Your guide to the Bank of America Premium Rewards card airline fee credit - The Points Guy (2024)

The Bank of America® Premium Rewards® credit card continues to fly under the radar, despite having the potential to offer the highest base cash-back rate of any rewards credit card.

If you hold $100,000 or more in assets with Bank of America and/or Merrill, you qualify for Platinum Honors in Bank of America's Preferred Rewards® program. This gives you a 75% bonus on all rewards, equating to a minimum of 2.625 points per dollar on all purchases and 3.5 points per dollar on all dining and travel purchases.

The card is also currently offering 60,000 points after you spend $4,000 on the card in the first 90 days of account opening, and it carries a $95 annual fee.

How the Bank of America airline fee credit works

Bank of America's airline fee credit (up to $100 statement credit each calendar year) works a little differently from the airline incidental fee statement credit you get with Amex cards such as The Platinum Card® from American Express (see rates and fees). Rather than have to designate an airline at the beginning of the year, Bank of America allows you to earn the credit across any eligible airline throughout the year. Enrollment is required for select benefits.

For example, you could use your Bank of America airline fee credit for checked bags on Delta one month and then inflight drinks on American the next. This gives you more flexibility to use your credit where you need it, rather than forcing you to guess which single airline you'll be able to use it on.

It can potentially take anywhere from two to three weeks for your credit to post to your card account. While there are plenty of instances where we've seen that take less, don't be alarmed if it does take the whole timeframe.

Another feature that Bank of America offers is the ability to check how much of your $100 airline credit you have used.

Your guide to the Bank of America Premium Rewards card airline fee credit - The Points Guy (1)

Which airlines qualify for the credit?

Your guide to the Bank of America Premium Rewards card airline fee credit - The Points Guy (2)

Bank of America does not have an official list published that outlines which airlines qualify for the incidental fee credit, though the terms and conditions do specify that only select U.S. carriers qualify. According to some readers, Spirit Airlines and Sun Country Airlines are excluded. The following airlines are known to work:

Your guide to the Bank of America Premium Rewards card airline fee credit - The Points Guy (3)

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  • Alaska Airlines.
  • American Airlines.
  • Delta Air Lines.
  • Frontier Airlines.
  • Hawaiian Airlines.
  • JetBlue.
  • Southwest Airlines.
  • United Airlines.

That list is very similar to Amex's list of qualifying airlines (with the exception of Spirit Airlines, which the Amex fee does cover).

What purchases trigger the credit?

According to the Premium Rewards Card terms and conditions, the following purchases will trigger your Bank of America airline fee credit:

  • Preferred seating upgrades.
  • Ticket change/cancellation fees.
  • Checked baggage fees.
  • Inflight entertainment.
  • Onboard food and drink charges.
  • Airport lounge fees affiliated with eligible airline carriers.

Your guide to the Bank of America Premium Rewards card airline fee credit - The Points Guy (4)

The purchases have to be paid in full with your Bank of America Premium Rewards card, and they must be made on a flight originating from a domestic airport on a qualifying U.S. airline carrier.

The terms and conditions do explicitly state that the following purchases will not qualify for the credit:

  • Airline tickets.
  • Mileage point purchases.
  • Mileage point transfer fees.
  • Gift cards.
  • Duty-free purchases.
  • Award tickets and fees incurred with airline alliance partners.

Also keep in mind that inflight Wi-Fi access processed through a third party like Gogo likely will not qualify.

Of course, there are sometimes exceptions to this rule. There have been data points presented by readers and in other online forums where charges outside the official list have counted. Occasionally award booking taxes, first-class upgrades and other fees will end up coding as an eligible purchase for the credit.

However, we don't suggest counting on credit for fees that the credit isn't intended to cover — it's hit-or-miss at best and easier to just use the perk as intended. In the past, you could get away with buying gift cards on certain airlines with the credit, but issuers have cracked down to close that loophole.

Bottom Line

Airlines can change the merchant category code of a certain transaction, Bank of America could update what merchant codes and charges count, and airlines can change whether or not something is processed by a third party. This means what counts toward the credit will be a living list year-to-year based on what's currently working.

If you've charged what you believe to be a qualifying airline fee and it's not automatically reimbursed, you can call Bank of America and ask for the credit.

And if you hold the Bank of America Premium Rewards credit card, we'd love you to share your experience with us so we can keep the list up to date. Email tips@thepointsguy.com and mention this post.

For rates and fees of the Amex Platinum, click here.

Additional reporting by Ryan Wilcox and Richard Kerr.

Updated 12/06/2023.

Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Your guide to the Bank of America Premium Rewards card airline fee credit - The Points Guy (2024)

FAQs

What is Bank of America Premium Rewards fee? ›

Annual fee: $95. Sign-up bonus: Receive 60,000 online bonus points - a $600 value - after you make at least $4,000 in purchases in the first 90 days of account opening.

How do I redeem my Bank of America travel points? ›

How do I redeem my Points? Just sign in to your Online Banking account at bankofamerica.com, select your account, select “Rewards,” and click “Redeem Points,” or call 888.268. 7800. Points are available for redemption as soon as they appear on your monthly billing statement.

How much are Bank of America Travel Rewards credit card points worth? ›

Points are worth 1 cent apiece when redeemed for travel or restaurant purchases and a little over half a cent apiece for cash. Points can also be redeemed for gift cards at varying point values. Minimum redemption: 2,500 points for travel or cash.

Is boa premium rewards worth it? ›

The Premium Rewards card costs as much as some of the best travel cards from issuers like Capital One, Citi and Chase, but it doesn't offer as much rewards value. Unless you qualify for the Preferred Rewards program you may struggle to offset this card's annual fee with your rewards earnings.

Does my Bank of America card cover travel insurance? ›

Yes, Bank of America does offer travel insurance. The most common Bank of America travel insurance benefits are travel and emergency assistance services and trip cancellation insurance. Some Bank of America credit cards also offer emergency evacuation and transportation and trip delay reimbursem*nt coverage.

Does Bank of America Travel Rewards cover TSA PreCheck? ›

Bank of America® Premium Rewards® credit card. Get up to $200 in combined Airline Incidental and TSA PreCheck®/Global Entry Statement Credits.

What airlines use Bank of America points? ›

Unlike many other banks, there are no airline or hotel transfer partners as part of the Bank of America Preferred Rewards program.

How much is 25000 travel points Bank of America? ›

25,000 online bonus points offer (a $250 value) and no annual fee.

How much is 1000 points worth? ›

1,000 reward points are worth around $10 , on average, but the exact value depends on which rewards program is offering the points and how you redeem them. In some cases, your reward points could be worth a lot more or a lot less.

What is the credit limit for Bank of America Premium Rewards card? ›

Here's the average credit limit of members who matched their Bank of America® Premium Rewards® credit card or similar cards. The average credit limit for members who have matched with this card or similar cards is $13,606, with $5,000 being the most common.

How many credit cards should you have? ›

It's generally recommended that you have two to three credit card accounts at a time, in addition to other types of credit. Remember that your total available credit and your debt to credit ratio can impact your credit scores. If you have more than three credit cards, it may be hard to keep track of monthly payments.

Is Bank of America Preferred Rewards worth it? ›

If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category. No annual fee and cash rewards don't expire as long as your account remains open.

Does Bank of America Preferred Rewards cost anything? ›

There are no fees to join or participate in Preferred Rewards. And once you're enrolled, as your balances qualify you for the next level of rewards, you'll receive an automatic tier upgrade.

How much is Bank of America Cash Rewards advance fee? ›

The Bank of America® Unlimited Cash Rewards credit card cash advance fee is 4% to 5%, depending on the transaction. Bank of America Unlimited Cash Rewards credit card cash advance fees are 4% for direct deposits and convenience checks and 5% for cash withdrawals in person or at an ATM.

Does Bank of America Cash Rewards charge interest? ›

Bank of America® Unlimited Cash Rewards credit card. 0% Intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. After that, a Variable APR that's currently 19.24% to 29.24% will apply.

What is the credit limit for Bank of America Premium Rewards? ›

Here's the average credit limit of members who matched their Bank of America® Premium Rewards® credit card or similar cards. The average credit limit for members who have matched with this card or similar cards is $13,621, with $5,000 being the most common.

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