The Bank of America® Premium Rewards® credit card stands as a beacon of value and versatility in the realm of credit cards, offering robust benefits tailored for frequent travelers and diners. Boasting a generous 60,000 online bonus points – equivalent to a $600 value – after meeting initial spending requirements, this card appeals to individuals seeking substantial rewards from their everyday purchases.

Whether you prioritize earning points on travel and dining or seek flexible redemption options, the Premium Rewards® credit card delivers with unlimited 2 points per $1 spent on these categories and 1.5 points per $1 on all other purchases. This introductory overview sets the stage for exploring how this card can enhance your financial strategy and lifestyle seamlessly.

Key information about the Bank of America® Premium Rewards® credit card

The card earns unlimited 2 points per $1 spent on travel and dining purchases, and 1.5 points per $1 on all other purchases. These points do not expire as long as the account remains open, offering flexibility in redemption options. Cardholders can choose to redeem points for cash back into Bank of America® accounts, credit towards Merrill® accounts, statement credits, or even for travel purchases through the Bank of America Travel Center.

How does the annual fee work?

The Bank of America® Premium Rewards® credit card carries a $95 annual fee, billed annually to the cardholder’s account. This fee grants access to a range of benefits including substantial rewards on travel and dining purchases, no foreign transaction fees, and various travel credits.

While the fee is not prorated if the card is closed mid-year, its value is often justified by the card’s rewards program and perks, making it a competitive option for frequent travelers and diners seeking to maximize their credit card benefits.

How is the credit limit determined?

The credit limit for the Bank of America® Premium Rewards® credit card is determined based on several factors, primarily the applicant’s creditworthiness and income. Bank of America evaluates these factors to establish a suitable credit limit that aligns with the individual’s financial profile and ability to repay.

Factors such as credit score, credit history, income level, and existing debt obligations all play a role in this determination. Generally, applicants with higher credit scores and income levels may qualify for higher credit limits, while those with limited credit history or lower incomes may receive lower initial limits.

Credit card benefits 

• Generous rewards program: Earn 2 points per dollar spent on travel and dining purchases, and 1.5 points per dollar on all other purchases, with no cap on points earned.
• Sign-up bonus: Receive 60,000 online bonus points after spending $4,000 on purchases within the first 90 days of account opening, equivalent to a $600 value.
• Travel statement credits: Enjoy up to $200 in annual credits for travel-related expenses, as well as up to $100 in credits towards airline incidental fees and airport security fees.
• No foreign transaction fees: Make purchases abroad without incurring foreign transaction fees, saving money on international travel expenses.
• Preferred rewards® bonus: As a Bank of America Preferred Rewards® member, earn 25%-75% more points on every purchase, significantly increasing your rewards potential.
• Travel and purchase protections: Benefit from various travel insurance protections, purchase security, and extended warranty coverage, providing peace of mind when making travel arrangements or purchases with the card.

Enhanced travel benefits

The Premium Rewards® credit card excels in its travel-related perks, offering substantial statement credits for airline incidentals and airport security fees. These benefits cater well to frequent travelers seeking savings on travel-related expenses.

Disadvantages

• Annual fee: The card has an annual fee of $95, which may not be ideal for users seeking a no-fee credit card option.
• High APR: The variable APR ranges from 21.24% to 29.24%, potentially high for those who carry a balance month-to-month.
• Qualification requirements: To maximize benefits like the Preferred Rewards® bonus, higher qualifications such as maintaining a significant balance across Bank of America and Merrill accounts are necessary, which may not be feasible for all users.

Annual fee

One standout disadvantage of the Bank of America® Premium Rewards® credit card is its $95 annual fee. While the card offers substantial benefits such as rewards and travel credits, the annual fee may deter individuals who prefer no-annual-fee cards or those looking to minimize costs associated with using a credit card.

Who can apply for this card?

The Bank of America® Premium Rewards® credit card is typically available to applicants who are at least 18 years old, legal residents of the United States, and possess a good to excellent credit score. A minimum income level is generally required, and approval also considers factors like debt-to-income ratio and existing relationship with Bank of America. Meeting these criteria allows individuals to apply for this card, although approval ultimately hinges on the applicant’s overall financial standing and creditworthiness.

How to apply for the Bank of America® Premium Rewards® credit card

Via WebSite

To apply for the Bank of America® Premium Rewards® credit card through the website, the process is straightforward and can be completed by following a few simple steps. First, navigate to the official Bank of America website and locate the dedicated page for the Premium Rewards® credit card. On this page, prospective applicants can thoroughly review the card’s details, which include its benefits, fees, and specific terms, ensuring they understand what the card offers.

Once ready to proceed, click on the “Apply Now” or “Apply Online” button prominently displayed on the card’s page. This action will redirect you to a secure application form where you will need to input personal information. This includes your full name, residential address, date of birth, Social Security number, and contact details. Accuracy in filling out these fields is crucial to ensure the application is processed smoothly.

In addition to personal details, you may need to provide financial information such as your annual income and employment status. This information helps Bank of America assess your ability to manage credit responsibly and determines the credit limit offered, if approved. The application process typically takes a few minutes to complete, depending on how quickly you can provide the necessary information.

After submitting your application, Bank of America will review the information provided. Some applicants may receive an instant decision, while others might require further verification or processing time. If additional information is needed, Bank of America may reach out to you via email or phone.

Once approved, you can expect to receive your Bank of America® Premium Rewards® credit card by mail within a few business days. Upon activation, you can start enjoying the card’s benefits, including its rewards program, travel credits, and various consumer protections.