The Bank of America® Premium Rewards® Credit Card is an appealing option for those looking to earn valuable rewards while enjoying premium benefits. This card is designed for frequent travelers and consumers who want to maximize their spending with an attractive rewards program. In this article, we will explore the key features, benefits, and the application process for the Bank of America® Premium Rewards® Credit Card.
Key Features of the Bank of America® Premium Rewards® Card
1. Rewards Program
The Bank of America® Premium Rewards® card offers an attractive rewards program that allows cardholders to earn points on their purchases:
- 3 points per dollar on travel and dining purchases.
- 2 points per dollar on grocery store purchases.
- 1.5 points per dollar on all other purchases.
This tiered rewards system makes it easy to accumulate points quickly, especially if you spend significantly on travel and dining.
2. Bonus Offer
New cardholders can benefit from a generous welcome bonus. Currently, you can earn 50,000 online bonus points after making at least $3,000 in purchases in the first 90 days of account opening. These points can be redeemed for a statement credit toward travel purchases, which is equivalent to $500 in travel.
3. Annual Fee
The Bank of America® Premium Rewards® Credit Card comes with an annual fee of $95. However, the value of the rewards and benefits often outweigh this cost, especially for those who utilize the travel rewards.
4. Travel Benefits
The card provides a host of travel benefits, making it an excellent choice for those who travel frequently:
- No foreign transaction fees: This feature allows cardholders to use their card internationally without incurring extra charges.
- Travel and emergency assistance services: Cardholders can access support in emergencies while traveling, including medical and legal referrals.
- Trip cancellation/interruption insurance: This coverage protects your travel investment by reimbursing you for non-refundable travel expenses if your trip is canceled or interrupted due to a covered reason.
5. Redemption Options
Points earned with the Premium Rewards® card can be redeemed in various ways:
- Travel: Use points for flights, hotel stays, car rentals, and vacation packages through the Bank of America travel portal.
- Statement credits: Redeem points for statement credits toward travel purchases.
- Gift cards: Exchange points for gift cards from a variety of retailers.
6. Additional Benefits
- Access to exclusive events and experiences: Cardholders may enjoy special access to events, dining experiences, and concerts through the card’s various partnerships.
- Cell phone protection: When you pay your cell phone bill with your card, you can receive coverage against theft or damage.
- Annual $100 airline fee credit: This credit can be used for things like baggage fees or in-flight purchases, enhancing the travel experience.
How to Apply for the Bank of America® Premium Rewards® Credit Card
Applying for the Bank of America® Premium Rewards® Credit Card is straightforward. Here’s how you can get started:
1. Check Your Credit Score
Before applying, it’s important to ensure that your credit score is within the recommended range, typically 700 or above. This score increases your chances of approval and can help you secure better terms.
2. Gather Necessary Information
When you apply, be prepared to provide the following information:
- Personal details (name, address, date of birth, Social Security number)
- Employment information (employer name, job title, and income)
- Financial details (monthly housing payment, other debts)
3. Online Application Process
- Visit the Bank of America website.
- Navigate to the credit card section and select the Premium Rewards® card.
- Click on the “Apply Now” button.
- Fill out the online application form with the required information.
- Review your application and submit it.
4. Await Approval
After submitting your application, you will receive an immediate decision in most cases. If your application requires further review, it may take a few days to process.
5. Receive Your Card
Once approved, your new Bank of America® Premium Rewards® Credit Card will be mailed to you, usually within 7 to 10 business days.
Tips for Maximizing Your Rewards
To make the most of your Bank of America® Premium Rewards® Credit Card, consider these strategies:
- Use your card for everyday expenses: Maximize your point earnings by using your card for all eligible purchases, especially in the travel and dining categories.
- Take advantage of the welcome bonus: Make sure to reach the spending requirement to earn the sign-up bonus within the first 90 days.
- Plan your travel expenses: Use your points strategically to cover travel-related costs and enjoy the benefits of no foreign transaction fees.
Conclusion
The Bank of America® Premium Rewards® Credit Card is an excellent choice for individuals who travel frequently and want to earn rewards on their purchases. With its competitive rewards structure, generous welcome bonus, and array of travel benefits, this card offers value that can quickly add up.
Whether you’re booking your next flight, dining out, or shopping for groceries, the Premium Rewards® card can enhance your financial experience while providing peace of mind through its various protections and perks. If you’re ready to elevate your rewards program, consider applying for the Bank of America® Premium Rewards® Credit Card today!
