Rewards rate winner
Chase Sapphire Preferred
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in our Bankrate review
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The Bank of America Travel Rewards card offers a higher rate of 1.5X points on all regular spending compared to the Sapphire Preferred, and Preferred Rewards members can earn even more than that.
The Bank of America Preferred Rewards program allows cardholders who have over a certain amount of money in eligible Bank of America accounts to get special perks and rewards rates. Here’s the breakdown for each Preferred Rewards tier:
Preferred Rewards tiers Three-month average balance Credit card rewards boost Gold tier $20,000 to $49,999 25% Platinum tier $50,000 to $99,999 50% Platinum Honors tier $100,000 to $999,999 75% Diamond tier $1 million to $9.99 million 75% Diamond Honors tier $10 million and up 75% So if you were a Preferred Rewards Platinum Honors member or higher, you’d earn 2.62X points instead of just 1.5X, which is a significant boost in rewards. However, the savings threshold for a 75 percent boost is pretty high, and even with a boost like this, the Travel Rewards card has no bonus categories for customers to maximize.
On the other hand, the Chase Sapphire Preferred offers more rewards in several everyday categories. For example, Sapphire Preferred cardholders earn:
- 5X points on travel through Chase Ultimate Rewards (and on Lyft rides through September, 30 2027)
- 3X points on dining (including eligible delivery services), select streaming services and online grocery purchases (excluding Walmart, Target and wholesale clubs)
- 2X points on general travel
- 1X points on everything else
These lucrative bonus categories can help the average family boost their rewards despite the lower rate of 1X points on non-bonus spending.