The Bank of America Premium Rewards credit card is a strong contender for those who want to earn valuable rewards on their everyday spending. It’s designed to appeal to Bank of America’s loyal customers, especially those who have significant assets with the bank, by offering a unique and powerful bonus structure. This card combines a solid rewards rate with a suite of travel and lifestyle benefits, making it a compelling choice for many consumers.
Key Features and Benefits
The Premium Rewards card offers a straightforward yet rewarding system. Its main strength lies in its ability to offer a higher return for those with a Bank of America account and who are part of the Preferred Rewards program.
Rewards Earning
- 2 points per dollar on all travel and dining purchases.
- 1.5 points per dollar on all other purchases.
These are the base rates. However, the true value of this card is unlocked through the Bank of America Preferred Rewards program. This is a tiered loyalty program that provides a bonus on your rewards earnings based on your combined balances across eligible Bank of America and Merrill Lynch accounts.
- Gold Tier ($20,000 – $49,999 balance): 25% bonus on your rewards.
- Platinum Tier ($50,000 – $99,999 balance): 50% bonus on your rewards.
- Platinum Honors Tier ($100,000 – $999,999 balance): 75% bonus on your rewards.
- Diamond Tier ($1,000,000 – $9,999,999 balance): 75% bonus on your rewards.
- Diamond Honors Tier ($10,000,000+ balance): 75% bonus on your rewards.
With the 75% bonus from the Platinum Honors tier, your earning potential increases significantly:
- 3.5 points per dollar on travel and dining.
- 2.625 points per dollar on all other purchases.
This makes the Premium Rewards card one of the most lucrative “everyday spend” cards available, especially for high-net-worth individuals who already bank with Bank of America.
Redemption Options
Your earned points are flexible and easy to redeem. Each point is worth 1 cent, and there are several ways to use them:
- Statement Credit: Apply your points directly to your credit card statement to offset purchases.
- Direct Deposit: Have the cash value of your points deposited into your Bank of America checking or savings account.
- Travel Bookings: Use your points to book flights, hotels, or rental cars through the Bank of America Travel Center.
- Gift Cards: Redeem your points for gift cards from various retailers.
Travel and Lifestyle Benefits
The card also comes with a variety of perks that help offset its $95 annual fee.
- $100 annual airline incidental statement credit: This credit can be used for things like seat upgrades, baggage fees, in-flight food and beverages, and lounge access. It’s important to note that this credit is for “incidental” fees and not for the cost of a plane ticket itself.
- $100 statement credit for Global Entry or TSA PreCheck: Receive a credit every four years to cover the application fee for either of these trusted traveler programs.
- Travel and emergency assistance services: Get access to a 24/7 hotline for help with medical or legal referrals and other travel-related emergencies.
- No foreign transaction fees: This is a crucial benefit for international travelers, as it saves you from paying extra fees on purchases made abroad.
- Lost luggage and trip interruption/cancellation insurance: Provides coverage in case your luggage is lost or if your trip is interrupted or canceled due to a covered reason.
- Rental car insurance (secondary): Offers protection against damage or theft when you pay for the rental car with your card.
Who is this card for?
The Bank of America Premium Rewards card is an excellent choice for a specific type of consumer.
- Existing Bank of America and Merrill Lynch customers: If you already have a checking, savings, or investment account with a combined balance of $20,000 or more, you can leverage the Preferred Rewards program to supercharge your earnings. The higher your balance, the more valuable this card becomes.
- Travelers who don’t want to deal with complex rewards: The card offers a solid rewards rate on travel and dining without the need to transfer points to partner airlines or hotels. The redemption process is simple and straightforward.
- Individuals who can easily utilize the travel credits: If you fly at least once a year and are able to use the $100 airline incidental credit, it effectively brings the annual fee down to zero. The Global Entry/TSA PreCheck credit is also a significant value add.
How to Apply for the Bank of America Premium Rewards Card
Applying for the Bank of America Premium Rewards card is a straightforward process that can be completed online. Before you begin, ensure you meet the general requirements and have the necessary information ready.
General Requirements
- You must be at least 18 years old.
- You must have a valid U.S. Social Security Number.
- You must be a U.S. resident with a valid U.S. mailing address.
Information Needed
- Personal Information: Your full name, date of birth, Social Security Number, and contact information (phone number and email address).
- Residential Information: Your current address and how long you’ve lived there.
- Financial Information: Your total annual income, source of income (e.g., employment, investments), and monthly housing payment.
Step-by-Step Application Process
- Visit the Official Bank of America Website: Go to the Bank of America credit card page and locate the Premium Rewards card. You can also perform a Google search for “Bank of America Premium Rewards” to find the official product page.
- Read the Offer Details: Before you click “Apply Now,” take a moment to review the most current terms and conditions, including the welcome bonus, annual fee, and APR. Offers can change, so it’s essential to confirm the details.
- Click “Apply Now”: This will take you to the secure online application form.
- Fill in the Application Form:
- Personal Information: Enter your name, Social Security Number, and date of birth.
- Contact Information: Provide your phone number and email address.
- Residential Information: Fill in your street address, city, state, and ZIP code.
- Financial Information: This is a critical section. Be accurate when stating your total annual income and your monthly housing payment. Bank of America will use this information to assess your creditworthiness. You can include income from all sources, such as your primary job, a second job, passive income, and any money a spouse or partner contributes to your household.
- Account Access (Optional): The form may ask if you are an existing Bank of America customer and want to link your application to your existing accounts. This can be helpful if you are applying for the Preferred Rewards bonus.
- Review and Submit: Carefully review all the information you have entered to ensure there are no errors. Once you are confident everything is correct, read and agree to the terms and conditions, and then click the “Submit Application” button.
- Receive a Decision: You may receive an instant decision on your application. In some cases, Bank of America may need to review your application further, and they will inform you of the decision by mail or email within a few business days.
Remember that a good to excellent credit score is typically required to be approved for this card. While a specific score is not guaranteed to get you approved, a FICO score of 700 or higher is generally a good starting point.
