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

Imagine earning rewards for every purchase you make—whether it’s groceries or a night out in town. Enter the Bank of America Premium Rewards Credit Card, designed to offer exceptional flexibility and value. This card is not just about spending; it’s about maximizing benefits. With options like earning unlimited 2 points for every dollar spent on travel and dining, and 1.5 points on other purchases, the potential to save and earn is substantial.

Apart from generous rewards, cardholders can enjoy perks like travel credits and access to exclusive events. Your everyday spending has the potential to contribute towards earning rewards for your next vacation or indulgence. Whether you travel frequently or love dining out, this card offers unparalleled advantages that align with your lifestyle. Learn how to apply efficiently and make the most out of these features, transforming your spending into rewarding experiences.

Benefits of the Bank of America Premium Rewards Credit Card

1. Generous Rewards Program

One of the most enticing benefits of the Bank of America Premium Rewards Credit Card is its impressive rewards program. Cardholders earn 2 points per dollar spent on travel and dining and 1.5 points per dollar on all other purchases. These points can be redeemed for a variety of options, from travel expenses to gift cards, making it flexible for various needs.

Tip: To maximize your rewards, use the card for travel and dining expenses, especially if they comprise a significant portion of your spending.

2. Travel and Purchase Protections

This credit card comes with a suite of travel protections such as trip cancellation/interruption insurance and lost luggage reimbursement. Additionally, it provides purchase protections, including extended warranty coverage and purchase security.

Tip: Always use your card for significant purchases and travel arrangements to take full advantage of these protections, offering you peace of mind against unforeseen circumstances.

3. No Foreign Transaction Fees

No matter where your travels take you, the Bank of America Premium Rewards Credit Card does not charge foreign transaction fees. This makes it an excellent choice for international travelers who want to avoid extra charges while enjoying their journeys.

Tip: If you’re planning trips abroad, this benefit can result in substantial savings over time, especially for frequent travelers.

4. Bonus for Bank of America Clients

Existing Bank of America or Merrill customers can benefit from the Preferred Rewards program, which offers bonus points on all purchases. Depending on your tier within the program, you can receive a 25% to 75% rewards bonus, amplifying your earning potential substantially.

Tip: Check your eligibility for the Preferred Rewards program and consider consolidating your banking services with Bank of America to unlock greater rewards.

LEARN MORE DETAILS ABOUT BANK OF AMERICA PREMIUM REWARDS CREDIT CARD

The Bank of America Premium Rewards Credit Card offers an attractive rewards structure that makes it a desirable option for both frequent travelers and everyday shoppers. The point accumulation scheme allows cardholders to enjoy various benefits, catering to their spending habits effectively. For instance, when booking flights or dining out, users can maximize their rewards, adding significant value to their lifestyle choices. The enticing initial bonus points serve as an excellent incentive to encourage new users to apply for the card, making it easier to earn valuable rewards quickly. This strategy not only enhances customer loyalty but also allows users to explore various perks associated with the card, enriching their overall experience.

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

• Age Requirement: Applicants must be at least 18 years old in most states, and at least 19 years old in Alabama and Nebraska.
• Residency: You must be a United States citizen or a permanent resident to be eligible for the card.
• Credit Score: A strong credit score is recommended for this premium rewards card. Typically, this means having a FICO score of 670 or above, indicating a good or excellent credit standing.
• Income Verification: Demonstrating a stable income is crucial. While there isn’t a specific minimum income requirement, you must prove financial stability with recent pay stubs or tax returns.
• Identity Verification: Be prepared to provide standard documentation to verify your identity, such as a government-issued ID and your Social Security number.

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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 Branch

To get started with applying for the Bank of America Premium Rewards Credit Card, you can either visit the official Bank of America website or go to a local branch. If you choose the online option, you can navigate to the credit card section of the website and select the Premium Rewards Credit Card.

Step 2: Review the Card Details

Before you proceed with the application, take a moment to understand the benefits and terms of the credit card. Review the rewards program, annual fees, interest rates, and any introductory offers. This will help you determine if the card aligns with your financial needs and lifestyle. Pay close attention to the terms and conditions to ensure you are prepared for any financial commitments.

Step 3: Begin the Application Process

If you are applying online, click on the “Apply Now” button associated with the Premium Rewards Credit Card. If you are at a branch, a bank representative will assist you in starting the application. You will need to provide personal information such as your full name, address, social security number, and employment details. It’s important to be prepared with all the necessary documents to ensure a smooth application process.

Step 4: Submit Your Application

Once you have filled out all required information, review your application for accuracy. After confirming that all details are correct, submit your application. Online submissions are usually processed quickly, and you might receive an initial response in minutes. If you applied in person, the bank representative will inform you of the next steps and follow-up procedures.

Step 5: Await Approval

After submitting your application, the bank will evaluate your creditworthiness to make a decision. This process might involve a credit check. Upon approval, you will receive your Bank of America Premium Rewards Credit Card in the mail along with instructions on how to activate it. If you have any questions during this waiting period, feel free to contact Bank of America’s customer service for assistance.

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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 a variety of benefits, including unlimited 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases. Additionally, the card provides up to $100 in airline incidental statement credits annually and up to another $100 in Global Entry or TSA PreCheck application fee credits every four years, making it a great option for frequent travelers.

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

Yes, the Bank of America Premium Rewards Credit Card has an annual fee of $95. Given the travel credits and point-earning potential, many cardholders find the fee is offset by the benefits they receive.

How can I redeem my rewards points with the Bank of America Premium Rewards Credit Card?

Rewards points earned with the Bank of America Premium Rewards Credit Card can be redeemed for a variety of options, including travel, cash back, gift cards, and more. Cash back can be received as a statement credit or direct deposit into a Bank of America account. For travel redemption, you can easily book flights, hotel stays, and other travel expenses through the card’s online portal.

What is the APR for the Bank of America Premium Rewards Credit Card?

The Annual Percentage Rate (APR) for the Bank of America Premium Rewards Credit Card varies based on the Prime Rate and your creditworthiness at the time of account opening. As of the last update, the APR ranges from 19.24% to 26.24% for purchases and balance transfers. It’s essential to pay your balance in full each month to avoid interest charges.