At NerdWallet, we try that can assist you make monetary selections with confidence. To do that, many or the entire merchandise featured listed here are from our companions. Nevertheless, this doesn’t affect our evaluations. Our opinions are our personal.
You’ve utilized for the Financial institution of America® Premium Rewards® bank card and have been accepted. When you obtain it within the mail, what do you have to do subsequent?
1. Plan your subsequent trip over dinner
Cardholders obtain 2 factors per $1 on journey and eating and 1.5 factors per greenback on different spending. Get pleasure from a leisurely dinner and plan an thrilling trip to benefit from these factors. Along with the bonus factors, the Financial institution of America® Premium Rewards® bank card comes with journey advantages like journey delay and cancellation/interruption safety, misplaced baggage reimbursement, journey accident insurance coverage, emergency evacuation and transportation protection, in addition to rental automobile collision protection.
Low on trip time for the yr? Plan a staycation. Financial institution of America has a beneficiant definition of journey spending. Along with accommodations, airways and journey businesses, you’ll earn 2 factors per $1 for vacationer sights like artwork galleries, amusement parks, carnivals, circuses, aquariums, zoos and extra. Even when a staycation isn’t within the playing cards for you, earn 2 factors per $1 in your morning commute, as toll charges and parking are additionally coded as journey.
» Be taught extra: Financial institution of America® Premium Rewards® bank card evaluation: Massive bonuses for B of A’s finest prospects
2. Be part of the Financial institution of America Most popular Rewards program
Arguably the perfect perk for cardholders is the bonus perk for Financial institution of America prospects with bigger balances.
If in case you have a $20,000 mixed stability, you’ll be able to join Financial institution of America Most popular Rewards. You’ll get a 25% enhance in your rewards factors, leading to 2.5 factors per $1 for journey and eating places and 1.85 factors per $1 on all different spending. For these with balances over $50,000, the reward level enhance is 50%, for three factors per $1 on journey and eating and a couple of.25 on every part else. These with balances over $100,000 obtain a whooping 75% rewards factors enhance, making their journey and restaurant spending value three.5 factors per $1 and all different spending 2.625 factors per $1.
To obtain these perks, you must be a member of the Financial institution of America Most popular Rewards program. If in case you have an eligible Financial institution of America private checking account and three months with a median mixed stability of $20,000 or better in qualifying Merrill Lynch, Merrill Edge and Financial institution of America accounts, you’ll be able to enroll in Most popular Rewards on-line.
When you qualify for a tier, you’ll keep it for 12 months. If you happen to meet the minimal for the subsequent tier, Financial institution of America will routinely bump you up and also you’ll see the bonus mirrored in your subsequent assertion.
» Be taught extra: Financial institution of America Most popular Rewards: Extra rewards with each swipe
three. Get a beneficiant sign-up bonus
The Financial institution of America® Premium Rewards® bank card has an annual payment of $95 and has the next sign-up bonus: Obtain 50,000 bonus factors – a $500 worth – after you make not less than $three,000 in purchases within the first 90 days of account opening. You possibly can redeem this sizable bonus numerous other ways.
After getting not less than 2,500 factors, you’ll be able to obtain money again to your assertion or into your Financial institution of America account, deposit your credit score to eligible Merrill Edge and Merrill Lynch accounts, redeem for present playing cards or use your factors on the Financial institution of America Journey Middle.
four. Apply for World Entry or TSA Precheck
The Financial institution of America® Premium Rewards® bank card comes with a $100 World Entry or TSA Precheck software payment credit score, legitimate each 4 years. Frequent vacationers know the advantage of TSA Precheck and World Entry in the case of dashing by safety and shaving treasured break day ready in strains on the airport. Plus, the $100 reimbursement for this can cowl the cardboard’s $95 annual payment for the primary yr.
5. Convey further baggage and receives a commission to have this card
If the TSA Precheck or World Entry payment credit score wasn’t sufficient to entice you, there’s additionally an annual $100 credit score for airline incidental charges. This implies you’ll be able to deliver further luggage in your journey, improve your seat, take pleasure in in-flight purchases, or calm down within the airline lounge, understanding these charges will probably be lined with the $100 credit score.
This perk, in addition to your 2 factors per $1 earned on journey, applies to airways with particular service provider class codes, so make sure you learn up earlier than assuming your bag payment will probably be lined. The $100 credit score is routinely utilized to relevant purchases every year, primarily eliminating the expense of the $95 annual payment.
» Be taught extra: Airline bank cards that provide free checked luggage
Nonetheless unsure if the Financial institution of America Premium Rewards card is for you? Have a look at our evaluations of high journey credit score playing cards to see different choices.
Methods to maximize your rewards
You need a journey bank card that prioritizes what’s essential to you. Listed below are our picks for the perfect journey bank cards of 2019, together with these finest for:
Planning a visit? Take a look at these articles for extra inspiration and recommendation:
Financial institution of America Premium Rewards vs. Chase Sapphire Most popular
Discover the perfect journey bank card for you
Earn extra factors and miles with these 6 methods