Apply for Bank of America Premium Rewards Credit Card A Step-by-Step Guide

If you’re on the hunt for a credit card that rewards your spending while offering a variety of travel and dining perks, the Bank of America Premium Rewards Credit Card might be just what you need. Designed to elevate your financial journey, this card offers substantial incentives for both everyday purchases and exciting adventures.

With every swipe, earn unlimited 2 points for every dollar spent on travel and dining, and 1.5 points per dollar on all other purchases. This makes it perfect for frequent travelers and casual diners alike. Plus, cardholders enjoy up to $200 in annual travel credits, covering baggage fees and other incidental airline charges, which translates to significant savings over time.

Aside from rewards, the card provides valuable security features and customer support. Learn how to leverage these benefits effectively as we guide you through the application process step-by-step.

Benefits of the Bank of America Premium Rewards Credit Card

Earn Rewards on Every Purchase

The Bank of America Premium Rewards Credit Card allows you to earn unlimited 2 points for every $1 spent on travel and dining, and 1.5 points per $1 on all other purchases. This means that everyday spending can contribute to a pool of points that can be redeemed for travel, cash back, and other benefits.

Tip: Use this card for all your travel and dining expenses to maximize your rewards. Consider setting up automatic payments for your bills to earn points even on regular household expenditures.

Generous Welcome Bonus

New cardholders can earn a substantial welcome bonus of 50,000 online bonus points after making at least $3,000 in purchases in the first 90 days of account opening. This bonus can translate to $500 in value, which can be a great incentive for large upcoming purchases.

Tip: Plan your higher spending months, such as holidays or planned travel, around the initial period to ensure you meet the spending threshold without overextending your budget.

Travel Benefits and No Foreign Transaction Fees

This credit card provides premium travel benefits including access to thousands of airport lounges through the Priority Pass program, and up to $100 in statement credits towards Global Entry or TSA PreCheck application fees. Additionally, there’s no foreign transaction fee on purchases made abroad, making it ideal for frequent travelers.

Tip: Use the card for all international transactions and remember to apply for Global Entry or TSA PreCheck to enjoy easier travel experiences.

Flexible Redemption Options

Points collected with the Bank of America Premium Rewards Credit Card can be redeemed flexibly, be it for travel, cash back, or direct deposits into eligible Bank of America or Merrill accounts. This flexibility allows you to tailor your rewards to fit your financial goals.

Tip: Consider redeeming points for travel expenses to get more value, as travel redemption can often offer the best returns.

Enhanced Security Features

Enjoy peace of mind with this card’s enhanced security features, such as zero liability for fraudulent transactions, chip technology for added security, and ability to lock and unlock your card through mobile banking.

Tip: Regularly monitor transactions through the mobile app to catch any unusual activity early.

LEARN MORE DETAILS ABOUT BANK OF AMERICA PREMIUM REWARDS CREDIT CARD

The Bank of America Premium Rewards Credit Card is not just another credit card; it’s a valuable financial tool that offers a range of benefits tailored for those looking to maximize their rewards on everyday spending. With its appealing rewards structure and premium features, it stands out among competitors in the market. To further illustrate the advantages, here’s a detailed table summarizing key benefits:

By leveraging these features, cardholders can enjoy a range of perks that align with their spending habits. Whether it’s accumulating points for travel rewards or taking advantage of purchase protections, the Bank of America Premium Rewards Credit Card is designed to enhance your spending experience while providing essential financial tools to maintain control over your finances. The combination of rewards and protections makes this card a smart choice for anyone looking to benefit from their everyday expenses.

Requirements for the Bank of America Premium Rewards Credit Card

• Minimum Credit Score: To be eligible for the Bank of America Premium Rewards Credit Card, it is recommended to have a good to excellent credit score, typically ranging from 700 to 850. This reflects responsible financial behavior and increases your chances of approval.
• Proof of U.S. Residency: Applicants must provide documentation verifying their U.S. residency. This can include a valid Social Security number or Individual Taxpayer Identification Number (ITIN).
• Age Requirement: You must be at least 18 years old to apply. This aligns with the legal age of majority in most states, allowing you to enter into a credit agreement.
• Income Documentation: Providing evidence of a stable income is crucial. Bank statements, pay stubs, or tax returns can be submitted to demonstrate your ability to manage credit card payments responsibly.
• Existing Bank of America Relationship: While not mandatory, having an existing account with Bank of America might enhance your approval chances, as it shows a relationship with the bank.

VISIT THE WEBSITE TO LEARN MORE

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

Step 1: Visit the Bank of America Website or a Local Branch

Begin by accessing the official Bank of America website from your computer or smartphone. Alternatively, you can visit a local Bank of America branch if you prefer a face-to-face interaction. While online applications are quick and convenient, a bank representative can offer personalized advice if you drop by in person.

Step 2: Navigate to the Credit Cards Section

Once on the website, locate the Credit Cards section, usually found under the ‘Personal’ tab in the main navigation bar. Look for the Premium Rewards Credit Card among the listed credit card options, and choose the one that best suits your financial needs and lifestyle.

Step 3: Review Terms and Conditions

Before proceeding with the application, thoroughly review the terms and conditions associated with the Premium Rewards Credit Card. Pay special attention to interest rates, fees, reward structures, and any introductory offers. Understanding these details will ensure you are well-informed and there are no surprises later.

Step 4: Complete the Application Form

Click on the ‘Apply Now’ button to start your application. You will need to provide personal information, including your Social Security number, employment details, and financial information. Make sure to fill out all required fields accurately to avoid any delays in the processing of your application.

Step 5: Submit Your Application and Await Approval

After filling out the form, submit your application by clicking the designated button. You will receive a confirmation indicating that your application is being processed. The bank may contact you if additional information is needed. Approval times vary, but you should be notified via email or mail about your application status within a few days.

LEARN MORE DETAILS ABOUT 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 significant benefits. Cardholders earn 2 points for every dollar spent on travel and dining purchases and 1.5 points per dollar on all other purchases. Furthermore, there are no foreign transaction fees, making it a great option for international travelers. The card also includes various travel and purchase protections to safeguard your trips and purchases.

How does the rewards points system work with this credit card?

The rewards system is straightforward. You earn points for every purchase you make with the card. These points can be redeemed for a range of rewards including travel, cash back, or gift cards. For example, 2 points per dollar can accumulate quickly with travel and dining expenses, allowing savvy users to earn significant rewards.

Is there an annual fee for the Bank of America Premium Rewards Credit Card?

Yes, there is an annual fee of $95. However, many cardholders find the fee justified because of the travel credits and extensive reward opportunities, which can offset this cost when used strategically.

Are there any travel credits associated with this credit card?

Yes, the card offers up to $100 in airline incidental statement credits annually. This can be used to cover various travel expenses such as checked baggage fees or in-flight purchases, adding even more value to your travel experiences.

How does the card protect me during travels?

The Bank of America Premium Rewards Credit Card includes several travel protections like trip cancellation/interruption insurance, delayed baggage reimbursement, and emergency evacuation coverage. These features are designed to provide peace of mind and financial protection while traveling, ensuring you can focus on enjoying your trip.

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.