The Bank of America® Premium Rewards® credit card is designed for individuals who seek a blend of rewards, travel benefits, and financial flexibility. With its enticing perks and features, it stands out in a competitive market of rewards credit cards. In this article, we’ll explore the key aspects of the Bank of America® Premium Rewards® card, including its rewards structure, fees, travel benefits, and how to apply.
Key Features and Benefits
1. Rewards Structure
The Bank of America® Premium Rewards® card offers a compelling rewards program:
- Earn Points on Purchases: Cardholders earn 2 points per dollar spent on travel and dining purchases. This is particularly beneficial for those who frequently dine out or travel.
- Bonus Points: New cardholders can earn a significant bonus of 50,000 online bonus points after making at least $3,000 in purchases in the first 90 days of account opening. This bonus can be redeemed for a statement credit toward travel purchases, equivalent to $500 in travel.
- 1.5 Points on All Other Purchases: Cardholders earn 1.5 points for every dollar spent on all other purchases, making it easier to accumulate rewards even when not traveling.
2. Annual Fee
The Bank of America® Premium Rewards® card comes with an annual fee of $95. While this fee may seem steep, the rewards and benefits offered can easily outweigh the cost, especially for frequent travelers.
3. Travel Benefits
One of the standout features of the Premium Rewards® card is its extensive travel benefits:
- No Foreign Transaction Fees: Ideal for international travelers, this card does not charge foreign transaction fees, allowing cardholders to make purchases abroad without incurring additional costs.
- Travel Insurance: The card includes various travel insurance benefits, such as trip cancellation insurance, lost luggage reimbursement, and travel accident insurance, providing peace of mind while traveling.
- Concierge Service: Cardholders have access to a 24/7 concierge service, which can assist with travel arrangements, restaurant reservations, and event bookings.
4. Redemption Options
Points earned with the Bank of America® Premium Rewards® card can be redeemed in multiple ways:
- Travel Purchases: Points can be redeemed for travel expenses such as flights, hotels, and car rentals. The value is particularly high when using points for travel-related purchases.
- Cash Back: Cardholders can also choose to redeem points for statement credits or direct deposits into a Bank of America® checking or savings account, offering flexibility in how rewards are used.
- Gift Cards and Merchandise: Points can be exchanged for gift cards or used for purchasing merchandise through the rewards program.
5. Additional Features
- FICO Score Access: Cardholders receive access to their FICO® Score for free, allowing them to monitor their credit health.
- No Annual Fee for Additional Cards: You can add authorized users to your account without incurring additional annual fees, making it easier to earn rewards collectively.
- Online and Mobile Banking: The card is supported by Bank of America’s robust online and mobile banking platform, providing users with easy account management and tracking of rewards.
How to Apply for the Bank of America® Premium Rewards® Card
Applying for the Bank of America® Premium Rewards® card is a straightforward process. Here’s a step-by-step guide:
Step 1: Check Eligibility
Before applying, it’s wise to check your credit score and financial status. The Premium Rewards® card typically requires good to excellent credit, so ensure your credit score aligns with this criterion.
Step 2: Gather Required Information
When applying, you will need to provide personal information, including:
- Full name
- Address
- Date of birth
- Social Security number
- Annual income
- Employment information
Step 3: Visit the Bank of America Website
Go to the official Bank of America website. Navigate to the credit cards section and find the Premium Rewards® card. Here, you can view all the features, benefits, and terms associated with the card.
Step 4: Complete the Application
Click on the “Apply Now” button. You will be redirected to the application form. Fill out the required information accurately and completely. Review your details before submitting to ensure there are no errors.
Step 5: Review Your Application
Once your application is submitted, you may receive an instant decision. In some cases, further verification may be needed, which could take a few days. You will be notified via email or mail regarding the outcome of your application.
Step 6: Activate Your Card
If approved, your card will be mailed to you. Upon receiving it, follow the instructions to activate your card. You can then start enjoying the benefits and rewards associated with your new Bank of America® Premium Rewards® credit card.
Conclusion
The Bank of America® Premium Rewards® credit card is an excellent choice for those who frequently travel or dine out, offering a robust rewards program and valuable travel benefits. With its appealing sign-up bonus, no foreign transaction fees, and a range of redemption options, it caters to a diverse group of consumers looking for flexibility and rewards in their spending.
If you’re considering applying, ensure you meet the eligibility criteria and gather the necessary information to streamline the application process. With the right planning and usage, the Premium Rewards® card can significantly enhance your travel and spending experience.