The Bank of America® Premium Rewards® Elite credit card*The information for the Bank of America® Premium Rewards® Elite credit card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. is a straightforward rewards credit card with premium travel perks, and the price tag to match. Our detailed Bank of America Premium Rewards Elite card review can help you decide whether to add this card to your wallet.
Bank of America Premium Rewards Elite card basics
- Annual fee: $550.
- Welcome bonus: 75,000 points after spending $5,000 on purchases in the first 90 days of account opening.
- Rewards: 2 points per $1 on travel and dining purchases and 1.5 points per $1 on all other purchases.
- APR: 21.24% to 29.24% variable APR on purchases and balance transfers. A 4% fee applies to all balance transfers.
- Recommended credit score: Excellent.
- Does the card offer preapproval? Yes.
- Other benefits: Complimentary airport lounge access, up to $450 in annual statement credits for eligible purchases, up to $100 reimbursem*nt via statement credit for Global Entry or TSA PreCheck application fees and travel protections.
Bank of America Premium Rewards Elite card review
The Bank of America Premium Rewards Elite card is best for travelers who are willing to fork over a sizable annual fee to get a rewards card with premium travel benefits. In exchange for the $550 annual fee, it offers appealing perks for travelers, especially frequent fliers including:
- Complimentary airport lounge access through the Priority Pass Select program, upon enrollment.
- 20% discount on airfare redemptions through the Bank of America Travel Center.
- Travel protections like trip delay reimbursem*nt, trip cancelation/interruption insurance, baggage delay coverage and lost luggage reimbursem*nt.
- Up to $300 in annual airline incidental statement credits for eligible purchases.
- Up to $150 in annual statement credits for eligible lifestyle convenience purchases like food delivery, fitness subscriptions, rideshare services and video streaming services.
- Up to $100 reimbursem*nt via statement credit for Global Entry or TSA PreCheck application fees, available once every four years.
For what it costs to carry, the rewards rate can easily be bested by other premium travel cards, earning just card_rewards_description_editorial pid=57629]. However, if you’re a Preferred Rewards member with the bank, you can get up to 25% to 75% more points depending on your membership tier. Bank of America Preferred Rewards® members can earn up to 2.5 to 3.5 points per $1 spent on travel and dining purchases and 1.87 to 2.62 per $1 on other purchases made with this card. That takes the card from ho-hum to holy cow for those who qualify.
This card also has no foreign transaction fees — a benefit that will appeal to international travelers. But for all but the highest tier of Premium Rewards members, the so-so ongoing rewards rate on the card means you’re essentially paying a big annual fee in exchange for the perks. If you don’t think you’ll fully maximize them, the more affordable $95-annual-fee Bank of America® Premium Rewards® credit card is likely a better fit.
Pros
- Statement credits: This card provides up to $300 in annual airline incidental statement credits, up to $150 in annual statement credits for qualifying purchases and up to $100 in statement credit as reimbursem*nt for Global Entry or TSA PreCheck application fees.
- Airport lounge perks: Once enrolled, you can get a 12-month Priority Pass Select membership, which provides complimentary access to eligible airport lounges.
- Get a 20% discount on airfare when paying with points: You’ll get a 20% discount when redeeming points for airfare through the Bank of America Travel Center.
Cons
- Annual fee: This card has a steep annual fee of $550.
- No intro APR offer: This card doesn’t provide a 0% intro APR offer on purchases or balance transfers.
- No travel transfer partners: Points can’t be transferred to travel partners, instead, travel must be booked through the Bank of America Travel Center.
Bank of America Premium Rewards Elite card rewards
The Bank of America Premium Rewards Elite card earns 2 points per $1 on travel and dining purchases and 1.5 points per $1 on all other purchases. A welcome bonus is available to new cardholders of 75,000 points after spending $5,000 on purchases in the first 90 days of account opening.
If you are a Bank of America Preferred Rewards® member, you can earn 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on other purchases. That’s between 25% and 75% more than non-members.
Using government data and other publicly available information, we estimate that a household in the U.S. that would be in the market for this card has around $25,087 in annual expenses that can be charged to a credit card. Here’s how our sample household would fare with the Bank of America Premium Rewards Elite card:
| SPENDING CATEGORY | SPENDING AMOUNT | POINTS PER DOLLAR | POINTS EARNED |
|---|---|---|---|
Travel | $5,882 | 2 points | 11,764 points |
Dining | $3,526 | 2 points | 7,052 points |
Other | $15,679 | 1.5 points | 23,518.5 points |
TOTAL | $25,087 | 42,334.5 points |
In our example, the cardholder is not part of the Bank of America Preferred Rewards® program.
The value of your rewards varies depending on the redemption method chosen. For travel, gift cards, cash rewards and concierge services, the value of one point is $0.01. The cardholder in this example earns a grand total of 42,334.5 in rewards points annually, which is worth $423.35 when redeemed in those ways. Someone at the highest Preferred Rewards tier with the same spending patterns, would have earned 74,085 points, a significant boost.
Keep in mind, if you redeem your points for airfare through the Bank of America Travel Center, you’ll get a 20% discount which means with this redemption method, the value of a point is $0.0125, so 42,334.5 points would be worth $529.18. Choose this option if you want to maximize the value of your points.
Bank of America Premium Rewards Elite card perks
The Bank of America Premium Rewards Elite includes premium travel benefits. Enrolled cardholders and authorized users get a 12-month Priority Pass Select membership, which provides complimentary access to select airport lounges.
The card also provides Visa Infinite Luxury Hotel Collection perks. Premium benefits like daily complimentary breakfast, room upgrades when available and a special amenity unique to each property may be provided at select hotels. This is available through the Concierge service.
The card also comes with the following travel and purchase protections:
- Trip delay reimbursem*nt.
- Trip cancellation/interruption.
- Baggage delay.
- Lost luggage reimbursem*nt.
- Emergency evacuation/repatriation of remains coverage.
- Common carrier travel accident insurance.
- Primary auto rental collision damage waiver.
- Roadside dispatch program.
- Purchase security.
- Warranty manager service.
- Return protection.
Missing features of the Bank of America Premium Rewards Elite card
Unlike some travel rewards credit cards with similar annual fees, the Bank of America Premium Rewards Elite card doesn’t have hotel and airline transfer partners. Many travelers use this feature to maximize the value of their points when booking hotel stays and award flights.
However, with this card you must book instead through the Bank of America Travel Center. If you want the flexibility to transfer your points, you’ll need to look elsewhere.
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Bank of America® Premium Rewards® credit card
BLUEPRINT RATING
Our ratings are based on specific use cases for each card. We compared this card to others in the same category and developed our rankings based on this criteria, along with our editorial input. Note that although we chose this card as the best in its category, the right card for you will depend on your own financial circ*mstances.
On Bank of America’s secure website
BLUEPRINT RATING
Our ratings are based on specific use cases for each card. We compared this card to others in the same category and developed our rankings based on this criteria, along with our editorial input. Note that although we chose this card as the best in its category, the right card for you will depend on your own financial circ*mstances.
Welcome bonus
Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
60,000 online bonus points
Annual fee
$95
Regular APR
21.24% – 29.24% Variable APR on purchases and balance transfers
Credit score
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
(700 – 749) Good, Excellent
Earn unlimited 2 points for every $1 you spend on travel and dining purchases. Earn 1.5 points for every $1 you spend on all other purchases. No limit to the points you can earn and your points don’t expire as long as your account remains open.
Editor’s take
Pros
- Elevated rewards on travel and dining.
- Valuable perks.
- Premium travel protections.
Cons
- $95 annual fee.
- Good to excellent credit required.
- Highest rewards rates limited to Bank of America Preferred Rewards customers.
The Bank of America® Premium Rewards® credit card earns a solid base rate on most purchases and elevated rewards on travel and dining. There’s an annual fee, but it can be justified by the annual up to $100 statement credit for flight incidentals and up to $100 statement credit every four years toward TSA’s trusted traveler programs.
Card details
- Low $95 annual fee.
- Receive 60,000 online bonus points – a $600 value – after you make at least $4,000 in purchases in the first 90 days of account opening.
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points for every $1 spent on all other purchases. No limit to the points you can earn and your points don’t expire as long as your account remains open.
- If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means you could earn 2.5-3.5 points on travel and dining purchases and 1.87 – 2.62 points on all other purchases, for every $1 you spend.
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill® accounts, or gift cards or purchases at the Bank of America Travel Center.
- Get up to $100 in Airline Incidental Statement Credits annually and TSA PreCheck®/Global Entry Statement Credits of up to $100, every four years.
- Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delays and lost luggage.
- No foreign transaction fees.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
How the Bank of America Premium Rewards Elite card compares to other premium travel cards
Bank of America Premium Rewards Elite card vs. Bank of America® Premium Rewards® credit card
If you want a straightforward travel rewards card from Bank of America, but without the expensive price tag of the Premium Rewards Elite, consider the Bank of America® Premium Rewards® credit card. It earns 2 points per $1 on travel and dining purchases and 1.5 points per $1 on other purchases– which is the same earn rate as the Bank of America Premium Rewards Elite card.
Another benefit that’s the same: Bank of America Preferred Rewards members can also earn 25% to 75% more points on this card. However, the card provides fewer statement credits than the Bank of America Premium Rewards Elite card offering up to $100 in annual airline incidental statement credits for eligible purchases and up to $100 in statement credits for TSA PreCheck or Global Entry application fees. But you won’t get complimentary airport lounge access and the auto rental collision damage waiver coverage is secondary.
Because of its many benefits and affordable annual fee, it’s included on our best Bank of America credit cards list. This card may be for you if you’re satisfied with fewer travel perks for a lower annual fee.
Bank of America Premium Rewards Elite card vs. Chase Sapphire Reserve®
The Chase Sapphire Reserve® card is among the top Chase credit cards for travelers who appreciate premium travel perks. While it has a similar $550 annual fee as the Bank of America Premium Rewards Elite card, it’s value-packed. One standout perk is the up to $300 in annual travel statement credits.
The card earns 5 points per $1 on flights and 10 points per $1 on hotels and car rentals purchased through Chase Travel℠ after the first $300 is spent on travel purchases annually. Earn 3 points per $1 on other travel and dining and 1 point per $1 on other purchases. Ultimate Rewards® points can be redeemed for travel, cash back, statement credits and gift cards. You can also transfer your points to one of Chase’s many airline and hotel partners or book travel through the Chase Travel℠ portal. When booking through the Chase Travel portal, points are worth 50% more.
The Sapphire Reserve card also offers up to $100 in statement credit as reimbursem*nt for TSA PreCheck or Global Entry application fees. If you enroll, you can get a Priority Pass Select membership, which offers complimentary entry to eligible lounges. This credit card also includes extensive travel protections including primary rental car insurance and trip cancellation coverage. Overall, it has more to offer than the Bank of America Premium Rewards card.
Bank of America Premium Rewards Elite card vs. Capital One Venture X Rewards Credit Card*The information for the Capital One Venture X Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.
The Capital One Venture X tops our list of the best Capital One credit cards with a more palatable annual fee of $395. The card earns 2 miles per $1 on purchases, 5 miles per $1 on flights booked through Capital One Travel and on purchases through Capital One Entertainment and 10 miles per $1 on hotels and rental cars booked via Capital One Travel. It also comes with a $300 annual statement credit for bookings through Capital One travel, and a 10,000-mile anniversary bonus every year.
Capital One miles can be applied to recent travel purchases, redeemed for travel purchases booked through Capital One Travel or transferred to any of Capital One’s travel transfer partners. The card also offers Priority Pass Select membership (enrollment required), which includes entry to Plaza Premium lounges and also offers access to the growing network of Capital One Lounges. It has a lower annual fee, higher rewards and more flexible rewards than the Bank of America Premium Rewards Elite card.
Is the Bank of America Premium Rewards Elite card worth it?
The Bank of America Premium Rewards Elite card’s annual fee may be worth it for Bank of America Preferred Rewards members who can earn high rewards on their spending and are seeking the perks that come with this card.
But for most, there are other premium travel cards that offer similar benefits and greater rewards flexibility.
Bank of America Premium Rewards Elite card is right for you if:
- You want a credit card that earns easy-to-understand rewards and you are comfortable booking flights through the Bank of America Travel Center.
- You value premium travel perks like complimentary airport lounge access.
- You are a Bank of America Preferred Rewards member.
If the card doesn’t seem like a fit, check out our best credit cards list to find a card with different features.
Frequently asked questions (FAQs)
The Bank of America Premium Rewards Elite card may be worthwhile for frequent fliers who can utilize the included perks like the up to $300 annual airline incidental statement credits for eligible purchases and the complimentary Priority Pass Select membership upon enrollment.
The $95-annual-fee Bank of America Premium Rewards card may be a better option if you’re comfortable with fewer travel perks and prefer a lower annual fee.
Multiple factors such as your credit score, payment history and credit utilization can influence your credit limit. Cardholders approved for the Bank of America Premium Rewards Elite card can expect a credit limit of at least $10,000.
The annual fee for the Bank of America Premium Rewards Elite card is $550.
Yes, the Bank of America Premium Rewards Elite card is made of metal.
The Bank of America Premium Rewards Elite card includes many benefits that will appeal to travelers, especially those who fly often. Top benefits include a Priority Pass Select membership for complimentary access to eligible airport lounges, a 20% discount when redeeming points for airfare through the Bank of America Travel Center and up to $300 in annual airline incidental statement credits for qualifying purchases like baggage fees and seat upgrades.
*The information for the Bank of America® Premium Rewards® Elite credit card and Capital One Venture X Rewards Credit Card has been collected independently by Blueprint.The card details on this page have not been reviewed or provided by the card issuer.
