Premium Rewards Credit Card: Unlock Top Benefits for Travelers

If you’re looking to get more out of your everyday spending, the Bank of America Premium Rewards Credit Card might be just what you need. This card packs a mix of travel perks, flexible rewards, and some pretty sweet benefits. However, what really sets it apart is its solid rewards rate and all the premium extras you get. You’ll rack up points on every purchase, so your daily buys actually start working for you.

People love how simple the rewards program is—points are easy to earn and even easier to redeem. There’s also a nice sign-up bonus that can give your rewards a big boost in the first year. And if you’re already a Bank of America customer, you could score even more rewards through the Preferred Rewards program.

All in all, this card is a great choice if you want flexibility and value. In this article, we’ll break down what makes the Premium Rewards Credit Card stand out. So, without further delay, let’s get into it!

What are the main advantages of the Premium Rewards Credit Card?

• Generous rewards program: Earn points on every purchase, with even higher rates for travel and dining. Great for racking up rewards quickly, especially if you travel or eat out a lot.
• Valuable sign-up bonus: New cardholders can score a big chunk of points after meeting the minimum spend. You can redeem this bonus for travel, cash back, or other rewards.
• Up to $100 in annual airline incidental credits: Use these credits for things like seat upgrades, baggage fees, or in-flight purchases. This perk helps offset the annual fee and is super convenient for frequent travelers.
• No foreign transaction fees: Use your card abroad without worrying about extra charges on international purchases.
• Travel protections: Get coverage for trip delays, lost luggage, and travel accidents.

With all these features—rewards, credits, and protections—the Premium Rewards Credit Card is a top pick for anyone looking for value, flexibility, and a little extra peace of mind, whether you’re traveling, dining out, or just handling everyday expenses.

How does the Premium Rewards Credit Card Work?

The Premium Rewards Credit Card is built to fit all kinds of lifestyles and spending habits. You don’t have to be a big traveler to get value out of it. Since this card rewards you for pretty much any purchase, every time you use your card, you’re earning points.

Moreover, you can use these points however you like. Want cash back, travel, gift cards, or statement credits? You’ve got options, so you can pick whatever works best for you.

What really makes this card stand out is how easy and convenient it is to use. The application process is simple, and if you qualify, you’ll usually get approved pretty quickly. As soon as you’re approved, you can start earning points right away with your very first purchase.

Plus, the card works perfectly with Bank of America’s online and mobile banking, so you can easily keep an eye on your spending, manage your account, and redeem your rewards whenever you want.

Another cool perk is how the card ties in with the Preferred Rewards program. If you already bank with Bank of America and have enough in your accounts, you can get even more out of your everyday spending. The card also comes with contactless payment, so you can pay quickly and securely—just tap and go.

Furthermore, if security is important to you, you’ll appreciate the advanced fraud protection and account alerts. You can set up custom notifications to keep tabs on your account and catch any suspicious activity right away.

Disadvantages

• $95 annual fee: If you don’t use the card’s perks often, the rewards might not make up for the cost.
• Best rewards require Preferred Rewards: To get the highest rewards, you must be a Bank of America Preferred Rewards member. Without this, the rewards rate isn’t as competitive as some other cards with no annual fee or higher base rates.
• No travel transfer partners: You can’t transfer your points to airline or hotel loyalty programs, which limits flexibility.
• Limited travel insurance and rental car coverage: The travel protections aren’t as comprehensive as some other premium cards. For example, rental car insurance is secondary, so your personal insurance has to pay out first if there’s a claim.
• Minimum redemption requirement: You need at least 2,500 points to redeem for travel or cash back, and even more for gift cards. This can be a hassle if you want to redeem smaller amounts.

These drawbacks won’t matter to everyone, but they’re worth thinking about before you apply.

Fees and commissions of the Premium Rewards Credit Card

The Bank of America Premium Rewards Credit Card comes with a $95 annual fee, which you’ll pay each year you keep the card. The good news? There are no foreign transaction fees, so you can use your card while traveling abroad without worrying about extra charges.

The regular APR is variable, ranging from 19.74% to 27.74%, depending on your credit. If you carry a balance, you’ll pay interest at that rate. For balance transfers and cash advances, there’s a 4% fee. If you make a late payment, you could get hit with a fee of up to $40.

On the plus side, the card gives you up to $100 in airline incidental statement credits every year, and you can get up to $100 back for Global Entry or TSA PreCheck application fees every four years. These are perks, not fees, but they can help offset the annual cost.

There’s no fee to redeem your points, but you’ll need at least 2,500 points to cash out for travel or cash back. These are the main fees and charges to keep in mind with the Premium Rewards Credit Card; however, make sure to check the latest terms and conditions before you apply so you’re always up to date.

Requirements and eligibility criteria

To be approved for the Bank of America Premium Rewards Credit Card, applicants must meet several key requirements and eligibility criteria set by the bank. Here’s what you need to know before applying:

1. Age and Residency: You must be at least 18 years old (19 in Alabama and Nebraska, 21 in Puerto Rico) and a U.S. citizen or permanent resident with a valid U.S. address.
2. Credit Score: A good to excellent credit score is required, typically 670 or higher. Applicants with higher scores have a better chance of approval and may qualify for more favorable terms.
3. Income and Employment: You’ll need to provide proof of steady income and employment. Bank of America evaluates your ability to repay by considering your annual income, employment status, and monthly housing payments.
4. Social Security Number: A valid Social Security Number or Individual Taxpayer Identification Number (ITIN) is necessary for identity verification and credit check purposes.
5. Debt-to-Income Ratio: The bank reviews your overall debt-to-income ratio to ensure you can manage new credit responsibly. Lower ratios are generally more favorable.
6. No Recent Bankruptcies or Delinquencies: A clean recent credit history, with no bankruptcies, foreclosures, or significant delinquencies, is important for approval.

Meeting these requirements increases your chances of being approved for the Premium Rewards Credit Card and helps ensure you’re eligible for the card’s full range of benefits.

How to get a Premium Rewards Credit Card?

Applying for the Bank of America Premium Rewards Credit Card is a straightforward process. Here’s a step-by-step guide to help you through the application:

1. Gather Required Information: Prepare your personal details, including your full name, address, date of birth, Social Security Number, employment information, annual income, and housing costs. Having these details ready will speed up the process.
2. Visit the Bank of America Website: Go to the official Bank of America website and navigate to the Premium Rewards Credit Card page. Review the card’s features, terms, and conditions to make sure it fits your needs.
3. Complete the Online Application: Click the “Apply Now” button. Fill out the online application form with your personal and financial information. Double-check all entries for accuracy before submitting.
4. Review and Submit: Carefully review your application for any errors or missing information. Once you’re confident everything is correct, submit your application.
5. Wait for a Decision: Most applicants receive a decision within minutes. In some cases, Bank of America may request additional documentation or time to review your application.
6. Receive Your Card: If approved, you’ll receive your new Premium Rewards Credit Card by mail, usually within 7–10 business days. Follow the instructions to activate your card and start using it.

Conclusion

The Bank of America Premium Rewards Credit Card really shines when it comes to its rewards program, travel perks, and all the ways you can use your points.

Sure, there’s an annual fee, and you’ll need to meet some requirements to qualify, but the benefits—like a solid sign-up bonus, no foreign transaction fees, and great travel protections—make it a strong pick whether you travel a lot or just want to get more out of your everyday spending.

If you’re eligible and want a card that gives you both value and flexibility, the Premium Rewards Credit Card is definitely worth a look.

Frequently Asked Questions

Are you ready to check on more details or to apply? Then visit the Bank of America website by clicking below!