Bank of America Premium Rewards

Rewards by category

Our take

The Bank of America Premium Rewards is built for people whose spending tilts toward restaurants and travel but who do not want to manage a points program. It pays 2% on dining, flights, hotels, and other travel, with a 1.5% floor on everything else, all as straightforward cash back. Because it is a Visa with no foreign transaction fee, it also works as a primary card for trips abroad.

The catch is the $95 annual fee attached to fairly ordinary rates: 2% on travel and dining is good, not exceptional. A 60,000-point online bonus — a $600 value after $4,000 in purchases in the first 90 days — softens the first year, but the long-term math got hazier in May 2026, when Bank of America replaced Preferred Rewards (whose Platinum Honors tier pushed travel and dining as high as 3.5x) with the BofA Rewards program, which states no multiplier at all. Without a boost you can count on, make sure your travel and dining volume actually clears the fee before choosing it over a no-fee card you already hold.

In a two-card setup, this one can play both roles at once: the 1.5% base is a serviceable floor for everyday spending, and the travel and dining bump handles the categories many people spend the most on away from home. For groceries, gas, or other bonus categories it earns only the 1.5% base, so a dedicated category card still adds value alongside it.

The math

Run $400 a month of dining through this card and you're earning about $96 a year at our conservative valuations.

Common questions

Does Bank of America Premium Rewards have an annual fee?

Yes — $95 per year.

What does Bank of America Premium Rewards earn on dining?

2% on dining.

What rewards does Bank of America Premium Rewards earn on everything else?

1.5% on all other purchases, in Cash Back.

Does the Bank of America Premium Rewards charge foreign transaction fees?

No. There is no foreign transaction fee on this card, so purchases abroad earn the same as at home: 2% on dining, flights, hotels, and other travel, and 1.5% on everything else. If an international trip is on your calendar, it is a sensible card to put at the front of your wallet for the duration.

What happened to the Preferred Rewards boost on this card?

Bank of America replaced Preferred Rewards with the BofA Rewards program in May 2026. Under the old program, Platinum Honors members saw travel and dining climb from 2x to as much as 3.5x — and that boost was the strongest argument for this card. The new program's page advertises a rewards bonus for enrolled customers but states no multiplier, so evaluate the card on its standard numbers: 2% on travel and dining and 1.5% everywhere else, against a $95 annual fee.