In order to receive a promotion, the character must, first of all, be level 20 or higher. Secondly, only accounts with Premium Time can receive a promotion. Finally, it will cost 20,000 gp to receive the promotion when you are ready.
A very valuable benefit of promotion is the reduced loss in a death. Buying Promotion will reduce the experience and skills lost in a death by 30%, unlike Blessings, this benefit will be in effect as long as you have the promoted character.
NOTE: When a promoted character loses premium, they will temporarily lose the promotion until they get premium back again. However, changes to the website are not immediately active: the character will show as promoted until they next log in and out, when the website will be updated.