How to Apply for the Bank of America Premium Rewards Credit Card
Navigating the vast landscape of credit cards can be daunting, but understanding the benefits and application process of the Bank of America Premium Rewards Credit Card can simplify your decision-making. Offering unmatched rewards, this card is tailored for those who seek to maximize their spending power.
With features like unlimited 2 points per dollar on travel and dining, and 1.5 points per dollar on all other purchases, it caters to diverse spending habits. The card also includes significant travel perks such as statement credits for airline incidental fees, making it a popular choice for frequent travelers in the United States.
Whether you’re interested in robust reward systems, or exclusive travel benefits, learning how to apply for this credit card could align your financial activities with savings and perks. This guide aims to provide detailed insights to equip you with the knowledge needed to confidently start your application process.
Benefits of the Bank of America Premium Rewards Credit Card
1. Generous Rewards Program
The Bank of America Premium Rewards Credit Card offers a competitive rewards structure, providing users with up to 2 points for every dollar spent on travel and dining purchases, and 1.5 points for every dollar spent on other purchases. As a cardholder, you can effectively earn substantial rewards that can be redeemed for a wide array of benefits including statement credits, travel, or cash back. To maximize these rewards, focus your spending on travel and dining to accumulate points faster.
2. Travel Benefits and Credit
This credit card is particularly advantageous for frequent travelers, as it provides up to $100 in airline incidental statement credits annually. These credits can be used for seat upgrades, baggage fees, and other airline incidentals, making travel more affordable. In addition, it offers up to $100 in Global Entry or TSA PreCheck® application fee credits every four years, expediting security clearance in airports. To take full advantage of these benefits, consider scheduling trips around renewal periods to maximize savings.
3. No Foreign Transaction Fees
For cardholders who frequently travel abroad, the absence of foreign transaction fees is a significant perk. This benefit can save you up to 3% per transaction, a typical charge by many other credit cards in international purchases. Utilize this card for all your international expenditures to avoid unnecessary charges and maximize your savings abroad.
4. Competitive Interest Rates
The Bank of America Premium Rewards Credit Card comes with competitive interest rates compared to other premium credit cards available in the market. This benefit can assist in reducing your overall borrowing costs, especially if you occasionally carry a balance. Always aim to pay off your balance in full each month to avoid interest charges and truly capitalize on this benefit.
SIGN UP TO GET YOUR BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
| Category | Description |
|---|---|
| Rewards Points | Earn 2 points on travel and dining, 1.5 points on all other purchases. |
| Sign-Up Bonus | Receive 50,000 online bonus points after making at least $3,000 in purchases in the first 90 days. |
The Bank of America Premium Rewards Credit Card stands out for its generous rewards program. Cardholders can accumulate points that translate into valuable travel perks, making it appealing for frequent travelers. Additionally, the substantial sign-up bonus provides an opportunity to significantly boost them in a competitive rewards landscape. Overall, the combination of benefits serves to enhance the everyday spending experience while offering travel incentives that can lead to significant savings and rewards for users.
Requirements for the Bank of America Premium Rewards Credit Card
- Credit Score: Applicants typically need a good to excellent credit score, usually a FICO score of 670 or higher, to qualify for the Bank of America Premium Rewards Credit Card.
- Income: A stable and sufficient income is required, but there isn’t a specified minimum income level disclosed by Bank of America. However, demonstrating the ability to manage the card’s requirements is crucial.
- Age Requirement: Applicants must be at least 18 years old (or 21 in Puerto Rico) to apply for the card.
- U.S. Residency: A valid Social Security number and a U.S. address are necessary, as the Bank of America Premium Rewards Credit Card is only available to U.S. residents.
- Existing Relationship with Bank of America: While not mandatory, having an existing relationship with Bank of America can sometimes enhance the chances of approval and may lead to additional benefits or rewards.
GET YOUR BANK OF AMERICA PREMIUM REWARDS CREDIT CARD THROUGH THE WEBSITE
How to Apply for the Bank of America Premium Rewards Credit Card
Step 1: Visit the Bank of America Website or Local Branch
Begin your application process by accessing the official Bank of America website or visiting a local branch in person. If you choose the online route, ensure that you navigate to the credit card section of their website, specifically focusing on their Premium Rewards Credit Card offerings. This initial step requires attention to the precise webpage to find the credit card that matches your preferences.
Step 2: Assess Eligibility Requirements
Before proceeding with the application, it’s crucial to review the eligibility requirements for the Bank of America Premium Rewards Credit Card. Typically, these requirements include a minimum credit score, proof of U.S. residency, and verification of income. Evaluate these criteria meticulously to ensure you meet the necessary conditions, which can maximize your chances of approval and streamline the application process.
Step 3: Prepare Required Documentation
Gather all necessary documents needed for the application. This includes personal identification, income statements, and any other financial documentation requested by Bank of America. Having these documents ready will facilitate a smoother and faster application process. It’s essential to double-check this documentation for accuracy and completeness to avoid any delays in your application.
Step 4: Submit Your Application
Proceed to fill out and submit your application online via the Bank of America website or in person at a branch. Ensure that all information provided is accurate and up-to-date to prevent potential issues with your application. Pay close attention to the application form sections, as errors can lead to a longer approval timeline.
Step 5: Await Approval
After submission, Bank of America will review your application. This process involves a thorough evaluation of your financial background and credit history. Monitor your email and phone for communications from the bank regarding the status of your application. Approval times may vary, so patience is key. Once approved, you will receive your Bank of America Premium Rewards Credit Card shortly.
GET YOUR BANK OF AMERICA PREMIUM REWARDS CREDIT CARD THROUGH THE WEBSITE
Frequently Asked Questions about the Bank of America Premium Rewards Credit Card
What are the primary benefits of the Bank of America Premium Rewards Credit Card?
The Bank of America Premium Rewards Credit Card offers several notable benefits. Cardholders can earn unlimited 2 points for every $1 spent on travel and dining purchases, and 1.5 points for every $1 on all other purchases. Additionally, the card provides up to $100 in airline incidental statement credits annually and up to $100 for Global Entry or TSA PreCheck application fees every four years.
Are there any annual fees associated with the Bank of America Premium Rewards Credit Card?
Yes, the Bank of America Premium Rewards Credit Card carries a $95 annual fee. Despite this fee, many users find the card’s rewards and travel benefits, such as the airline credits and elevated point earnings on travel and dining, can easily offset this cost if the card is used strategically.
Does the Bank of America Premium Rewards Credit Card offer any introductory bonuses?
Indeed, new cardholders can benefit from a significant introductory offer. As of the latest updates, new account holders can earn up to 50,000 online bonus points after making at least $3,000 in purchases within the first 90 days of account opening. The bonus is valued at approximately $500 when redeemed for travel expenses.
What is the redemption value of the points earned with this card?
The points earned with the Bank of America Premium Rewards Credit Card generally have a straightforward redemption value of 1 cent per point when used for travel-related expenses such as airfare, hotel stays, car rentals, or when obtaining cash back as a statement credit. The flexibility in redemption allows users the opportunity to balance between travel and cash-back options as needed.
Are there any additional travel benefits provided by the Bank of America Premium Rewards Credit Card?
Yes, the card provides additional travel benefits that include access to travel and emergency assistance, auto rental collision damage waiver, baggage delay insurance, and trip delay reimbursement. These features position this card as a versatile option for frequent travelers who seek value-added services beyond just earning points.
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 the our platform. Her goal is to empower readers with practical advice and strategies for financial success.
