Bank of America® Premium Rewards® Credit Card: Everything You Need to Know

The Bank of America® Premium Rewards® Credit Card is a top-tier travel rewards credit card designed for individuals who want to maximize their earning potential and enjoy premium benefits. Offering a combination of flexible rewards, travel perks, and valuable sign-up bonuses, this credit card is perfect for frequent travelers and those looking to make the most out of their everyday purchases. In this article, we will provide an in-depth look at the features of the Bank of America® Premium Rewards® Credit Card and guide you through the application process.

Key Features of the Bank of America® Premium Rewards® Credit Card

1. Sign-Up Bonus: One of the most enticing features of the Bank of America® Premium Rewards® Credit Card is its sign-up bonus. New cardholders can earn 75,000 online bonus points after making at least $4,000 in purchases within the first 90 days of account opening. This bonus is worth up to $750 in statement credits when redeemed for travel expenses, making it a great incentive for new cardholders.
2. Rewards Program: The Bank of America® Premium Rewards® Credit Card offers a generous rewards program that allows cardholders to earn points on every purchase:
   • 2 points per dollar spent on travel and dining purchases.
   • 1.5 points per dollar on all other purchases.
   Points can be redeemed for travel purchases, cash back, gift cards, and more. The flexibility of the rewards program makes it easy for cardholders to use their points in a way that best fits their needs.
3. Travel and Lifestyle Benefits: The Bank of America® Premium Rewards® Credit Card is packed with valuable travel perks that make it ideal for frequent flyers and vacationers:
   • $100 annual airline incidental statement credit: This can be used to cover things like checked baggage fees, seat selection fees, and in-flight purchases.
   • No foreign transaction fees: If you're traveling internationally, you won't have to worry about paying extra fees on purchases made abroad.
   • Access to the Visa Infinite® benefits: As a Visa Infinite® card, cardholders receive additional perks like exclusive access to luxury hotel privileges, airport lounge access, and concierge services.
4. Earn More with Preferred Rewards: Bank of America offers an exclusive program called Preferred Rewards for its customers with eligible checking, savings, or investment accounts. If you're a member of this program, you can earn up to 75% more points on every purchase, significantly boosting your rewards earning potential.
5. Comprehensive Travel Insurance: The Bank of America® Premium Rewards® Credit Card includes a range of travel insurance benefits, which are perfect for anyone who travels frequently:
   • Trip cancellation/interruption insurance: Covers the cost of your trip if you need to cancel or cut it short due to unforeseen circumstances.
   • Auto rental collision damage waiver: If you rent a car, this benefit can cover damages in case of an accident.
   • Travel accident insurance: Provides coverage in case of accidental death or dismemberment while traveling.
6. Cell Phone Protection: One standout feature of the Bank of America® Premium Rewards® Credit Card is its cell phone protection. If you pay your monthly cell phone bill with this card, you’re covered for damage or theft of your cell phone, up to $600 per claim (subject to a $50 deductible).
7. Annual Fee: While the Bank of America® Premium Rewards® Credit Card does have an annual fee of $95, this is relatively low when compared to other premium travel cards that charge higher fees. The value of the rewards and benefits you can earn far outweighs the cost for most cardholders.

How to Apply for the Bank of America® Premium Rewards® Credit Card

Applying for the Bank of America® Premium Rewards® Credit Card is a straightforward process, and it can be completed in just a few steps. Here’s how you can apply:

1. Visit the Official Bank of America Website: Start by visiting the Bank of America website. Navigate to the credit card section and locate the Premium Rewards® Credit Card.
2. Complete the Online Application: On the application page, you’ll need to fill out your personal information, including your name, address, Social Security number, income, and employment status. Be sure to provide accurate details to help the bank process your application smoothly.
3. Review the Terms and Conditions: Before submitting your application, take a moment to review the terms and conditions of the card. Pay attention to details like the APR, annual fee, and rewards program to ensure that the card aligns with your financial goals.
4. Submit Your Application: After reviewing the terms, submit your application. Bank of America will then review your information and let you know if you're approved. In most cases, you can receive an instant decision.
5. Wait for Your Card: If your application is approved, your Bank of America® Premium Rewards® Credit Card will be mailed to you. You should receive the card within 7 to 10 business days. Once it arrives, activate it by following the instructions provided, and you’re ready to start earning rewards.
6. Set Up Online Account Management: Once your card is activated, you can set up an online account with Bank of America. This will allow you to manage your card, track rewards, make payments, and view your transaction history.

Additional Considerations Before Applying

While the Bank of America® Premium Rewards® Credit Card offers many great benefits, it's important to ensure that the card fits your lifestyle and financial situation. Here are some additional considerations:

• Credit Score: The Bank of America® Premium Rewards® Credit Card is designed for individuals with good to excellent credit. A credit score of at least 700 is generally recommended for approval, although other factors such as income and debt-to-income ratio will also be taken into account.
• Spending Habits: This card is best suited for individuals who regularly spend on travel and dining. The 2 points per dollar on these categories makes it an ideal choice for frequent travelers and foodies. However, if you don't spend much in these areas, you may want to consider other cards that offer higher rewards in categories you spend more on.
• Annual Fee: Although the $95 annual fee is relatively low for a premium card, it’s still an important cost to consider. However, if you can take full advantage of the rewards program and travel benefits, you’ll likely offset the cost of the fee over time.

Conclusion

The Bank of America® Premium Rewards® Credit Card is an excellent choice for anyone looking for a premium travel card with valuable rewards and benefits. With its attractive sign-up bonus, strong rewards program, and travel perks like access to airport lounges and travel insurance, it stands out among other travel credit cards in the market.

The $95 annual fee is reasonable given the card’s offerings, and if you qualify for the Preferred Rewards program, you can earn even more rewards, making it a highly rewarding card for loyal Bank of America customers. If you travel frequently, dine out often, or simply want to maximize your rewards, the Bank of America® Premium Rewards® Credit Card is definitely worth considering.

If you’re ready to apply, visit the Bank of America website to get started on your journey to earning premium rewards and enjoying exceptional travel benefits.