When it comes to credit card rewards, Bank of America offers two popular options: Premium Rewards and Travel Rewards. Both cards come with their own unique features and benefits, making it difficult to choose between them. In this article, we will compare and analyze these two credit cards to help you make an informed decision.
Bank of America Premium Rewards: An Overview
The Bank of America Premium Rewards credit card is designed for individuals who frequently travel and want to maximize their rewards. This card offers a generous sign-up bonus, earning potential, and a variety of travel perks.
With the Premium Rewards card, you can earn unlimited 2 points for every dollar spent on travel and dining purchases. Additionally, you earn 1.5 points for every dollar spent on all other purchases. The card also comes with a sign-up bonus of 50,000 points after spending $3,000 in the first 90 days of account opening.
One of the standout features of this card is the flexibility it offers when redeeming points. You can redeem your points for travel, cash back, gift cards, or even statement credits. Furthermore, if you have an eligible Bank of America checking or savings account, you can earn an additional 25% – 75% bonus on your points.
Bank of America Travel Rewards: An Overview
The Bank of America Travel Rewards credit card is a great option for individuals who want a simple and straightforward rewards program without an annual fee. This card offers a flat rate of earning and flexible redemption options.
With the Travel Rewards card, you earn unlimited 1.5 points for every dollar spent on all purchases. The card also comes with a sign-up bonus of 25,000 points after spending $1,000 in the first 90 days of account opening.
Similar to the Premium Rewards card, the Travel Rewards card allows you to redeem your points for travel, cash back, gift cards, or statement credits. However, it does not offer the same level of flexibility in redemption options as the Premium Rewards card.
Comparing the Rewards and Benefits
When comparing the rewards and benefits of these two cards, there are several factors to consider:
Earning Potential:
The Premium Rewards card offers higher earning potential with 2 points per dollar on travel and dining purchases. However, the Travel Rewards card offers a consistent earning rate of 1.5 points per dollar on all purchases.
Sign-Up Bonus:
The Premium Rewards card has a higher sign-up bonus of 50,000 points compared to the Travel Rewards card’s 25,000 points.
Annual Fee:
The Premium Rewards card comes with an annual fee of $95, while the Travel Rewards card has no annual fee.
Redemption Options:
Both cards offer similar redemption options, but the Premium Rewards card provides more flexibility with the potential for higher redemption value if you have a Bank of America checking or savings account.
Which Card Should You Choose?
The decision between Bank of America Premium Rewards and Travel Rewards ultimately depends on your personal preferences and spending habits. Here are a few scenarios that may help you make a choice:
If you frequently travel and dine out, the Premium Rewards card may be the better option for you. The higher earning potential and additional travel perks make it a valuable choice.
On the other hand, if you prefer a card with no annual fee and a simple rewards program, the Travel Rewards card is a solid choice. It offers consistent earning potential and flexible redemption options.
Ultimately, both cards offer competitive rewards and benefits, so it’s crucial to evaluate your own spending habits and priorities before making a decision.
Conclusion
Whether you choose the Bank of America Premium Rewards or Travel Rewards credit card, you can enjoy a range of benefits and rewards. Consider your own lifestyle and preferences to determine which card aligns best with your needs. Remember to always use credit cards responsibly and pay your bills on time to fully maximize the benefits they offer.
