What are the best Bank of America Premium Rewards Credit Card benefits?

The Bank of America® Premium Rewards® credit card does not offer price protection. The Bank of America Premium Rewards credit card’s lack of a price protection benefit is not uncommon these days, as more and more credit cards have dropped this perk. Recent advances in price-tracking technology have led to a dramatic increase in price protection claims, making the benefit too expensive for some issuers to sustain.... read full answer

In general, credit card price protection allows cardholders to receive a refund for the difference between an item’s original purchase price and a lower price advertised within the following 60 to 120 days. Coverage amounts and excluded items vary, depending on the credit card issuer.

To redeem Bank of America rewards, sign in to your online account and select the “Rewards” tab, which will show the available cash back, points, or miles, along with the different redemption options. It’s also possible to redeem rewards through the Bank of America mobile app or by calling (800) 434-8313... read full answer and pressing 2. This line is available Monday to Friday, 9 a.m. to 9 p.m. ET.

Best Way to Redeem Bank of America Rewards

1. Sign in to your online account.
2. Click on the “Rewards” tab.
3. Choose your redemption option.
4. Select the number of points / the amount of cash back to redeem.
5. Submit your redemption request.

If you have a Bank of America credit card that offers rewards in the form of points, it’s a good idea to redeem often. Issuers have the power to devalue points (make them worth less) at any time, and some points expire after a certain amount of time.

Bank of America Rewards Redemption Options

Rewards redemption options depend on which Bank of America credit card you have. For example, if you have a Bank of America® Customized Cash Rewards credit card, you can redeem your rewards for a check, statement credit or direct deposit to your bank account.

On the other hand, points on a Bank of America® Travel Rewards credit card can be redeemed for statement credits toward travel purchases, as well as for cash back or gift cards.

Some cards might also let you redeem for other things, like charitable donations.

Bank of America Rewards Value

Just keep in mind that Bank of America rewards points may be worth different amounts toward different redemption options. Furthermore, depending on which Bank of America card you have, you may need to redeem a certain minimum amount of rewards at a time. For example, the typical minimum redemption amount is $25 or 2,500 points.

You should be able to see all of the fine print through your online account or the rewards program details that Bank of America sends after card approval.

The Bank of America Premium Rewards credit card trip cancellation insurance covers travel cancellations and interruptions due to reasons like illness or severe weather.

Maximum reimbursement for cancelled or interrupted travel is up to $2,500 for non-refundable passenger fares.

To file a claim, call the Card Benefits Service center at (800) 592-4089.