Bank of America Premium Rewards 2021 Review

$100 annual statement credit for airline incidentals: Bank of America will automatically credit you up to $100 annually for incidental airline fees that you charge to your card. Common types of incidentals include baggage fees, daily airport lounge passes or annual lounge memberships, any type of ticketing fee, and in-flight services charged by the airline.

Up to $100 Global Entry/TSA Precheck statement credit: You also receive a statement credit when you use your Bank of America® Premium Rewards® credit card to pay for a Global Entry or TSA Precheck membership. This statement credit is available every four years, and memberships last for five with each program, but you’re allowed to renew a year in advance. Make sure you sign up for Global Entry, because TSA Precheck is included with that.

Multiple redemption options: No matter how you choose to redeem your rewards, the value is $0.01 per point. The card offers several redemption options:

  • Cash back as a statement credit
  • Cash back as a deposit into your eligible Bank of America or Merrill account
  • Travel purchases, including flights, hotels, or car rentals, you make through the Bank of America Travel Center
  • Gift cards you select through Bank of America

Travel and purchase protections: The card has an extensive set of protections that can help if anything goes wrong with travel or products that you purchase. The travel protections include coverage for trip delays, cancellations, interruptions, baggage delays, and lost luggage. Purchase protections include coverage for damage or theft and extended warranty coverage.

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No foreign transaction fee: You’re safe to use your card internationally without that pesky 3% fee many other cards have.

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