Applying for the Bank of America Premium Rewards Credit Card is a straightforward process designed for applicants who meet the bank’s credit and income standards. Below is a complete guide to help you move through the application with confidence, understand eligibility requirements, and prepare the documents normally requested during the process.
Step-by-Step Application Guide
1. Visit the Bank of America website or mobile app
Start by accessing the official Bank of America credit cards page or opening the Bank of America mobile banking app. Navigate to the “Credit Cards” section and locate the Premium Rewards Credit Card.
2. Review the card details before applying
Check the annual fee, earning structure, benefit terms, and welcome offer currently available. Offers can vary, so confirming the bonus at the moment of application helps avoid surprises.
3. Click “Apply Now”
Once ready, select the “Apply Now” button, which leads to a secure application form.
4. Provide personal information
Enter your full name, Social Security number, birth date, contact information, and residential address. This information helps the bank verify your identity.
5. Add employment and income details
You will be asked to report your employment status, annual income, housing costs, and other financial information. These details are used to assess your repayment capacity and determine your credit limit.
6. Review terms and disclosures
Before submitting, carefully review the cardholder agreement, APR ranges, and credit terms. Understanding the fixed point-value system and lack of transfer partners is important for long-term use.
7. Submit your application
Once the form is complete, submit it for review. Most applicants receive a decision within seconds. Some applications may require additional verification.
8. If approved, activate your card
Once your card arrives by mail, activate it through the Bank of America app or website. You can begin redeeming rewards immediately and pair the card with digital wallets such as Apple Pay, Samsung Pay, or Google Pay.
Who Is This Card Recommended For?
The Bank of America Premium Rewards Credit Card is a strong fit for:
- Frequent travelers who want elevated rewards on dining and travel without paying a high annual fee.
- Bank of America or Merrill customers who qualify for the Preferred Rewards program, where they can earn 25% to 75% more points on every transaction.
- People who prefer simplicity — predictable 1 cent per point value, straightforward redemptions, and no need to navigate partner transfer charts or complex award rules.
- Cardholders who redeem mostly as statement credit, airfare, hotel purchases, or deposits into eligible Merrill investment accounts.
How to Cancel the Card
If you decide the Premium Rewards Credit Card is no longer a good fit, cancellation is simple:
- Call the customer service number printed on the back of the card.
- Request closure of the account and verify your identity.
- Ensure your outstanding balance is paid before cancellation.
- Redeem remaining points, as closing the account typically forfeits unredeemed rewards.
- Ask the representative to provide written confirmation of account closure.
For Bank of America customers, cancellation can also be requested through secure messaging in the mobile app or online banking portal.
Helpful Tips Before Applying
- Check your eligibility for Preferred Rewards. The 25%–75% earning boost dramatically improves the card’s value.
- Compare your travel habits. If you rely on transferable points for premium flights, a different product may be better.
- Make sure you can meet the welcome bonus requirement organically — avoid unnecessary spending just to qualify.
- Review competing cards like the Chase Sapphire Preferred if travel partners and flexible award charts matter more to you than simplicity.
- Ensure your credit score is strong. This mid-tier travel card typically favors applicants with good to excellent credit.
FAQ
Does the card offer lounge access?
No. The Premium Rewards card does not include airport lounge access.
Can points be transferred to airlines or hotels?
No. Points have a fixed value of 1 cent each and cannot be transferred to travel partners.
Do points expire?
Points do not expire as long as the account remains open and in good standing.
Can I change my redemption method later?
Yes. You can redeem for travel, statement credit, or deposits into eligible Merrill accounts at any time.
Is there a foreign transaction fee?
No. This card does not charge foreign transaction fees, making it suitable for international use.
Final Recommendation
The Bank of America Premium Rewards Credit Card is ideal for consumers who want predictable rewards, a strong welcome bonus, and enhanced earning potential through Preferred Rewards. Its moderate annual fee, straightforward point system, and consistent travel value make it a balanced choice for frequent travelers and Bank of America loyalists. Those seeking more flexible rewards or transfer partners may find better alternatives, but for simplicity and solid earning power, this card performs exceptionally well.
You will be redirected to the bank’s website