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BofA Premium Rewards Approval 18K @ 15.99%

Super Contributor

BofA Premium Rewards Approval 18K @ 15.99%

I recently got a Preapproved Offer for the Premium Rewards card in my Bank of America app + website.  I was a little leary since I opened a lot of new accounts last year and was turned down in the past two months for other cards and credit limit increases due to that reason.  After starting another thread and discussing it with the community, I decided to go for it last night!  



Starting Limit $18K

APR 15.99% (Lowest Available)




A year ago, about the time I signed up for My Fico, I was not even aware of the Premium Rewards card and had no idea how the Bank of America "Preferred Rewards" program worked.   In reading all the threads and studying the banking websites for different cards, this one really started getting my attention.  As well documented in numerous other My Fico threads, it is a relationship card that is designed for and best suited for those who have money in banking or investments with Bank of America.  (WITHOUT the bonuses for "Preferred Rewards" status, the rewards appear very mediocre compared to many mainstream cards.  WITH the bonuses, it becomes a leading card option.)  There are numerous examples of My Fico members who were declined for this card with very high FICOs and high income.   Lack of a relationship (at a minimum, a checking account) greatly decreases your chance of approval.  On the other hand, having a long-term relationship with more serious intentions greatly increases your odds.   I think Bank of America guards this card to protect it from SUB-chasers, as the 50K point bonus is worth $500. 


So due to the above, I've been plotting this application for probably about nine months.  My history with Bank of America goes back to 1998 and I used them for one of my main checking and savings accounts for about 15 years.  Those accounts have been closed for several years.  I've had a credit card with them for over 20 years, on which I had paid down some large balance transfers.  I've never had a mortgage or car loan with them.  My recent history until October 2019 was just a Cash Rewards credit card, with recent CLIs up to $70K.  I started renewing my relationship by reopening checking and savings accounts.   By starting a Direct Deposit and transferring $4K in 90 days, I earned a $300 SUB.   For being a "Preferred Rewards" member, I'm in the process of earning a $375 SUB (higher than the standard offer) for opening a Merrill Lynch investment account and transferring new money.  And then the Premium Rewards card bonus will net $500.  In total, I should earn $1,175 in SUBs from Bank of America in less than a year! Smiley Happy


With the earnings boosts of 25%, 50%, or up to 75% with "Preferred Rewards", the Premium Rewards card can top out at earning an uncapped 3.5% cash back on all dining and travel plus an uncapped 2.625% on uncategorized spend.  (My AOD FCU Visa that just came out in April barely beats that at 3%, but it's still good to have the PR card also as that AOD card may not be sustainable.)   The Preferred Rewards program also boosts my earning on my Cash Rewards card by 75%, so my selected category becomes 5.25% instead of 3% and my grocery-warehouse spend goes from 2% to 3.5%!  It's a great card combo.


And while there's a $95 AF, Bank of America essentially pays you to carry this card, even not accounting for the $500 SUB or the earning structure!  There is a TSA Global Entry credit and also an annual $100 Airline Fee credit.    


While I completed my Chase Quadfecta last year (Sapphire Reserve - Freedom Unlimited - Freedom - INK) which gives me great value in Ultimate Rewards points for travel, I like having high value cash payout options for when I don't need more travel points.  While I started this process well before the coronavirus pandemic, these times are a great example of the value of not concentrating all your rewards into one "currency" (whether it's cash or one or more types of point systems.)  Diversity and Flexibility are great tools to have!


EDIT:  Forgot to mention another data point.  I had a single CRB HP from EX.   My FICO was about 834 at the time. 


Another DP:  Some members have reported BofA "borrowing" from an existing high CL to approve a new card.  It took me a couple of days to verify but my previous high limit on my Cash Rewards card ($70K) still appears intact and the $18K on PR is additional credit.

Business Cards

Length of Credit > 40 years; Total Credit Limits >$900K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0 - SYCH - 65.0
AoOA > 30 years (Jun 1993); AoYA (Feb 2024)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 1 of 54
Legendary Contributor

Re: BofA Premium Rewards Approval 18K @ 15.99%

Message 2 of 54
Mega Contributor

Re: BofA Premium Rewards Approval 18K @ 15.99%

Congratulations on your approval! You got your goal card!

Message 3 of 54
Community Leader
Super Contributor

Re: BofA Premium Rewards Approval 18K @ 15.99%

Congratulations on your BofA Premium Rewards approval! This is a long-term goal card of mine once I am out of college and in the real world.

Current Cards (in order of approval):

Current FICO 8 | 9 (April 2024):  
Credit Age:  
Inquiries (6/12/24):  
Banks & CUs:

Message 4 of 54
Valued Contributor

Re: BofA Premium Rewards Approval 18K @ 15.99%

The jedi master strikes back, congrats @Aim_High!

Looks like that card will fit in nicely with your lineup, particularly with the preferred rewards structure, with the sub and the benefits looks like a sweet deal, nice acquisition!

Message 5 of 54
Frequent Contributor

Re: BofA Premium Rewards Approval 18K @ 15.99%

Congratulations!  I know you had been considering this card for a while and what a great pick up!  

Time for some fireworks!  

Message 6 of 54

Re: BofA Premium Rewards Approval 18K @ 15.99%

Congrats Aim_High.

I too was approved today after trying all last year up to this year on June 15th. On that day got the under review message. Then out of the blue, got a call this afternoon telling me my Experian and Transunion CRAs were frozen. Oops! I forgot. Was told I could unfreeze either one. Well, Ex was 775 and Tu is 742. So you know which one I quickly unfroze. 10 min later was approved for $14k. 

No previous relationship with B of A, but I did drop over $245k in a new checking account last month. 

Message 7 of 54
Not applicable

Re: BofA Premium Rewards Approval 18K @ 15.99%

Yay, beautifully done @Aim_High that card, wish I qualified.  👏🏻👏🏻👏🏻🎉🎉🎉

Message 8 of 54
Not applicable

Re: BofA Premium Rewards Approval 18K @ 15.99%

@Aim_High  Super Congrats on your BofA Premium Rewards approval!!! Smiley Very Happy

Message 9 of 54
Not applicable

Re: BofA Premium Rewards Approval 18K @ 15.99%

BOOOOOM,  great approval! Congrats!  Nice SL, too!

Message 10 of 54
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