Bank of America® Premium Rewards®

For cardholders who maintain deposit or investment balances with Bank of America or Merrill, this card provides strong value. Through the Preferred Rewards program, qualifying balances boost your earnings by 25% to 75%, effectively raising the standard 1.5 points per dollar base rate up to 2.625 points per dollar on all purchases, and dining and travel up to 3.5 points per dollar. With points worth a direct 1 cent each toward cash redemptions, those elevated rates easily justify the $95 annual fee. Without an established banking relationship, the value proposition is less clear. Earning 1.5 points per dollar on general purchases and 2 points per dollar on travel and dining is solid, but several no-annual-fee cards deliver similar baseline returns. Cardholders who do not plan to enroll in Preferred Rewards may be better served by a flat 2% cash-back option with no annual fee.