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Considering the Premium Rewards card. Has anyone downgraded it successfully? Pros and cons of card?
I have seen at least one downgrade to a regular Travel Rewards with no fee, and you could probably also downgrade to the Cash Rewards. Generally BOA is pretty flexible with PCs, but of course, no guarantees.
If you have no status with BOA (Preferred Rewards), I don't think the card is anything really special beyond the sign up bonus; it's just 2% on some things, 1.5% on most. If you are getting the relationship bonuses, the card becomes up to 2.62% everything, 3.5% dining which is pretty good. There is a $95 fee, so if you aren't able to take advantage of the travel credit and negate the fee, I don't know if it's really worth it. You'd have to run the numbers for your spend and situation. It is a large sign up bonus though, so at least for a year it could make sense to have and then downgrade as the ongoing rate is really nothing special (unless you get the highest relationship bonus).
I prefer to just stick with the Cash Rewards card with no fee to deal with and soon you can select a 3% category. Being Plat Honors it will be 5.25% on my category, 3.5% grocery, 1.75% all else. Works for me.