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Author - Sam
Updated: December 1, 2023 | Credit Card Review The Premium Rewards card earns 2 points per dollar spent. Bank Of America Preferred Rewards customers can get an additional 25-75% reward bonuses on every purchase. Card benefits include an annual $100 airline incidental credit. Global Entry or TSA Precheck, no foreign transaction fees, purchase protection, baggage insurance, and more!
- Credit: Good credit needed
- Max cards: Bank of America will only approve you for 2 Bank of America personal cards within 2 months, 3 Bank of America personal cards within 12 months, and 4 Bank of America personal cards within 24 months
- You cannot get approved for a personal Bank of America card if you have more than 5 Bank of America personal credit cards open
- BOA 2/6 cards in 12 months rule: Bank of America will not approve you for their credit card if you opened more than 2 cards in the past 12 months, even if it’s from other issuers. Unless you are a BOA bank account holder, then you can get approved even if you opened up to 6 cards in 12 months
- 24 month rule: The Premium Rewards Card may not be available to you if you currently have or have had the Premium Rewards Card in the past 24 month period. Based on these terms, it seems that you "may" not be eligible for a new card until your previous card is closed for a full 24 months
Apply for two cards: If you apply for one Bank Of America card and get approved, it is recommended to apply for a second card since Bank Of America is very good about approving for two cards, even within the same day
- Credit bureau: Bank Of America will usually pull your Experian credit report (If you freeze Experian then Bank Of America will pull your TransUnion credit report)
- Combining same-day credit inquiries: Credit inquiries for all Personal BOA cards for applications within 30 days will be combined
- Check application status: You can check your application status here
- Reconsideration: I don't have a direct line to Bank of America's reconsideration department. If declined, you can call the new accounts fraud department at 1-888-230-6262, and they can connect you to the reconsideration department
Quickest way to get my card: You can request Bank of America to expedite your physical card by calling Bank of America customer service. Bank of America will in most cases not offer an instant credit card number for your new card.
- Downgrade options: You can downgrade the Premium Rewards card ($95) to any of the following cards: Bank Of America Customized Cash Rewards ($0), Bank Of America Travel Rewards ($0), Bank Of America Unlimited Cash Rewards ($0).
Approval Monitor (submitted by HelpMeBuildCredit users)
Credit limit range $8,000-$65,000
Avg. Credit limit$19,813
Disclosure: These results are based on information submitted by HelpMeBuildCredit users. Credit card approval results are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. Neither HelpMeBuildCredit nor the bank advertiser's take any responsibility on the accuracy of the information.
HelpMeBuildCredit credit ranges are a variation of FICO®️ Score 8, one of many types of credit scores lenders may use when considering your credit card application
Primary coverage on rentals outside your county of residence for collision damage and theft (excluding Israel, Jamaica, the Republic of Ireland, or Northern Ireland). Coverage is for rentals for up to 15 days within your country of residence, and up to 31 days outside your country of residence.
Get a $100 airline incidental fee credit each calendar year to cover purchases like seat upgrades, luggage overweight fee, etc.
Get your original manufacturer’s warranty time doubled (up to a year). (Will only cover if the original warranty is for 3 years or less). Max $10,000 per claim, $50,000 per account.
Bonus rewards with Bank Of America Preferred Rewards. Platinum Honors members ($100,000 or more in your Bank of America accounts) earn 75% more rewards on all purchases, Platinum members ($50,000 or more in your Bank of America accounts) earn 50% more rewards on all purchases, Gold members ($20,000 or more in your Bank of America accounts) earn 25% more rewards on all purchases.
Get a statement credit for Global Entry or TSA Pre-Check every 4 years.
Get up to $3,000 per trip for lost or stolen luggage. Max is $2,000 per bag for NY residents.
If your baggage is delayed for 6+ hours, you can claim up to $100 per day to cover expenses like toiletries & clothing, for up to 5 days.
Get refunded if your purchase is damaged, or stolen for up to 90 days from the date of purchase. Max $10,000 per claim.
Not happy with a purchase? Get a refund on purchases that have passed the store return policy – up to 90 days from the date of purchase. Max $250 per claim, max $1,000 per year.
Get roadside service assistance.
Coverage for canceled or interrupted travel due to an unforeseen medical emergency etc. Max $2,500 for non-refundable airfare.
If your flight is delayed for 12+ hours, you can claim up to $500 per person to cover expenses like meals, lodging, toiletries, medication, and other personal use items.
