In a world where convenience equals reward, the Bank of America Premium Rewards credit card is a signal of opportunity. Think about a card that satisfies all your travelling and dining requirements along with turning your day to day spending into an experience with an integrated points mechanism.
As soon as you activate the Premium Rewards credit card, you are moving into a world where rewards are not an add-on but the way things are done. Now, let’s look at the reason individuals who would love to spend more while also getting to utilize a top-notch reward program should consider this card.
Main features of the Bank of America Premium Rewards card
Bank of America premium rewards credit card is a product that belongs to one of the biggest financial organizations that is ready to provide multiple opportunities for the select aristocracy. This card is intended for those who are eager to spend money for traveling, meals, and other consumables, so every dollar can be a reward.
The target audience for this card is clear: it is for the connected, the shopaholic who want to be rewarded every time they make a purchase. Whether you ‘re planning your next holiday or choosing a cup of coffee, the Premium Rewards card guarantees that you have all the points needed for the subsequent cashback or other similar types of rewards.
Understanding the annual fee
As for most of the other perks associated with a usage of premium credit cards, an annual fee is but a mere investment. Thankfully, the Bank of America Premium Rewards card isn’t one of them. The card is quite economical, where for an annual charge of $95, the facilities that the card provides outweigh the charge.
Deciphering credit limits
The bank, based on the credit history, your income and your ability to pay, sets its credit limit. This individualistic approach guarantees that your credit limit adequately reflects your depth of your pocket to take and repay credit without being locked in by low or high limits respectively.
Advantages of the Bank of America Premium Rewards card
- Bonus Points Offer: Sign-up bonus includes fifty-six thousand and five hundred points after the first three months of card membership for every dollar spent on the card at a value of $600.
- Flexible Redemption Options: Use your rewards for cash, merchandise or statement credit, to travel, or for charity. Points can also be redeemed for purchases at the Bank of America Travel Center.
- Travel Credits: Recover up to $200 in travel statement credits per year, that is $100 on airline incidental charges, and $100 on TSA PreCheck or Global Entry fees.
Standout advantage
Another attractive element of the Bank of America Premium Rewards card is its quite generous rewards scheme, especially for customers with a membership in the Bank of America Preferred Rewards program. With this program, the members receive an extra 25 percent – 75 percent on their membership points on every purchase depending on the tier attained.
Addressing potential drawbacks
- Annual Fee: There is no doubt it has a relatively low annual fee of $95 for a premium card, however, there people who can’t afford this kind of card.
- High APR: The card’s variable APR start from 21%, on the basis of the issuer’s review of applicant credentials. 24% to 29. 24 % of the annual percentage rate, and this is quite high, most especially if you have a balance transfer.
- Limited Redemption Options for Non-Customers: If you do not already have a Bank of America account, the methods of posting your credits may be more fixed than other cards that allow you an assortment of methods to do so.
Standout disadvantage
There is however one major flaw, which is the high interest rate that is charged on the Bank of America Premium Rewards card. This credit card has an APR that can go up to 29 percent at some times. 24% allowing this card to become costly if one has a balance to pay.
Eligibility criteria
To begin with, one needs to have a good to excellent credit rating since the card targets the creditworthy individuals. Again, you will need to disclose proof of income that gives evidence of how you are capable of handling the credit line of the card, as well as any balance that may be outstanding.
The next requirement is having a U. S. residence as the card is issued to residents within the United States only. Finally, candidates for the position are required to be above eighteen years of age or above twenty-one years of age if in Puerto Rico by virtue of the laws of the United States of America.
How to apply for the Bank of America Premium Rewards card
It has been established that the Bank of America Premium Rewards card is easy to apply for but much needs to be understood to enhance an approval. It is advisable to effect some check on your credit report and consider whether you fit the financial qualifications of the card.
Via website
The last way of applying for a Bank of America Premium Rewards card is convenient indeed as you can apply through the Internet and do not need to leave home. The application process begins with the Bank of America website where the application can be found, and it is available under credit card offers. Online application is easily fillable and simple to fill and there is no confusion as the process is explained at each stage.
You will be asked to give your personal details such as your name and surname, name and address of your dwelling, your Social Security number, number of those you work with and other employment details. Immediately after completing the application, you may be approved on the spot, though, some may need to be reviewed.
Through the mobile application
In addition to the card application, the organization has developed an application for iOS and Android-based devices that gives customers an opportunity to apply for the Premium Rewards card. Once logged in, go to the credit card and choose the Premium Rewards one. The details will be required to be filled in the application like the way it is done in case of the online application forms.
Through the store/branch
To apply in-branch, walk into any Bank of America branch and inform the teller that you want to apply for this Premium Rewards card. It is also important to come along with other relevant documents like your ID, and proof of income so that you can be issued with the papers early enough.
You can get information about the application from the banking specialist as well as, possibly, on the spot feedback on your chances. After completing the application, you will be post a response on your application status and issue you with a new card if you are approved.