The Bank of America® Premium Rewards® Elite Card is designed for those who seek a premium credit card experience that rewards them for their spending. With a variety of benefits, this card is particularly appealing to frequent travelers and those who appreciate luxury perks. In this guide, we’ll delve into the key features of the card, its benefits, how to apply, and some tips to maximize your rewards.
Key Features of the Bank of America® Premium Rewards® Elite Card
Annual Fee
The annual fee for the Premium Rewards® Elite Card is $550. While this is on the higher end for credit cards, the extensive benefits and rewards can outweigh the cost for those who utilize the card to its full potential.
Rewards Structure
- 3 Points per Dollar on Travel and Dining: Cardholders earn 3 points for every dollar spent on travel and dining purchases, which includes restaurants, hotels, airlines, and more.
- 2 Points per Dollar on All Other Purchases: All non-travel and dining purchases earn 2 points per dollar spent.
- Introductory Offer: New cardholders can earn 75,000 online bonus points after making at least $4,000 in purchases in the first 90 days from account opening. This bonus can be redeemed for a $750 statement credit toward travel purchases.
Flexible Redemption Options
Points can be redeemed for travel, cash back, gift cards, and more. The flexibility in redemption allows cardholders to choose the option that best suits their needs.
No Foreign Transaction Fees
For those who travel abroad, the Bank of America® Premium Rewards® Elite Card offers no foreign transaction fees, making it an excellent choice for international purchases.
Comprehensive Travel Insurance
Cardholders enjoy a range of travel insurance benefits, including:
- Trip Cancellation/Interruption Insurance: Coverage for pre-paid, non-refundable travel expenses if a trip is canceled or interrupted for a covered reason.
- Travel Accident Insurance: Provides coverage in case of accidental death or dismemberment while traveling on a common carrier.
- Baggage Delay Insurance: Reimbursement for essential purchases if your baggage is delayed for more than six hours.
Additional Benefits
- Luxury Hotel and Resort Collection: Access to special benefits at over 1,000 luxury hotels and resorts, including room upgrades, daily breakfast for two, early check-in, and late check-out.
- Priority Pass Membership: Cardholders receive complimentary membership to the Priority Pass program, granting access to over 1,300 airport lounges worldwide.
- Concierge Service: A dedicated concierge service is available 24/7 to assist with travel arrangements, dining reservations, and other requests.
How to Apply for the Bank of America® Premium Rewards® Elite Card
Applying for the Bank of America® Premium Rewards® Elite Card is a straightforward process. Here are the steps you need to follow:
- Check Your Credit Score: Before applying, ensure that your credit score is in good standing. A score of 700 or higher is generally recommended for premium credit cards.
- Visit the Official Website: Go to the Bank of America website and navigate to the credit cards section. Look for the Premium Rewards® Elite Card.
- Complete the Application: Fill out the online application form, providing necessary personal information, including your name, address, income, and Social Security number.
- Review Terms and Conditions: Carefully read through the card’s terms and conditions, including fees, interest rates, and rewards structure.
- Submit Your Application: After completing the form and ensuring all information is accurate, submit your application.
- Await Approval: You will typically receive a decision within a few minutes, though some applications may require further review. If approved, your card will be mailed to you.
Tips for Maximizing Your Rewards
Use the Card for Everyday Purchases
Maximize your rewards by using the card for all eligible purchases, particularly dining and travel expenses, where you earn the most points.
Take Advantage of the Introductory Offer
Ensure that you meet the spending requirement to earn the introductory bonus points. Plan your purchases strategically to hit the target.
Utilize Travel Benefits
Take full advantage of the travel insurance and concierge services offered by the card. These benefits can save you money and enhance your travel experience.
Redeem Points Wisely
When redeeming points, consider using them for travel purchases to maximize their value. Redeeming points for cash back may yield less value compared to travel redemptions.
Monitor Promotions
Keep an eye on special promotions or partnerships that may allow you to earn additional points on certain purchases.
Conclusion
The Bank of America® Premium Rewards® Elite Card is an exceptional choice for individuals who prioritize travel rewards, dining perks, and comprehensive insurance benefits. While the annual fee may be higher than some other cards, the array of rewards and services provided can easily justify the cost for avid travelers. By understanding the card’s features and strategically using it, you can make the most of your cardholder experience. If you’re ready to elevate your rewards game, consider applying for the Bank of America® Premium Rewards® Elite Card today!
