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

Exploring ways to enhance your financial rewards? The Bank of America Premium Rewards Credit Card might be the perfect fit for you. Designed with a host of benefits to cater to savvy spenders, this card offers an exceptional opportunity for frequent travelers and everyday consumers alike. With 2X points on travel and dining purchases, alongside 1.5X points on all other purchases, your spending could quickly translate into valuable rewards.

In addition to lucrative rewards, cardholders can enjoy rich travel perks, such as up to $100 in annual airline incidentals and access to TSA PreCheck or Global Entry fee reimbursement. Marvel at the potential of earning a 50,000 online bonus points following initial spending requirements, making the application for this card a strategic financial move. Discover how to make the most out of these features and streamline your application process with our comprehensive guide.

Benefits of the Bank of America Premium Rewards Credit Card

High Earning Potential on Rewards

The Bank of America Premium Rewards Credit Card offers impressive rewards points for your spending. Cardholders earn 2 points for every dollar spent on travel and dining expenses, making it an excellent choice for those who frequently travel or enjoy dining out. All other purchases earn 1.5 points per dollar. To maximize this benefit, consider using this card exclusively for travel and dining to accumulate points rapidly.

Valuable Travel Credits

This credit card provides a significant travel benefit: up to $100 in airline incidental statement credits each year. You can apply this credit toward qualifying airline purchases, such as baggage fees or in-flight purchases. Focus on using your card for these specific expenses to ensure you fully utilize the credit.

Global Travel Accessibility

The card is designed for international use with no foreign transaction fees. For individuals who often travel abroad, this feature ensures you won’t incur extra costs on international purchases. Always have this card handy during your travels to keep unnecessary fees at bay.

Generous Bonus Offers

New cardholders can take advantage of an enticing bonus offer. By spending $3,000 on purchases in the first 90 days, you can earn 25,000 online bonus points. Utilize this by planning your expenses ahead of time, perhaps by paying for major upcoming expenses using this card early on.

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The Bank of America Premium Rewards Credit Card is an attractive option for those who want to maximize their rewards while enjoying perks associated with premium cards. This card offers a robust rewards program, where you can earn two points for every dollar spent on travel and dining, thus encouraging users to make the most of their expenditures. Additionally, the sign-up bonus can significantly boost your points balance when you meet the initial spending threshold. This feature makes the card very appealing for users who are looking to earn rewards that can be redeemed for travel expenses, statement credits, and more. With no annual fee the first year, the card can provide an excellent opportunity for those new to premium credit cards or those looking to explore their options, ensuring users experience the value of premium offerings without the higher costs upfront.

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

• Credit Score: To increase your chances of approval, aim for a credit score of 700 or higher. This shows you’re a responsible borrower who handles credit well.
• Age Requirement: You must be at least 18 years old to apply for the card. This is a standard requirement for all credit cards.
• U.S. Residency: Applicants should be U.S. residents. Being a resident is essential, as the card is tailored for customers within the country.
• Proof of Income: It’s important to provide proof of a stable income source. Your income level will help determine your ability to manage monthly payments.
• Bank Account: Having a checking or savings account, especially one with Bank of America, can facilitate the application process and potentially enhance eligibility.
• Valid Identification: Ensure you have a government-issued ID, like a driver’s license or passport, ready for identity verification during the application.

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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 for the Bank of America Premium Rewards Credit Card, you have the option to either visit the official website or go to a local Bank of America branch. If you prefer doing things online, simply use your web browser to navigate to the Bank of America site. Once there, search for the Premium Rewards Credit Card in the credit card section.

Step 2: Gather Your Personal and Financial Information

Before you begin filling out the application, make sure you have all your necessary information handy. This includes your personal details such as your full name, address, social security number, and date of birth. Additionally, you’ll need to provide financial information about your employment status, annual income, and any outstanding financial obligations. Having this information ready will make the application process smoother and faster.

Step 3: Complete the Online Application Form

Once you’re ready with your information, fill out the application form available online or at the branch. If you are applying online, follow the prompts to enter your details accurately. Pay close attention to the required fields and double-check your entries to ensure everything is correct. Providing accurate information can help avoid unnecessary delays in processing your application.

Step 4: Review and Submit Your Application

After completing the application form, take a moment to review all the information you have entered. Confirm that your details are correct and that you have not left out any essential information. Once satisfied, proceed to submit your application. If you applied online, you should receive an immediate confirmation of your submission.

Step 5: Await Approval and Receive Your Card

Upon submission, Bank of America will review your application. This process may take a few business days. If approved, you will receive your new Bank of America Premium Rewards Credit Card in the mail. Follow the instructions included with your card to activate it and start enjoying the benefits.

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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?

This credit card offers a variety of benefits that can significantly enhance your spending experience. One of the main features is the unlimited 2 points for every $1 spent on travel and dining purchases and 1.5 points for every $1 spent on all other purchases. Additionally, cardholders can enjoy a $100 airline incidental credit, which can be used on qualifying purchases such as seat upgrades and baggage fees, as well as a Global Entry or TSA PreCheck fee credit every four years. These perks make it an excellent choice for frequent travelers.

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

Yes, this card has an annual fee of $95. Consider the benefits and rewards you plan to utilize to determine if the annual fee is worthwhile for your spending habits. For individuals who frequently travel or dine out, the rewards and credits can easily outweigh the cost of the fee.

How does the rewards redemption process work?

Points earned with the Bank of America Premium Rewards Credit Card can be redeemed for a variety of options. You can use points for cash back in the form of a statement credit, as well as direct deposits into eligible Bank of America or Merrill accounts. Additionally, points can be redeemed for travel or gift cards at full value, providing flexibility in how you choose to utilize your rewards.

Are there any travel protections with this credit card?

Yes, the Bank of America Premium Rewards Credit Card offers several travel protections, adding peace of mind to your journeys. These include trip cancellation/interruption insurance, which can reimburse you if your trip is canceled or interrupted due to a covered reason, and lost luggage reimbursement. Moreover, there’s travel accident insurance and vehicle rental collision damage waiver, which can help you avoid costly damages if an accident occurs during a rental.

Can I increase my rewards rate with Bank of America?

Absolutely! If you have qualifying accounts with Bank of America or Merrill, you could earn additional rewards through the Preferred Rewards program. Depending on your level in the program, you can receive a bonus of 25% to 75% on your rewards points. This is an excellent way to maximize your benefits and earn more on every purchase.

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.