Bank of America® Premium Rewards® Credit Card: Instant Access & Valuable Rewards

Introducing the Offer

The Bank of America® Premium Rewards® credit card delivers solid value for those who travel or dine out often. It offers 2 points per dollar on travel and dining and 1.5 points on all other purchases. There is a $95 annual fee, and new applicants can earn a robust bonus of 60,000 points, equivalent to $600, by spending $4,000 in the first 90 days.

This card provides up to $200 in travel statement credits and benefits are boosted for Preferred Rewards members, letting you earn significantly more if you keep qualifying balances with Bank of America®. With digital wallet capabilities, you can enjoy instant access if you qualify.

Those who are already Bank of America® customers and apply through the bank’s mobile app may be eligible to use their new card instantly. The process is straightforward and can help you access your credit line without waiting for the physical card to arrive.

How to Apply: Step by Step

Start by checking if you are already a Bank of America® customer with a qualifying bank account. Open the mobile app and look for targeted credit card offers under the relevant promotions.

Select the Premium Rewards® credit card. Complete the application form and provide required personal and financial information as prompted.

Upon approval, add your new virtual card information to a digital wallet like Apple Pay or Google Pay directly from the app. Use your card for purchases immediately, both online and in-store where digital wallets are accepted.

Wait for your physical card to arrive in the mail, typically within 7–10 business days, for full access and traditional in-person use.

Pros of the Card

The primary advantage is the ability to earn 2 points per dollar on travel and dining, which suits frequent travelers and food lovers. The $600 sign-up bonus and $200 travel credit each year make it an excellent choice for maximizing value.

Instant access via the digital wallet is a unique and practical perk, especially for those who need to use their credit line quickly. Rewards can also increase 25–75% for customers in the Preferred Rewards program, elevating the value further.

Cons to Consider

The $95 annual fee could be a drawback for users who spend less on travel and dining. To maximize benefits, it helps to have a strong relationship with Bank of America®, which may not suit everyone.

Instant access is only available to existing Bank of America® customers who apply via a targeted offer in the mobile app. Physical card delivery still takes several days for full functionality.

Our Verdict

The Bank of America® Premium Rewards® credit card stands out for its generous rewards, substantial bonus, and appealing travel perks. Instant use through digital wallets adds convenience for existing customers.

If you travel frequently, dine out often, and are a Bank of America® customer, this card could be one of the most valuable in your wallet. Evaluate your spending habits to ensure the rewards and perks offset the annual fee.