Bank of America Premium Rewards Credit Limit: One of the most important factors to consider when choosing a credit card is the credit limit. With the Bank of America Premium Rewards credit card, understanding how your credit limit works, what factors affect it, and how to increase it will help you get the most from these premium rewards and travel cards
What is the Bank of America Premium Rewards Credit Card?
The Bank of America Premium Rewards Credit Card is designed for people who value travel and dining. It offers features such as:
- 2 points per dollar on travel and dining.
- 1.5 points per dollar on other purchases.
- Welcome bonus of 50,000 points after meeting minimum spending requirements.
- Benefits include a $100 TSA PreCheck/Global Entry credit and a $95 annual fee.
However, to take full advantage of these benefits, you need to know your credit limit.
Bank of America Premium Rewards Elite benefits
Bank of America Premium Rewards Credit Limit
The credit limits of these cards vary widely depending on several factors. However, here is a general range to expect:
- Low range: $1,000 to $5,000 for new cardholders with limited to moderate credit.
- Average range: $5,000 to $15,000 for people with good to excellent credit and stable income.
- High Tier: $15,000 and up for people with excellent credit and a solid financial profile who typically participate in Bank of America’s Preferred Rewards program.
The exact credit limit you will receive will be determined during the application process, but these ranges give a general idea of what to expect.
Review of the Bank of America Premium Rewards Elite Card
Factors Affecting Your Credit Limit
Bank of America considers several factors when determining credit limits for Premium Rewards cards:
Solvency
- Higher credit limits are generally available for applicants with credit scores of 700 or higher.
Income to debt ratio
- A high income and a low debt-to-income (DTI) ratio increase the likelihood of a high credit limit.
Existing relationship with Bank of America
- If you are a loyal customer or member of a Preferred Rewards program, additional restrictions may apply.
Credit history
- Years of responsible credit utilization with timely payments and low credit utilization can have a positive impact on the credit limit offered.
Current Loans
- If you have too much debt, Bank of America may limit the amount you can raise.
Bank of America Premium Rewards Credit Card – Full Review
How to increase your credit limit
If you’re considering increasing your credit limit on the Bank of America Premium Rewards Credit Card, here are some steps to consider:
Use the card responsibly
- Always pay your bills on time and keep your credit utilization below 30%.
Request a credit limit increase
- You can request an increase through the mobile app, on the Bank of America website or by calling customer service.
Update your income information
- Please provide accurate and current income information to demonstrate your ability to handle higher limits.
Sign up for the rewards program of your choice
- Membership levels (Gold, Platinum and Platinum Honors) may increase your credit limit.
- Gold: Assets from $20,000 to $50,000.
- Platinum: Assets between $50,000 and $100,000.
- Platinum Award: Net worth over $100,000.
Wait for push notifications
- Bank of America regularly monitors your account and may increase your credit limit if you demonstrate that you are using credit responsibly.
Tips for managing a high credit limit
A higher credit limit can offer more financial flexibility, but it also comes with liabilities:
- Avoid Overspending: Stick to a budget to avoid accumulating too much debt.
- Pay in full: Always pay your balance in full to avoid interest charges and maintain good credit.
- Check your account: Check your account periodically for fraudulent activity, especially if you use your card frequently.
The credit limit of the Bank of America Premium Rewards Credit Card can have a significant impact on your financial flexibility and ability to earn rewards. Although the limit you get depends on your credit score and financial profile, there are certain steps you can take to get a higher limit.
By understanding the factors and managing your credit responsibly, you can maximize the benefits of this travel and dining card and make it an important tool in your financial portfolio.
If you plan to apply, make sure your credit score and income meet the card’s requirements. For existing cardholders, regularly monitoring and optimizing credit utilization can pave the way for higher limits in the future.