Are you on the hunt for a credit card that offers an array of perks and rewards to elevate your financial game? Look no further than the Bank of America Premium Rewards Credit Card. In this comprehensive review, we’ll delve into the depths of this card, exploring its features, benefits, fees, and more. By the end of this review, you’ll have all the information you need to make an informed decision about whether this card is the right fit for your financial needs. Let’s dive in!
Table of Contents
Card Overview
The Bank of America Premium Rewards Credit Card is a product of one of the United States’ most prominent financial institutions, Bank of America. It’s a versatile rewards credit card that offers a multitude of benefits, making it a popular choice among consumers. Here’s a quick overview of the card:
- Card Name: Bank of America Premium Rewards Credit Card
- Issuer: Bank of America
- Card Type: Rewards Credit Card
- Annual Fee: $95
- Introductory Offer: 50,000 bonus points after spending $3,000 within the first 90 days
Rewards and Benefits
Earning Rewards
One of the key attractions of the Bank of America Premium Rewards Credit Card is its generous rewards program. Cardholders can earn:
- 2 points per $1 spent on travel and dining purchases.
- 1.5 points per $1 spent on all other purchases.
These points can be redeemed for various rewards, including cash back, statement credits, travel, and more. The flexibility in earning and redeeming points is a significant advantage.
Bonus Categories
Additionally, this card offers bonus categories for earning rewards. It includes a $100 airline incidental statement credit annually, which can be used for things like baggage fees, in-flight purchases, and more. This benefit alone can help offset the card’s annual fee.
Travel Perks
For avid travelers, the Bank of America Premium Rewards Credit Card has several travel-related perks:
- Global Entry/TSA PreCheck credit: Cardholders are eligible for a statement credit of up to $100 every four years when they use their card to pay the application fee for Global Entry or TSA PreCheck.
- No foreign transaction fees: Travelers can use this card abroad without incurring any additional fees.
- Travel and emergency assistance: In case of travel-related emergencies, cardholders have access to a 24/7 hotline for assistance.
Additional Benefits
Other notable benefits include:
- Auto rental collision damage waiver
- Trip cancellation and interruption insurance
- Purchase security
- Extended warranty protection
Fees and Interest Rates
Interest Rates
Understanding the interest rates associated with a credit card is essential. The Bank of America Premium Rewards Credit Card offers variable APRs, which are based on your creditworthiness. These rates apply to purchases and balance transfers, and they can range from around 15% to 23%.
Fees
It’s vital to be aware of any fees associated with a credit card. Here are the notable fees for this card:
- Annual Fee: $95
- Foreign Transaction Fee: None
- Balance Transfer Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Late Payment Fee: Up to $40
Application Requirements
To qualify for the Bank of America Premium Rewards Credit Card, you typically need a good to excellent credit score. This translates to a FICO score of 700 or higher. While credit score requirements are essential, factors such as income and existing debt can also impact your approval odds.
The application process for this card can be completed online, offering a convenient and straightforward way to apply. Bank of America’s online application portal is user-friendly and guides you through the process step by step.
Credit Card Limit
The credit limit for the Bank of America Premium Rewards Credit Card varies from person to person and is primarily determined by your creditworthiness. When you apply for the card, Bank of America will assess your credit history, income, and other factors to determine your credit limit. Typically, individuals with higher credit scores and stable financial profiles receive higher credit limits.
If you want to increase your credit limit in the future, you can contact Bank of America’s customer service or use their online portal to request a credit limit increase. Keep in mind that approval for a credit limit increase will depend on your financial situation and credit history at the time of the request.
Pros and Cons
Pros
- Generous rewards: The card offers competitive rewards rates, particularly in the travel and dining categories.
- Sign-up bonus: The 50,000 bonus points offer is an excellent incentive for new cardholders.
- Travel benefits: The card provides valuable travel perks, including statement credits and travel insurance.
- No foreign transaction fees: Cardholders can use the card internationally without incurring additional charges.
- Flexible redemption options: Points can be redeemed for cash back, statement credits, travel, and more.
Cons
- Annual fee: The $95 annual fee may deter some potential applicants, although the benefits often outweigh this cost.
- Variable APR: The APR can be high for individuals with lower credit scores, potentially resulting in higher interest charges if you carry a balance.
- Balance transfer fee: If you plan to transfer a balance from another card, be aware of the associated fee.
- Credit score requirements: Not everyone may qualify for this card, as it typically requires a good to excellent credit score.
Card Login
Accessing your Bank of America Premium Rewards Credit Card account is a straightforward process. Here’s a step-by-step guide on how to log in:
- Visit the Bank of America official website: Open your web browser and go to Bank of America’s website.
- Locate the “Sign In” button: Look for the “Sign In” or “Login” button at the top right corner of the homepage.
- Enter your credentials: You’ll need to input your Online ID and Passcode (password) associated with your Bank of America account.
- Click “Sign In”: After entering your credentials, click the “Sign In” button to access your account.
If you’ve forgotten your Passcode or need to reset it, you can easily do so by clicking on the “Forgot Passcode” or “Reset Passcode” link on the login page. Bank of America will guide you through the process of creating a new Passcode.
For added convenience, you can also use the Bank of America mobile app to access your account on your smartphone or tablet.
Customer Experience
The customer experience with the Bank of America Premium Rewards Credit Card is generally positive. Bank of America is a well-established financial institution with a robust online banking platform and customer service support. Here’s what you can expect:
- Online Account Management: Bank of America offers a user-friendly online portal and mobile app for managing your credit card account. You can view transactions, make payments, and track rewards easily.
- Customer Service: Bank of America provides 24/7 customer service support through both phone and online chat. This ensures that you can get assistance whenever you need it, whether you have a question about your account or need help with a transaction.
- Mobile App: The Bank of America mobile app is highly rated and allows you to manage your credit card account on the go. You can check your balance, make payments, and even redeem rewards from your mobile device.
How It Compares
When evaluating a credit card, it’s essential to consider how it stacks up against similar options in the market. Here’s how the Bank of America Premium Rewards Credit Card compares to some of its competitors:
Chase Sapphire Preferred® Card
- Pros: The Chase Sapphire Preferred offers a generous sign-up bonus, a variety of travel perks, and a flexible rewards program.
- Cons: It has a higher annual fee ($95) and may require a higher credit score for approval.
American Express® Gold Card
- Pros: This card is renowned for its lucrative rewards on dining and groceries, statement credits, and travel benefits.
- Cons: The annual fee is higher at $250, and it may not be as widely accepted as Visa or Mastercard.
Capital One Venture Rewards Credit Card
- Pros: This card offers unlimited 2x miles on every purchase, a competitive sign-up bonus, and a fee credit for Global Entry or TSA PreCheck.
- Cons: The annual fee is $95, and it doesn’t provide as many premium travel benefits as some other cards.
User Reviews and Ratings
To provide a well-rounded perspective, let’s take a look at what users and experts have to say about the Bank of America Premium Rewards Credit Card:
- NerdWallet: NerdWallet gives the card a positive review, highlighting its flexible rewards program and travel benefits.
- The Points Guy: The Points Guy praises the card’s rewards potential and the ease of redeeming points.
- Bankrate: Bankrate provides a comprehensive review, emphasizing the card’s competitive rewards and travel perks.
- Forbes: Forbes discusses the card’s features and benefits, particularly its travel-related advantages.
- LendingTree: LendingTree offers insights into the card’s rewards program and application process.
Overall, user and expert reviews tend to be favorable, with a focus on the card’s rewards and travel benefits.
Balance Transfer
If you’re interested in performing a balance transfer to your Bank of America Premium Rewards Credit Card, follow these steps:
- Log in to your online account: Use your Online ID and Passcode to access your Bank of America credit card account online.
- Navigate to the “Transfers” section: Once logged in, locate the “Transfers” or “Balance Transfers” section on your account dashboard.
- Enter the details: Provide the necessary information, including the account number and amount you wish to transfer from your other credit card.
- Review and confirm: Double-check the information you’ve entered and confirm the balance transfer request.
- Wait for processing: It may take some time for the balance transfer to process, depending on the terms and conditions of the offer and the credit card you’re transferring from.
- Monitor your account: Keep an eye on your Bank of America Premium Rewards Credit Card account to ensure the balance transfer is completed successfully.
Customer Care Hotline
If you need to contact Bank of America’s customer support for any reason, you can reach them through their dedicated customer care hotline. Here’s the contact information:
- Customer Care Hotline: 1-800-732-9194
Feel free to call this number if you have questions about your credit card account, need assistance with a transaction, or require any other support related to your Bank of America Premium Rewards Credit Card.
Final Verdict
In conclusion, the Bank of America Premium Rewards Credit Card is a versatile and rewarding option for individuals looking to elevate their credit card game. With competitive rewards rates, valuable travel perks, and flexible redemption options, it’s an excellent choice for those who value both everyday spending rewards and travel benefits.
While the card does come with a $95 annual fee, the benefits often outweigh this cost, especially for frequent travelers and dining enthusiasts. However, it’s essential to consider your specific financial needs and spending habits to determine if this card aligns with your goals.
Ultimately, if you’re seeking a credit card that offers a blend of rewards and travel perks, the Bank of America Premium Rewards Credit Card is well worth considering.
Apply Now
Ready to take the next step and apply for the Bank of America Premium Rewards Credit Card? Click the button below to start your application and take advantage of the fantastic rewards and benefits this card has to offer.
Please note that this article may contain affiliate links, and we may earn a commission if you use them to apply for the card. However, our reviews are based on objective analysis and aim to provide you with accurate and unbiased information to help you make informed financial decisions.
Frequently Asked Questions (FAQs)
1. Is the Bank of America Premium Rewards Credit Card worth the annual fee?
The Bank of America Premium Rewards Credit Card comes with a $95 annual fee. Whether it’s worth it depends on your spending habits and how well you can utilize the card’s rewards and benefits. If you frequently travel, dine out, and use the card for everyday expenses, the rewards and perks can easily offset the annual fee.
2. Can I use the points earned with this card for cash back?
Yes, you can redeem the points earned with the Bank of America Premium Rewards Credit Card for cash back. The flexible redemption options include statement credits, which can help reduce your credit card balance or cover eligible purchases.
3. How does the Global Entry/TSA PreCheck credit work?
Cardholders are eligible for a statement credit of up to $100 every four years when they use their Bank of America Premium Rewards Credit Card to pay the application fee for Global Entry or TSA PreCheck. This credit can save you time and money when going through airport security and customs.
4. What credit score do I need to qualify for this card?
Typically, you need a good to excellent credit score to qualify for the Bank of America Premium Rewards Credit Card. A FICO score of 700 or higher is often recommended for a better chance of approval. However, credit score requirements may vary, and other factors like income and existing debt also play a role.
5. How can I increase my credit limit with this card?
To increase your credit limit with the Bank of America Premium Rewards Credit Card, you can contact Bank of America’s customer service or use their online portal to request a credit limit increase. Approval for an increase depends on your financial situation and credit history at the time of the request.
6. What is the primary advantage of this card over similar options?
One of the primary advantages of the Bank of America Premium Rewards Credit Card is its flexibility. It offers competitive rewards rates on travel and dining while also providing valuable travel perks and no foreign transaction fees. The combination of rewards and benefits makes it a versatile choice for a wide range of cardholders.
Conclusion
In this comprehensive review of the Bank of America Premium Rewards Credit Card, we’ve explored its features, benefits, fees, and more. This card stands out as a versatile and rewarding option, particularly for those who enjoy both everyday spending rewards and travel benefits. With competitive rewards rates, a generous sign-up bonus, and valuable perks like the Global Entry/TSA PreCheck credit, it offers a well-rounded package for cardholders.
While the card does come with a $95 annual fee, the numerous advantages, including the ability to earn and redeem points for cash back, statement credits, or travel, make it a compelling choice. However, it’s essential to assess your own financial goals and spending habits to determine if this card aligns with your needs.
In a market filled with credit card options, the Bank of America Premium Rewards Credit Card has carved out a niche for itself, catering to those seeking a balance of rewards and travel perks. If you’re ready to take advantage of this card’s offerings, click the “Apply Now” button in the article to start your application journey. Remember that while we provide information to guide your decision-making process, it’s crucial to read the card’s terms and conditions, including the most up-to-date rates and fees, directly from the issuer’s official website to ensure accuracy and transparency in your financial decisions.