Apply for the Bank of America Premium Rewards Credit Card

The Bank of America® Premium Rewards® Credit Card is designed for individuals seeking a blend of luxury, travel perks, and flexible rewards.

With its generous points system, robust travel benefits, and an impressive array of protections, this card is an excellent choice for frequent travelers and Bank of America clients who want to maximize their relationship benefits.

This article provides an in-depth guide to the Bank of America® Premium Rewards® Credit Card, covering its features, reasons to consider it, drawbacks, application requirements, fees, and answers to common questions.

Card Overview

The Bank of America® Premium Rewards® Credit Card offers unlimited 2 points per dollar on travel and dining and 1.5 points per dollar on all other purchases.

Points can be redeemed for travel, cash back, gift cards, and more.

The card also includes a welcome bonus, travel credits, and access to various protections that add value to cardholders’ experiences.

Reasons to Choose the Bank of America Premium Rewards Credit Card

Here’s why this card stands out among other premium credit cards:

1. Generous Points Earning Structure

• Earn 2 points per $1 spent on travel and dining.
• Earn 1.5 points per $1 spent on all other purchases.
• No limits on the points you can earn, and points do not expire.

2. Valuable Welcome Bonus

• Receive 50,000 bonus points (equivalent to $500 in rewards) after spending $3,000 in purchases within the first 90 days of account opening.

3. Annual Travel Credits

• Enjoy up to $100 in airline incidental statement credits annually, which can be applied to seat upgrades, baggage fees, in-flight purchases, and more.

4. TSA PreCheck or Global Entry Fee Credit

• Receive a $100 statement credit every four years for TSA PreCheck or Global Entry application fees, streamlining your travel experience.

5. Enhanced Rewards for Bank of America Clients

• If you are a member of the Preferred Rewards program, you can earn a rewards boost of up to 75% more points on every purchase. This makes the card even more rewarding for loyal Bank of America customers.

6. Travel Benefits and Protections

• The card includes extensive travel insurance and protections, such as:
  • Trip Delay Reimbursement: Up to $500 per ticket for delays of more than 12 hours.
  • Trip Cancellation/Interruption Insurance: Coverage of up to $2,500 per person.
  • Lost Luggage Reimbursement: Up to $3,000 per trip.
  • Travel Accident Insurance.

Bank of America Premium Rewards Credit Card

Drawbacks of the Bank of America Premium Rewards Credit Card

While the card offers numerous benefits, it’s important to consider its potential drawbacks:

1. Annual Fee

• The card has a $95 annual fee, which may not be ideal for occasional spenders or those who cannot maximize the rewards.

2. Limited Bonus Categories

• While the 2x points on travel and dining is appealing, other premium cards offer more extensive or customizable bonus categories.

3. Best Value for Bank of America Customers

• To unlock the card’s full potential, such as the 75% rewards boost, you must be a member of the Preferred Rewards program, which requires high balances in Bank of America accounts.

4. No Lounge Access

• Unlike some premium travel cards, this card does not offer complimentary airport lounge access.

5. Points Are Less Valuable for Non-Travel Redemption

• Points are most valuable when redeemed for travel. Other redemption options, such as cash back or gift cards, may have a lower value.

How to Apply for the Card

Visit the Official Bank of America Website:
Begin by navigating to the official Bank of America website. Look for the section dedicated to the Bank of America® Premium Rewards card, where you can find comprehensive details about its features, benefits, and eligibility criteria.

Complete the Online Application Form:
Fill out the online application with your accurate personal and financial details. Make sure that all information is up-to-date, as any inaccuracies might delay the analysis process.

Submit Required Documentation:
Depending on your financial profile, you might be asked to provide additional documentation, such as proof of income, identification, or residency. Having these documents prepared in advance can help expedite the review process.

Review the Terms and Conditions:
Carefully read through the terms and conditions associated with the card. It is essential to understand details such as interest rates, annual fees, reward points, and other specific benefits of the Bank of America® Premium Rewards card.

Submit Your Application:
After verifying that all necessary fields are complete, submit your application. You will receive an email confirmation along with details about the next steps and an estimated timeframe for the analysis of your application.

Fees and Costs

Here’s an overview of the fees and costs associated with this card:

• Annual Fee: $95.
• Foreign Transaction Fee: None.
• APR for Purchases and Balance Transfers: Variable APR, depending on creditworthiness.
• Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
• Cash Advance Fee: Either $10 or 5% of the amount of each cash advance, whichever is greater.
• Penalty Fees: Up to $40 for late or returned payments.

Frequently Asked Questions

1. Who should get the Bank of America® Premium Rewards® Credit Card?

This card is ideal for frequent travelers, dining enthusiasts, and Bank of America customers who can take advantage of the Preferred Rewards program.

2. How does the Preferred Rewards program work?

Bank of America customers with at least $20,000 in combined balances in eligible accounts can join the Preferred Rewards program. Depending on your balance tier, you can earn a rewards boost of 25%, 50%, or 75% on purchases.

3. Can I redeem points for cash back?

Yes. Points can be redeemed for cash back, but they are most valuable when used for travel-related redemptions.

4. Does the card offer lounge access?

No, this card does not include complimentary airport lounge access.

5. Can I use the card internationally?

Yes, the card has no foreign transaction fees and is widely accepted abroad.

6. What does the $100 travel credit cover?

The $100 annual credit covers incidental airline expenses such as baggage fees, in-flight purchases, and seat upgrades.

The Bank of America® Premium Rewards® Credit Card offers a competitive mix of travel rewards, valuable credits, and robust protections.

With unlimited points on travel and dining, flexible redemption options, and a generous welcome bonus, this card caters to individuals who want a premium travel experience without the high annual fees of other luxury cards.

For Bank of America customers, the card’s value increases significantly through the Preferred Rewards program, which boosts your rewards rate by up to 75%.

However, the $95 annual fee and the absence of premium perks like lounge access may make it less appealing to some travelers.

If you’re looking for a well-rounded travel rewards card with flexibility and value, the Bank of America Premium Rewards Credit Card deserves serious consideration.