When it comes to choosing a credit card that balances rewards with flexibility, the Bank of America® Premium Rewards® Credit Card stands out as a top contender. With an attractive points system and a variety of premium benefits, this card is designed to cater to those who appreciate both value and convenience in their everyday spending.
Whether you are a frequent traveler or someone who enjoys dining out, this card offers a range of benefits that can enhance your lifestyle. From earning unlimited points on purchases to enjoying exclusive travel credits, the Bank of America® Premium Rewards® Credit Card has something for everyone.
Key information about the credit card
How does the annual fee work?
The Bank of America® Premium Rewards® Credit Card comes with a reasonable annual fee of $95. This fee is designed to be affordable, especially considering the array of benefits and rewards that cardholders receive. Unlike some cards that allow the annual fee to be paid in installments, the fee for this card is charged once annually.
How is the credit limit determined?
The credit limit for the Bank of America® Premium Rewards® Credit Card is determined based on several factors, including your credit score, income, and overall financial profile. As a conventional credit card, the institution reviews your financial standing to assign a credit limit that aligns with your ability to manage debt responsibly.
Advantages of the credit card
- Generous sign-up bonus: Earn 60,000 online bonus points, which equate to $600, after spending $4,000 in the first 90 days of account opening.
- Unlimited rewards: Earn 2 points per dollar on travel and dining purchases, and 1.5 points per dollar on all other purchases. There are no limits on how many points you can earn, and your points never expire as long as your account is open.
- Flexible redemption options: Redeem your points for cash back, statement credits, or even deposit them into a Bank of America® checking or savings account. Points can also be used for purchases at the Bank of America Travel Center or exchanged for gift cards.
- Travel credits: Receive up to $200 in annual travel statement credits, including up to $100 for airline incidental fees and $100 for TSA PreCheck® or Global Entry application fees every four years.
Standout advantage
One of the standout advantages of the Bank of America® Premium Rewards® Credit Card is its ability to earn additional rewards through the Bank of America Preferred Rewards® program. Depending on your membership tier, you can earn up to 75% more points on every purchase. This means that for travel and dining purchases, you could be earning between 2.5 to 3.5 points per dollar spent, and for all other purchases, between 1.87 to 2.62 points per dollar.
Disadvantages
- Annual fee: The $95 annual fee, while relatively low, may still be a deterrent for some users.
- High APR: The variable APR ranges from 21.24% to 29.24%, which can be high for those who carry a balance.
- No introductory APR: There is no introductory APR offer, which might be a disadvantage for those looking to make large purchases or balance transfers initially.
- Complex rewards structure: The tiered rewards system with the Preferred Rewards® program can be confusing for some users.
A Standout disadvantage
A notable drawback of the Bank of America® Premium Rewards® Credit Card is the lack of an introductory APR offer. Many competing cards provide a 0% APR for the first 12 to 18 months, which can be a significant benefit for cardholders who plan to make large purchases or transfer balances from other cards.
Who can apply for this card?
To apply for the Bank of America® Premium Rewards® Credit Card, you must meet certain eligibility criteria. Applicants should be at least 18 years old (19 in some states) and have a Social Security Number. A good to excellent credit score is typically required, as the card is designed for those with strong credit profiles.
Bank of America generally requires proof of income, which could include pay stubs, tax returns, or bank statements. This card is not designed for those with poor credit, as it does not offer features that cater to individuals looking to rebuild their credit. It’s important to note that being a Bank of America customer or a member of their Preferred Rewards® program can increase your chances of approval.
How to apply for the Bank of America® Premium Rewards® Credit Card
For the website
To apply for the Bank of America® Premium Rewards® Credit Card through the website, visit the Bank of America credit card page. Once there, locate the Premium Rewards® Credit Card option and click on “Apply Now.” You will be guided through a series of steps to complete your application, including providing your personal information, financial details, and consent to a credit check.
The online application is designed to be quick and user-friendly, with most applicants receiving an approval decision within minutes. Make sure to have your Social Security Number, income information, and any relevant banking details on hand to expedite the process.
Through the app
If you prefer applying via mobile, the Bank of America app provides a seamless experience. Start by downloading the app from the Apple Store or Google Play if you haven’t already. Once installed, log in or create an account if you are a new user. Navigate to the credit card section, where you can find the Bank of America® Premium Rewards® Credit Card.
Tap on “Apply Now” and follow the prompts to enter your information. The app allows you to take advantage of a streamlined application process, offering the same benefits as the online application but with the convenience of mobile access. The app also lets you track the status of your application and manage your card once approved.
At the branch
For those who prefer a more personal touch, applying in person at a Bank of America branch is an option. Visit your nearest Bank of America location and speak with a credit card specialist. They will guide you through the application process, answer any questions you may have, and help you submit your application.
Applying in person allows for a more in-depth discussion about the card’s features, ensuring you fully understand the benefits and responsibilities associated with the Bank of America® Premium Rewards® Credit Card. Additionally, if you are already a Bank of America customer, your banker can provide insights on how this card can complement your existing accounts.
