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

Applying for a credit card can be a daunting process, but understanding the steps involved can make it smoother. The Bank of America Premium Rewards Credit Card offers a variety of compelling benefits that are hard to ignore. With its attractive rewards program, you can earn points on every purchase, offering plenty of redemption options for travel, dining, and more.

This card also provides a generous sign-up bonus after qualifying purchases, which can give your rewards balance a significant initial boost. Additionally, its low annual fee is paired with great travel benefits like no foreign transaction fees and access to travel insurance protections, making it a strong choice for frequent travelers. Understanding the application process and eligibility criteria is the first step toward enjoying these advantages. Let’s explore how you can successfully apply for this card and what you need to ensure a seamless approval process.

Benefits of the Bank of America Premium Rewards Credit Card

1. Generous Rewards Program

The Bank of America Premium Rewards Credit Card offers an excellent rewards program that allows you to earn unlimited points on every purchase. Earn 2 points for every $1 spent on travel and dining and 1.5 points for every $1 spent on all other purchases. These points can be redeemed for cash back, travel, gift cards, and more. To maximize the benefits of this program, focus your spending on travel and dining purchases, and watch your points accumulate faster!

2. Travel and Purchase Protections

When you use your Premium Rewards Credit Card, you can enjoy peace of mind with a variety of travel and purchase protections. This includes trip cancellation and interruption insurance, lost luggage reimbursement, and travel accident insurance. If you frequently travel, these protections can save you unexpected expenses and provide essential support. It’s important to review the cardholder agreement to understand how to activate these benefits when needed.

3. Statement Credits

The card offers up to $100 in airline incidental statement credits annually, which can be used for seat upgrades, baggage fees, in-flight purchases, and more. This benefit can effectively reduce the overall cost of air travel. To make the most of this feature, plan your flights and associated expenses in advance, and keep track of eligible purchases that you can claim as credits.

4. No Foreign Transaction Fees

For those who travel abroad, this card bears no foreign transaction fees, allowing you to use your card during international trips without incurring additional charges on your purchases. This can be particularly advantageous if you frequently shop internationally or find yourself traveling outside the U.S. often. Use this benefit by carrying your card with confidence during your travels and avoid carrying too much cash.

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

The Bank of America Premium Rewards Credit Card offers an attractive rewards structure that appeals to frequent travelers and dining enthusiasts. With 2 points earned for every dollar spent on travel and dining, and 1.5 points on all other purchases, it provides a robust way to collect rewards. This means that every transaction can help you earn valuable points, which can later be redeemed for various benefits, such as travel bookings, statement credits, and more.In addition to everyday rewards, the card grants new cardholders a chance to earn a substantial bonus. By spending $3,000 within the first 90 days of account opening, you can earn 50,000 online bonus points. This offers great value and a strong incentive to maximize your spending right from the start, making the card even more appealing for those looking to boost their rewards earnings quickly.

Requirements for Bank of America Premium Rewards Credit Card

• Minimum Credit Score: Applicants generally need a good to excellent credit score, typically above 670, to increase their chances of approval. A higher credit score demonstrates your reliability in handling credit responsibly.
• Annual Income: While no exact income requirement is specified, you’ll need to show a stable and sufficient income to assure the bank of your ability to repay the credit. An example might be earning above $25,000 annually.
• U.S. Residency: Applicants must be a permanent resident or citizen of the United States. This is essential as the card services and benefits are primarily geared towards the U.S. market.
• Age Requirement: You must be at least 18 years old to qualify for the card, or 21 if you’re a resident of Puerto Rico. This is standard for most credit cards.
• Identification Documents: Be prepared to provide valid identification, such as a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), to verify your identity when applying.

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

Step 1: Visit the Bank of America Website

To begin the application process for the Bank of America Premium Rewards Credit Card, start by visiting the official Bank of America website. You can do this by entering “Bank of America Premium Rewards Credit Card” in your preferred search engine or by going directly to the website. Look for the credit cards section and locate the Premium Rewards Credit Card among their offerings.

Step 2: Explore the Card Benefits

Before applying, it’s important to understand what makes this card special. Review the card features, benefits, and rewards structure. For instance, you might earn points on every purchase and get access to travel benefits. Understanding these can help you make an informed decision and ensure this card aligns with your financial needs.

Step 3: Check Your Eligibility

Eligibility is crucial for a successful application. Ensure you meet the basic requirements, which often include being at least 18 years old and having a valid Social Security number. Additionally, consider checking your credit score, as a higher score increases the likelihood of approval. Bank of America may also have specific requirements for their cards, so it’s advisable to review these carefully.

Step 4: Fill Out the Online Application

Once you are ready to apply, click on the “Apply Now” button located on the Premium Rewards Credit Card page. You’ll need to provide personal information such as your full name, contact details, and financial information. Take your time to fill out the application accurately and completely; double-check all the information before submission to avoid any errors that might delay the approval process.

Step 5: Submit Your Application and Await Approval

After completing your application, submit it and patiently await a response from Bank of America. You might receive an instant decision, or it could take a few days if additional review is required. Once approved, you will receive your card via mail, ready to use for your purchases and to start earning 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 a range of benefits designed to enhance your travel and everyday spending. Cardholders can earn 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases. Additionally, you can enjoy up to $100 in statement credits annually for incidental airline expenses and up to $100 for TSA Pre✓® or Global Entry application fees.

Is there an annual fee for this credit card?

Yes, the Bank of America Premium Rewards Credit Card has a $95 annual fee. However, the various rewards and credits offered by the card can offset this cost, especially if you frequently travel or dine out.

How do I redeem the points I earn with this card?

Points earned with the Bank of America Premium Rewards Credit Card can be redeemed in a variety of ways. You have the flexibility to choose statement credits, travel, gift cards, or direct deposits into eligible Bank of America or Merrill accounts. The points do not expire as long as your account remains in good standing, providing long-term value.

Are there any special bonuses available for new cardholders?

Yes, new cardholders have the opportunity to earn a substantial 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 is valued at approximately $500 when redeemed for travel through the Bank of America Travel Center.

Does this card offer any travel insurance or protection benefits?

In addition to rewards, the Bank of America Premium Rewards Credit Card provides several travel protection benefits. Cardholders receive trip delay reimbursement, lost luggage reimbursement, and trip cancellation/interruption insurance. These features offer peace of mind when planning travel, ensuring you have support in case of unexpected events.

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 the our platform. Her goal is to empower readers with practical advice and strategies for financial success.