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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: SolStock/Getty Images April 04, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Although not as popular as cards from other issuers, Bank of America boasts its own share of cash back credit cards, general rewards cards and travel credit cards. Stand-out offerings include the and the , both of which dole out flexible rewards points with a base rate of 1.5X points on regular purchases. If you can’t decide between these two cards, it’s smart to compare them based on their full rewards rates, welcome offers and benefits. Read on to learn how they stack up in the most important categories. Main details
Bank of America Premium Rewards credit card Bank of America Travel Rewards credit card Welcome bonus Earn 50,000 online bonus points after you spend $3,000 on purchases within 90 days of account opening Earn 25,000 online bonus points after you spend $1,000 on purchases within 90 days of account opening Rewards rate 2X points on travel and dining purchases and 1.5X points on all other purchases 1.5X points on all purchases Intro APR offer N/A 0 percent APR on purchases and balance transfers for 18 billing cycles, followed by a variable APR of 16.99% to 26.99% Annual fee $95 $0 Bank of America Premium Rewards credit card vs Bank of America Travel Rewards credit card highlights
As you decide which of these is better for you, consider which one wins in the following important categories. Welcome bonus winner Bank of America Premium Rewards credit card
The Bank of America Premium Rewards credit card is the clear winner since you can earn 50,000 bonus points instead of 25,000 bonus points. Considering that points earned with either card are worth one cent each, this means that the Bank of America Premium Rewards credit card bonus is worth $500 and the Bank of America Travel Rewards credit card bonus is worth $250. Rewards rate winner Bank of America Premium Rewards credit card
While we like that the Bank of America Travel Rewards credit card offers a flat rate of 1.5X points on all purchases, the Bank of America Premium Rewards credit card wins in this category, too. Not only does the Bank of America Premium Rewards card let you earn a flat rate of 1.5X points on general purchases, but you also earn 2X points per dollar on all dining and travel purchases. Tip: Both of these cards have a higher rewards potential if you’re a member of the . Depending on the tier of membership you qualify for, you could earn 25 percent to 75 percent more points for each dollar you spend. Annual fee winner Bank of America Travel Rewards credit card
While the rewards rate on the Bank of America Travel Rewards credit card is slightly lower, this card comes with no annual fee. In contrast, the Bank of America Premium Rewards credit card charges a $95 annual fee that is not waived the first year. Intro offer winner Bank of America Travel Rewards credit card
The Bank of America Premium Rewards card doesn’t include any intro APR offers, so the Bank of America Travel Rewards credit card also wins in this category since it has an introductory APR offer for purchases and balance transfers. Specifically, new customers are eligible for a 0 percent intro APR on purchases and balance transfers for 18 billing cycles, after which they’ll pay a variable APR of 16.99 percent to 26.99 percent. Intro balance transfers must made in the first 60 days and a 3% fee (min $10) applies to all balance transfers. While this introductory rate may not matter if you’re someone who always pays your credit card bill in full and on time, it can help you save a lot on interest if you need to pay down a large purchase over several months. Foreign transaction fee winner Tie
Neither of these rewards cards charge foreign transaction fees on purchases made abroad, so they tie in this category. Either card would be a solid choice for people who travel outside the country often. Which card earns the most
While both of these rewards cards offer a flat 1.5X points per dollar spent on regular purchases, the Bank of America Premium Rewards credit card also offers 2X points per dollar on travel and dining. As a result, anyone who spends any money on dining and travel will earn more points with this card overall. That said, you may be wondering how much more in rewards you would earn with the Bank of America Premium Rewards card, as well as if the extra rewards are worth paying the $95 annual fee. The spending example below can help you decide. Bank of America Premium Rewards vs Bank of America Travel Rewards spending example
Let’s say you have a family of four with two adults under the age of 50 and two kids (a boy and a girl) ages 12 and 13. According to the , your average food spending might be $1,224.70 per month (or $14,696.40 per year) on a moderate plan. In addition to food spending, let’s say your family also spends $300 per month ($3,600 per year) on dining out and $5,000 per year on airfare and hotels across two separate family vacations. Let’s also imagine you spend $1,000 per month ($12,000 per year) in miscellaneous purchases. With the Bank of America Premium Rewards credit card, you would earn 57,244 points (worth $572 in rewards) the first year: 22,044 points on groceries 7,200 points on dining out 10,000 points on travel 18,000 points on miscellaneous purchases If you add in the 50,000 bonus points (worth $500) you can earn during the first year, the first-year rewards haul works out to $1,072. With the Bank of America Travel Rewards credit card, on the other hand, you would earn 52,944 points (worth $529 in rewards) the first year: 22,044 points on groceries 5,400 points on dining out 7,500 points on travel 18,000 points on miscellaneous purchases If you add in the 25,000 bonus points (worth $250) you can earn during the first year, the first-year rewards haul works out to $779. Why should you get the Bank of America Premium Rewards credit card
The Bank of America Premium Rewards credit card can be a better choice if you don’t mind paying an annual fee. You’ll earn a more generous welcome bonus within the first few months and more points on all dining and travel purchases. Plus, this premium card also comes with more cardholder perks overall. Additional benefits
The include trip delay insurance, trip cancellation and interruption insurance, baggage delay coverage, lost luggage reimbursements, emergency evacuation and transportation coverage, roadside assistance, concierge service, extended warranties and purchase protection against damage or theft. Cardholders are also eligible for an up to $100 credit for TSA PreCheck or Global Entry, plus up to $100 in annual credits for airline incidentals. Redemption options
When it comes time to redeem rewards, redemption options include deposits to an eligible Bank of America checking or savings account, credit to an eligible Merrill account, statement credits, gift cards or travel purchased through the Bank of America Travel Center. Recommended credit score
The Bank of America Premium Rewards credit card requires good to excellent credit, which typically means having a FICO score of 670 or higher. Why should you get the Bank of America Travel Rewards credit card
If you’re averse to paying the annual fee for a credit card, the . However, there are , including its introductory APR offers and flexible travel redemption options. Additional benefits
Besides the welcome offer and the chance to qualify for the Bank of America Preferred Rewards program (terms apply), the main cardholder perk to look forward to is the intro APR offer for purchases and balance transfers for 18 billing cycles. Redemption options
This card allows you to redeem points for cash, gift cards or statement credits for travel and dining purchases. Just pay for these purchases with your card and then use your points to erase all or part of the purchase from your bill. You can request credits for travel and dining purchases up to 12 months after the purchase date. Recommended credit score
The Bank of America Travel Rewards credit card requires good to excellent credit, which typically means having a FICO score of 670 or higher. The bottom line
While the Bank of America Premium Rewards card is a better fit for people who want a more generous welcome offer and a higher earning rate, the Bank of America Travel Rewards card lets users rack up flexible rewards with no annual fee. By taking the time to compare these two cards side by side, you can decide which is a better fit for your needs. Information about the Bank of America Premium Rewards credit card and the Bank of America Travel Rewards credit card was last updated on October 3, 2022. SHARE: Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Liz Bingler is an Associate Editor for CreditCards.com and Bankrate, where she focuses on product news and reviews. As an editor, her goal is to produce content that will help people to make informed financial decisions.