Tag: competitive rewards program

Bank of America Premium Rewards Credit Card: Your Ultimate Travel Companion

The Bank of America Premium Rewards Credit Card is an appealing choice for travel enthusiasts looking to maximize their rewards and enjoy exclusive perks. Issued by Bank of America, one of America’s leading financial institutions, this card is tailored to those who prefer to earn travel rewards and enhance their spending power.

Card Type

This card belongs to the travel rewards category, making it ideal for individuals who travel frequently and want to earn valuable points for their expenses. It also suits those with varying spending habits, thanks to its generous rewards program.

Annual Fee

The Bank of America Premium Rewards Credit Card comes with an annual fee of $95. This fee is relatively modest compared to other premium credit cards, especially given the extensive benefits and rewards structure the card offers.

Rewards Program

The rewards structure is competitive and designed to cater to a wide range of spending categories. Cardholders earn:

• 2 points per dollar spent on travel and dining purchases.
• 1.5 points per dollar spent on all other purchases.

Points can be redeemed for a variety of options, including cashback, statement credits, travel bookings, and more, maximizing their flexibility.

Sign-Up Bonus

Upon qualifying for the card, new cardholders can earn a sign-up bonus of 50,000 online bonus points after making at least $3,000 in purchases within the first 90 days of account opening. This bonus equates to a $500 credit toward travel expenses, making it a substantial benefit for new users.

APR (Annual Percentage Rate)

The regular APR for the Bank of America Premium Rewards Credit Card ranges from 16.24% to 24.24%, depending on the applicant’s creditworthiness. The card also offers a promotional 0% introductory APR on purchases for the first 12 billing cycles, allowing holders to make travel purchases without immediate interest charges.

Foreign Transaction Fees

One of the card’s most appealing features is that it charges no foreign transaction fees. This makes it an excellent option for travelers who frequently purchase items abroad without worrying about additional charges.

Balance Transfer Options

While the focus of this card is not primarily on balance transfers, it does offer a 0% introductory APR for 12 billing cycles on balance transfers made in the first 60 days. However, a balance transfer fee of 3% applies.

Additional Fees

Aside from the annual fee and balance transfer fees, cardholders should be aware of:

• Late payment fee: Up to $40 if payment is not received by the due date.
• Cash advance fee: Either $10 or 3% of the amount of each cash advance, whichever is greater.

Card Benefits and Perks

The Bank of America Premium Rewards Credit Card is loaded with a variety of benefits, including:

• Travel insurance: Coverage for trip cancellation, interruption, and delay.
• Rental car insurance: Secondary coverage for most rental car agreements.
• Access to VIP airport lounges: Enjoy access to over 1,000 airport lounges worldwide through their partnership with LoungeKey.

Customer Protections and Insurance

Bank of America emphasizes security and customer support by providing:

• Fraud liability protection: Cardholders are protected against unauthorized transactions.
• Purchase protection: Coverage for eligible new purchases against theft or damage for up to 90 days.

Eligibility and Credit Score Requirements

Applicants should generally have a good to excellent credit score (typically a score of 700 or higher) to qualify for this card. Other criteria may include income level and existing debt obligations.

Introductory Offers

The introductory offer includes a 0% APR on purchases for the first year, making it a strategic choice for new cardholders looking to finance travel expenses or large purchases without incurring interest charges.

Special Features or Unique Selling Points

What sets this card apart from others in the travel rewards sector includes:

• Annual $100 airline incidental statement credit: This can be used for in-flight refreshments or baggage fees.
• No expiration on points: Cardholders can save their points indefinitely until they choose to redeem them.

How to Apply

Applying for the Bank of America Premium Rewards Credit Card is a straightforward process. Interested individuals can apply ‘>Apply Here and start your travel rewards journey today!

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