Bank of america premium rewards $100 travel credit

Do you have any southwest points? Enough to book a flight? Literally any flight. When you book a flight with southwest points, you are charged a $5.20 fee that will trigger that credit. If you book a flight at southwest with points, you can cancel without penalty, and they will refund that $5.20 fee to your card, but BoA won't claw back the credit, so you essentially get to keep that $5.20. If you're really in a band you could just keep doing that over and over lol.

Bank of America® Premium Rewards® credit card vs. Bank of America® Travel Rewards credit card

Bank of America also offers the Bank of America® Travel Rewards credit card, a watered down version of the Premium Rewards card that forgoes the annual fee. While its welcome bonus is smaller, it also offers no foreign transaction fees and offers 0% introductory APR for 18 billing cycles for purchases and for any balance transfers made in the first 60 days, followed by a 16.99% to 26.99% variable APR on purchases and balance transfers. A balance transfer fee of either $10 or 3% of the amount of each transaction, whichever is greater, applies.

For those willing to skip the unlimited 2 points per dollar spent on travel but retain a welcome bonus, the Bank of America® Travel Rewards credit card card may be a good pick. If strictly comparing cash redemption value rewards potential between the two cards, measuring the extra 0.5 point per dollar spent on travel and dining on the Premium card against the Travel card’s lack of an annual fee results in a required $19,000 in spending on travel and dining to make the redemption value increase offset the annual fee.

But comparison of redemption value doesn’t consider the extra annual benefits the Premium Rewards card offers that easily help justify the annual fee if used, like the annual $100 airline incidentals statement credit. One more thing to consider: The Travel Rewards’ points can only be redeemed toward travel for optimal value, where the Premium Rewards’ points have some more flexible options.

Bank of America® Premium Rewards® credit card vs. Chase Sapphire Preferred® Card

With many of the same premium benefits and the same annual fee, the Chase Sapphire Preferred® Card provides serious competition to the Bank of America Premium Rewards card. Sapphire Preferred cardholders will earn 5 points per dollar on travel purchased through Chase Ultimate Rewards®, 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on all other purchases. Sapphire Preferred cardholders will also earn a 10% bonus on all spending each cardmember year, so someone who spends $25,000 on their card will earn 2,500 bonus Ultimate Rewards points.

The Sapphire Preferred card offers 1:1 point transfers to participating airline and hotel programs and offers redemptions for travel through Chase’s rewards portal at 1.25 cents per point, 25% more than redeeming for cash back—these features allow account holders to leverage points for even more value.

New Sapphire Preferred cardholders can also benefit from a $50 annual credit on hotel stays purchased through Ultimate Rewards. Do keep in mind that cardholders who care about status benefits with hotel chains will not receive said benefits on bookings made through Ultimate Rewards.

With no limits from the Bank of America Premium Rewards card, it isn’t difficult to see that bigger spenders will benefit more from the unlimited 1.5 points per dollar reward on all purchases the Premium Rewards card offers, especially those who spend regularly in non-bonused categories. But it’s not as much of a home run as it seems considering the higher value and additional flexibility provided by Chase Ultimate Rewards points and Chase’s additional higher-earning categories.

When choosing between the Bank of America Premium Rewards and the Chase Sapphire Preferred, potential cardholders should analyze their own spending habits and carefully study each card’s benefits to see which options would better fit their situation—both cards offer significant wallet power when leveraged properly, but from where we’re sitting, the Chase Sapphire Preferred seems like the better choice.

Bank of America® Premium Rewards® credit card vs. Capital One Venture Rewards Credit Card

The Capital One Venture Rewards Credit Card repeatedly outdoes the Bank of America Premium Rewards card, line by line. The majority of the benefits the Venture can’t keep up with are related to trip and baggage reimbursement coverage; the Venture offers some protection, but it isn’t nearly as comprehensive as the Premium Rewards’. One other benefit the Bank of America card offers over the Venture is the annual $100 airline incidentals statement credit. For those who’ll use it, this alone could make up for the annual fee entirely, changing the comparison quite a bit.

Otherwise, the Venture, which also requires a $95 annual fee, offers a welcome bonus: 75,000 miles once you spend $4,000 on purchases within 3 months from account opening. It earns 5 miles per dollar on hotels and rental cars booked through Capital One Travel and an unlimited 2 miles per dollar spent on other purchases, has no foreign transaction fees and even offers a similar TSA PreCheck or Global Entry benefit. The choice here is pretty clear in many cases: The Venture is a more powerful card.

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