Is the Bank of America® Premium Rewards® Worth the $95 Annual Fee?
On rewards alone, the Bank of America® Premium Rewards® never out-earns the no-fee Hilton Honors American Express Card — its $95 fee has to be justified by credits and perks, not the earn rates.
Rates verified 2026-05-12.
Method: we compare what the Bank of America® Premium Rewards® earns against the best no-annual-fee card in the same category — the Hilton Honors American Express Card — because the alternative to paying a fee is not earning nothing, it is a good free card. Full methodology.
Three spending levels
| Profile | Bank of America® Premium Rewards® | Hilton Honors American Express Card | After the $95 fee |
|---|---|---|---|
| Light spender ($1,200/mo) | $229/yr | $542/yr | −$409 behind |
| Typical spender ($2,400/mo) | $458/yr | $1,082/yr | −$720 behind |
| Heavy spender ($4,500/mo) | $859/yr | $2,030/yr | −$1,267 behind |
The breakeven curve
| Monthly spend | Margin vs. Hilton Honors American Express Card (after fee) | Verdict |
|---|---|---|
| $500 | −$225 | keep the free card |
| $1,000 | −$355 | keep the free card |
| $1,500 | −$486 | keep the free card |
| $2,400 | −$720 | keep the free card |
| $3,500 | −$1,006 | keep the free card |
| $5,000 | −$1,396 | keep the free card |
| $7,500 | −$2,047 | keep the free card |