You’ll need an excellent credit score to get the Bank of America Premium Rewards credit card. It can take time to build excellent credit, and there are good alternative credit cards available, as well.
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If you’re considering applying or were recently rejected, you may be wondering about the minimum credit score needed for the Bank of America® Premium Rewards® credit card. As a premium rewards card, you’re going to need excellent credit to qualify for a new account.
The Premium Rewards card is a great option for travel rewards with 2 points per dollar on travel and dining purchases and 1.5 points per dollar on everything else. It includes a $100 annual statement credit for airline incidentals, a TSA PreCheck or Global Entry credit, and other valuable benefits and rewards.
Keep reading to learn more about the Bank of America Premium Rewards card and how you can prepare to maximize your approval odds.
What credit score is needed for the Bank of America Premium Rewards card?
While the Bank of America doesn’t publish a specific minimum credit score for the Premium Rewards card, it typically requires excellent credit for approval. Most lenders consider a FICO score of 740 or higher to be excellent. You can check your credit score for free before applying to find out where you stand today.
Credit card companies don’t only look at your credit score when approving a new account. In some situations, you may be turned down with a higher credit score or approved with a lower credit score. Other important factors include the details on your credit report and debt-to-income ratio, among others.
If you’re looking to build an excellent credit score, work hard to keep your credit card balances low and make all payments on time. Staying engaged with your credit will help you make the right credit-related decisions to join the 800+ credit score club and hopefully get this card if you want it.
What can I do if my application is denied?
When anyone is turned down for a credit application, the lender is required by law to explain the reason clearly. Keep a lookout for a letter from the credit card company explaining why your application was denied. In most cases, the letter will arrive within seven to 10 business days.
If you were denied due to missing information or you disagree with the reasoning, consider calling the credit card company’s customer service for a second review of your application. Bank of America doesn’t have a published reconsideration line, so you can start with its customer service line: 1-800-432-1000. You can discuss the denial with a credit analyst who has the power to approve your application. If you already have one or more credit cards with the company, you may get approved for a new card if you’re willing to lower the limit on an existing card.
Depending on the circumstances, it could be a quick and easy call. If you were denied for credit-related reasons, however, you can still work to improve your credit score and reapply at a later date.
How can I improve my score to get this card?
To qualify for the Bank of America Premium Rewards card, you may need to improve your credit score. The two most significant factors in a credit score are your payment history and credit balances. Focus on these areas first, as they make up about two-thirds of your credit score.
If you have high balances on existing credit cards and can afford to pay them off quickly, that’s likely the fastest way to improve your credit score. Also, be sure to make all credit card and loan payments by the due date, as late and missed payments drag down your score for up to seven years.
The other factors in your credit score are your length of credit history, new credit and credit mix. Longer credit histories help your credit score as long as you handle the accounts responsibly. New credit temporarily lowers your credit score in several ways, both from a new inquiry on your credit report and from adding a new account with no history. However, these penalties eventually go away on their own. Finally, it’s beneficial to have several credit types, not just one.
To do well with these areas of your credit, avoid applying for new credit unless you really need it, and avoid closing old accounts – unless they have an expensive annual fee. While you may feel an urge to tinker with your credit, leaving it alone and paying your bills on time is the best long-term strategy to improve your credit score.
The Bank of America Premium Rewards card has a compelling set of rewards and benefits. With an opportunity to earn 50,000 bonus points with a new account (after spending $3,000 in your first 90 days), premium travel and purchase protections, annual travel statement credits and more, the Bank of America Premium Rewards credit card packs in a lot of value.
If your credit score isn’t in the excellent range quite yet, consider the Bank of America® Customized Cash Rewards card, which requires a good credit score of at least 670, or any of these credit cards for applicants with good credit. Once your credit score reaches the excellent range, you can always apply again in the future.
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