The Bank of America® Premium Rewards® Elite credit card is a premium offering designed for those who appreciate exceptional rewards, travel benefits, and exclusive perks. With its comprehensive features and lucrative rewards program, this card stands out as an ideal choice for frequent travelers and savvy spenders. In this article, we will explore the key aspects of the Bank of America® Premium Rewards® Elite card, including its rewards structure, fees, travel benefits, and how to apply.
Key Features and Benefits
1. Rewards Structure
One of the most attractive features of the Bank of America® Premium Rewards® Elite card is its generous rewards program:
- Earn Points on Purchases: Cardholders earn 3 points per dollar spent on travel and dining purchases, making it an excellent choice for those who frequently dine out or travel.
- 2 Points on Grocery and Online Shopping: This card also offers 2 points for every dollar spent on grocery purchases and online shopping, catering to everyday expenses.
- 1.5 Points on All Other Purchases: For all other spending, cardholders earn 1.5 points per dollar, ensuring that even everyday purchases contribute to rewards accumulation.
- Welcome Bonus: New cardholders can earn 75,000 online bonus points after making at least $5,000 in purchases in the first 90 days. This bonus can be redeemed for a statement credit toward travel purchases, equivalent to $750 in travel.
2. Annual Fee
The Bank of America® Premium Rewards® Elite card has an annual fee of $550. While this fee may appear high, the extensive benefits and rewards provided can easily justify the cost for avid travelers and reward seekers.
3. Travel Benefits
The Premium Rewards® Elite card offers a robust suite of travel benefits that enhance the travel experience:
- No Foreign Transaction Fees: Cardholders can make purchases abroad without incurring foreign transaction fees, making it a great option for international travel.
- Travel Insurance: The card includes a range of travel insurance benefits, including trip cancellation insurance, travel accident insurance, and lost luggage reimbursement. This ensures peace of mind while traveling.
- Concierge Service: Cardholders have access to a dedicated 24/7 concierge service, which can assist with travel bookings, dining reservations, and event planning.
- Global Entry or TSA PreCheck Fee Credit: The card provides a statement credit for the application fee for Global Entry or TSA PreCheck, which can expedite the security screening process for travelers.
4. Redemption Options
Points earned with the Bank of America® Premium Rewards® Elite card can be redeemed in a variety of ways:
- Travel Purchases: Points can be redeemed for travel-related expenses such as flights, hotels, and car rentals, providing flexibility for travel planning.
- Cash Back: Cardholders can also redeem points for cash back as a statement credit or direct deposit into a Bank of America® checking or savings account.
- Gift Cards and Merchandise: Points can be exchanged for gift cards or used to purchase merchandise through the rewards program.
5. Additional Features
- FICO® Score Access: Cardholders receive free access to their FICO® Score, allowing them to monitor their credit health and stay informed about their credit standing.
- No Additional Fee for Authorized Users: You can add authorized users to your account without incurring additional fees, making it easy to earn rewards together.
- Online and Mobile Banking: The card is supported by Bank of America’s extensive online and mobile banking platform, which allows users to manage their account and track rewards conveniently.
How to Apply for the Bank of America® Premium Rewards® Elite Card
Applying for the Bank of America® Premium Rewards® Elite card is a straightforward process. Here’s a step-by-step guide to help you through the application:
Step 1: Check Your Eligibility
Before applying, it’s essential to check your credit score and overall financial health. The Premium Rewards® Elite card typically requires good to excellent credit (usually a score of 700 or higher), so ensure your credit profile meets this criterion.
Step 2: Gather Required Information
When applying, you will need to provide personal and financial information, including:
- Full name
- Residential address
- Date of birth
- Social Security number
- Annual income
- Employment details
Step 3: Visit the Bank of America Website
Navigate to the official Bank of America website. In the credit cards section, look for the Premium Rewards® Elite card. Here, you can review all the features, benefits, and terms associated with the card.
Step 4: Complete the Application Form
Click the “Apply Now” button. This will direct you to the application form. Fill out the required information accurately and thoroughly. Review your details before submitting to avoid any errors.
Step 5: Submit Your Application
Once your application is completed, submit it. You may receive an instant decision, or you might be notified later, depending on the need for additional verification.
Step 6: Activate Your Card
If approved, your card will be mailed to you. Follow the instructions provided to activate your card. After activation, you can start enjoying the benefits and rewards of the Bank of America® Premium Rewards® Elite credit card.
Conclusion
The Bank of America® Premium Rewards® Elite credit card is an excellent choice for individuals who travel frequently and want to earn substantial rewards on their purchases. With its generous rewards program, extensive travel benefits, and valuable perks, it caters to a wide range of consumer needs.
If you are considering applying, ensure that you meet the eligibility requirements and prepare the necessary information to streamline the application process. With the right usage and strategy, the Premium Rewards® Elite card can significantly enhance your travel and spending experience, making it a worthwhile investment for your financial future.