Apply for Bank of America Premium Rewards Credit Card Easy Guide

For those seeking to elevate their rewards game, the Bank of America Premium Rewards Credit Card presents a compelling option. Designed with the savvy traveler in mind, this card provides a robust points system that transforms everyday purchases into tangible benefits. Imagine earning unlimited 2 points per dollar on travel and dining, while pocketing 1.5 points on all other purchases. This isn’t merely a rewards card; it’s a passport to greater convenience and flexibility.

Beyond the rewarding points, cardholders enjoy the perks of travel with up to $200 in annual travel statement credits to offset baggage fees and other incidental costs. The card’s security features, such as chip technology and zero liability fraud protection, further ensure peace of mind. Whether you’re a frequent globetrotter or just getting started with building rewards, this card simplifies turning daily expenses into extraordinary experiences.

Benefits of the Bank of America Premium Rewards Credit Card

1. Earn Generous Rewards

The Bank of America Premium Rewards Credit Card offers a robust reward earning structure. Cardholders can earn 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases. By using this card for everyday expenses and larger purchases alike, you can accumulate points quickly, which can then be redeemed for travel, cash back, and other rewards.

Tip: To maximize your earnings, use the card for all dining and travel-related transactions, and even consider setting up automatic payments for recurring bills.

2. Travel Credits and Insurance

Travel frequently? The card provides up to $100 in airline incidental credits annually, which can offset expenses like baggage fees and in-flight refreshments. Additionally, you’ll enjoy travel insurance benefits, including lost luggage reimbursement and trip delay coverage. These features make it a brilliant option for both business and leisure travelers.

Tip: Keep all travel receipts and documents to ensure you can claim your credits and benefits efficiently.

3. No Foreign Transaction Fees

If you travel internationally, this card could be a great companion, as it charges no foreign transaction fees. This means using your card abroad won’t eat into your travel budget with additional fees, allowing you to spend more on experiences and less on expenses.

Tip: Always opt to pay in the local currency when abroad to take advantage of favorable exchange rates with your card.

4. Preferred Rewards Program

For Bank of America Preferred Rewards members, this card becomes even more rewarding. Members can receive a 10% to 75% rewards bonus on every purchase, depending on their tier within the program. This structure offers an excellent opportunity to accumulate points faster for those who have qualifying Bank of America accounts.

Tip: Consider consolidating your banking with Bank of America to qualify and move up in the Preferred Rewards tiers to maximize your bonus potential.

SIGN UP TO GET YOUR BANK OF AMERICA PREMIUM REWARDS CREDIT CARD

The Bank of America Premium Rewards Credit Card stands out with its enticing rewards program, allowing cardholders to earn points on their purchases. This flexibility can turn your everyday spending into valuable rewards, especially for frequent travelers and diners. Additionally, the welcome bonus is a significant highlight, providing new cardholders with a great incentive to begin using the card right away. This feature not only increases the card’s appeal but also gives you a chance to maximize your rewards potential from the start. Overall, this credit card offers valuable benefits that can help individuals optimize their spending, making it an attractive option for those looking to earn rewards efficiently.

Requirements to Apply for the Bank of America Premium Rewards Credit Card

• Credit Score: A good to excellent credit score is crucial when applying for the Bank of America Premium Rewards Credit Card. Typically, this means having a FICO score above 700. A higher score reflects a solid repayment history and financial responsibility. If you’re unsure about your credit score, consider checking it for free through several online services before applying.
• Income Verification: You will need to provide proof of stable income. While there’s no explicit minimum income requirement, evidence of a steady, sufficient income reassures the lender of your capacity to repay any incurred credit card debts. This could be through pay stubs, bank statements, or a letter from your employer.
• U.S. Residency Status: Applicants must reside in the United States, as this card is designed specifically for U.S.-based customers. You might need to provide documents such as a driver’s license or a utility bill to confirm your U.S. residency status.
• Age Requirement: You must be at least 18 years old to apply for a credit card in the U.S., or 21 years old if you’re applying independently without verifiable income.
• Bank of America Account (optional): While not mandatory, having an existing relationship with Bank of America, like a checking or savings account, might improve your chances of approval.

SIGN UP TO GET YOUR BANK OF AMERICA PREMIUM REWARDS CREDIT CARD

How to Apply for the Bank of America Premium Rewards Credit Card

Step 1: Visit the Bank of America Website or Branch

Begin your application journey by accessing the Bank of America‘s website. Navigate to the credit cards section and locate the Premium Rewards Credit Card. If you prefer an in-person approach, you can visit your nearest Bank of America branch to discuss and initiate your application with a representative.

Step 2: Gather Required Information

Before you start filling out the application form, make sure you have all the necessary personal and financial information on hand. This includes your Social Security Number, employment details, annual income, and any existing debts or financial obligations. Having this information ready will make the application process smoother and quicker.

Step 3: Complete the Application Form

Once you have all your information ready, proceed to fill out the online application form. Ensure that you enter accurate details and double-check each section before submission. If you’re applying in a branch, provide the necessary information to the bank representative, who will assist you in completing the application form.

Step 4: Review Terms and Submit Application

Carefully review the terms and conditions of the credit card to ensure they align with your needs and financial goals. After reviewing, submit your application. You may receive an instant decision, or it may take a few days if further review is needed.

Step 5: Await Approval and Receive Your Card

After you’ve submitted your application, await the bank’s approval. If approved, your new Bank of America Premium Rewards Credit Card will be mailed to you. Once you receive the card, follow the instructions provided to activate it and start enjoying your rewards.

SIGN UP TO GET YOUR BANK OF AMERICA PREMIUM REWARDS CREDIT CARD

Frequently Asked Questions about the Bank of America Premium Rewards Credit Card

What are the main benefits of the Bank of America Premium Rewards Credit Card?

The Bank of America Premium Rewards Credit Card offers several valuable benefits. You can earn unlimited 2 points for every dollar spent on travel and dining purchases and 1.5 points per dollar on all other purchases. Additionally, the card provides up to $100 in airline statement credits annually for incidentals like seat upgrades and baggage fees. Cardholders also receive various travel protections, such as trip cancellation and interruption insurance.

Is there an annual fee for this credit card?

Yes, the Bank of America Premium Rewards Credit Card has an annual fee of $95. Despite this fee, many users find the card’s offerings, including the reward points and travel credits, to outweigh the cost, especially when utilized fully.

How does the airline incidental credit work?

Cardholders can receive up to $100 per calendar year in statement credits for airline incidentals. This can include expenses like seat upgrades, baggage fees, in-flight services, and airline lounge fees. It’s important to note that these credits do not cover airline tickets, mileage point purchases, or gift cards, so it’s tailored more towards supplementary travel expenses.

Are there any foreign transaction fees with this card?

No, the Bank of America Premium Rewards Credit Card does not charge foreign transaction fees. This makes it an excellent choice for frequent international travelers who want to earn rewards without extra costs when using the card abroad.

What are the redemption options for the reward points?

Points earned with the Bank of America Premium Rewards Credit Card can be redeemed in several ways, including for travel purchases, cash back, gift cards, or even directly deposited into a Bank of America or Merrill account. The flexibility in redemption options allows you to choose rewards that best fit your financial goals or lifestyle preferences.

Linda Carter

Linda Carter is a writer and financial expert specializing in personal finance and financial planning. With extensive experience helping individuals achieve financial stability and make informed decisions, Linda shares her knowledge on our platform. Her goal is to empower readers with practical advice and strategies for financial success.