How to Apply for Bank of America Premium Rewards Credit Card
Are you looking to elevate your financial experience with a card that combines exceptional rewards with practical benefits? The Bank of America Premium Rewards Credit Card could be your answer. Known for its generous rewards program, this card offers you points for every purchase, turning everyday spending into travel adventures or cash back. Whether you’re a frequent traveler or simply value flexible redemption options, this card aligns with a variety of needs and lifestyles.
Beyond rewards, cardholders enjoy comprehensive travel benefits and valuable perks such as travel insurance and no foreign transaction fees, making it an ideal choice for the globetrotter. Plus, the card’s sturdy protection features, including fraud monitoring and online banking security, ensure peace of mind in our digital world. Discover how applying for this versatile card can enhance your financial well-being and provide you with everyday value.
Benefits of the Bank of America Premium Rewards Credit Card
Earn Unlimited 2x Points on Travel and Dining
The Bank of America Premium Rewards Credit Card offers a generous reward of 2 points for every dollar spent on travel and dining purchases. This makes it perfect for frequent travelers and food enthusiasts. To maximize your rewards, consider using this card for all your restaurant bills and travel bookings. Travel includes a wide array of expenses such as flights, accommodation, ride-sharing services, and even tolls.
1.5x Points on All Other Purchases
This credit card also allows you to earn 1.5 points on every dollar spent on purchases outside of travel and dining, with no cap. This means that even your everyday spending contributes to earning rewards. For instance, you can use it for groceries, utility bills, or streaming services, ensuring every dollar contributes towards your reward point balance.
Receive Up to $200 in Travel Statement Credits
Each year, you can receive up to $100 in Airline Incidental Statement Credits and up to $100 in TSA PreCheck or Global Entry fee credits. This effectively lowers the cost of your travel expenses. Utilize these credits by booking flights and signing up for expedited security programs, enhancing your travel experience while saving money.
No Foreign Transaction Fees
If you travel internationally, this card provides value by charging no foreign transaction fees. This means you can use your card freely across the globe without incurring extra charges, which can quickly add up with other cards. Always remember to inform your bank of your travel plans to ensure seamless usage abroad.
Enjoy Exclusive Concierge Services and Support
Cardholders have access to 24/7 concierge service, which can assist in various tasks ranging from booking dining reservations to acquiring tickets for events. This service adds a layer of convenience and exclusivity to your lifestyle. Leverage this feature to save time and get insider assistance for enhancing your experiences, whether at home or abroad.
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Requirements for the Bank of America Premium Rewards Credit Card
- Credit Score: To be eligible for the Bank of America Premium Rewards Credit Card, you generally need a good to excellent credit score, typically in the range of 670 to 850. This reflects your ability to manage credit responsibly over time and is a key factor in the approval process.
- Minimum Income: While there’s no explicit income requirement disclosed publicly, you should have a stable income source that allows you to manage credit payments comfortably. Lenders often consider your debt-to-income ratio, so having a reasonably high annual income can improve your chances of approval.
- U.S. Residency: Applicants must be U.S. residents to qualify for this credit card. Providing a valid Social Security Number and proof of residency is typically required during the application process.
- Identification Documents: Be prepared to verify your identity with valid forms of ID, such as a driver’s license, passport, or another government-issued identification. This ensures that the application is secure and in compliance with legal requirements.
- Existing Bank of America Relationship: Having an existing account or banking relationship with Bank of America can sometimes improve your chances of approval. It shows your familiarity with the bank’s products and can streamline the application process.
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How to Apply for the Bank of America Premium Rewards Credit Card
Step 1: Visit the Bank of America Website or Local Branch
To start your application process for the Bank of America Premium Rewards Credit Card, you have two options: visit the official Bank of America website or head to your nearest local branch. If you choose to apply online, go to the official website, where you can find detailed information about the card’s features and benefits. Alternatively, banking staff at a local branch can provide personal assistance and answer your questions directly.
Step 2: Review Card Requirements and Gather Necessary Documents
Before starting your application, it’s important to ensure you meet the eligibility requirements. Typically, you’ll need to have a good to excellent credit score. Also, prepare all necessary documents, such as proof of income, identification, and your Social Security number. Having these documents handy will make the application process smoother.
Step 3: Start Your Application
Once you’re ready to begin, locate the application form on the Bank of America website if you’re applying online. For those at a local branch, ask the bank associate for a paper application. Fill out all required fields carefully, providing accurate information about your personal and financial details.
Step 4: Submit Your Application
After completing the application, double-check your information for accuracy. Then, submit your application through the website with a simple click or hand it to the bank associate if you’re at a branch. At this point, Bank of America will review your application to assess your eligibility.
Step 5: Await Approval and Receive Your Card
Once your application is submitted, it’s time to await a response from Bank of America. If approved, you will receive your new Premium Rewards Credit Card in the mail, along with instructions for its activation. Be sure to read through any accompanying information to understand the terms and benefits thoroughly.
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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 numerous benefits, including unlimited 2 points per dollar spent on travel and dining purchases and 1.5 points per dollar on all other purchases. Additionally, cardholders receive up to $100 in statement credits for airline incidental purchases and a $100 Global Entry or TSA Pre✓® fee credit every four years.
Does the Bank of America Premium Rewards Credit Card have an annual fee?
Yes, the card does have an annual fee. The Bank of America Premium Rewards Credit Card charges an annual fee of $95. While this might seem like a downside, the fee is offset by the rewards and benefits provided, especially if you frequently travel or dine out.
Is there a sign-up bonus for new cardholders?
The Bank of America Premium Rewards Credit Card typically offers a generous sign-up bonus for new cardholders. Currently, you can earn 50,000 online bonus points—equivalent to a $500 travel or statement credit—after making at least $3,000 in purchases in the first 90 days of opening your account. This makes it a great choice if you’re planning on making big purchases soon after acquiring the card.
How can I maximize the rewards from this credit card?
To maximize your rewards, focus on using your Bank of America Premium Rewards Credit Card for travel and dining expenses, as you’ll earn 2 points per dollar on these categories. Additionally, take advantage of the airline incidental and Global Entry or TSA Pre✓® fee credits. Pairing this card with Bank of America’s Preferred Rewards program can further enhance your rewards, offering you bonuses on points earned.
Are there any foreign transaction fees with this credit card?
No, there are no foreign transaction fees with the Bank of America Premium Rewards Credit Card. This benefit makes the card particularly appealing to travelers who frequently make purchases in foreign currencies, as you can avoid additional charges when spending abroad.
Linda Carter is a writer and financial consultant specializing in economics, personal finance, and investment strategies. With years of experience helping individuals and businesses make complex financial decisions, Linda provides practical analyses and guidance on the Revista Pitch platform. Her goal is to empower readers with the knowledge needed to achieve financial success.
