every purchase. That means you could earn 1.87% - 2.62% cash back on every purchase. Learn More About Preferred Rewards .

† Terms & Conditions  for Bank of America ® Unlimited Cash Rewards credit card

BankAmericard ®

Save on interest, show more show less bankamericard ® credit card.

• 0% Intro APR † for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24% - 26.24% will apply. 3% † Intro balance transfer fee for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for all future balance transfers is 4% .
• No Penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply † .
• Access your FICO ® Score for free within Online Banking or your Mobile Banking app.

† Terms & Conditions  for BankAmericard ® credit card

Bank of America ® Travel Rewards

25,000 online bonus points offer (a $250 value) and no annual fee †.

No annual fee †  and no foreign transaction fees †

Show More Show Less Bank of America ® Travel Rewards credit card

• Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points as long as your account remains open Calculate rewards
• Use your card to book your trip how and where you want with no blackout dates and pay yourself back with a statement credit towards travel and dining purchases
• Bank of America Preferred Rewards ® members earn 25%-75% more points on every purchase. That means you could earn 1.87 to 2.62 points for every $1 you spend, everywhere, every time. Not enrolled? Learn more about Preferred Rewards Travel Rewards

† Terms & Conditions  for Bank of America ® Travel Rewards credit card

Bank of America ® Premium Rewards ®

60,000 online bonus points offer — a $600 value.

Low $95 annual fee † and no foreign transaction fees †

Show More Show Less Bank of America ® Premium Rewards ® credit card

• Earn unlimited points , that don't expire as long as the account remains open – 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases . Calculate Rewards Premium Rewards
• Get up to $200 in combined Airline Incidental and TSA PreCheck ® /Global Entry Statement Credits. Plus, access to world class travel benefits: travel and purchase protections, luxury hotel collection and concierge service.
• Redeem for cash back as a deposit into Bank of America ® checking or savings accounts, for credit to eligible Merrill ® accounts including 529 accounts, as a statement credit to your credit card, or for gift cards and purchases at the Bank of America Travel Center
• Bank of America Preferred Rewards ® members earn 25%-75% more points on every purchase. That means you could earn 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on all other purchases, for every $1 you spend. Not enrolled? Learn more about Preferred Rewards Premium Rewards

† Terms & Conditions  for Bank of America ® Premium Rewards ® credit card

Bank of America ® Premium Rewards ® Elite

75,000 online bonus points offer — a $750 value.

$550 annual fee † and no foreign transaction fees †

Show More Show Less Bank of America ® Premium Rewards ® Elite credit card

• Earn unlimited 2 points for every $1 spent on travel and dining purchases , and unlimited 1.5 points for every $1 spent on all other purchases . No limit to the points you can earn and points don't expire as long as the account remains open. Calculate Rewards Premium Elite Rewards
• Bank of America Preferred Rewards ® members earn 25%-75% more points on every purchase. That means you could earn 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on all other purchases, for every $1 you spend.
• Get up to $550 in combined Airline Incidental, TSA PreCheck ® /Global Entry, and Lifestyle Statement Credits . Plus, a suite of luxury benefits to fit your lifestyle: full-service concierge, airport lounge and experience access, premier hotel amenities, travel and purchase protections.
• You choose how you want to be rewarded . Redeem points for travel, cash back, a statement credit, distinctive experiences or gift cards. Plus, save 20% on airfare when you pay with points through the Bank of America Travel Center.
• This online only offer may not be available if you leave this page, if you visit a Bank of America financial center or call the bank . You can take advantage of this offer when you apply now.

† Terms & Conditions  for Bank of America ® Premium Rewards ® Elite credit card

Bank of America ® Customized Cash Rewards for Students

3% cash back in the category of your choice, show more show less bank of america ® customized cash rewards credit card for students.

• 3% cash back in the category of your choice, automatic 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter) and unlimited 1% cash back on all other purchases. Choose which category you want to earn 3% cash back in: gas and EV charging stations ; online shopping, including cable, internet, phone plans and streaming ; dining; travel; drug stores and pharmacies; or home improvement and furnishings To change your choice category for future purchases, you must go to Online Banking, or use the Mobile Banking app. You can change it once each calendar month, or make no change and it stays the same .
• Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
• When handled responsibly, a credit card can help you build your credit history, which could be helpful when looking for an apartment, a car loan, and even a job. Access your FICO ® Score for free within Online Banking or your Mobile Banking app.

† Terms & Conditions  for Bank of America ® Customized Cash Rewards credit card for Students

Bank of America ® Unlimited Cash Rewards for Students

Start building your financial future while earning unlimited cash back, show more show less bank of america ® unlimited cash rewards credit card for students.

• Earn unlimited 1.5% cash back on all purchases with no limit to the amount of cash back you can earn and cash rewards don't expire as long as your account remains open

† Terms & Conditions  for Bank of America ® Unlimited Cash Rewards credit card for Students

BankAmericard ® for Students

Save on interest, a great choice when you’re just starting out, show more show less bankamericard ® credit card for students.

• Your card comes with our $0 Liability Guarantee and chip technology for additional security when used at chip-enabled terminals

† Terms & Conditions  for BankAmericard ® Credit Card for Students

Bank of America ® Travel Rewards for Students

Start building your financial future.

No annual fee † and no foreign transaction fees †

Show More Show Less Bank of America ® Travel Rewards Credit Card for Students

• Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points as long as your account remains open. Use your card to book your trip how and where you want with no blackout dates and pay yourself back with a statement credit towards travel and dining purchases.
• 25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of your account opening

† Terms & Conditions  for Bank of America ® Travel Rewards Credit Card for Students

Bank of America ® Customized Cash Rewards Secured

Help build your credit while earning 3% cash back in the category of your choice, show more show less bank of america ® customized cash rewards secured credit card.

• 3% cash back in the category of your choice, automatic 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter) and unlimited 1% cash back on all other purchases. Choose which category you want to earn 3% cash back in: gas and EV charging stations ; online shopping, including cable, internet, phone plans and streaming ; dining; travel; drug stores and pharmacies; or home improvement and furnishings. To change your choice category for future purchases, you must go to Online Banking, or use the Mobile Banking app. You can change it once each calendar month, or make no change and it stays the same.
• Open your account with a security deposit ($200-$5,000) . Upon credit approval your required deposit is used, in combination with your income and your ability to pay, to help establish your credit line. We'll periodically review your account and, based on your overall credit history (including your account and overall relationship with us, and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
• Build up your credit history – use this card responsibly and over time it could help you improve your credit score.
• Your financial health. Our Priority. Bank of America – Outstanding Customer Satisfaction with Financial Health Support – Banking & Payments, 2 years in a row
• Secured card products are not eligible for a new account bonus offer, like a cash rewards bonus offer, and introductory APRs are not available.

† Terms & Conditions  for Bank of America ® Customized Cash Rewards secured credit card

Bank of America ® Unlimited Cash Rewards Secured

Help strengthen or build your credit and earn unlimited cash back, show more show less bank of america ® unlimited cash rewards secured credit card.

• Build up your credit history — use this card responsibly and over time it could help you improve your credit score

† Terms & Conditions  for Bank of America ® Unlimited Cash Rewards secured credit card

BankAmericard ® Secured

Help establish, strengthen - or even rebuild your credit with a card that's simple and convenient, show more show less bankamericard ® secured credit card.

• Open your account with a security deposit ($200-$5,000). Upon credit approval your required deposit is used, in combination with your income and your ability to pay, to help establish your credit line.
• We'll periodically review your account and, based on your overall credit history (including your account and overall relationship with us, and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
• Secured card products are not eligible for a new account bonus offer, like a statement credit, and introductory APRs are not available.

† Terms & Conditions  for BankAmericard ® secured credit card

Bank of America ® Travel Rewards Secured

Help strengthen or build your credit and earn unlimited points, show more show less bank of america ® travel rewards visa ® secured credit card.

• Earn unlimited 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points as long as your account remains open. Use your card to book your trip how and where you want with no black out dates and pay yourself back with a statement credit towards travel and dining purchases.
• Open your account with a security deposit ($200-$5,000). Upon credit approval your required deposit is used, in combination with your income and your ability to pay, to help establish your credit line. We'll periodically review your account and, based on your overall credit history (including your account and overall relationship with us, and other credit cards and loans), you may qualify to have your security deposit returned. Not all customers will qualify.
• Build up your credit history — use this card responsibly and over time it could help you improve your credit score.
• Secured card products are not eligible for a new account bonus offer, like a bonus points offer, and introductory APRs are not available.

† Terms & Conditions  for Bank of America ® Travel Rewards Visa ® secured credit card

Alaska Airlines Visa Signature ®

Limited time online offer: 70,000 bonus miles plus alaska's famous companion fare™, show more show less alaska airlines visa signature ® credit card.

• 70,000 Bonus Miles plus Alaska's Famous Companion Fare™ ($99 fare plus taxes and fees from $23) after you make $3,000 or more in purchases within the first 90 days of your account opening. Plus, celebrate your account anniversary with Alaska's Famous Companion Fare™ every year that you spend at least $6,000 on purchases with your card.
• Free checked bag for any cardholder who purchases airfare with their card, and up to 6 additional guests traveling on the same reservation. Plus you'll enjoy priority boarding when you pay for your flight with your card , so you can get to your seat quicker.
• Earn unlimited 3 miles for every $1 spent on eligible Alaska Airlines purchases. Earn unlimited 2 miles for every $1 spent on eligible gas, EV charging station, cable, streaming services and local transit purchases including rideshare. Earn unlimited 1 mile per $1 spent on all other purchases. Plus, earn a 10% rewards bonus on all miles earned on card purchases if you have an eligible Bank of America ® account.
• Flexibility with no blackout dates on Alaska Airlines flights when booking with miles or a companion fare.
• This online only offer may not be available elsewhere if you leave this page. You can take advantage of this offer when you apply now.

† Terms & Conditions  for Alaska Airlines Visa Signature ® Credit Card

Susan G. Komen ® Customized Cash Rewards credit card

Help fight breast cancer and get a $200 online cash rewards bonus offer, show more show less susan g. komen ® customized cash rewards credit card.

• 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter) and 1% cash back on all other purchases Calculate rewards Cash Rewards
• Bank of America Preferred Rewards ® members earn 25%-75% more cash back on every purchase. That means the 3% choice category could earn 3.75% - 5.25% and the 2% at grocery stores and wholesale clubs could earn 2.50% - 3.50% , for the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, and the 1% for all other purchases could earn 1.25% - 1.75% . Not enrolled? Learn more about Preferred Rewards

† Terms & Conditions  for Susan G. Komen ® Customized Cash Rewards credit card

Free Spirit ® Travel More World Elite Mastercard ®

Online offer: 50,000 bonus points + a $100 companion flight voucher.

$0 introductory annual fee for the first year. After that it's just $79 †

Show More Show Less Free Spirit ® Travel More World Elite Mastercard ®

• Earn 3 points per $1 spent on eligible Spirit purchases, 2 points per $1 spent on eligible dining and grocery store purchases and 1 point per $1 spent on all other purchases
• Earn 50,000 bonus points plus a $100 Companion Flight Voucher after making at least $1,000 in purchases within the first 90 days of account opening
• Receive a $100 Companion Flight Voucher each anniversary after making at least $5,000 in purchases within the prior anniversary year
• No limit to the points you can earn, no points expiration as long as your card account is open, and no redemption fees as a primary cardholder

† Terms & Conditions  for Free Spirit ® Travel More World Elite Mastercard ®

Allways Rewards Visa ®

Online offer: 25,000 bonus points.

Low $59 annual fee † and no foreign transaction fees †

Show More Show Less Allways Rewards Visa ® card

• Winner: Best Airline Credit Card , USA Today's 10Best Readers Choice Awards!
• Online Offer: Earn 25,000 Bonus Points – equal to $250 off a future Allegiant trip when you redeem points, after you make $1,000 or more in purchases within the first 90 days of account opening
• 3 points per $1 on Allegiant purchases, 2 points per $1 on qualifying dining purchases and 1 point per $1 on all other purchases
• No blackout dates, no destination restrictions and no minimum points redemption

† Terms & Conditions  for Allways Rewards Visa ® card

Air France KLM World Elite Mastercard ®

Online offer: 50,000 bonus miles after qualifying purchases.

Low $89 annual fee † and no foreign transaction fees †

Show More Show Less Air France KLM World Elite Mastercard ®

• Online Offer: 50,000 Bonus Miles after you make $2,000 or more in purchases within the first 90 days of your account opening
• 3 Miles per $1 spent directly on Air France, KLM Royal Dutch Airlines and SkyTeam member airlines purchases
• 1.5 Miles per $1 spent on all other purchases
• Get 60 XP upon approval to help advance to the next status for more generous perks

† Terms & Conditions  for Air France KLM World Elite Mastercard ®

Royal Caribbean Visa Signature ®

Online offer: 25,000 bonus points, show more show less royal caribbean visa signature ® credit card.

• Get 25,000 MyCruise ® bonus points after making at least $1,000 in purchases in the first 90 days of your account opening, worth $250 in onboard credit
• Earn 2 MyCruise points for every $1 spent on qualifying purchases with Royal Caribbean® and our sister brand, Celebrity Cruises®
• Earn 1 MyCruise point for every $1 spent on all other purchases
• Redeem your points for onboard credit, stateroom upgrades and cruise vacations on Royal Caribbean ® and our sister brand, Celebrity Cruises ®

† Terms & Conditions  for Royal Caribbean Visa Signature ® Credit Card

Norwegian Cruise Line ® World Mastercard ®

Online offer: 20,000 bonus points, show more show less norwegian cruise line ® world mastercard ®.

• Online Offer: 20,000 bonus points after you make $1,000 or more in purchases in the first 90 days of account opening. That's enough for a $200 onboard credit or $200 off your next Norwegian cruise .
• Earn 3 WorldPoints ® points per $1 spent on Norwegian purchases, 2 WorldPoints points per $1 spent on eligible air and hotel purchases and 1 WorldPoints point per $1 spent on all other purchases
• Redeem points for hundreds of rewards like cash, gift cards, hotels stays, car rentals or Norwegian redemptions
• Bank of America Preferred Rewards ® members earn a 25% - 75% points bonus on every purchase, applied to the base earn of 1 point per $1. Not enrolled? Learn more about Preferred Rewards Travel Rewards

† Terms & Conditions  for Norwegian Cruise Line ® World Mastercard ®

Celebrity Cruises Visa Signature ®

Show more show less celebrity cruises visa signature ® credit card.

• Earn 2 MyCruise ® points for every $1 spent on qualifying purchases with Celebrity Cruises ® and our sister brand, Royal Caribbean ®
• Redeem your points for onboard credit, stateroom upgrades and cruise vacations on Celebrity Cruises ® , and our sister brand, Royal Caribbean ®

† Terms & Conditions  for Celebrity Cruises Visa Signature ® Credit Card

Preferred Rewards makes your credit card even better

When you enroll in the Preferred Rewards program, you can get a 25% — 75% rewards bonus on all eligible Bank of America ® credit cards.

Plus, as a Preferred Rewards member, you enjoy real benefits and rewards on your everyday Bank of America ® banking and Merrill investment accounts. And as your qualifying balances grow, so do your benefits.

Learn more about Preferred Rewards

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Get the most out of your credit card. Find out how you can take advantage of all the opportunities that may be available to you as a cardholder.

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Everything you should know about Bank of America’s Preferred Rewards program

While it's wonderful to redeem your points and miles for travel arrangements, such as lodging and flights, there can be many other expenses involved in planning a trip, such as car rentals, train tickets, gas and campsite fees. Luckily, using cash-back rewards in combination with your points and miles can save you even more money on your next vacation.

With that in mind, let's examine the often-overlooked Bank of America Preferred Rewards® program . On top of the simple banking benefits members can expect, consolidating your finances with Bank of America can also boost your cash-back earnings with some of the best Bank of America credit cards .

That's because Bank of America designed its Preferred Rewards program to incentivize consumers to move their checking, savings, investment and retirement accounts to Bank of America and Merrill. The higher your balance of total assets with the bank, the more perks you can unlock, including with its credit cards. Depending on your holdings and the type of rewards you're looking to accumulate, it might be time to stop ignoring Bank of America Preferred Rewards.

Bank of America Preferred Rewards Program

How to qualify for bank of america's preferred rewards program.

To qualify for the Bank of America Preferred Rewards program, you must have both of the following:

• An active, eligible Bank of America checking account
• A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts

There are five Preferred Rewards tiers. You'll qualify for each based on your combined average daily balance:

• Gold: $20,000 or more in total assets
• Platinum: $50,000 or more in total assets
• Platinum Honors: $100,000 or more in total assets
• Diamond: $1,000,000 or more in total assets
• Diamond Honors: $10,000,000 or more in total assets

While not exorbitant, even the lowest level requires some pretty high figures. But don't throw in the towel straight away. If you have an emergency fund, a holiday account, a savings account and a checking account, combining all those balances may qualify you for a Preferred Rewards tier. Once you add in investment accounts, such as IRAs, you may even find that the Platinum or Platinum Honors tiers are within reach.

Your balance doesn't need to originate with Merrill or Bank of America to count toward each threshold. You can roll existing IRAs and investment accounts over to Merrill or Bank of America and immediately use those balances to begin establishing a three-month average to boost your tier. Of course, you'll have to consider other things like account management fees and available investment options to decide whether doing so is a good option.

How to move among Preferred Rewards tiers

You can rise from one rung to the next any month after your average daily balance for the three previous months reaches the threshold for the following tier. Once you reach a specific status level, you won't need to keep all your cash in the Bank of America basket. Instead, you'll maintain your Preferred Rewards tier status for a full year. If you no longer meet the qualification requirements after that year, you have a three-month grace period to do so. If you still don't meet the criteria after the three-month grace period, you'll either be moved to a lower tier or completely lose your Preferred Rewards benefits.

Benefits of Bank of America's Preferred Rewards Program

Here's a chart of the five Preferred Rewards tiers, along with the associated benefits of each:

Now, let's take a closer look at each of these benefits.

Savings Interest Rate Booster

You need to have a Bank of America Advantage Savings account and be an enrolled Preferred Rewards member to enjoy this benefit. If you have an existing savings account, it will not automatically convert to a Bank of America Advantage Savings account when you enroll in Preferred Rewards. Be sure to request the conversion when joining Preferred Rewards.

At Gold, the interest rate boost is 5%. That likely sounds better than what it is. As an example, if your interest rate is 1.00%, a 5% rate booster would increase the interest rate to 1.05%. Here's the current annual percentage yield on a Bank of America Advantage Savings account for a sample Florida resident to give you some perspective:

You can check how this boost would affect the current annual percentage yield on a Bank of America Advantage Savings account in your region here .

Credit card rewards bonus

Preferred Rewards members earn a 25%, 50% or 75% rewards bonus on select Bank of America cards . For credit cards that earn points or cash rewards, you will receive a rewards bonus on every purchase. Your earning rate is based on your Preferred Rewards tier when the purchase is posted to your account. We'll get into how this plays out with specific cards below.

You can earn the Preferred Rewards bonus on most Bank of America consumer-branded credit cards, including the Bank of America® Premium Rewards® credit card , the Bank of America® Travel Rewards credit card , the Bank of America® Unlimited Cash Rewards credit card and the Bank of America® Customized Cash Rewards credit card , among others.

Related: Chase Sapphire Preferred vs. Bank of America Travel Rewards — which should beginner travelers get?

Mortgage origination fee reduction

Any time you can cut down on fees for buying or refinancing a home, you should. Preferred Rewards members are eligible to receive a fixed reduction in one of two ways, depending on your membership tier:

• A dollar amount off your origination fee (not to exceed its price)
• A percentage off your mortgage APR

The Preferred Rewards fee reduction isn't transferable. And you may not be able to combine this fee reduction with other discounts.

Auto loan interest rate discount

You must complete an auto purchase finance or refinancing loan through Bank of America to qualify for a rate discount. This benefit is not transferable, so only the Preferred Rewards member can take advantage of this perk.

Of course, you'll need to make sure that Bank of America offers the most competitive rate after the discount. Otherwise, it might not be worth pursuing. Even a quarter of a percent could save or cost you thousands of dollars over the life of the loan.

Home equity interest rate discount

You can get a home equity line of credit interest rate discount of up to 0.75%, depending on your Preferred Rewards status level. This benefit is non-transferable, but you may be able to combine this perk with other home equity interest rate discounts. And even co-borrowers are eligible as long as at least one applicant is enrolled or eligible to enroll.

No-fee banking services

• ATM/Debit card rush fees
• ATM international transaction fee
• Monthly maintenance fees on up to four eligible checking and four savings accounts from Bank of America
• Non-Bank of America ATM fees for withdrawals, transfers or balance inquiries
• One overdraft protection transfer fee waived per billing cycle

Additionally, Platinum and above incur no fees for incoming international wire transfers and can open a small safe deposit box for free at a Bank of America branch.

Free non-Bank of America ATM transactions

In the U.S. and U.S. territories, Platinum and Platinum Honors members:

• Won't be charged non-Bank of America ATM fees
• Will receive a refund of the ATM operator or network fee for withdrawals, balance inquiries and balance transfers

Platinum members receive one free transaction per statement cycle (up to 12 annually), and Platinum Honors members have no cap. Meanwhile, Diamond and Diamond Honors members have unlimited no-fee transactions both in the U.S. and internationally.

Related: 7 ways to save on overseas ATM withdrawals

Merrill Guided Investing fee discount

Preferred Rewards members enjoy a fee discount when utilizing Merrill Guided Investing services. You can get started with as little as $1,000 for Merrill Guided Investing or $20,000 for Merrill Guided Investing with an adviser.

Merrill Guided Investing typically charges a fee of 0.45% of assets under management, and Merrill Guided Investing with an advisor typically charges a fee of 0.85% of assets under management. While those fees might seem small, they add up over time. As such, these charges can become a compound drain on your investments as they increase. So, it may be best to look for a financial advisor that charges a fixed fee instead of a percentage of your assets.

Foreign currency exchange rate discount

All Preferred Rewards members will get some form of discount for foreign currency orders through online banking or the mobile banking app. Depending on your status tier, you'll receive a discount between 1% and 2%.

Access to exclusive lifestyle benefits

Top-tier Diamond and Diamond Honors members will enjoy customized and unique lifestyle experiences, such as travel, wellness, events, food and drink or other personal services. You can get a preview of some of these curated offers here .

How to maximize cash-back earnings with Bank of America credit cards and Preferred Rewards

To maximize the Bank of America Preferred Rewards program, you'll want to qualify for at least Platinum Honors and be eligible for the 75% bonus on your credit card rewards. Of course, it's not a great idea to make big investment and banking decisions based entirely on credit card bonuses. However, it may be worthwhile if you already plan to invest in Merrill and have an existing banking relationship with Bank of America. If you do, here are some of the bank's rewards cards to consider and how you can maximize your cash-back earnings.

Bank of America Premium Rewards credit card

The Bank of America® Premium Rewards® credit card is an excellent rewards credit card in its own right. But it gets even more competitive when you add in the bonuses from the Preferred Rewards program.

The card charges a $95 annual fee and offers a modest selection of benefits. For example, cardholders get an up-to- $100 annual airline incidental fee statement credit , a Global Entry or TSA PreCheck application fee credit every four years (up to $100) and some decent travel protections .

However, this card shines with its earning rates on everyday spending as well as travel and dining purchases. Here's how the earning rates stack up once you consider the Preferred Rewards credit card rewards bonus:

The ability to get at least 2.625% on all purchases with this card (for high-tier Preferred Rewards members) is incredible. This return makes the Bank of America® Premium Rewards® credit card one of the best credit cards for everyday spending .

Related: Not to be underestimated: Bank of America Premium Rewards credit card review

Bank of America Travel Rewards credit card

If you want to avoid paying credit card annual fees , you could opt for the Bank of America Travel Rewards credit card . The card earns 1.5 points per dollar spent on all purchases. Points can be redeemed to cover travel expenses at a rate of 1 cent per point.

By earning 1.5 points per dollar spent on everything plus a 75% Preferred Rewards bonus as a Platinum Honors (or higher) Preferred Rewards member, you effectively earn 2.625% cash back toward travel purchases made with the card. That's a fantastic cash-back rate to earn on all spending — especially for a card with no annual fee.

Related: Bank of America Travel Rewards card: Simplicity for points beginners

Bank of America Unlimited Cash Rewards credit card

The Bank of America® Unlimited Cash Rewards credit card is great for folks who don't want to keep track of multiple bonus categories, but who still want to earn at a strong fixed rate on all their purchases. This no-annual-fee credit card earns unlimited 1.5% cash-back rewards on all purchases with no limit.

Platinum Honors and higher members would get back 2.625% on all your purchases — one of the best rewards rates any card offers for non-bonus everyday purchases.

Related: The best Bank of America cards of 2024

Bank of America Customized Cash Rewards credit card

Another no-annual-fee card is the Bank of America® Customized Cash Rewards credit card . It earns 3% in one of the following categories of your choice each calendar month:

• Gas and EV charging stations
• Online shopping (including cable, streaming, internet and phone services)
• Drugstores/pharmacies
• Home improvement/furnishings

It also earns 2% back at grocery stores and wholesale clubs and 1% back on everything else. Just note that you can only earn 3% and 2% on up to $2,500 in combined purchases each quarter (then 1%).

So, if you're at least a Platinum Honors member, you'll earn up to a whopping 5.25% cash back on your 3% category. You'd also earn up to 3.5% cash back at grocery stores and wholesale clubs and 1.75% cash back on all other purchases. That's pretty phenomenal for a no-annual-fee cash-back rewards card.

How to convert your Bank of America points to cash

Several Bank of America credit cards earn straight-up cash. But some earn "points," which you can trade for cash.

To redeem your Bank of America points with a card like the Premium Rewards card, you'll find a "cash" option within your online account. This allows you to request a statement credit or a cash deposit into your Bank of America checking or savings account (or eligible Merrill Edge and Merrill Lynch accounts) at a rate of 1 cent per point. Note that you can also redeem into a 529 College Savings Plan.

Additionally, the Travel Rewards card earns a slightly different rewards currency. You can redeem them as a direct deposit into your Bank of America checking or savings account or as a credit into an eligible Merrill Cash Management Account — but you'll usually get a paltry value of 0.6 cents per point. You'll only achieve a value of 1 cent per point when offsetting a travel-related transaction on your card.

Bottom line

The Bank of America Preferred Rewards program is probably not worth pursuing unless you qualify for at least Platinum Honors to maximize the 75% bonus on credit card earnings. That said, 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.

It might even be worth switching to Bank of America if doing so won't cost you anything extra. After all, the Preferred Rewards program can tip the scale on some of Bank of America's top card offerings and reward you with significant discounts on other banking services like mortgage and auto loans.

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Bank of America Premium Rewards benefits and perks

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When you sign-up for the Bank of America®️ Premium Rewards®️ credit card , you’ll earn 50,000 Bank of America points  after spending $3,000 on purchases within the first 90 days of account opening. Bank of America points are worth  1 cent each, making this bonus worth $500! With no blackout dates, the points you’ll earn will give you flexibility in booking your next trip. That’s just one great reason to open the card.

Aside from the alluring welcome bonus, the benefits of this rewards card make the card well worth keeping for the long run, for both frequent and casual travelers and everyday users. I’ll show you why this card’s perks can easily offset the card’s annual fee and save you hundreds each year.

Bank of America Premium Rewards Card benefits and perks

While the Bank of America Premium Rewards welcome bonus is enough to outweigh the card’s annual fee, there are many other ongoing perks and benefits that make the card worth keeping.

I’ll point out some of the card’s standout benefits. You can read the full Bank of America Premium Rewards credit card review here.

Up to $100 airline incidental statement credit

This is by far my favorite benefit offered by the Bank of America Premium Rewards credit card . Each year, you’ll receive up to $100 in statement credits each year for airline incidental purchases on domestic-originating itineraries with most U.S. airlines.

I usually come up short on elite status with major airlines, so I use this statement credit as a way to get elite benefits like preferred seating and lounge access without spending the money on the fees.

Here are a few of the ways you can maximize your annual $100 statement credit:

• Use all or part of your $100 statement credit to pay for upgrades to business or first class offered by airlines usually during check-in or booking
• Airlines sell day passes to their lounges for non-members. Day passes in the U.S. are usually around $59. Pay with your card and get the entry fee reimbursed
• When you need to check a bag or pay for an overweight bag fee, use your card to avoid these fees
• If you’re offered the option to pay for a preferred seat — in the exit row, for example — use your Premium Rewards card to offset the fee
• Use your card inflight to purchase premium drinks or snacks and receive the amount back in the form of a statement credit

Global Entry ($100) or TSA PreCheck ($85) application fee credit

I can’t imagine a world in which I don’t have TSA PreCheck . With the days of randomly being assigned TSA PreCheck long gone, you’ll need to apply and be approved for TSA PreCheck if you want expedited security in the U.S.

If you travel internationally or at least have a passport, I recommend applying for Global Entry rather than TSA PreCheck. If you’re approved for Global Entry, you’ll automatically receive TSA PreCheck as well. You’ll be able to use Global Entry upon entry into the U.S. and TSA PreCheck at airport security.

Both services come with an application fee, and you’ll have to renew TSA PreCheck ($85) or Global Entry ($100) every five years. When you pay with your Bank of America Premium Rewards credit card, you’ll get a statement credit for the application fee once every four years.

Visa Signature Luxury Hotel Collection

The Bank of America Premium Rewards credit card is a Visa Signature card, which means you’ll receive benefits including access to the Visa Signature Luxury Hotel Collection . When you use your Bank of America Premium Rewards credit card to book a stay at a Visa Signature Luxury Hotel, you’ll receive benefits that include:

• Automatic room upgrade upon arrival, when available
• Complimentary in-room Wi-Fi, if available
• Complimentary breakfast for two guests
• $25 food or beverage credit
• VIP Guest status
• Late check-out upon request, when available

This is another one of my favorite benefits. If the hotels offered by my preferred hotel chain are too expensive or are super boring, the benefits I receive at Visa Signature Luxury Hotels makes it much easier to accept that I’m not earning an elite night or points.

Access to concierge service

Another great Visa Signature benefit offered by the Bank of America Premium Rewards credit card is access to concierge service. Simply call Visa Signature’s concierge team and they’ll be able to assist with a variety of requests, such as:

• Getting last-minute reservations at top restaurants
• Making recommendations on where to eat, stay, or what to do while on the road
• Finding tickets to top events, including concerts and theater productions
• Reminding you of important dates like anniversaries and even having gifts delivered

In the past, I’ve used concierge services to get last-minute tickets to concerts like Lorde’s Melodrama world tour and reservations at one of the most popular restaurants in West Hollywood.

Extended warranty

The Bank of America Premium Rewards credit card also offers extended warranty. When you purchase an eligible item with your card, it doubles the time period of the manufacturers’ warranty, up to one additional year.

To learn more about what’s covered and what’s not, as well as coverage limits, consult Visa Signature’s detailed terms and conditions .

Purchase security

When an eligible item you’ve purchased with the card is accidentally broken or stolen within 90 days of purchase, you could receive up to $10,000 per claim.

Return protection

Another benefit for shoppers offered by the Bank of America Premium Rewards credit card is return protection on eligible purchases. Again, you’ll need to use your card for the full amount of the purchase for an eligible item to be covered under this benefit.

If you need to return an eligible item within 90 days of purchase and the merchant won’t take it back, you could be reimbursed up to $250 per item and up to $1,000 annually.

Travel coverage

There’s nothing worse than when a vacation or trip does not go as planned. Often, you can be left helpless and required to spend hundreds, if not thousands, just to get your trip back on track or to get home. However, the Bank of America Premium Rewards credit card takes a lot of this stress away, thanks to the card’s travel coverage.

The Premium Rewards card offers expansive travel-coverage options including in the event of a long delay, lost or delayed bags, or damaged rental car. Here are the benefits offered by the card for travelers:

Travel Cancellation/Interruption

The Bank of America Premium Rewards credit card covers eligible expenses should something not go as planned during your trip. If your trip is interrupted or canceled for a covered reason, you’ll be eligible for reimbursement for prepaid, unused, non-refundable travel expenses including passenger fares, tours, and hotels. The maximum amount you can receive is $5,000 per person per trip.

Baggage delay and loss

The Bank of America Premium Rewards credit card also offers baggage delay or loss insurance. As long as you use your card for the full amount of a ticket booked with a common carrier (airline, cruise, train, bus), your bags will be covered.

For delayed luggage, you will receive up to $100 per day (for up to five days) when your bag is delayed more than six hours, for necessities like clothing and toiletries. If your bag is lost or damaged by the common carrier in transit, you’ll be eligible for reimbursement for all or part of the value of the contents in your bag.

The terms of this card benefit rank among the best travel credit cards .

Trip delay coverage

Stuck in the airport because your flight’s delayed? You may be eligible for reimbursement for expenses during your delay. The Bank of America Premium Rewards credit card offers delay coverage.

If your delay is 12 hours or more and is the result of a covered event, you can be reimbursed up to $500 for things like meals, ground transportation, or even hotel rooms.

Rental car insurance

Don’t let a little dent wreck your next trip. With the Bank of America Premium Rewards credit card , you’ll receive secondary rental car insurance in the event that your rental takes a turn for the worse.

The Premium Rewards card offers secondary coverage in the U.S. but in most countries abroad, the card offers primary coverage. Basically, the card’s rental car insurance will kick in for amounts not covered by your personal policy.

So, if like MMS team member Harlan, you get dinged for a small dent in one of the doors, you won’t have to worry about paying the cost of the damages.

Overall value

If you even just use this card’s annual airline incidental fee statement credit worth up to $100, you shouldn’t have any trouble justifying the low annual fee. If you manage to use other benefits and earn the welcome bonus, you’ll easily get the annual fee back — and then some.

If you’re a frequent flyer, this card is amazing, considering the reasonable annual fee. Another of my favorite benefits of this card is the statement credit toward either Global Entry ($100) or TSA PreCheck ($85) application fees every four years. Even if you’re not a big-time flyer, you can still get a lot of value out of benefits like purchase protection and extended warranty.

Bottom line

I highly recommend the Bank of America Premium Rewards credit card. You’ll earn 50,000 points (worth $500) after spending $3,000 on purchases within the first 90 days of account opening. And you can more than offset the card’s reasonable annual fee by maximizing one single card benefit.

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How to use Bank of America travel rewards points

Key takeaways.

• T he Bank of America travel rewards program can be lucrative and flexible, but the specifics of how you’ll earn points in this program depend on which credit card you sign up for.
• Bank of America travel rewards points can generally be redeemed for eligible travel purchases, cash back and gift cards.
• Bank of America Preferred Rewards members can earn an additional 25 percent to 75 percent more in rewards for each dollar spent.

Many credit card issuers boast a lineup of rewards credit cards that let you earn cash back, points or miles on travel, and Bank of America is no exception. Although not as popular as travel credit cards from Chase or American Express, Bank of America travel cards can be rather lucrative and flexible — but the specifics will depend on which credit card you sign up for.

If you’re ready to give the Bank of America travel rewards program a chance, you should find out which Bank of America credit cards let you earn rewards for travel, which travel rewards benefits are offered and how to use Bank of America travel rewards points to your advantage.

Which Bank of America cards earn travel rewards?

The main two Bank of America travel rewards cards are the Bank of America® Travel Rewards credit card and the Bank of America® Premium Rewards® credit card . However, Bank of America also offers the Bank of America® Premium Rewards® Elite Credit Card * and the Bank of America® Travel Rewards Credit Card for Students .

Bank of America Travel Rewards credit card: Best for no annual fee

• Welcome bonus: 25,000 online bonus points ($250 statement credit value toward travel purchases) if you make $1,000 in purchases within 90 days of opening the account
• Rewards rate: Unlimited 1.5X points per dollar on all purchases; 3X points on Bank of America Travel Center purchases
• Annual fee:  $0
• Notable perks: No foreign transaction fees, flexible travel rewards

Bank of America Premium Rewards credit card: Best for occasional travelers

• Welcome bonus: 60,000 online bonus points after spending $4,000 on purchases in the first 90 days
• Rewards rate: Unlimited 2X points per dollar on travel and dining; 1.5X points per dollar on all other purchases
• Annual fee:  $95
• Notable perks: Up to $100 in statement credits per year for incidental airline expenses to cover eligible costs; up to a $100 statement credit toward Global Entry or TSA PreCheck application fees every four years; no foreign transaction fees

Bank of America Premium Rewards Elite Credit Card: Best for frequent travelers

• Welcome bonus: 75,000 online bonus points (a $750 value) after you make at least $5,000 in purchases in the first 90 days of account opening
• Rewards rate:  Unlimited 2X points on dining and travel purchases; unlimited 1.5X points on all other purchases
• Annual fee: $550
• Notable perks: Up to $300 annually in airline incidental statement credits for qualifying purchases (like seat upgrades and baggage fees); up to $150 annually for eligible lifestyle conveniences (including video streaming services, food delivery, fitness subscriptions and rideshare services); up to a $100 statement credit toward Global Entry or TSA PreCheck application fees every four years; complimentary Priority Pass membership; 20 percent off on domestic or international airfare for any class when paid with points

Bank of America Travel Rewards Credit Card for Students: Best for students

• Welcome bonus: 25,000 online bonus points after spending $1,000 in purchases within the first 90 days of account opening
• Rewards rate: 1.5X points on all purchases
• Annual fee: $0
• Notable perks: No foreign transactions fees, flexible travel rewards

Which Bank of America travel cards do not earn travel rewards points?

Bank of America also offers a surprising number of co-branded travel credit cards that are geared to loyalists with specific brands. However, these cards do not earn Bank of America travel rewards points. These include:

• Alaska Airlines Visa® credit card
• Free Spirit® Travel More World Elite Mastercard®*
• Allegiant World Mastercard®*
• Royal Caribbean Visa Signature® card*
• Norwegian Cruise Line® World Mastercard®*
• Celebrity Cruises Visa Signature® card*
• Virgin Atlantic World Elite Mastercard® *
• Air France KLM World Elite Mastercard®*

When it comes to redeeming your Bank of America travel rewards, your options may vary depending on the card you have.

Bank of America Travel Rewards credit card and Bank of America Travel Rewards Credit Card for Students

With the Bank of America Travel Rewards credit card and the Bank of America Travel Rewards Credit Card for Students, you can use your points for:

• Cash back in the form of a check or direct deposit to an eligible Bank of America or Merrill account
• A statement credit to cover eligible travel-related purchases

Unlike with other travel rewards programs, you can use your eligible card to book travel with any eligible providers, and Bank of America’s list of qualifying travel purchases is extensive. In addition to airlines, hotels, car rentals and eligible transit, travel-related purchases also include purchases made with eligible cruise lines, parking garages, travel agencies, tourist attractions, art galleries, amusement parks and more.

From there, you can redeem your points for a travel credit statement through your Bank of America account. However, note that you’ll need at least $25 worth of points to redeem for a travel credit.

Bank of America Premium Rewards credit card

The Bank of America Premium Rewards credit card lets you cash in your rewards for:

• Travel bookings through the Bank of America Travel Center
• Cash back in the form of a statement credit or a direct deposit to an eligible Bank of America or Merrill account

Bank of America Premium Rewards Elite Credit Card

With the Bank of America Premium Rewards Elite Credit Card, you can redeem your points for:

• Travel, experiences, event tickets and more through our Bank of America’s Concierge service

How to maximize Bank of America travel rewards points

To get the most of your travel rewards points with Bank of America, you should try to be as strategic as you can. When you go to redeem points, consider the ways you may be able to earn more points on your spending and any ways you can maximize your rewards .

Join the Bank of America Preferred Rewards program

One major way to earn more Bank of America travel rewards involves signing up for the Bank of America Preferred Rewards program . Doing so can net you an additional 25 percent to 75 percent more in rewards for each dollar you spend. However, note that you do need to meet certain qualifications to enroll in this program, including:

• An active, eligible Bank of America checking account
• A three-month average combined balance of $20,000 or more in eligible Bank of America accounts and/or Merrill investment accounts

Also, keep in mind that the Bank of America Preferred Rewards program offers additional perks like savings boosters and loan discounts for members with cash on deposit. The following chart shows how much more you could earn in rewards as a member, as well as how much you need to keep in eligible accounts to qualify for each tier.

While the minimum balance requirements are high, the Bank of America Preferred Rewards program can help you earn considerably more points on your spending if you qualify. For example, Bank of America Premium Rewards credit card members in the Platinum Honors tier have the potential to earn up to 3.5X points for every dollar spent on travel and dining purchases and up to 2.62X points on other purchases.

Also, it’s worth noting that there is one more Bank of America Preferred Rewards program tier, Diamond Honors.

Compare pricing in the travel portal

Keep in mind that the Bank of America Travel Center lets you make travel bookings with over 200,000 hotels and resorts and more than 200 airlines, among other options. Since some Bank of America travel rewards credit cards let you redeem your points for either travel-related statement credits or travel booked through the Bank of America Travel Center, you should compare the prices offered in the travel portal with other travel sites. By comparing prices, you can make sure you get the best deal.

Pick a card with an annual fee

Finally, make sure to think about your goals before you sign up for a travel credit card from this issuer. After all, a card with an annual fee comes with more benefits and perks. For example, when you pay the $95 annual fee for the Bank of America Premium Rewards card, you’ll get higher rewards rates on travel and dining spending, up to a $100 annual credit for incidental airline expenses to cover eligible costs and up to a $100 application fee credit toward Global Entry or TSA PreCheck membership every four years. All of this could easily leave you “ahead” in a financial sense.

The bottom line

Bank of America travel rewards can work differently depending on the card you sign up for, so make sure to compare all the rewards card options available before you decide on a card. In the meantime, spend some time comparing cards from this issuer to travel rewards credit cards from other major issuers. You may find that Bank of America has what you’re looking for in a travel rewards card, but you’ll never know for sure unless you check.

The Bank of America content in this post was last updated on June 23, 2023.

The information about the Alaska Airlines Visa® credit card was updated on June 23, 2023.

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The information for the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card has been collected independently by U.S. News and the card is not currently available on the site. The information has not been reviewed or provided by the card issuer and it is accurate as of the date posted.

Bank of America® Business Advantage Travel Rewards World Mastercard®

The Bank of America® Business Advantage Travel Rewards World Mastercard® has decent flat-rate rewards and no annual fee, and bank customers can boost the reward rate higher.

Credit Needed

Excellent Credit

Intro Offer

Earn 30,000 online bonus points after you make at least $3,000 in purchases in the first 90 days of opening your account, which can be redeemed for a $300 statement credit towards travel or dining purchases

Rewards Rate

3X Points per dollar spent when you book travel through the Bank of America Travel Center

$0 annual fee and no foreign transaction fee on this card.

New cardholders get an introductory 0% APR on purchases for nine billing cycles .

Points can be worth between 25% and 75% more depending on your tier if you are a Bank of America Preferred Rewards for Business member.

The card doesn’t offer any bonus categories, unlike some business credit cards.

Although cardholders get an introductory 0% APR on purchases for nine billing cycles , there is no introductory rate for balance transfers.

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Bank of America® Business Advantage Travel Rewards World Mastercard® Summary

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card is a business travel rewards card. It earns unlimited 1.5 points per dollar spent on all purchases and points never expire. There is a 30,000 -point sign-up bonus for spending $3,000 within 90 days of opening your account . The card has no annual fee and offers an introductory 0% APR on purchases for nine billing cycles . Cardholders get travel accident insurance, lost luggage reimbursement, trip cancellation coverage, trip delay reimbursement and other benefits.

• Rates and Fees
• Highlights from Issuer
• Issuer Name Bank of America
• Credit Needed Excellent Credit
• Annual Fee $0
• Purchases Intro APR introductory 0% APR on purchases for nine billing cycles
• Balance Transfer Fee $10 or 4% of the amount of each transaction, whichever is greater.
• Cash Advance Fee Either $10 or 4% of the amount of each transaction, whichever is greater Overdraft Protection Cash Advance (if enrolled): Either $10 or 3% of the amount of each transaction, whichever is greater

Is the Bank of America® Business Advantage Travel Rewards World Mastercard® Right for Me?

Yes, if you:

• Want a business credit card with no annual fee and a simple rewards structure.
• Plan to take advantage of the introductory 0% APR on purchases for nine billing cycles .
• Are a Bank of America Preferred Rewards for Business member.

Tips for Using the Bank of America® Business Advantage Travel Rewards World Mastercard®

Because of the card’s solid base rate of 1.5 points per dollar spent on all purchases — higher if you’re a Bank of America Preferred Rewards for Business member — the Bank of America® Business Advantage Travel Rewards World Mastercard® can be good on its own or to supplement another business credit card. For example, you might pair it with a card that earns bonus rewards in categories in which you spend significantly and then use the Bank of America® Business Advantage Travel Rewards World Mastercard® for everything else.

Editor's Take

The Bank of America® Business Advantage Travel Rewards World Mastercard® is an easy card for new or small-business owners to manage since rewards are straightforward. It’s especially worth getting if you do your business banking with Bank of America, which can increase your rewards rate to higher than 1.5 points per dollar spent on all purchases .

Current Welcome Offers 

Earn 30,000 online bonus points after you make at least $3,000 in purchases in the first 90 days of opening your account, which can be redeemed for a $300 statement credit towards travel or dining purchases .

How to Maximize Rewards With Bank of America® Business Advantage Travel Rewards World Mastercard®

The Bank of America® Business Advantage Travel Rewards World Mastercard® credit card earns 1.5 points per dollar spent on all purchases . Though there are no bonus categories, you can increase your rewards as a Bank of America Preferred Rewards for Business member and earn as much as 2.62 points per dollar spent.

Being a member is free but requires a three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts.

With the card’s sign-up bonus, you can earn 30,000 bonus points after spending $3,000 within 90 days of opening your account .

Comparing the Bank of America® Business Advantage Travel Rewards World Mastercard® With Other Credit Cards

U.s. news credit card rating methodology, alternative pick.

On American Express ' Secure Website.

The Blue Business® Plus Credit Card from American Express

Comparative assessments and other editorial opinions are those of U.S. News and have not been previously reviewed, approved or endorsed by any other entities, such as banks, credit card issuers or travel companies. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired.

Business Advantage

Earn rewards for the business you do

Experience our award winning program 1   with Preferred Rewards for Business. Get exclusive rewards and benefits at no fee with an eligible Bank of America business checking account.

Explore the tiers

Earn rewards and exclusive benefits inspired by your business needs. It's all about making your Bank of America business deposit accounts and Merrill business investment accounts work for you.

3-month combined average daily balance

Check out all the benefits

Use the tool below to filter benefits.

Save money on waived monthly maintenance fees, inbound wire transfers and more. 2

Business Advantage Credit Card

25% Bonus Rewards 3

Every purchase is more rewarding with an eligible Business Advantage credit card.

View a complete list of ineligible credit cards.

Business Advantage Savings

5% Interest Rate Booster 4

Boost your savings on Business Advantage Savings accounts.

Business Advantage Financing

0.25% Interest Rate Discount 6

Pay less on new Business Advantage credit lines, term loans and secured lending. 

Merchant Services

0.05% Processing Rate Discount 7

(Simplified Pricing Plan)

Lower your cost to take card payments.

Payroll Service

$10 Cash Back 8

Save money on eligible payroll service fees

Business Advantage Auto Loans

0.25% Interest Rate Discount 9

Pay less on new Business Advantage Auto loans.

Commercial Real Estate Loans

0.25% Interest Rate Discount 10

Pay less on new Commercial Real Estate loans.

Practice Solutions Lending

0.25% Interest Rate Discount 11

Pay less on new Practice Solutions loans.

Professional Advice

Complimentary financial analysis with a Merrill® Financial Solutions Advisor 12

No Monthly Maintenance Fees

On up to 4 eligible business checking and 4 business savings accounts

Cards not eligible for the Rewards Bonus:

• Non-rewards credit cards (Bank of America Platinum and Platinum Plus for Business cards) 
• Personal or consumer-purpose credit cards
• Business Advantage Cash Rewards 123 with 50% bonus
• Business Advantage Travel Rewards with 50% bonus
• Merrill branded Merrill Rewards for Business Card
• Alaska Airlines®

Business Banking, Global Commercial Banking, Global Corporate Investment Banking or Institutional clients are not eligible to participate in the program. This list is subject to change without prior notice. 

Calculate your potential benefits as a Preferred Rewards for Business member

Drag or enter to estimate how you can maximize your rewards and benefits based on your accounts.

Estimate your combined balances across your qualifying deposit and investment accounts .

Your potential Preferred Rewards for Business tier is Gold.

Based on your responses of potential qualifying account balances of #slider amount here# and credit card spending of #optional input amount here#

Preferred Rewards for Business Platinum tier benefits are based on a potential qualifying account balances of $50,000 to $100,000.

Your potential preferred rewards tier is platinum., preferred rewards for business platinum honors tier benefits are based on a potential qualifying account balances over $100,000., your potential preferred rewards for business tier is platinum honors..

Qualifying deposit and investment

Clients in the eligible business categories may enroll in the program if you have an active, eligible Bank of America business checking account, and maintain a combined balance in your qualifying Bank of America® business deposit accounts and/or your qualifying Merrill Edge® and/or Merrill Lynch® business investment accounts of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier. The combined balance is calculated based on your average daily balance for a three calendar month period. U.S. Trust® Small Business clients are automatically enrolled in the program at the Platinum Honors tier as long as you maintain your U.S. Trust relationship. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements.

If you have deposit and investment accounts outside of Bank of America and Merrill Lynch, you can include those balances to see how transferring balances into an eligible Bank of America business deposit or Merrill business investment account can help you get even more benefits and rewards.

Become a Preferred Rewards for Business Member

There’s no fee to join or participate in the program. Here’s all you need to become a member.

• An active, eligible Bank of America business checking account. Don’t have a Bank of America account yet? Open a checking account
• A 3-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill® business investment accounts

Our Members - Their Journey

We’re here for you learn how we can benefit your business, a personalized touch: view your potential rewards.

(Example for illustrative purposes only. 

Your actual rewards will depend on

which products and services you use)

Connect with a Small Business Specialist to learn how Preferred Rewards for Business can help you

Need a business checking account? We have options

Open a Bank of America business checking account to fit your needs.

Preferred Rewards for Business FAQs

What is preferred rewards for business.

Preferred Rewards for Business rewards you for the business you do with a wide range of benefits across your business banking relationship. There are no fees to join or participate. And as your qualifying balances grow, so do your benefits. There are three tiers in the program: Gold, Platinum and Platinum Honors. Your tier is based on your qualifying combined balances in your Bank of America® business deposit and/or Merrill® business investment accounts.

Once you’re a member, you’ll move to a higher tier after any month your account balances qualify you for the next level of rewards. Don’t worry if your balances dip temporarily: Your balances are reviewed annually to determine whether you’ll move to a lower tier. Refer to the Preferred Rewards for Business section of the Business Schedule of Fees  to see which accounts qualify.

How do I qualify?

Preferred Rewards for Business is available to Bank of America® Small Business, Merrill® Small Business and Private Bank Small Business clients. All you’ll need to become a Preferred Rewards for Business member is:

• An active eligible Bank of America business checking account
• A three-month combined average daily balance of $20,000 or more in qualifying Bank of America business deposit accounts and/or Merrill business investment accounts.

Once you’ve met these requirements you must then take action to enroll .

Do I have to enroll to become a Preferred Rewards for Business member?

Yes, enrollment is simple through Online Banking. There are no fees to join or participate in Preferred Rewards for Business. And once you’re enrolled, you’ll automatically receive tier upgrades as your balances qualify you for the next level of rewards. Log in to Online Banking to find out if you’re eligible to enroll .

Do I need to open new business accounts to take advantage of the benefits?

It depends on what types of accounts you have. After you enroll, some benefits may require you to change your account type or open a new account in order to receive all the benefits. Here are a few examples:

• If you already have a Business Advantage Savings account, you’ll automatically receive the interest rate booster.
• If you already have an eligible Business Advantage credit card, you’ll automatically receive the rewards bonus. View a complete list of ineligible credit cards .

If you’d like to convert an existing savings account or open a new account that’s eligible for the rewards bonus, please call 888.BUSINESS (888.287.4637).

I am enrolled in Preferred Rewards on my personal accounts. What is the difference between Preferred Rewards and Preferred Rewards for Business?

If you’re enrolled in the Preferred Rewards consumer program for personal accounts, you aren’t automatically enrolled in the Preferred Rewards for Business program. As long as your business (entity) is eligible by meeting the eligibility criteria and has:

• An active, eligible Bank of America business checking account and

You can enroll in the Preferred Rewards for Business program and begin enjoying all the program’s features and benefits.

How do I maintain my program status once I become a member?

All you have to do is maintain your qualifying balance and have an open active checking account. Your qualifying balance is your combined average daily business balance in your Bank of America® business deposit and/or Merrill business investment accounts over three full calendar months.

The minimum qualifying balance requirements are $20,000 for the Gold tier, $50,000 for the Platinum tier and $100,000 for the Platinum Honors tier.

Once you’re a member, you’ll keep your benefits for as long as you continue to qualify for the program.

What happens if my program balance drops after I enroll and I go into grace status?

No need to worry if your balances dip temporarily; you’ll keep your Preferred Rewards for Business program status for a full year. If you no longer meet the eligible business checking account and/or balance requirements, you’ll have a three-month grace period to restore your eligibility.

When the grace period ends, if you still haven’t met the balance requirement, you’ll be moved to a lower benefit tier. If your qualifying balance falls below $20,000, you’ll lose your benefits entirely. We’ll monitor your qualifying balance over the next 24 months and resume your benefits if you meet the balance requirement during that time. If you don’­t meet the requirements until after 24 months, you’ll need to re-enroll in the program. Refer to the Preferred Rewards for Business section of the Business Schedule of Fees  for qualifying accounts.

Are there any fees associated with the Preferred Rewards for Business program?

No. There are no fees to join or participate. And once you’re a member, as your business balances qualify you for the next level of rewards, we’ll move you up a tier.

What value of benefits could I potentially earn?

The value of your benefits will be determined by all the ways you can use them. On average members increased their overall benefits to $500 a year with Preferred Rewards for Business. For example, you could potentially benefit from interest rate discounts, credit card rewards bonuses and no-fee ATM transactions. To find out more check out our Preferred Rewards for Business calculator .

When will my Preferred Rewards for Business benefits become active?

Typically, Preferred Rewards for Business benefits become active within 30 days of enrolling in the program. Some benefits are automatically activated upon the effective date of your enrollment requiring no action on your part. If you’ve opened a new account and enroll in Preferred Rewards for Business your benefits will become active within 30 days of account opening unless we indicate otherwise. Note that some rewards may require you to open a new account or take other actions to enjoy the complete benefits.

Can I enroll in Preferred Rewards for Business now, even though I need to open a Bank of America business checking account and maintain the qualifying balance?

Early Enrollment in the program is available if this is your first Bank of America business checking account and you deposit $20,000 or more within 30 days of opening your account.

If you don’t qualify for Early Enrollment, you can still enroll in Preferred Rewards for Business once you have a three-month combined average daily balance of $20,000 or more in your Bank of America® business deposit and/or Merrill® business investment accounts.

How can Preferred Rewards help me earn more rewards on my Bank of America credit cards?

Once you’re a Preferred Rewards for Business member, you’ll earn 25% - 75% more rewards on every purchase made with eligible Bank of America® credit cards. View a complete list of ineligible credit cards . Your reward bonus is based on your enrolled tier: Gold 25%, Platinum 50% or Platinum Honors 75%. For example, a purchase that typically earns $1 in cash rewards will earn $1.25 to $1.75, depending on your Preferred Rewards for Business tier. Bank of America credit cards offer many different benefits to enhance what matters most to you — from cash back to dining and travel rewards.

How can I move to a higher Preferred Rewards for Business tier?

After you enroll, you can move to a higher Preferred Rewards for Business tier and enjoy more benefits and rewards by increasing your qualifying Bank of America® deposit and/or Merrill® investment balances. Each month, we ll review your qualifying balances and you ll automatically move to a higher tier when those balances qualify you for the next level of rewards.

Here's an example:

You’ve been a Preferred Rewards for Business Gold tier member for six months, with an average combined daily balance in your Bank of America and Merrill accounts of $30,000. If your average balance reached $55,000 in month seven and $70,000 in month eight, you’d qualify for the Platinum tier because your three-month average daily balance would be $51,667.

Three-month total: $155,000

Divided by three months = $51,667 average daily balance

Congratulations! You’ve qualified for the Platinum tier.

  *Your tier upgrade may take a bit longer if there are other changes to your account.

How can I receive extra discounts when applying for an auto loan as a Preferred Rewards for Business member?

Once you’re a Preferred Rewards for Business member, you can get a Business Advantage auto loan interest rate discount up to 0.50%. You must be enrolled at the time of your application and your interest rate discount is based on your tier level - Gold 0.25%, Platinum 0.35% or Platinum Honors 0.50%. That means if you're a Platinum Honors tier member and qualify for a new Business Advantage auto loan with a 4.00% interest rate, a 0.50% interest rate discount would lower your interest rate to 3.50%. Standard underwriting guidelines and credit policies apply.

• Non-rewards credit cards (Bank of America Platinum and Platinum Plus for Business cards)

Business Banking, Global Commercial Banking, Global Corporate Investment Banking or Institutional clients are not eligible to participate in the program. This list is subject to change without prior notice.

Important DIsclosures and Information

Preferred Rewards for Business Eligibility Requirements:   The Preferred Rewards for Business program is only available to Bank of America Small Business, Merrill Small Business, and Bank of America Private Bank® Small Business clients. Other categories of clients, such as those commonly referred to as Business Banking, Global Commercial Banking, Global Corporate Investment Banking, or Institutional clients are not eligible to participate in the program. Subject to certain exceptions, eligible business checking accounts generally are any Small Business checking account and the following Analyzed checking accounts: Full Analysis Business Checking or Analyzed Business Interest Checking. Clients in the eligible business categories may enroll in the program. To enroll you must have an active, eligible Bank of America business checking account, and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America business deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill business investment accounts (such as Working Capital Management Accounts, Business Investor Accounts, Delaware Business Accounts). The qualifying balance is calculated based on either (i): your average daily balance for a three-calendar month period, or (ii) your current combined balance, provided that you enroll at the time you open your first eligible business checking account and satisfy the balance requirement at the end of at least one day within thirty days of opening that account. Refer to your  Business Schedule of Fees  for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits may be available without enrolling in the program if you satisfy balance and other requirements.

1 Preferred Rewards for Business:  Bank of America Preferred Rewards and Preferred Rewards for Business were recognized for a Platinum award for 360 Degree Award (Brand) in the 2023 Loyalty 360 awards . This award recognizes the brands with the best overall weighted average finishes across multiple categories, as well as the suppliers that had the highest weighted average with single or multiple clients across categories.

2 Banking made better with no-fee services: Fee waivers do not apply to analyzed business checking or savings account products or to cards issued under these products. See the Business Schedule of Fees for more information.

3 Business Credit Cards: Only certain credit cards are eligible to receive the program bonus. Enrolled members with eligible cards will receive the program bonus of 25% for the Gold tier, 50% for the Platinum tier, or 75% for the Platinum Honors tier based on program tier and type of reward card. The Preferred Rewards for Business bonus for eligible cash rewards credit cards will be applied after all base and bonus cash rewards have been calculated on a purchase. For example, a $100 purchase that earns 3% ($3.00) will actually earn $3.75, $4.50 or $5.25 based on your tier when the purchase posts to your account. For all other eligible card types, a purchase that earns 100 points will actually earn 125, 150, or 175 points based on your tier when the purchase posts to your account. The Preferred Rewards for Business bonus is not applied to any account opening bonus, if applicable. Other terms and conditions apply. If you have an eligible card, please refer to your card’s Program Rules for details about how you will receive the Preferred Rewards for Business bonus on your business card. Program Rules are mailed upon account opening and are accessible through the rewards redemption site via Business Advantage 360, our small business online banking, or by calling the number on the back of your card. Most Bank of America® branded business credit cards (such as our Unlimited Cash Rewards, Customized Cash Rewards, and Travel Rewards credit card products) are eligible to receive the program bonus as long as the card account is open with active charging privileges.

View a complete list of ineligible cards

4 Business Advantage Savings accounts: The Preferred Rewards for Business program savings interest rate booster is only available to members who have a Business Advantage Savings account and who have enrolled in the program. The interest rate booster will be applied to your Business Advantage Savings account after program enrollment. Your enrollment in Preferred Rewards for Business will not automatically convert any other existing savings account type to a Business Advantage Savings account. If your enrollment in the program is discontinued for any reason, the interest rate booster will end.

5 No Fee ATM: The Platinum and Platinum Honors program tier members using a Bank of America debit or ATM card will not be charged the non-Bank of America ATM fee and will receive a refund of the ATM operator or network fee for withdrawals, and balance transfers (1 each per statement cycle for Platinum tier members, unlimited for Platinum Honors tier members) from non-Bank of America ATMs in the U.S. and U.S. territories.

6 Business Advantage Credit Line, Term Loan, and Secured Lending Interest Rate Discounts: Business line of credit and term loan interest rate discounts are available to business applicants and co-applicants who are enrolled in the Preferred Rewards for Business program at the time of line of credit or term loan application for a new credit or refinanced facility (excludes specialty lending products that receive customized pricing). The amount of the discount (0.25% for Gold tier, 0.50% for Platinum tier, and 0.75% for Platinum Honors tier) is based on the business applicant’s or co-applicant’s eligible tier and status at the time of application. The benefit is non-transferable. The interest rate discount is a standalone benefit and in certain instances may be combined with or superseded by other promotional offers. This interest rate discount will be incorporated into final pricing upon loan approval. Standard underwriting guidelines and credit policies apply.

7 PRB Merchant Benefit: Merchant Services Processing Rate Discount (Simplified Pricing plan): If you: (1) are enrolled in the Preferred Rewards for Business program, (2) have a Merchant Services processing account with Bank of America that has an 8-digit Merchant ID number (“Merchant Services”), (3) are on the Simplified Pricing plan, and (4) are settling your sales processing transactions into a Bank of America business checking account, then you are eligible to receive a discount on your Merchant Services processing rate based on your tier status in the program as follows: Gold tier: 0.05%, Platinum tier: 0.07%, Platinum Honors tier: 0.10%. For example, if your regular processing rate for swiped transactions is 2.65% +$0.10, your rate at the Gold tier would be 2.60% +$0.10, at Platinum: 2.58% + $0.10, and at Platinum Honors: 2.55%+ $0.10. The processing rate discount savings will be applied as a credit on your Merchant Services account at the end of each billing cycle. To receive this benefit, your Merchant Services processing account, and the Bank of America business checking account where you are settling your sales processing transactions, must be open and you must be enrolled in Preferred Rewards for Business at the time the benefit is paid. Any pending benefits forfeit upon account closure. Your processing rate discount will be based on your Preferred Rewards for Business tier at the time the benefit is paid. Exclusions may apply based on merchant processing product. Subject to change. Our legacy Merchant Services products that are no longer actively for sale are eligible to receive a separate, and different, Preferred Rewards for Business Cash Reward benefit. Details of this benefit are described below.

If you are: (1) enrolled in the Preferred Rewards for Business program; (2) have a merchant services processing account with Bank of America that does not have an 8-digit Merchant ID number (“Merchant Services”); and (3) direct your Merchant Services settlement funds into an eligible Bank of America business checking or business savings account, then you are eligible to receive a percentage-based rewards payment that is calculated using the combination of the total amount of your monthly net merchant services processing (“Monthly Net Processing “) with Merchant Services and your tier status in the program is as follows: Gold tier: 0.05% of Monthly Net Processing, Platinum tier: 0.10% of Monthly Net Processing, Platinum Honors tier: 0.15% of Monthly Net Processing. Monthly Net Processing equals your total monthly sales processed by Merchant Services, minus any refunds, returns, chargebacks, or other adjustments as determined by Merchant Services. The rewards payment(s) will be deposited into the same eligible Bank of America business checking or business savings account where your Merchant Services settlement funds are deposited. The Merchant Services processing rewards payment is typically paid in the month following a Merchant Services processing statement cycle. In order to receive this reward, the Bank of America business deposit account where your Merchant Services settlement funds are directed, and your Merchant Services processing account, must be open at the time of rewards payment. Any pending rewards payments forfeit upon account closure. Exclusions may apply based on merchant processing product. Subject to change. 

8 Full Service Payroll: If you are enrolled in the Preferred Rewards for Business program and are a client who has enrolled through Bank of America to receive full service payroll services from ADP® then you are eligible to receive a credit from Bank of America to offset a portion of your payroll product services fees based on your tier status in the Preferred Rewards for Business program as follows: Gold tier: $10, Platinum tier: $15, Platinum Honors tier: $20. Only service fees for the payroll provider’s full service payroll solutions are eligible to receive a credit. In addition to the general eligibility requirements, you also must fund your payroll with an eligible Bank of America business checking or business savings account. The payroll service fee credit is typically reflected monthly as a statement credit into the same account you are using to fund payroll as long as you have processed at least one payroll transaction through the account in the last 180 days. The payroll service fee credit is typically processed in the month following the statement cycle in which the fee was assessed. For example, payroll activity in January may result in a statement credit in your March statement. In order to receive this credit, the Bank of America business deposit account where you fund your payroll must be open at the time the credit is applied. Any pending credits forfeit upon Bank of America account closure or termination of payroll service with ADP®.

To be eligible for a credit, clients must have enrolled through Bank of America in RUN Powered by ADP ® Payroll Services on or after December 31, 2015. Intuit QuickBooks® Online Payroll users are not eligible for this benefit. ADP, the ADP logo, and RUN Powered by ADP are registered trademarks of ADP, Inc., used under license. Bank of America does not deliver and is not responsible for the products, services or performance of ADP, Inc. or Intuit Inc.

Intuit QuickBooks and the Intuit logo are registered trademarks of Intuit Inc., used under license. 

Bank of America and/or its affiliates or service providers may receive compensation from third parties for clients’ use of their services.

Internet access may be required. Internet service provider fees may apply. Other bank fees may apply. View the Business Schedule of Fees for details

9 Business Advantage Auto Loan Interest Rate Discounts: Preferred Rewards for Business members who apply for a Business Advantage Auto Loan purchase or refinance loan receive an interest rate discount of 0.25% for Gold tier, 0.35% for Platinum tier, and 0.50% for Platinum Honors tier based on the applicant’s or a co-applicant’s Preferred Rewards for Business program tier at the time of loan application.

The maximum Preferred Rewards interest rate discount on a Business Advantage Auto Loan is 0.50%. Business Advantage Auto Loans do not qualify for, or entitle any applicant to, a discount under the consumer Preferred Rewards program. This interest rate discount is not reflected in our published rates on our website but will be reflected in the interest rate quoted upon loan approval. Discounts are only available on vehicle loan applications submitted by you directly to Bank of America through its website, Financial Centers, or Bank call centers. Discounts are not available for applications sourced from car dealerships, car manufacturers, or third-party branded/co-branded relationships.

Benefit is non-transferable. Subject to credit approval. Standard underwriting guidelines and credit policies apply.

10 Commercial Real Estate Loan Interest Rate Discounts: Business Commercial Real Estate Loan interest rate discounts are available to business applicants and co-applicants who are enrolled in the Preferred Rewards for Business program at the time of application for a new credit or refinanced facility (excludes specialty lending products that receive customized pricing). The amount of the discount (0.25% for Gold tier, 0.35% for Platinum tier, and 0.50% for Platinum Honors tier) is based on the business applicant’s or co-applicant’s eligible tier and status at the time of application. The benefit is non-transferable. The interest rate discount is a standalone benefit and in certain instances may be combined with or superseded by other promotional offers. This interest rate discount will be incorporated into final pricing upon loan approval. Standard underwriting guidelines and credit policies apply.

11 Practice Solutions Client Interest Rate Discounts: Practice Solutions business line of credit and term loan interest rate discounts are available to business applicants and co-applicants who are enrolled in the Preferred Rewards for Business program at the time of line of credit or term loan application for a new credit or refinanced facility (excludes specialty lending products that receive customized pricing). Amount of discount (0.25% for Gold tier, 0.30% for Platinum tier, and 0.35% for Platinum Honors tier) is based on the business applicant’s or co-applicant’s eligible tier and status at the time of application. Benefit is non-transferable. The interest rate discount is a standalone benefit and in certain instances may be combined with or superseded by other promotional offers. This interest rate discount will be incorporated into final pricing upon loan approval. Standard underwriting guidelines and credit policies apply.

12 Professional Advice: Members enrolled in the Platinum Honors tier are eligible for an annual relationship analysis with a Bank of America small business specialist. If you are a Merrill client and you have questions about the program, please call 800.MERRILL (800.637.7455) or your Merrill advisor. Enrollment in Preferred Rewards for Business is not required to receive a complimentary financial analysis.

Bank of America Private Bank® and Merrill clients receive financial analysis as part of their advisor relationship.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of BofA Corp. 

Banking, mortgage and home equity products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of BofA Corp. Bank of America, N.A. Equal Housing Lender. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Investment products are provided by MLPF&S and: