How to Apply for Bank of America Premium Rewards Credit Card
In the world of rewards credit cards, the Bank of America Premium Rewards Credit Card shines brightly, offering an exceptional blend of benefits and flexibility. Tailored for individuals who enjoy earning rewards both for everyday purchases and travel expenses, this card can be an asset for those looking to optimize their spending. Whether you’re an avid traveler seeking to accumulate points for your next adventure or someone keen on earning rewards for regular purchases, this card offers a compelling proposition.
One of the primary perks includes earning unlimited 2 points per dollar spent on travel and dining and 1.5 points per dollar on all other purchases. Additionally, the card provides valuable travel perks such as travel statement credits and global entry/tSA pre-check fee reimbursement. Designed with the needs of the modern consumer in mind, applying for this credit card could potentially unlock a world of benefits that align with your financial goals.
Discover the Benefits of the Bank of America Premium Rewards Credit Card
1. Earning Points on Everyday Purchases
One of the standout features of the Bank of America Premium Rewards Credit Card is its generous rewards system. You earn unlimited 2 points for every $1 spent on travel and dining and 1.5 points for every $1 on all other purchases. To maximize your rewards, use this card for expenses such as grocery shopping, restaurant bills, and booking travel. Remember, the rewards can add up quickly, leading to significant savings or enabling you to indulge in something special.
2. Extensive Travel Benefits
Travel enthusiasts will find the travel perks associated with this card particularly valuable. Enjoy benefits like up to $100 in airline incidental credits annually and get a TSA PreCheck or Global Entry fee credit every four years. These perks can expedite your travel process and reduce out-of-pocket expenses, making your journeys smoother and more economical.
3. Introductory Offer
New cardholders have the opportunity to earn 50,000 bonus points after making at least $3,000 in purchases in the first 90 days of account opening. This can be a great way to start accumulating rewards—plan larger purchases or consolidate your spending on this card during the introductory period to meet the requirement and unlock the bonus points.
4. No Foreign Transaction Fees
If you’re a frequenter of foreign destinations or an online shopper keen on international purchases, you’ll appreciate that this card carries no foreign transaction fees. This feature allows you to make purchases abroad without the worry of extra charges, offering you greater flexibility and savings on international spends.
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Bank of America Premium Rewards Credit Card Requirements
- Good to Excellent Credit Score: The Bank of America Premium Rewards Credit Card typically requires applicants to have a credit score in the range of 670 to 850. This means you should have a history of responsible credit use, including timely payments and low credit utilization.
- Proof of Income: To increase your chances of approval, be prepared to provide documentation that shows a steady income. This could include recent pay stubs, tax returns, or, if you are self-employed, a profit and loss statement. The bank wants to ensure that you can manage repayment responsibly.
- Valid Social Security Number: As part of the application process, you must have a valid Social Security number (SSN). This allows the lender to verify your identity and review your credit history accurately.
- U.S. Residency: The applicant must be a legal resident of the United States. Your residential address will be needed for communication and more often than not, as part of the verification process.
- Age Requirement: You must be at least 18 years of age to apply. This is a standard requirement for credit card applicants in the U.S. and ensures that borrowers have reached the legal age to enter into credit agreements.
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How to Apply for the Bank of America Premium Rewards Credit Card
Step 1: Visit the Bank of America Website or Branch
Begin the application process by visiting the Bank of America website. If you prefer a face-to-face interaction, you can also choose to visit a local Bank of America branch. Navigating to the right webpage is crucial, and you can find it by searching for the “Premium Rewards Credit Card” in the site’s search bar.
Step 2: Check Eligibility Requirements
Before you start your application, ensure you meet the eligibility requirements. This typically includes being at least 18 years old and having a valid Social Security number. It’s also helpful to have a good credit score, which increases your chances of approval. Verify that you have all necessary documentation, such as proof of income, on hand.
Step 3: Fill Out the Application Form
Once you’re on the right webpage or at the branch, begin filling out the application form. You’ll need to provide personal details such as your full name, address, and employment information. Ensure all information is accurate and up-to-date to avoid any processing delays. Double-check your entries before submitting.
Step 4: Submit Your Application
After completing the application, submit it either online or in person. If you’re applying online, you will typically receive a confirmation email. In a branch, the representative will guide you through any additional steps. Patience is key here, as approvals might take a few days.
Step 5: Await Approval and Receive Your Card
Upon approval, which might take a few days to a week, you will receive your new Bank of America Premium Rewards Credit Card in the mail. Once you have it, you can activate it following the instructions provided, and start enjoying the benefits and rewards.
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Frequently Asked Questions About the Bank of America Premium Rewards Credit Card
What are the key benefits of the Bank of America Premium Rewards Credit Card?
The Bank of America Premium Rewards Credit Card offers a variety of benefits including a generous rewards program. Cardholders earn 2 points per dollar spent on travel and dining and 1.5 points per dollar on all other purchases. Additionally, this card provides up to $200 in travel credits each calendar year for incidental airline purchases and Global Entry/TSA PreCheck application fees, making it ideal for frequent travelers.
Is there an annual fee for the Bank of America Premium Rewards Credit Card?
Yes, the Bank of America Premium Rewards Credit Card has an annual fee of $95. This fee is competitive compared to other travel rewards credit cards and is offset by the potential rewards and travel perks you can earn, such as the $200 travel credits.
How does the rewards points system work with this credit card?
With this card, you can earn points on every purchase you make. For travel and dining purchases, you receive 2 points per dollar, while other purchases earn 1.5 points per dollar. These points can be redeemed for a variety of options like travel, cash back, gift cards, and more, offering flexibility based on your preferences.
What credit score is needed to apply for this card?
To enhance your chances of approval for the Bank of America Premium Rewards Credit Card, you should have a good to excellent credit score, typically considered as 700 and above. A strong credit history demonstrates your ability to manage credit responsibly, which the bank considers when evaluating applications.
Beatriz Johnson is a seasoned financial analyst and writer with a passion for simplifying the complexities of economics and finance. With over a decade of experience in the industry, she specializes in topics like personal finance, investment strategies, and global economic trends. Through her work on Centralismo, Beatriz empowers readers to make informed financial decisions and stay ahead in the ever-changing economic landscape.
