Bank of America · Premium Rewards
BofA rewards transfer partners.
Where Bank of America Premium Rewards points stand on transfer partners. The Preferred Rewards multiplier is the real edge here.
The short answer
Bank of America's Premium Rewards does not have airline or hotel transfer partners — points convert to cash back or travel statement credits at 1¢ each. The leverage comes from the Preferred Rewards multiplier: with $100k+ at Merrill, Premium Rewards Elite earns an effective 2.625% on everything. That's competitive with transfer-currency cards if you don't optimize redemptions.
Sweet spots
- •Platinum Honors tier: 75% boost = 3.5% on travel, 2.625% flat on Premium Rewards Elite
- •$95 Premium Rewards: $100 airline credit + 2× on travel + 1.5× boosted = 2.625% effective
Maximizing BofA rewards
- •Hit Platinum Honors: $100k at Merrill (taxable, IRA, 529) — more than pays the AF
- •Use for non-bonus spend: 2.625% flat beats most points cards on everyday categories
- •Pair with transfer cards: BofA for everyday, Amex/Chase for category multipliers