Is a $95 annual fee worth it? For us, it always comes down to one question: will we actually use what we’re paying for?

I don’t mind paying an annual fee for a credit card when it gives me value. But I also don’t count every advertised benefit as money saved. A credit helps my budget when it covers something I’d pay for anyway.

The Welcome Offer Makes It Worth Considering

At the time of writing, the welcome offer is 60,000 bonus points after making at least $4,000 in purchases within the first 90 days of account opening. That’s worth $600 when redeemed at 1 cent per point. By our estimate, subtracting the $95 annual fee leaves $505 in first-year value from the bonus alone, before accounting for rewards earned on purchases or other benefits. Offer terms apply.

That makes the card worth considering if you can meet the spending requirement with purchases already in your budget and pay your balance in full. I wouldn’t spend an extra $4,000 to earn a bonus, but putting planned expenses toward a welcome offer is a different story, and I find this card intriguing.

What Could You Do With $600 in Rewards?

You can redeem Premium Rewards points for options including a credit card statement credit, deposits into eligible Bank of America accounts, and travel through BofA Travel.

Think about the expenses that remain even when you book flights and hotels with points. A hypothetical $600 could cover two $200 hotel nights and leave $200 for meals, which goes a long way when you’re feeding hungry kids on vacation! Or it could help with a rental car, airport transportation, and other costs during a family vacation. The idea is to put those rewards toward expenses you would otherwise pay yourself, and on a family trip, there are always more of those!

Will You Use the Credits?

The card offers up to $100 in airline incidental statement credits annually for qualifying purchases with eligible U.S. airlines, such as baggage fees, seat upgrades, in-flight services, and airline lounge fees. This is an incidental credit, not a general $100 airfare credit.

As I’ve gotten older, I check a bag more often instead of lifting it into the overhead bin. The credit works on domestic-originated flights with eligible U.S. airlines (Allegiant, Spirit, and Sun Country are excluded, as are fees with airline alliance partners), so I can use it on most of the airlines I fly, which makes it worthwhile. I also love a seat upgrade, so this credit is an easy win for me.

It also offers up to a $100 statement credit for Global Entry or TSA PreCheck® every four years. I have a lot of cards with this benefit, so that’s one I won’t be using.

Look Beyond the First Year

The Bank of America® Premium Rewards® credit card earns a standard 2 points per dollar on travel and dining and 1.5 points per dollar on other purchases. Eligible BofA Rewards™ members may earn more through their relationship tier.

Compare those rates with your existing cards and consider whether the benefits fit your travel habits. The welcome offer can make the first year appealing, and if you use the full $100 airline incidental credit each year, it can more than offset the $95 annual fee. That’s a plus for keeping it.

Bottom Line

After that, we’d evaluate the card the same way we evaluate every annual-fee card: Are the rewards and benefits we actually use worth what we’re paying? The bonus can make getting started worthwhile, while your ongoing experience helps you decide whether the card remains a good fit.

Editorial Note: Opinions expressed on this page are the author’s alone, not those of any bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved or otherwise endorsed by these entities.