Bank of America Premium Rewards Credit Card

The Premium Rewards card earns its $95 fee back fast through up to $200 in annual credits ($100 airline incidental plus up to $100 Global Entry/TSA PreCheck), then layers on 2x travel and dining and 1.5x everything else with no foreign fee. The real reason to hold it is Preferred Rewards: top-tier members can boost earning by up to 75%, which is where it pulls ahead of a Chase Sapphire Preferred for BofA loyalists. If you don't bank with BofA, the lack of transfer partners and no lounge access make pricier cards a better fit. Use the airline credit and the fee is effectively $0 net; verify the credit terms on BofA's site.

Bank of America Premium Rewards Credit Card at a glance

Rewards & perks

• A $100 yearly airline incidental credit
• As much as $100 toward Global Entry or TSA PreCheck
• Preferred Rewards members earn considerably more

Pros

• The yearly credits can outweigh the fee
• No surcharge on purchases made abroad
• A large lift for Preferred Rewards members

Cons

• Carries a yearly fee
• There are no transfer partners
• Lounge entry is not included

Who should apply

• A credit score in the good-to-excellent range
• Enough income to back the credit line
• The Preferred Rewards multiplier depends on qualifying balances

Before you apply: card terms change often. Confirm the current annual fee, APR, welcome offer and rewards on the official Bank of America site. CreditCardCompare is an independent comparison resource, not the card issuer, and this is not financial advice.