Credit Cards » Compare Credit Cards » Bank of America Premium Rewards vs. Travel Rewards: Comparison
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Bank of America Premium Rewards vs. Travel Rewards: Comparison

The BofA Premium Rewards is the winner when it comes to travel benefits, but there are cases when you'll prefer the BofA Travel Rewards.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.

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Interest Rates Last Update: September 10, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
  • Article update: February 5, 2024
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.

See full bio
Interest Rates Last Update: September 10, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
  • Article update:February 5, 2024

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Bank of America offers two basic credit card options for those seeking to maximize rewards and travel perks: the Bank of America Premium Rewards and Travel Rewards credit cards. 

General Comparison: BofA Premium vs. Travel Rewards

The BofA Premium Rewards card comes with a higher annual fee and a better rewards structure and additional travel and insurance benefits. The Travel Rewards card offers 0% intro APR which is not available through the Premium Rewards card.

Bank of America® Premium Rewards®

Bank of America® travel rewards
BoFa Premium Rewards
Bank of America Travel Rewards
Annual Fee
$95
$0
Rewards
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
Welcome bonus
60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases.
0% Intro APR
N/A
15 billing cycles on purchases and balance transfers, then 18.24% – 28.24% Variable APR will apply. APR
Foreign Transaction Fee
$0
$0
Purchase APR
20.24% – 27.24% Variable
18.24% – 28.24% Variable APR will apply.
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Read Review
Top Offers

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

hilton honors card

Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

Marriot bonvoy bevy card art

Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Amex gold
Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

hilton honors card
Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

Marriot bonvoy bevy card art
Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Point Rewards Battle: A Side-by-Side Analysis

While the premium rewards card annual fee is higher, it does earn more points, but there is no real difference in points rewards earnings, according to our analysis.

Bank of America® Premium Rewards®

Bank of America® travel rewards
Spend Per Category
BoFa Premium Rewards
Bank of America Travel Rewards
$15,000 – U.S Supermarkets
22,500 points
22,500 points
$5,000 – Restaurants
10,000 points
7,500 points
$5,000 – Airline
10,000 points
7,500 points
$5,000 – Hotels
10,000 points
7,500 points
$4,000 – Gas
6,000 points
6,000 points
Estimated Annual Value
58,500 points (About $585)
51,000 points (About $510)

Here's an example on how to redeem your points for eligible rewards you've made with one of these cards:

BoFa travel rewards card transactions to redeem
BoFa travel rewards card transactions to redeem (Screenshot from Bank Of America)

Which Travel Benefits You'll Get On Both Cards?

Both cards offer additional benefits including:

  • 25%-75% More Points: Bank of America Preferred Rewards® members earn 25%-75% more points on every purchase.
  • Balance Connect® for Overdraft Protection: Link your eligible Bank of America® checking account to your credit card to prevent declined purchases, returned checks, or other overdrafts with this optional service.

Benefits You'll Get Only With The Premium Rewards Card

The Premium Rewards credit card offers extra travel benefits but also a variety of travel insurance and protections that you won't be able to get with the Travel Rewards card:

  • $100 Airline Incidental Statement Credits: Receive up to $100 annually for eligible purchases like seat upgrades, baggage fees, in-flight services, and airline lounge fees, automatically applied to your card statement.
  • Visa Signature Luxury Hotel Collection: Enjoy premium benefits with your Premium Rewards® card when booking through this exclusive hotel collection.

  • Extended Warranty Protection: Extend eligible U.S. manufacturer's warranties lasting three years or less by an additional year.

  • Travel Accident Insurance: Receive automatic coverage for eligible losses when you use your credit card to purchase travel fare.

  • 24-Hour Travel Assistance Services: Access emergency services, including immediate card replacement and cash advance in case of a lost or stolen credit card.

  • Auto Rental Collision Damage Waiver: Get primary coverage for theft and collision damage on most rental cars in the U.S. and abroad when declining the rental company's insurance, with reimbursement up to the vehicle's actual cash value.

  • Baggage Delay Insurance: Receive reimbursement of up to $100 per day for essential purchases like toiletries and clothing when your baggage is delayed by a passenger carrier for more than 6 hours, up to a total of 5 days.

  • Lost Luggage Reimbursement: Provides coverage of up to $3,000 per passenger for damaged or lost luggage checked or carried on during travel.

  • Trip Delay Reimbursement: Covers unreimbursed expenses, such as meals and lodging, up to $500 per ticket for common carrier travel delays exceeding 12 hours or requiring an overnight stay.

  • Trip Cancellation Reimbursement: Offers coverage for trip cancellations or shortening due to covered situations like illness.

  • Emergency Evacuation and Transportation Coverage: Ensures financial support for eligible medical services and transportation in case of injury or illness during a trip away from home for you and your immediate family.

  • Return Protection: Receive reimbursement for dissatisfactory eligible items purchased within 90 days when the retailer won't accept return

Top Offers

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

AMEX Blue Cash Preferred Card review

Rewards Plan:
1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases
Welcome Bonus:
$250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Amex gold
Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

upgrade cash rewards
Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

AMEX Blue Cash Preferred Card review
Rewards Plan:
1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases
Welcome Bonus:
$250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

upgrade cash rewards

Rewards Plan:
1.5% 1.5% cash back on payments
Welcome Bonus:
$200 Earn a $200 bonus after you open & fund a Rewards Checking Plus account & make 3 debit card transactions within 60 days. If you previously opened a checking account through Upgrade or do not do so as part of this process, you are not eligible. Payout made within 60 days of meeting the conditions.

AMEX Blue Cash Preferred Card review

Rewards Plan:
1-6% 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%) and selected U.S. streaming subscriptions, 3% cash back on transit and U.S. gas stations, 1% cash back on other purchases
Welcome Bonus:
$250 $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Benefits You'll Get Only With The Travel Rewards Card

The Travel rewards credit card offers a low introductory Annual Percentage Rate (APR) of 0% for 15 billing cycles on purchases and balance transfers, then 18.24% – 28.24% Variable APR will apply. APR.

When You Might Prefer The BofA Travel Rewards?

You might prefer the BofA Travel Rewards card over the BofA Premium Rewards in the following situations:

  • Minimal Annual Fee: The BofA Travel Rewards card comes with a lower annual fee, making it a more cost-effective choice for individuals who want to earn travel rewards without the commitment of a higher annual fee.
  • Everyday Spending – if you tend to spend on a variety of categories and you're not focused on travel, the regular Travel Rewards card, which offers a flat rate, may be a better option.
  • 0% Intro: If you need a 0% intro APR, the Travel Rewrads is more suitable.

When You Might Prefer The BofA Premium Rewards?

You might prefer the BofA Premium Rewards card over the BofA Travel Rewards in the following situations:

  • Value Premium Travel Benefits: If you frequently travel and value premium travel benefits like airline statement credits, lounge access, and concierge services, the Premium Rewards card offers these features, enhancing your travel experience.
  • Want Travel Insurance And Protections: If you value services like emergency travel assistance and broad coverage, such as travel accident insurance and trip delay reimbursement, the Premium Rewards card provides these added protections.

Compare The Alternatives

Whether you're seeking travel rewards, a straightforward cashback system, or specific perks tailored to your lifestyle, these alternatives have something for everyone.

chase_sapphire_preffered

capital-one-venture

Wells Fargo Autograph
Chase Sapphire Preferred® Card
Capital One Venture Rewards Credit Card
Wells Fargo Autograph℠ Card
Annual Fee
$95
$95
$0
Rewards
2X – 5X 5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
2X – 5X 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
1X – 3X 3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Also, earn 1X points on other purchases
Welcome bonus
60,000 points 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
75,000 miles
20,000 Points 20,000 bonus points when you spend $1,000 in purchases in the first 3 months
Foreign Transaction Fee
$0
$0
$0
Purchase APR
21.24%–28.24% variable APR
19.99% – 29.99% (Variable)
20.24% – 29.99% variable
Read Review
Learn More
Read Review
Learn More
Read Review
Learn More

Compare Bank of America Travel Rewards

Both cards have no annual fee, but when it comes top redemption value – the Customized Cash Rewards gives you more. Here's our analysis.

Bank of America Travel Rewards vs Customized Cash Rewards Card

If you're looking for an basic travel card, the Discover it Miles is better on our opinion. Here are our thoughts – and a full comparison.

Discover It Miles vs BoFa Travel Rewards: Which Card Wins?

The Capital One Venture offers a better points rewards ratio and travel benefits than the BofA Travel rewards. Is it worth the annual fee?

BofA Travel Rewards vs. Capital One Venture Card: How They Compare?

Compare BofA Premium Rewards Card

Chase Preferred card is the clear winner as it offers better travel rewards than the BofA Premium Rewards and variety of travel protections.

Bank of America Premium Rewards vs. Chase Sapphire Preferred

The BoFa Premium Rewards Elite offers better travel perks, but is it worth the difference in the annual fee? We don't think so. Here's why.

Bank of America Premium Rewards vs. Elite: How They Compare?

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

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The Smart Investor (this website) is an independent financial website. The product offers that appear on this site are from companies from which this website may receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The Smart Investor does not include all companies or all offers available in the marketplace and cannot guarantee that any information provided is complete.

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