Apply for Bank of America Premium Rewards Credit Card Insiders Guide
Embarking on a journey toward smarter spending and rewarding experiences is effortless with the right financial tool in hand. The Bank of America Premium Rewards Credit Card is designed to transform everyday purchases into extraordinary rewards. Picture the satisfaction of earning unlimited points on dining and travel, all while enjoying no foreign transaction fees. As a traveler, imagine the convenience of accessing elite travel benefits such as statement credits for airline incidental fees, complementing your journey with comfort and savings. This card is not just about rewards, though; it also offers valuable purchase protections and flexible redemption options, ensuring every dollar you spend works harder for your lifestyle. Dive deeper into how this card can elevate your financial strategy, turning the act of paying into a truly rewarding experience. Discover what makes this card a valuable companion for both everyday life and grand adventures.
Unlocking the Benefits of the Bank of America Premium Rewards Credit Card
1. Earn Reward Points on Every Purchase
The Bank of America Premium Rewards Credit Card allows you to earn points on every purchase you make. You receive 2 points for every dollar spent on travel and dining and 1.5 points per dollar on all other purchases. This makes it an excellent option for those who frequently travel or dine out. For example, if you spend $1,000 on travel or dining during a month, you will earn 2,000 points automatically.
2. Annual Travel Statement Credit
This credit card offers a $100 annual travel statement credit. This benefit can be used towards airline incidentals like baggage fees, seat upgrades, lounge access, and more. To maximize this benefit, plan your travels early in the year so you can immediately use the credit when making travel arrangements.
3. No Foreign Transaction Fees
When traveling internationally, fees can add up quickly. The Bank of America Premium Rewards Credit Card eliminates foreign transaction fees, so you can shop and dine without worrying about the extra costs. This allows you to enjoy the local culture and cuisine freely, without the surprise of additional charges on your statement when you return home.
4. Competitive Travel and Purchase Protections
This card offers a range of travel and purchase protection benefits, including trip cancellation/interruption insurance, trip delay reimbursement, and lost luggage reimbursement. For purchase protections, you’ll also benefit from extended warranty coverage and purchase security. These features provide peace of mind knowing that both your travel plans and recent purchases are safeguarded against unexpected events.
5. Preferred Rewards Member Bonuses
If you are a Bank of America Preferred Rewards client, you can enjoy an additional bonuses on your rewards points. Depending on your tier, you can receive a 25% to 75% rewards bonus on every purchase. This means that instead of earning just 1.5 points on non-travel/dining expenses, you could earn up to 2.625 points per dollar, making your everyday spending even more rewarding.
SIGN UP TO GET YOUR BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards Credit Card stands out for its exceptional benefits designed to meet the needs of frequent travelers and conscientious spenders alike. This credit card not only offers valuable rewards but also provides a suite of features that enhance the overall cardholder experience. Below is a detailed table elaborating on some of the key advantages of this card.
| Category | Key Benefits |
|---|---|
| Rewards Program | Earn 2 points for every dollar spent on travel and dining, and 1.5 points on all other purchases. |
| Sign-Up Bonus | Receive a generous sign-up bonus after spending a specified amount in the first 90 days. |
Furthermore, cardholders will appreciate the no annual fee for the first year, making it easier to experience the benefits of the card without immediate financial commitment. With travel benefits such as no foreign transaction fees and dedicated travel assistance, this card is a solid choice for those who enjoy traveling abroad.
The Premium Rewards Card also comes with various protections, including purchase protection, which safeguards new purchases against theft or damage for a limited time. Additionally, the cell phone protection feature provides coverage against repair or replacement costs for damaged or stolen phones when the monthly bill is paid with the card.
These features make the Bank of America Premium Rewards Credit Card an attractive option for individuals looking to maximize their spending while enjoying valuable benefits.
Requirements for Bank of America Premium Rewards Credit Card
- Credit Score: You typically need a good to excellent credit score, generally 670 or higher, to be considered for the Bank of America Premium Rewards Credit Card. A higher score increases your chances of approval.
- Income Statement: Although there’s no explicit minimum income requirement, providing proof of a steady income is crucial. Employment information or other income sources often need to be documented to demonstrate your ability to manage credit responsibly.
- U.S. Residency: Applicants must be residents of the United States. Proof of residency can be shown via a utility bill or a lease agreement featuring your name and U.S. address.
- Age: You must be at least 18 years old. For those in Alabama and Nebraska, the minimum age requirement is 19.
- Personal Information: Prepare to provide personal details, such as your Social Security Number and contact information, to verify your identity and streamline the application process.
LEARN MORE DETAILS ABOUT 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
To begin your application process for the Bank of America Premium Rewards Credit Card, you need to first visit the official Bank of America website. Navigate to the credit cards section, where you will find the link for ‘Premium Rewards Credit Card.’ This will lead you to a page that provides detailed information about the card’s features, benefits, and terms. Make sure you read through this information carefully before proceeding.
Step 2: Check Your Eligibility
Before applying, it’s crucial to ensure you meet the eligibility criteria set by Bank of America. Typically, this includes confirming your age, residency, and credit history. Having a good credit score can improve your chances of approval for the Premium Rewards Credit Card. Ensure that you have all the necessary information and documentation ready, such as your Social Security number and income details.
Step 3: Fill Out the Online Application
Once you are well-informed about the card and have confirmed your eligibility, click on the ‘Apply Now’ button on the website. This will direct you to the online application form. Complete all the required fields accurately – your personal details, financial information, and any additional questions that may pertain to your credit history. Double-check your entries to avoid any mistakes that could delay the application process.
Step 4: Submit Your Application
After filling out the application form, review your information to ensure accuracy. Once you are satisfied, submit the application. Upon submission, you will receive a confirmation that Bank of America has received your information. This is typically the point where a credit check will be performed as part of the decision-making process.
Step 5: Await Application Approval
After submission, Bank of America will assess your application. The bank will usually inform you of their decision within a few days. If approved, you will receive your Bank of America Premium Rewards Credit Card by mail, along with instructions on how to activate and start using it. If your application is not approved, the bank may provide you with a reason and alternative options you can consider.
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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 enticing benefits. Cardholders receive up to 2 points for every $1 spent on travel and dining, and 1.5 points per $1 on all other purchases. Additionally, you can enjoy up to $100 in statement credits for airline incidental fees and TSA Pre✓® or Global Entry every year. These rewards make it ideal for frequent travelers and diners who want to maximize their purchase power.
Is there an annual fee for the Bank of America Premium Rewards Credit Card?
Yes, there is an annual fee of $95. While some might see this as a downside, the card’s rewards and benefits, especially for those who travel or dine out frequently, can easily outweigh this fee with effective use.
How does the Bank of America Premium Rewards Credit Card’s travel insurance work?
The card offers several travel protections including trip delay reimbursement, trip cancellation coverage, and lost luggage reimbursement. This means if your trip is delayed by six hours or more, you can be reimbursed for certain expenses you incur. Additionally, if you need to cancel your trip for a covered reason, you can recuperate non-refundable trip costs. These insurances provide peace of mind and financial protection while traveling, which can be invaluable during unexpected events.
Can I earn more rewards if I have a Bank of America checking or savings account?
Yes, as part of the Bank of America Preferred Rewards program, cardholders with qualifying accounts can earn up to 75% more rewards points. This means for every purchase you make, you could potentially earn close to double the points, effectively maximizing your card’s reward potential.
