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

Bank of America Premium Rewards Credit Card: Earn rewards on everyday and travel expenses, with flexible redemption options and travel perks.

Por: Vinicius Bronze em April 19, 2024

Benefits of the Card

The Bank of America Premium Rewards Credit Card offers a range of benefits designed to appeal to travelers and those who make dining and travel purchases frequently. With an emphasis on earning unlimited points, travel statement credits, and no foreign transaction fees, this card is tailored for users looking to maximize their spending rewards. Below are some of the top benefits of the Bank of America Premium Rewards Credit Card, each explained in detail.

60,000 Online Bonus Points Offer

This benefit is a substantial initial bonus that cardholders can earn after making at least $4,000 in purchases within the first 90 days of account opening. The 60,000 bonus points translate to a $600 value, providing a significant incentive for new cardholders. This upfront reward can be a great kick-start for earning points that can be redeemed for travel, cash back, or other rewards, making it an attractive feature for those who can meet the spending requirement.

Unlimited Points on Purchases

Cardholders earn 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases. There’s no limit to the points you can earn, and points don’t expire as long as the account remains open. This structure benefits frequent travelers and diners by rewarding their spending habits more generously than other purchases, ensuring that every dollar spent works harder for them.

Flexible Redemption Options

The flexibility to choose how to redeem your points is a key benefit. Points can be redeemed for cash back as a deposit into Bank of America checking or savings accounts, for credit to eligible Merrill accounts (up to 529 accounts at the time of writing this article), as a statement credit to your credit card, or for gift cards and purchases at the Bank of America Travel Center. This variety of options caters to different preferences and financial goals, allowing cardholders to utilize their rewards in the way that best suits their needs.

Up to $200 in Travel Statement Credits

Cardholders can receive up to $100 in Airline Incidental Statement Credits annually for qualifying purchases such as seat upgrades, baggage fees, in-flight services, and airline lounge fees. Additionally, up to $100 in Airport Security Statement Credits for TSA PreCheck or Global Entry application fees is available every four years. These credits can offset the cost of travel-related expenses, making traveling more enjoyable and less stressful.

No Foreign Transaction Fees

The absence of foreign transaction fees on purchases made outside of the United States is a significant advantage for international travelers. This benefit means that cardholders can use their card abroad without worrying about incurring additional charges on foreign transactions, making it more economical to travel internationally.

Bonus Points for Preferred Rewards Members

Bank of America Preferred Rewards members earn 25%-75% more points on every purchase. This tiered rewards system means that depending on your membership level, you could earn 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on all other purchases for every $1 you spend. This benefit significantly enhances the value of every purchase for Preferred Rewards members, making it an especially lucrative feature for those who qualify.

Prerequisites to obtain the Bank of America Premium Rewards Card

Applicants need to be a U.S. resident of at least 18 years old and must be able to provide a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). All applicants need to have a credit history in the United States to demonstrate creditworthiness. The bank will also consider your income and employment status to assess your ability to repay the credit card balance. It’s required that you have at least a good credit score to apply.

About Bank of America Financial Institution

Bank of America, founded in 1904, is a major financial institution in the United States and globally. It offers a variety of banking, investing, asset management, and risk management products. Established to serve immigrants, it has played a significant role in the American economy, providing loans during the Great Depression and financing the Golden Gate Bridge construction. Bank of America operates in all 50 states and 35 countries, catering to individuals, small and medium-sized businesses, and large corporations. Its extensive branch network and innovative digital banking platform have high customer satisfaction ratings.

Who is this Card for?

The Bank of America Premium Rewards Credit Card is designed for frequent travelers and diners who value flexibility in redemption options. It offers competitive rewards rates, travel statement credits, and no foreign transaction fees. The card is also suitable for Bank of America Preferred Rewards members, who can earn higher rewards rates based on their banking relationship.

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Step by Step to Apply for the Card

To apply online for the Bank of America Premium Rewards Credit Card, you can follow these steps:

Visit the Official Website: go to the Bank of America’s official website dedicated to the Premium Rewards Credit Card.
Review Card Details: before applying, it’s important to review all the details of the card, including benefits, rewards, annual fee, APR, and any terms and conditions associated with the card. This ensures you are fully informed about the card’s features and costs.
Click on Apply Now: once you’ve reviewed the card details and decided it fits your needs, click on the “Apply Now” button available on the card’s webpage. This button will take you to the application form.
Fill Out the Application Form: the application form will require you to provide personal information, including your name, address, Social Security Number, employment information, and annual income. This information is necessary for Bank of America to evaluate your creditworthiness and make a decision on your application.
Review and Submit: before submitting your application, review all the information you’ve entered for accuracy. Once you’re sure everything is correct, submit your application for review.

Positives and Negatives of the Bank of America Premium Rewards Credit Card

Pros

Generous Rewards Structure: Earns 2 points for every $1 spent on travel and dining purchases and 1.5 points per $1 on all other purchases, with no limit on the amount of points you can earn.
Significant Sign-Up Bonus: Offers 60,000 online bonus points after making at least $4,000 in purchases in the first 90 days of account opening, equivalent to a $600 value.
Flexible Redemption Options: Points can be redeemed for cash back, travel, gift cards, or credited to a Bank of America® checking or savings account, or eligible Merrill accounts.
Travel Statement Credits: Up to $200 in combined Airline Incidental and TSA PreCheck/Global Entry application fee credits, enhancing the travel experience.
No Foreign Transaction Fees: Ideal for international travelers, allowing purchases abroad without incurring additional fees.
Preferred Rewards Program: Additional rewards for Bank of America Preferred Rewards members, increasing points earned by 25%-75%.

Cons

Annual Fee: Carries a $95 annual fee, which may offset some of the rewards for those who do not spend heavily in the bonus categories.
High Spending Required for Bonus: The sign-up bonus requires at least $4,000 in purchases within the first 90 days, which might be high for some applicants.
Credit Requirements: Generally requires good to excellent credit for approval, potentially limiting accessibility for some consumers.
Limited Premium Travel Benefits: While it offers travel credits, it may lack some of the more extensive travel perks (like lounge access) found on other premium travel cards.
Preferred Rewards Membership Needed for Maximum Benefits: The highest rewards rates are contingent upon being part of the Bank of America Preferred Rewards program, which requires a significant banking relationship with Bank of America or Merrill.

How to Activate the Card?

Activating a Bank of America credit card typically involves a few straightforward steps, which can usually be completed online, over the phone, or through the bank’s mobile app (Android or iOS).

Online Activation

Visit the Bank of America website and log in to your online banking account. Look for the card activation option in your account dashboard, where you’ll likely need to enter details such as your credit card number and security information.

Phone Activation

You can also activate your card by calling the phone number provided with your credit card package (usually is: 800.276.9939). This number is typically found on a sticker attached to the new card or in the accompanying paperwork. You’ll be prompted to verify your identity and provide card details.

Mobile App Activation

If you have the Bank of America mobile app, you can activate your card by logging into your account on the app. There should be an activation option within the app where you can enter the necessary card information.

Fees and Tariffs

Here are the main costs associated with the Bank of America Premium Rewards Credit Card:

Annual Fee: $95
APR for Purchases: 20.24% to 27.24%, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
APR for Balance Transfers: 20.24% to 27.24%, based on your creditworthiness. This APR will also vary with the market based on the Prime Rate.
APR for Cash Advances: 23.24% to 29.24% for Direct Deposit and Check Cash Advances, and 29.24% for Bank Cash Advances. These APRs will vary with the market based on the Prime Rate.
Penalty APR: Up to 29.99%, based on your creditworthiness. This APR may be applied to new transactions on your account if you make a late payment and will apply indefinitely.
Balance Transfer Fee: 4% of the amount of each transaction.
Cash Advance Fee: 4% of the amount of each transaction for Direct Deposit and Check Cash Advances; 5% for ATM, Over the Counter, Same-Day Online, and Cash Equivalent Cash Advances.
Foreign Transaction Fees: None
Late Payment Fee: Up to $40

These fees and rates are essential to consider when evaluating the Bank of America Premium Rewards Credit Card as they can impact the overall cost of holding the card, especially if you carry a balance or plan to use the card for balance transfers or cash advances.

Customer Service

For assistance with the Bank of America Premium Rewards Credit Card or any other inquiries, Bank of America provides several official channels for customer support:

Official Website: For comprehensive information about credit cards, visit Bank of America’s official website.
Online Banking: If you already have an account at Bank of America Online Banking you can login here.
Mobile Banking App: For convenient account management, download Bank of America’s Mobile Banking app, available on (Android) and (iOS).
Customer Service Phone Number: Customers can call Bank of America Customer Service locally at: 800.732.9194 or 1.757.677.4701 from outside the US.