The Chase Sapphire Preferred card is generally better for those who value flexible travel redemptions through transfer partners and comprehensive travel insurance. The Bank of America Preferred Rewards program is more suitable for individuals who already have significant assets with Bank of America and Merrill, allowing them to maximize earning potential and prefer simple cash back or statement credit redemptions.
| Attribute | Bank of America Preferred Rewards Program | Chase Sapphire Preferred Card Rewards Program |
|---|---|---|
| Annual Fee | Varies depending on the associated credit card; some have no annual fee, others like Premium Rewards have a $95 annual fee. | $95 |
| Sign-up Bonus Value | Varies by card; e.g., Bank of America Premium Rewards card offers 60,000 online bonus points after spending $4,000 in the first 90 days, worth $600. | 75,000 bonus points after spending $5,000 on purchases in the first 3 months from account opening (worth $1,500 in travel redemptions according to some valuations) |
| Points/Miles Earning Rate on Dining | Bank of America Premium Rewards card: 2 points per $1; With Preferred Rewards Platinum Honors (75% bonus): effectively 3.5 points per $1. | 3 points per $1 spent on dining, including eligible delivery services and takeout |
| Points/Miles Earning Rate on Travel | Bank of America Premium Rewards card: 2 points per $1; With Preferred Rewards Platinum Honors (75% bonus): effectively 3.5 points per $1; Bank of America Travel Rewards card: 1.5 points per $1 on all purchases; 3 points per $1 on travel through Bank of America Travel Center. | 5 points per $1 spent on travel purchased through Chase Travel (excluding hotel purchases that qualify for the $50 Annual Chase Travel Hotel Credit); 2 points per $1 spent on other travel purchases |
| Points/Miles Earning Rate on Other Purchases | Bank of America Premium Rewards card: 1.5 points per $1; With Preferred Rewards Platinum Honors (75% bonus): effectively 2.625 points per $1; Bank of America Travel Rewards card: 1.5 points per $1 on all purchases. | 1 point per $1 spent on all other purchases |
| Point/Mile Redemption Options | Statement credits for travel or dining purchases, Cash back (deposit into Bank of America checking/savings or Merrill account), Gift cards, Purchases through the Bank of America Travel Center. | Redeem through Chase Travel for flights, hotels, car rentals, activities and cruises (points are worth 25% more when redeemed through Chase Travel); Transfer points to participating frequent travel programs at a 1:1 value; Redeem for cash back or gift cards (at a rate of 1 cent per point) |
| Travel Insurance Coverage | Trip delay and cancellation/interruption coverage, Baggage delay and lost luggage coverage, Emergency evacuation and transportation coverage (Bank of America Premium Rewards card) | Trip cancellation and interruption insurance (up to $10,000 per person, $20,000 per trip); Trip delay reimbursement (up to $500 per ticket after a 12+ hour delay); Baggage delay insurance ($100 daily, max 5 days, for delayed luggage); Lost luggage reimbursement (up to $3,000 per passenger); Auto Rental Coverage (primary coverage for theft or damage up to the car's cash value); Travel Accident Insurance (up to $500,000 in accidental death or dismemberment coverage when you pay for your air, bus, train, or cruise transportation with your card) |
| Purchase Protection Coverage | Covers eligible items purchased with the card that are stolen or damaged within 90 days of purchase (Bank of America Premium Rewards card); Extended warranty benefit doubles the manufacturer's warranty for up to one additional year on warranties of three years or less. | Covers eligible new purchases for 120 days from the date of purchase against damage or theft up to $500 per item |
| Foreign Transaction Fees | Many Bank of America cards, including the Premium Rewards and Travel Rewards cards, have no foreign transaction fees. | None |
| Transfer Partners (Airlines/Hotels) | Bank of America does not have airline or hotel transfer partners. | Airlines: Aer Lingus, Air Canada, Air France/KLM, British Airways, Emirates, Iberia, JetBlue, Singapore Airlines, Southwest, United, and Virgin Atlantic; Hotels: IHG One Rewards, Marriott Bonvoy, and World of Hyatt |
| Additional Perks (e.g., Lounge Access) | Bank of America Premium Rewards card: Up to $100 annual airline incidental statement credit, credit for Global Entry or TSA PreCheck application fee, access to VIP experiences, and a dedicated 24/7 concierge; Preferred Rewards members get various benefits like ATM fee waivers, interest rate boosters on savings accounts, and discounts on loan interest rates. | $50 Annual Chase Travel Hotel Credit (earn up to $50 in statement credits each account anniversary year for hotel stays purchased through Chase Travel); 10% Anniversary Points Bonus (earn bonus points equal to 10% of your total spend in points from purchases made with your credit card during the previous account anniversary year); Points Boost offers (points are worth up to 1.5x on thousands of top-booked hotels and flights with select airlines through Chase Travel and up to 1.75x on premium cabin tickets on select airlines); Complimentary DashPass (at least 12 months of complimentary DashPass for use with both DoorDash and Caviar when you activate by Dec. 31, 2027); Extended Warranty Protection (extends the time period of the manufacturer's U.S. warranty by an additional year, on eligible warranties of three years or less, up to four years from the date of purchase) |
| Minimum Spending Requirement for Bonus | Examples include spending $1,000 within 90 days to receive 25,000 bonus points on the Travel Rewards card, or spending $4,000 within 90 days to receive 60,000 bonus points on the Premium Rewards card. | $5,000 on purchases in the first 3 months from account opening |