Introduction to the Bank of America Premium Rewards Elite Card
As a high-end travel rewards card, the Bank of America Premium Rewards Elite offers several ways to earn rewards and solid cardholder benefits. However, it doesn't offer any airline or hotel transfer partners — a major perk of most premium competitors.
We compared this card to top performers in our guide to the best travel rewards credit cards and found it falls short of our standard for a premium travel card. Here's why.
$550
N/A
21.24% - 29.24% Variable
Earn 75,000 bonus points
Excellent
- Includes airport lounge access
- Up to $300 annual credit for annual airline incidentals
- 20% off airfare booked with reward points
- Pricy annual fee
- Top reward rate limited to customers with $100k+ in Bank of America investments
- No intro APR
Bank of America Premium Rewards Elite Overview
Key Features and Benefits
The Bank of America Premium Rewards Elite credit card earns 2x per dollar spent on travel and dining expenses and 1.5 points per dollar on all other purchases.
Bank of America Preferred Rewards® members earn 25% to 75% more points, depending on their status tier in the loyalty program.
The Bank of America Premium Rewards Elite offers $300 per year in statement credits for airline incidental fees, plus up to $150 each year towards video streaming services, food delivery, fitness subscriptions, and rideshare services. This card also offers up to four Priority Pass™ Select memberships and does not charge foreign transaction fees.
$550
N/A
21.24% - 29.24% Variable
Earn 75,000 bonus points
Excellent
- Includes airport lounge access
- Up to $300 annual credit for annual airline incidentals
- 20% off airfare booked with reward points
- Pricy annual fee
- Top reward rate limited to customers with $100k+ in Bank of America investments
- No intro APR
Bank of America Premium Rewards Elite Rewards
Like most travel rewards cards, the Bank of America Premium Rewards Elite offers several ways to earn and redeem points, including a welcome bonus, and rewards for spending on different categories of purchases.
If you're a Bank of America Preferred Rewards member, you may also qualify for an additional bonus of 25% to 75% on your rewards.
Welcome Bonus
New customers can earn 75,000 bonus points after you make at least $5,000 in purchases in the first 90 days of account opening. This bonus is worth $750, and potentially more when you redeem your points for airfare booked through the Bank of America Travel Center.
Earning Points with the Bank of America Premium Rewards Elite Credit Card
This card earns 2x per dollar spent on travel and dining, and 1.5 points per dollar spent elsewhere.
Bank of America Preferred Rewards
Bank of America Preferred Rewards members earn rewards on top of their rewards, based on status tier:
- Gold: 25% bonus
- Platinum: 50% bonus
- Platinum Honors and Diamond: 75% bonus
This additional boost means some members can earn as much as 1.87 to 2.62 points for most purchases, and up to 2.5 to 3.5 points on travel and dining purchases.
To qualify for Gold, the lowest-tier status in the Bank of America Preferred Rewards program, consumers must maintain a minimum balance of $20,000 in Bank of America or Merrill accounts over a three-month period.
Redeeming Points with the Bank of America Premium Rewards Elite Credit Card
Points earned on the Bank of America Premium Rewards Elite can be redeemed at a value of one cent per point toward travel, cash back, statement credits, experiences or gift cards.
When you redeem your points for airfare booked through the Bank of America Travel Center, you'll receive a 20% discount on the points redeemed, making each point worth 1.25 cents.
However, you can't transfer rewards earned from this card to any airline or hotel partners — a feature available from most premium travel rewards competitors. This is just one of several ways in which the Bank of America Premium Rewards Elite falls short.
Bank of America Premium Rewards Elite Benefits and Features
While you'll pay a premium price for the Bank of America Premium Rewards Elite, the value of the benefits below should outweigh its cost for most cardholders. That being said, other top credit cards offer many of the same benefits, so compare apples to apples when deciding which option to apply for.
If you pay for eligible travel using this credit card, you can expect the following protections and benefits:
Trip Delay Reimbursement
This benefit offers up to $500 per ticket for you and eligible family members to reimburse you for expenses when a trip is delayed for more than six hours or requires an overnight stay.
For example, if your flight is delayed and you miss your connection, forcing you to spend the night away from home, you'll be reimbursed for reasonable hotels, meals, and transportation costs.
Trip Cancellation or Trip Interruption Insurance
This benefit offers you reimbursement for nonrefundable expenses if you have to cancel or interrupt your trip due to a covered reason.
For example, if you have an illness or injury that prevents you from traveling, or if there's been a natural disaster at home or at your destination that causes you to cancel or interrupt your trip, this benefit can cover the cancellation fees.
Baggage Delay
If your bags are delayed on a trip purchased using this credit card, you may be eligible for reimbursement of basic necessities. Check your Visa Infinite benefits guide for specific details.
Lost Luggage Reimbursement
If you pay for travel with this credit card, you may be reimbursed for up to $3,000 per trip in eligible lost belongings when your bags are lost or stolen in transit by your travel carrier.
Auto Rental Collision Damage Waiver
This policy covers up to $75,000 for damage due to theft or collision of a rental car. This coverage is primary, which means that you won't need to first file a claim with your personal automotive policy.
Visa Infinite Car Rental Benefits
This benefit offers complimentary status upgrades for Avis®, Hertz® and National® car rentals. As a result, you can expect VIP amenities, car upgrades and discounts. For example, you'll be able to skip the counter and go directly to your car.
Up to 4 Priority Pass Select Memberships
This card comes with free unlimited access to over 1,500 airport lounges around the world that are part of the Priority Pass Select program.
Airport lounge access is a common benefit on many premium travel rewards cards, but most only offer membership for the cardholder. In contrast, the Bank of America Premium Rewards Elite offers up to four memberships at no additional charge.
Furthermore, these memberships offer credits at select airport restaurants that are part of the Priority Pass program. This benefit offers you a $28 credit for the Priority Pass member and a guest.
Notably, Chase, American Express and Capital One cardholders no longer have the ability to use their Priority Pass Select membership at restaurants.
Travel Statement Credits
This card offers $300 of travel statement credits that cover qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services.
You also receive up to $150 annually for lifestyle conveniences including video streaming services, food delivery, fitness subscriptions and rideshare services.
Finally, there's up to $100 in statement credits toward application fees for either TSA PreCheck® or Global Entry (which includes PreCheck), every four years. Global Entry allows you to speed through immigration when you arrive in the U.S., while TSA PreCheck allows you to be expedited through security at airports in the U.S.
Bank of America Premium Rewards Elite Credit Card Annual Fees and APR
Before you apply for any credit card, you should be aware of all associated costs and rates. This card's annual fee is high, but it's within range of similar premium rewards cards.
Annual Fees
This card has a $550 annual fee.
APR
This card has a standard rate of 21.24% - 29.24% Variable. The rate you receive will depend on your creditworthiness at the time of application. And as with nearly all credit cards, this is a variable rate that will change with the Prime Rate.
There's no promotional financing rate or zero-interest intro period on new purchases or balance transfers.
Other Associated Fees
Apart from this card's considerable annual fee, there are a handful of fees to note, as well as a couple that are waived.
- Foreign transaction fees: $0
- Additional authorized users: $0
- Balance transfers: 4% of the amount of each transaction
- Cash advances via check: 4% of transaction amount
- Cash advances via ATM: 5% of transaction amount
- Late payment fee: $40
Bank of America Premium Rewards Elite Credit Card Pros and Cons
The Bank of America Premium Rewards Elite offers many valuable features, but comes up short in some ways compared to its competitors.
Advantages of the Bank of America Premium Rewards Elite Credit Card
The Bank of America Premium Rewards Elite starts strong with a good welcome bonus, worth 20% more if redeemed for travel through Bank of America.
While the earning rate isn't exceptional, the overall rewards potential is on par with other premium rewards cards such as The Platinum Card® from American Express, which only earns one point per dollar on most purchases.
Bank of America Preferred Rewards members have the most earning potential with this card: 1.87 to 2.62 points for most purchases, and up to 2.5 to 3.5 points on travel and dining purchases.
This card also offers valuable benefits such as numerous statement credits and travel insurance policies. These include trip delay, baggage delay and lost luggage reimbursement.
The Bank of America Premium Rewards Elite's stand-out benefit is Priority Pass Select membership for up to four people — a benefit that exceeds most of the top premium travel rewards credit cards. The version of Priority Pass Select that comes with this card also includes several airport restaurants — a perk most other premium travel credit cards no longer offer.
Potential Drawbacks and Considerations
The biggest downside to the Bank of America Premium Rewards Elite is its lack of a rewards transfer program. In contrast, competitors American Express, Capital One, Chase, Citi and Wells Fargo all offer rewards that transfer to various airline and hotel partners.
Transferring your rewards isn't always the best way to redeem your points. But skilled award travelers regularly redeem credit card rewards for significant value, including business-class flights and hotel stays during peak travel periods. By committing to the Bank of America Premium Rewards Elite, you're limiting your ability to book travel for the best value.
Cardholders who do not utilize all of this card's statement credits and benefits will find the annual fee to be a drawback. But the $300 annual credit toward airline incidentals as well as the $150 annual lifestyle credits go a long way toward softening the high fee.
Who Should Get The Bank of America Premium Rewards Elite Credit Card?
Ideal Candidates
The best candidate for this card is a Bank of America Preferred Rewards member who wants to earn travel rewards and doesn't care about the ability to transfer points to airline and hotel partners. If you fall into this target demographic, you will get extraordinary value from this card due to the additional bonus points you can earn.
The Bank of America Premium Rewards Elite isn't a great fit without the added boost from Preferred Rewards bonuses, since many other premium cards earn generous rewards with more flexible redemptions.
Best Usage Scenario to Maximize Benefits
Bank of America Preferred Rewards Platinum Honors or Diamond Members
If you are a Bank of America Preferred Rewards Platinum Honors or Diamond tier member, you'll earn a 75% bonus on your rewards: 2.62 points for most purchases, and 3.5 points on travel and dining purchases.
Here's how much that could be worth, in dollars:
Let's say you spend $10,000 a year on travel and dining, and $50,000 on everything else. You'll earn 35,000 points from your travel and dining spend and 131,000 points on your other purchases.
Add in 75,000 points for your new account bonus, and you'll receive a total of 241,000 during your account's first year. This is worth more than $3,000 in travel booked through Bank of America's travel center.
At the same time, you and up to three others will enjoy Priority Pass Select membership. You'll also receive a $300 annual airline fee credit, a $150 lifestyle expense credit, plus a $100 credit toward your TSA PreCheck or Global Entry application fee once every four years.
Bank of America Premium Rewards Elite Credit Card Cardholder Insights
Members of online forums such as Flyertalk and Reddit generally give the Bank of America Premium Rewards Elite card positive reviews.
Customer Feedback and Ratings
On Flyertalk, one poster reported being able to easily upgrade a Bank of America Premium Rewards card to the Bank of America Premium Rewards Eliteto take full advantage of the four Priority Pass Select memberships, including unlimited access.
Others were excited that this card's Priority Pass membership still offers the airport restaurant benefit, while cards from American Express, Chase, and Capital One have recently removed that option.
Common Praises and Complaints
Some posters on Reddit lament that travel must be booked via the Bank of America travel portal to receive the most possible value from their rewards, and that using a travel agent can be a challenge when your travel plans go wrong. Others complained that travelers cannot book Southwest flights through the portal — a limitation for people who favor that airline.
Bank of America Premium Rewards Elite Card Comparison
Several premium rewards credit cards compete directly with the Bank of America Premium Rewards Elite card. Several other Bank of America cards may also be worth your consideration, so we've compared them below:
Bank of America Premium Rewards Elite vs. Bank of America® Premium Rewards® credit card
Annual Fee: $95
Rewards: 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.
The Bank of America® Premium Rewards® credit card is the simpler and less expensive version of the Bank of America Premium Rewards Elite.
It offers a welcome bonus of 60,000 online bonus points after you make at least $4,000 in purchases in the first 90 days of account opening, which is marginally lower than that of the Bank of America Premium Rewards Elite.
The earning rate on this card is familiar: 2x points on travel and dining, and 1.5x elsewhere. The big difference is the annual fee of $95 instead of $550, and the commensurate reduction in perks and benefits.
The $100 statement credit towards Global Entry or TSA PreCheck applications remains, but the annual airline fee credit is just $100, although that's enough to cover the cost of the card's annual fee. You won't get a lifestyle expenses credit or Priority Pass Select membership.
The Bank of America® Premium Rewards® credit card retains most of the travel insurance benefits, although the auto rental collision damage waiver is secondary, instead of primary. The card offers additional purchase benefits including purchase security, warranty manager service, and return protection. Thankfully, it also has no foreign transaction fees.
Read more about this card in our Bank of America Premium Rewards credit card review.
Bank of America Premium Rewards Elite vs. Chase Sapphire Reserve®
Annual Fee: $550 plus $75 for each authorized user
Rewards: Earn 5 points on flights and 10 total points on hotels and car rentals when you purchase travel through Chase Travel℠ immediately after the first $300 is spent on travel purchases annually, 3 points on other travel and dining, and 1 point per $1 spent on all other purchases.
The Chase Sapphire Reserve® is one of the most popular cards in this niche, and it has a lot to offer. Points are earned in Chase's Ultimate Rewards program, which features numerous airline and hotel travel transfer partners. Alternatively, you can redeem your points for 1.5 cents each toward travel reservations booked through Chase.
Benefits include valuable travel insurance and purchase protection policies. And while you receive a Priority Pass Select membership, it's only for one person, and it doesn't include the Priority Pass airport restaurant benefit. But you do receive access to the small, but growing number of Chase Sapphire Lounges.
Like the Bank of America Premium Rewards Elite, this card has an annual fee of $550, and comes with a $300 annual travel statement credit. However, this credit applies broadly to any travel purchase, not just to airline incidental fees as with the Bank of America card.
This card does not charge foreign transaction fees.
Read more about this card in our Chase Sapphire Reserve review.
Bank of America Premium Rewards Elite vs. The Platinum Card® from American Express
Annual Fee: $695
Rewards: Earn 5 points for flights booked directly with airlines or with American Express Travel (up to $500,000 per calendar year) and on prepaid hotels booked with American Express Travel, and 1 point on other purchases.
The American Express Platinum has long been the golden standard for premium travel rewards cards. In its current version, it now has a $695 annual fee, significantly higher than even that of the Bank of America Premium Rewards Elite or the Chase Sapphire Reserve®.
The Platinum Card® from American Express earns just one point per dollar spent on most purchases, with larger bonuses for some travel purchases.
Amex points earned on this card can be transferred to American Express Membership Rewards points transfer partners. This flexibility is a favorite feature of award travel enthusiasts who like to book business-class flights for a relatively affordable number of points or miles. However, points are only worth one cent apiece when booking travel through American Express, which is a disadvantage.
This card comes with so many opportunities to earn fee credits that some have compared it to a coupon book — and not in a good way.
Among the card's many offers are up to $100 in statement credits toward Saks Fifth Avenue, up to $200 statement credits towards Uber and Uber Eats, a $200 annual airline fee credit, a $240 digital entertainment credit and a $155 credit towards Walmart+. But since many of these credits require registration, and some are doled out monthly or biannually, it can be quite a challenge to utilize them all.
This card includes Priority Pass Select membership and access to American Express Centurion lounges and 10 visits per year to Delta Sky Clubs (or unlimited visits after spending $75,000 or more in a calendar year) — but only for the cardholder.
This card offers plenty of travel insurance and purchase protection policies, and many offers feature well over 100,000 bonus points. And thankfully, there are no foreign transaction fees imposed.
Read more about this card in our American Express Platinum credit card review.
Bank of America Premium Rewards Elite Frequently Asked Questions
What are the main benefits of the Bank of America Premium Rewards Elite Credit Card?
This card's primary beenfits include unlimited points on travel and dining purchases, generous travel credits, and access to luxury travel perks. Cardholders also get complimentary Priority Pass airport lounge access for up to four members of their choice, making it a great choice for frequent travelers.
How does the Bank of America Premium Rewards Elite Credit Card compare to other premium credit cards?
The Bank of America Premium Rewards Elite offers good benefits for travelers who want Priority Pass lounge access for the family, and earns rewards at a generous rate if you're a top-tier Bank of America Preferred Rewards investor.
What is the current sign-up bonus for the Bank of America Premium Rewards Elite Credit Card?
The current sign-up bonus is 75,000 bonus points after you make at least $5,000 in purchases in the first 90 days of account opening.
Are there any downsides to the Bank of America Premium Rewards EliteCredit Card?
The Bank of America Premium Rewards Elite doesn't earn rewards that transfer to airline and hotel partners.
How can I maximize the rewards from the Bank of America Premium Rewards Elite Credit Card?
To maximize rewards, use the card for all travel and dining purchases. Take advantage of the travel credits and airport lounge access, and keep an eye out for promotional offers that provide extra points. Also, redeem points for higher-value rewards like flights and hotel stays to get the most value from your rewards.
Why You Should Trust Us: How We Reviewed the Bank of America Premium Rewards Elite Credit Card
We compared the Bank of America Premium Rewards Elite credit card to similar travel rewards credit cards and assessed the card on various factors, including:
- Ease of use — Does the card make it easy to earn and redeem rewards? Are there multiple options for using points?
- Earning potential — Are there broad bonus categories that are useful to a wide range of customers, and are any of them capped at a certain amount of spending?
- Annual fee — Is the annual fee worth paying based on the card's rewards and benefits?
- Benefits — How do the card's perks, especially travel benefits, stack up against similar cards?
Here's a full breakdown of how we rate credit cards at Business Insider.
