Despite its name, the new Bank of America® Premium Rewards® acclaim card isn’t exactly on the akin of premium cards such as The Platinum Card® from American Express or the Chase Sapphire Reserve®, which appear burdened with added allowances but additionally carry annual fees in the hundreds of dollars. Its aing competitors are on the aing tier down. And the best-known of those competitors is the venerable Chase Sapphire Preferred® Card.
Deciding amid two rewards acclaim cards generally is aloof a bulk of comparing the rewards you’ll acquire on each. But the Bank of America® Premium Rewards® acclaim agenda and the Chase Sapphire Preferred® Agenda are similar enough that perks and appearance above rewards ante could tip the scales. Want credibility you can transfer? Want your checked-bag fees covered? Your answers to such questions will adviser your decision.
That said, if you accept significant balances in checking, extenuative or advance accounts at Bank of America® and Merrill Lynch®, your best gets a accomplished lot easier, back the Bank of America® agenda offers acceptable bonuses.
If rewards are your arctic star, jump advanced to our calculator to see which agenda would accord you the best in rewards based on your spending. Otherwise, we’ll alpha with these cards’ basal features, and again analyze them point by point.
After the aboriginal year, it costs the aforementioned to backpack either of these cards. The Chase Sapphire Preferred® Card’s waived first-year fee does accord it an antecedent leg up. However, the Bank of America® Premium Rewards® acclaim agenda gives you travel credit that, if you use it, added than makes up for the fee every year.
If you spent the same bulk on anniversary card, the Bank of America® Premium Rewards® acclaim agenda would accord you a higher cardinal of points because you get an added half-point for every dollar spent on article besides biking and dining. However, credibility on the Chase Sapphire Preferred® Agenda are anniversary 1.25 cents apiece back you redeem them for biking appointed through Chase, while credibility on the Bank of America® agenda are anniversary 1 cent apiece behindhand of how you redeem. Assuming you redeem at 1.25 cents a point, the able rewards ante for the Chase agenda are 2.5% on biking and dining and 1.25% on aggregate else.
If you’re a affiliate of Bank of America® Preferred Rewards, however, aggregate changes. Added on that in a bit.
Chase allows you to alteration your credibility on a 1:1 base to seven airline adherence programs (Air France/KLM, British Airways, Korean Air, Singapore Airlines, Southwest, United and Virgin Atlantic) and four auberge programs (Hyatt, IHG, Marriott and Ritz-Carlton).
The Bank of America® Premium Rewards® acclaim agenda offers no such transfers.
In point terms, the bonuses on both cards are comparable, but you can get added amount from the account on the Chase Sapphire Preferred® Card, depending on how you redeem it.
The Bank of America® Premium Rewards® acclaim agenda gives you up to $100 in anniversary acclaim for accidental airline fees such as arrested bags, bench upgrades, in-flight aliment and beverages, and lounge passes. Acquire the abounding acclaim — which you could do on a distinct annular cruise with two bodies anniversary blockage a bag anniversary way — and the agenda finer pays you $5 a year afterwards the anniversary fee. The Bank of America® Premium Rewards® acclaim agenda additionally reimburses you up to $100 every four years for the appliance fee for TSA PreCheck or Global Entry program.
The Chase Sapphire Preferred® Agenda does not action these benefits.
The abstruse weapon of any Bank of America® acclaim agenda is the bank’s Preferred Rewards program. If you are a Bank of America® chump with at atomic $20,000 in accumulated balances in checking, accumulation or advance accounts with Bank of America®, Merrill Lynch® or Merrill Edge® accounts, you acquire account rewards:
If you’re not a Preferred Rewards member, your able rewards ante on the Bank of America® Premium Rewards® acclaim agenda are the accepted 2% for travel/dining and 1.5% for aggregate else. At Preferred Rewards’ Gold level, those ante acceleration to 2.5% and 1.875%, respectively. At Platinum, they’re 3% and 2.25%. At Platinum Honors, they’re 3.5% and 2.625%.
Bottom line: If you’re a Preferred Rewards member, the Bank of America® Premium Rewards® acclaim agenda is your winner.
With the features, bonuses, credits and rewards accelerators on these cards, your arch ability be swimming. So we’ve created a calculator to do the rewards algebraic for you:
This calculator does not booty into anniversary the sign-up bonuses on the cards or the amount of the Global Entry/TSA PreCheck account on the Bank of America® Premium Rewards® acclaim card. These are rewards in a added or beneath “regular” year.
These are two excellent cards, so there’s no “bad” choice. Cardholders who travel regularly should get affluence of amount with either one. If you’re a Bank of America® Preferred Rewards customer, you can’t exhausted the rewards you’ll acquire with this agenda — at least, not for an anniversary fee of $95. For anybody else, it boils bottomward to the rewards algebraic and which appearance bulk most. Our calculator can take affliction of the math; the blow is up to you.
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