The Bank of America® Premium Rewards® Credit Card is a premium rewards credit card that offers generous benefits for individuals who want to earn rewards on travel, dining, and other everyday purchases.

This card provides 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases, making it a great option for those who want to earn valuable points while enjoying a variety of travel and lifestyle benefits.

One of the card’s key features is its $200 online cash rewards bonus once you make $1,000 in purchases within the first 90 days of account opening.

In addition to the sign-up bonus, the card also offers $100 annual travel credit for airline incidentals, such as checked bags and in-flight purchases.

With no foreign transaction fees and a robust rewards program, the Bank of America® Premium Rewards® Credit Card is ideal for those who want to maximize their spending in travel and dining while enjoying access to premium services.

Reasons to Choose the Bank of America Premium Rewards Credit Card

Sign-Up Bonus: The card offers a $200 online cash rewards bonus if you spend $1,000 in the first 90 days of account opening. This bonus can be redeemed for cash back, statement credit, or even travel purchases, making it a great way to kickstart your rewards journey.
Reward Points: Earn 2 points per dollar on travel and dining purchases, which can accumulate quickly for frequent travelers and diners. For all other purchases, you earn 1.5 points per dollar, which is a solid rate for everyday expenses.
$100 Annual Travel Credit: Every year, you can earn a $100 annual credit toward travel expenses, such as airline incidental fees, baggage fees, or in-flight purchases. This credit can help offset the card’s $95 annual fee, making it a valuable perk for frequent travelers.
No Foreign Transaction Fees: With no foreign transaction fees, this card is an excellent choice for international travelers. You can use your card abroad without worrying about additional costs that many other credit cards impose on foreign transactions.
Access to Travel Benefits: As a premium rewards card, the Bank of America® Premium Rewards® Credit Card offers a variety of travel benefits, including access to the Visa Signature® Luxury Hotel Collection, which provides exclusive amenities and discounts at luxury hotels worldwide. You also get travel accident insurance and trip cancellation/interruption insurance to help protect your trips.
Points Redemption Flexibility: Points earned through the Bank of America® Premium Rewards® Credit Card can be redeemed for cash back, travel purchases, or gift cards. You can also use points for statement credit to offset purchases. This flexibility makes it easier to use your rewards in a way that best suits your preferences.
No Annual Fee for First Year: While the card has a $95 annual fee, this fee is waived for the first year. This makes it easier to enjoy the card’s benefits without paying the full annual fee upfront.

Negative Factors of the Bank of America® Premium Rewards® Credit Card

High Annual Fee After the First Year: After the first year, the card comes with a $95 annual fee, which may be a drawback for those who don’t spend enough on travel or dining to justify the cost. However, the $100 annual travel credit helps offset this fee, especially for frequent travelers.
Limited Rewards on Non-Travel and Dining Purchases: While the 2 points per dollar on travel and dining is attractive, the 1.5 points per dollar on other purchases is relatively low for a premium rewards card. Some other cards offer higher rewards rates on general purchases, so it’s important to assess how much you spend in categories other than travel and dining.
High APR: The Bank of America® Premium Rewards® Credit Card comes with a high variable APR of 18.24% to 25.24%, depending on your creditworthiness. This can make carrying a balance expensive, especially if you’re not able to pay off your balance in full each month.
Limited Sign-Up Bonus for High Spend: While the $200 bonus is attractive, it’s only available after spending $1,000 within the first 90 days. For individuals who prefer a larger sign-up bonus, this amount may seem modest compared to some other premium credit cards.

What Are the Requirements to Apply for the Bank of America® Premium Rewards® Credit Card?

To apply for the Bank of America® Premium Rewards® Credit Card, you must meet the following requirements:

Good to Excellent Credit: Applicants should have a good to excellent credit score, typically around 700 or higher. This is a premium rewards card, so a higher credit score increases your chances of approval.
U.S. Citizenship or Legal Residency: You must be a U.S. citizen or a legal resident to apply. Additionally, you’ll need to provide a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for identification purposes.
Income Verification: Bank of America may require proof of income to assess your ability to repay the balance. This can include employment income, investment income, or other sources of income.
Minimum Age: Applicants must be at least 18 years old to apply for the card.

Fees and Costs

Here’s a breakdown of the fees and costs associated with the Bank of America® Premium Rewards® Credit Card:

Annual Fee: $95 (waived for the first year)
Foreign Transaction Fee: $0
Balance Transfer Fee: 3% of the amount transferred, or $10, whichever is greater
Cash Advance Fee: 5% of the amount withdrawn, or $10, whichever is greater
Late Payment Fee: Up to $40
Returned Payment Fee: Up to $40
APR: 18.24% to 25.24% variable APR for purchases and balance transfers

The $95 annual fee may be off-putting for some, but it is partially offset by the $100 annual travel credit.

Additionally, there are no foreign transaction fees, which makes it a great card for international use.

Frequently Asked Questions

Apply for the Bank of America Premium Rewards Credit Card

1. How do I earn rewards with the Bank of America® Premium Rewards® Credit Card?

You earn 2 points per dollar on travel and dining purchases, and 1.5 points per dollar on all other purchases.

2. What is the sign-up bonus for the Bank of America® Premium Rewards® Credit Card?

You can earn a $200 online cash rewards bonus after spending $1,000 in purchases within the first 90 days of account opening.

3. How can I redeem my rewards?

You can redeem your points for cash back, travel, or gift cards. Points can also be used for statement credit or applied to travel purchases made through the Bank of America Travel Center.

4. Does the Bank of America® Premium Rewards® Credit Card offer travel insurance?

Yes, the card includes travel accident insurance, trip cancellation/interruption insurance, and access to the Visa Signature® Luxury Hotel Collection, which offers special amenities and discounts at luxury hotels worldwide.

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

The card has a $95 annual fee, but this fee is waived for the first year. After the first year, the annual fee will apply.

Conclusion

The Bank of America® Premium Rewards® Credit Card is an excellent choice for individuals who want to earn rewards on travel and dining purchases while enjoying premium travel benefits.

With its 2 points per dollar on travel and dining, $200 sign-up bonus, $100 annual travel credit, and no foreign transaction fees, this card offers great value for frequent travelers.

However, the $95 annual fee and the 1.5 points per dollar on other purchases may be drawbacks for some.

For those who spend heavily in travel and dining, the benefits of the Bank of America® Premium Rewards® Credit Card are clear, but it may not be the best option for those who don’t fall into these categories.

4.8 de 5