How to Apply for Bank of America Premium Rewards Credit Card

The Bank of America Premium Rewards Credit Card is tailored for those looking to earn substantial rewards on everyday purchases and travel expenses. With this card, you can enjoy unlimited 2 points per dollar on travel and dining and 1.5 points per dollar on all other purchases, making it a versatile option for diverse spending habits.

One of the standout features is its annual $100 airline incidental credit, which can boost savings on every trip. Additionally, cardholders appreciate the no foreign transaction fees, facilitating seamless international travel and purchases. This card also offers robust security and access to premium benefits, making it a competitive choice in the U.S. credit card market.

Through straightforward online and branch application options, securing a Bank of America Premium Rewards Credit Card is a convenient process. Understanding the application requirements and eligibility can help expedite approval, ensuring you don’t miss out on its attractive perks.

Benefits of the Bank of America Premium Rewards Credit Card

1. Earn Unlimited Rewards

The Bank of America Premium Rewards Credit Card allows you to earn an unlimited 2 points per dollar on travel and dining expenses and 1.5 points per dollar on all other purchases. This rewards structure makes it an attractive option for frequent travelers and diners who wish to maximize their rewards potential. To make the most of this benefit, consider using the card for all travel bookings, as well as for dining and everyday expenses, to accumulate points faster.

2. Valuable Travel Credits

Cardholders receive up to $100 in airline incidental statement credits annually. This can be used for in-flight purchases, checked bags, and other airline fees, substantially reducing travel costs. Additionally, the card provides up to $100 credit for Global Entry or TSA Pre✓® application fees every four years, making your travel experience smoother and more efficient. To fully utilize these credits, plan to apply for Global Entry or TSA Pre✓® as soon as you receive your card to start benefiting immediately.

3. No Foreign Transaction Fees

With the Bank of America Premium Rewards Credit Card, you incur no foreign transaction fees on purchases made abroad. This benefit is particularly advantageous for international travelers, as it saves money on every transaction made outside the United States. For optimal savings, use your credit card for all purchases while traveling internationally instead of cash or other cards that may charge additional fees.

4. Preferred Rewards Program

As a cardholder, you’ll have access to the Bank of America Preferred Rewards program, which provides additional perks such as a rewards bonus on every purchase, depending on your banking relationship level. To leverage this benefit, maintain qualifying balances across your Bank of America accounts to increase your tier within the Preferred Rewards program and enjoy higher reward percentages and enhanced benefits.

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Requirements for Applying for the Bank of America Premium Rewards Credit Card

• Minimum Credit Score: To be considered for the Bank of America Premium Rewards credit card, applicants usually need a strong credit score, typically within the range of 670 to 850. Having an excellent credit score increases the chance of approval and may also provide better interest rates and benefits.
• Proof of Income: Applicants should provide documentation to verify their income, such as recent pay stubs or bank statements. This helps demonstrate the ability to meet monthly repayments. A higher income level can enhance approval possibilities.
• U.S. Residency: Applicants must be permanent residents or citizens of the United States to be eligible for the Bank of America Premium Rewards credit card, as this ensures they comply with U.S. banking regulations and have U.S. credit histories.
• Identification: A valid Social Security Number (SSN) or Tax Identification Number (TIN) is required for the application. Furthermore, government-issued identification, such as a driver’s license, may be necessary to confirm identity.
• Existing Bank of America Relationship: While it is not a strict requirement, having an existing relationship with Bank of America, such as a checking or savings account, can provide an advantage when applying.

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

Step 1: Visit the Bank of America Website

To begin the application process for the Bank of America Premium Rewards Credit Card, you must first visit the official Bank of America website. Navigate to the credit cards section, where you can explore different credit card offerings. If you prefer an offline application, you can also visit your nearest Bank of America branch to inquire about the card and initiate your application process.

Step 2: Review Card Details and Eligibility Requirements

Once on the Bank of America website, locate the Premium Rewards Credit Card page and thoroughly review the card details. Be sure to examine key features such as the rewards program, fees, and interest rates. It’s crucial to understand the eligibility criteria, which typically includes having a good to excellent credit score. This will help ensure you meet the requirements before proceeding with the application.

Step 3: Gather Necessary Documentation

Before you apply, gather all necessary documentation to facilitate a smooth application process. Commonly required information includes your Social Security Number, employment details, annual income, and any existing bank account information. Having these documents readily available will assist in completing the application accurately and efficiently.

Step 4: Complete the Online Application Form

With your documentation in hand, proceed to fill out the online application form. Enter your personal, financial, and contact information as requested. Double-check all entered details to ensure accuracy. This step is crucial, as any discrepancies could affect your application review process.

Step 5: Submit Your Application and Await Approval

Once you have completed the application form, submit it through the Bank of America website. You will receive a confirmation of submission, and the bank will begin reviewing your application. Bank of America typically provides feedback on approvals or further inquiries within a few business days. Be sure to monitor your email and phone for any communications from the bank.

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Frequently Asked Questions about the Bank of America Premium Rewards Credit Card

What are the main benefits of the Bank of America Premium Rewards Credit Card?

The Bank of America Premium Rewards Credit Card offers a variety of benefits, including earning unlimited 2 points for every dollar spent on travel and dining and 1.5 points per dollar on all other purchases. Additionally, cardholders can receive up to $100 in airline incidental statement credits annually and up to $100 for Global Entry or TSA PreCheck every four years. The card also provides valuable travel and purchase protections.

Is there an annual fee for the Bank of America Premium Rewards Credit Card?

Yes, there is an annual fee of $95 for the Bank of America Premium Rewards Credit Card. However, the benefits offered, such as rewards points and travel credits, can help offset this cost when utilized effectively.

What credit score is recommended to qualify for the Bank of America Premium Rewards Credit Card?

To qualify for the Bank of America Premium Rewards Credit Card, a good to excellent credit score is recommended, typically ranging from 700 to 850. A higher credit score increases the likelihood of approval and may also influence the credit limit and interest rate you are offered.

How can I maximize the rewards earned with the Bank of America Premium Rewards Credit Card?

To maximize rewards, use the card for travel and dining purchases to earn 2 points per dollar, and for all other purchases, which earn 1.5 points per dollar. You can also benefit from enrolling in the Preferred Rewards program to earn a rewards bonus of 25% to 75% depending on your qualifying balance in eligible Bank of America accounts.

Are there any foreign transaction fees with the Bank of America Premium Rewards Credit Card?

No, the Bank of America Premium Rewards Credit Card does not charge foreign transaction fees, making it a suitable option for international travel. This can result in significant savings compared to cards that charge a typical fee of 3% on foreign transactions.

Linda Carter

Linda Carter is a writer and financial expert specializing in personal finance and financial planning. With extensive experience helping individuals achieve financial stability and make informed decisions, Linda shares her knowledge on the our platform. Her goal is to empower readers with practical advice and strategies for financial success.