With airlines having largely devalued their frequent flyer programs over the years, there’s more value than ever before in getting a great cash back card. And the Bank of America® Premium Rewards® credit card has the potential to be the single most lucrative cash back credit card out there for everyday spending, as you can earn up to 2.625% cash back on all purchases. That’s virtually unheard of, though there are some significant hoops to jump through.

This post is my in-depth Bank of America Premium Rewards Card review, so let’s take a look at everything you need to know about the card.

Link: Learn more about the Bank of America® Premium Rewards® credit card with 60K bonus points

Before I get into the Bank of America Premium Rewards Card review, let me summarize the basics of the card, including the welcome bonus, annual fee, rewards structure, and perks. Let me again emphasize that this card might just seem ordinary at first, so you’ll want to read on to the section about the BofA Rewards program:

Here are my thoughts on the Bank of America Premium Rewards Card’s pros and cons:

When applying for credit cards, the welcome bonus, eligibility requirements, and fees, are major factors that consumers consider, so let’s look at those details for the Bank of America Premium Rewards Card . Then we’ll get into the BofA Rewards™ program , which is what transforms this card from ordinary to extraordinary.

The Bank of America Premium Rewards Card is offering a best-ever welcome bonus of 60,000 points after spending $4,000 within the first 90 days.

This has been the standard offer for a while, but we haven’t seen a publicly available offer that’s better than that, to the best of my knowledge, as we previously saw a bonus of 50,000 points. Points on this card can be redeemed for 1.0 cent each, meaning the bonus is worth $600 cash back, which is quite good.