The Bank of America® Premium Rewards® Elite Credit Card is designed for frequent travelers and those who appreciate premium benefits. With a range of features tailored to enhance travel experiences, this card stands out in a crowded market. In this guide, we will explore the key features, rewards structure, fees, benefits, and how to apply for the Bank of America® Premium Rewards® Elite Credit Card.
Key Features
1. Earning Rewards Points
The Bank of America® Premium Rewards® Elite Credit Card allows cardholders to earn points on every dollar spent. The rewards structure is particularly generous:
- 3 points per dollar on travel and dining purchases.
- 2 points per dollar on online grocery purchases.
- 1.5 points per dollar on all other purchases.
This tiered rewards system encourages cardholders to use their card for travel-related expenses and dining, where they can maximize their points earnings.
2. Sign-Up Bonus
New cardholders can take advantage of a substantial sign-up bonus. Typically, this involves earning a significant number of bonus points after meeting a specified spending requirement within the first 90 days of account opening. This bonus can help accelerate the journey to redeeming rewards for flights, hotel stays, and more.
3. Annual Travel Credit
Cardholders receive an annual travel statement credit, which can be used for various travel-related expenses, including airline fees, hotel stays, and more. This benefit effectively reduces the card’s annual fee and enhances its value for frequent travelers.
4. No Foreign Transaction Fees
For international travelers, one of the most appealing features is the absence of foreign transaction fees. This means you can use your card abroad without incurring additional charges, making it a practical choice for those who travel outside the U.S.
5. Travel and Purchase Protections
The card offers an array of protections to enhance your travel experience, including:
- Trip Cancellation/Interruption Insurance: Coverage for non-refundable expenses if your trip is canceled or interrupted for a covered reason.
- Lost Luggage Reimbursement: Reimbursement for lost or damaged luggage when traveling on a common carrier.
- Purchase Protection: Coverage against theft or damage of eligible purchases within a specific timeframe after purchase.
These protections add an extra layer of security, giving cardholders peace of mind when traveling.
6. Exclusive Benefits and Offers
As a Premium Rewards Elite cardholder, you may receive exclusive access to events, experiences, and special offers. This can include everything from VIP access to concerts to unique dining experiences.
7. Access to the Preferred Rewards Program
Cardholders are eligible for the Bank of America Preferred Rewards program, which allows you to earn additional points based on your account balance with Bank of America. Depending on your tier in the program, you can earn a bonus of up to 75% on your points.
Fees and Interest Rates
Like many premium travel cards, the Bank of America® Premium Rewards® Elite Credit Card comes with an annual fee, which is currently $95. While this fee might seem steep, the value of the rewards and benefits can easily outweigh the cost for frequent travelers.
The APR for purchases varies based on your creditworthiness, and it’s important to review the terms and conditions before applying.
How to Apply for the Bank of America® Premium Rewards® Elite Credit Card
If you are interested in applying for the Bank of America® Premium Rewards® Elite Credit Card, follow these steps for a smooth application process:
1. Check Your Credit Score
Before applying, it’s wise to check your credit score. This card is generally suited for those with good to excellent credit (typically a score of 700 or above). Knowing your credit score can help you gauge your chances of approval.
2. Gather Required Information
During the application process, you’ll need to provide various pieces of information, including:
- Personal information such as your name, address, and Social Security number.
- Employment and income details.
- Financial information, including any existing debts or monthly housing payments.
3. Apply Online or In-Person
You can apply for the card through the Bank of America website or by visiting a local branch. The online application process is quick and typically provides an instant decision.
4. Complete the Application Form
Fill out the application form carefully, ensuring all information is accurate. Take the time to review your application before submitting it to avoid errors that could delay the approval process.
5. Read the Terms and Conditions
Once you receive approval, review the card’s terms and conditions. Understanding the rewards structure, fees, and benefits will help you manage your account effectively and make the most of your card.
6. Activate Your Card
After receiving your card in the mail, follow the instructions to activate it. You can start using your card immediately for everyday purchases and travel-related expenses.
Tips for Maximizing Your Rewards
To get the most out of your Bank of America® Premium Rewards® Elite Credit Card, consider the following strategies:
- Use the Card for Travel and Dining: Maximize your points by using your card for travel-related expenses, dining out, and eligible grocery purchases.
- Leverage the Annual Travel Credit: Plan your travel expenses around the annual travel credit to offset your annual fee effectively.
- Monitor Promotions: Stay updated on special promotions and offers that can help you earn bonus points.
- Participate in the Preferred Rewards Program: If you have other accounts with Bank of America, ensure you enroll in the Preferred Rewards program to earn even more points.
Conclusion
The Bank of America® Premium Rewards® Elite Credit Card is an excellent choice for frequent travelers looking to maximize their rewards. With its robust earning structure, generous sign-up bonus, annual travel credit, and valuable travel protections, this card provides significant benefits for those who prioritize travel. By understanding its features and following the application process, you can take full advantage of what this premium credit card has to offer, making your travel experiences more rewarding and enjoyable.
