Bank of America® Premium Rewards® Credit Card vs Chase Sapphire Preferred®
Side-by-side comparison
| Bank of America® Premium Rewards® Credit Card | Chase Sapphire Preferred® | |
|---|---|---|
| Annual fee | $95 | $95 |
| Welcome offer | 60,000 online bonus points | |
| Dining | 2x | 3x |
| Groceries | 1.5x | 3x |
| Gas | 1.5x | 3x |
| Travel | 2x | 2x |
| Streaming | 1.5x | 3x |
| Everything else | 1.5x | 1x |
| Est. yearly rewards* | $461 | $545 |
| Points type | Cash back only | Transfers to airlines & hotels |
| Network | Visa | Visa |
*Estimated yearly rewards on typical household spending, every point valued at a flat 1 cent. Verified July 2026. See your own numbers in the calculator.
Welcome bonus and value over time
| Over time | Bank of America® Premium Rewards® Credit Card | Chase Sapphire Preferred® |
|---|---|---|
| Welcome bonus | 60,000 online bonus points | 100,000 Ultimate Rewards® Points |
| To earn it | $4,000 in 90 days | $5,000 in 3 months |
| Est. first-year value* | $1,166 | $1,680 |
| Est. ongoing value / yr* | $566 | $680 |
The Chase Sapphire Preferred® wins on both fronts: it comes out ahead in year one on the welcome offer and stays ahead every year after. Short term or long, it is the stronger pick on the numbers.
*First-year value counts the welcome bonus, estimated rewards, and annual credits, minus the annual fee; ongoing value is a typical year after. Every point at a flat 1 cent.
Perks, credits, and redemptions
| Perks | Bank of America® Premium Rewards® Credit Card | Chase Sapphire Preferred® |
|---|---|---|
| Lounge access | None | None |
| Annual credits | ~$200/yr (2 credits) | ~$230/yr (4 credits) |
| Points & redemptions | Cash back only | Transferable to airline & hotel partners |
On perks and redemptions, the Chase Sapphire Preferred® earns transferable points with a higher redemption ceiling, while the other is capped nearer a flat cent. Weigh those against the fee, since credits and lounge access only count if you will actually use them.
Transfer partners and point value
Only the Chase Sapphire Preferred® earns transferable points. Its Chase Ultimate Rewards move to World of Hyatt, United, Air Canada, Southwest, and British Airways Avios, where a point can be worth several cents on a premium-cabin redemption, far above its cash value. The Bank of America® Premium Rewards® Credit Card pays flat cash back, worth about a cent, so its ceiling is nearer a penny per point no matter how you redeem.
On paper these look similar, two $95 travel cards with a 60,000-point welcome offer. The difference is what the points can become and who you bank with.
The Sapphire Preferred’s points transfer to airlines and hotels, so a point can be worth two-plus cents through World of Hyatt. The Premium Rewards’ points are fixed near a cent, but if you keep large balances at Bank of America or Merrill, the Preferred Rewards program boosts your earn by 25% to 75%, which can vault it ahead. Your banking relationship is the swing factor.
Pros and cons
- 2x on travel and dining, 1.5x on everything else
- Up to $100 airline incidental credit and a Global Entry credit
- Earn boosted 25% to 75% for Bank of America Preferred Rewards members
- Simple redemptions with no transfer partners to learn
- Points aren’t transferable, so the ceiling is near a cent without the banking boost
- The big earn boost requires large BofA or Merrill balances
- No World of Hyatt or premium-cabin transfer upside
- 1.5x base trails a flat 2x card for non-BofA customers
- Transferable points to World of Hyatt and United, a much higher ceiling
- 3x dining, groceries, and gas, 2x travel
- 25% redemption boost and a $100 hotel credit
- Value doesn’t depend on any banking relationship
- 1x on non-category spend
- No airline incidental credit
- Requires learning transfers to hit its full value
Where each one wins
| Category | Winner | Why |
|---|---|---|
| Redemption ceiling | Sapphire Preferred | Transferable to Hyatt, worth 2+ cents; BofA is near a cent. |
| Everyday earning | Depends | BofA’s boost can beat the Preferred for its banking customers. |
| Credits | BofA Premium Rewards | $100 airline credit plus Global Entry. |
| Banking requirement | Sapphire Preferred | Its value needs no bank balance; BofA’s best rate does. |
| Transfer partners | Sapphire Preferred | Hyatt and United versus none. |
| Annual fee | Tie | Both $95. |
The verdict
If you’re a Bank of America Preferred Rewards member with significant balances, the Premium Rewards can genuinely out-earn the Preferred, the 25% to 75% boost turns 1.5x into an effective 1.87% to 2.62% on everything, plus 2x on travel and dining, all as flexible cash-like points with a $100 airline credit on top. For the right BofA customer, it’s a quietly excellent card.
For everyone else, the Sapphire Preferred is the better card, because transferable points change the math. Even at 3x food and 2x travel, its real advantage is the ceiling: a point moved to World of Hyatt is worth far more than BofA’s near-cent, and you don’t need to park six figures at a bank to unlock it. If you’re not deep in the BofA ecosystem, the Preferred wins on flexibility and upside.