Is the Bank of America® Premium Rewards® Elite Card Worth It?

The Bank of America Premium Rewards Elite Credit Card is crafted for those who want premium rewards, travel perks, and luxurious benefits. From 75k bonus points to airport lounge access, this card offers significant value, especially for frequent travelers and those who want to maximize their purchases. With an attractive rewards structure, an impressive lineup of credit card benefits, and exclusive Visa Infinite perks, this card may be worth the investment for many users. However, understanding its benefits, rewards, and fees is essential to determine if it fits your financial lifestyle.

What Makes the Bank of America Premium Rewards Elite Card Special?

The Bank of America® Premium Rewards® Elite Credit Card is designed for individuals seeking luxury travel benefits, reward flexibility, and exclusive services like concierge services for credit cards. It offers a generous welcome bonus of 75k bonus points, valued at $750 when redeemed for travel-related purchases. The points are earned at an accelerated rate for travel and dining purchases and unlimited points on other purchases, making it a robust card for those looking to maximize their earnings.

Besides the reward structure, the card offers exclusive benefits such as Priority Pass™ Select Membership, Visa Infinite luxury hotel perks, and global entry application fee credit, making it an ideal choice for frequent travelers. The Bank of America credit card benefits further enhance its attractiveness, with up to $550 in statement credits annually for airline incidentals, TSA PreCheck® or Global Entry, and various lifestyle services.

Card Highlights

• Earn 75,000 bonus points after spending $5,000 in the first 90 days.
• Redeem 75,000 points for a $750 value in travel credits.
• $550 annual fee with access to premium benefits.
• 2 points per dollar on travel and dining purchases.
• 1.5 points per dollar on all other purchases.
• No foreign transaction fees—ideal for international travel.
• $300 in airline incidental credits annually for baggage fees, seat upgrades, etc.
• $150 lifestyle statement credits annually for services like streaming or fitness memberships.
• TSA PreCheck®/Global Entry fee credit up to $100 every four years.
• Priority Pass™ Select Membership for access to 1,300+ airport lounges globally.
• Visa Infinite benefits like luxury hotel perks and car rental upgrades.
• Trip delay insurance lost luggage reimbursement, and other travel protections.
• Unlimited points with no expiration as long as the account is active.
• Flexible point redemptions for travel, cash back, gift cards, and statement credits.
• Bank of America Preferred Rewards® program provides 25%-75% more points on purchases.
• Concierge service for exclusive assistance with bookings, reservations, and personal requests.

Rates and Fees of Bank of America Premium Rewards Elite Card

• Annual Fee: $550.
• APR for Purchases: 20.24% – 28.24% variable, depending on creditworthiness.
• APR for Cash Advances: 29.99% variable.
• Balance Transfer Fee: 4% of each transaction.
• Cash Advance Fee: Either $10 or 3% of the amount, whichever is greater.
• Foreign Transaction Fee: None.
• Late Payment Fee: Up to $40.
• Returned Payment Fee: Up to $40.
• Minimum Interest Charge: $1.50.
• Penalty APR: 29.99% variable, applied if the payment is more than 60 days late.

See Full Rates and Fee

Key Benefits of the Premium Rewards Elite Card

The Premium Rewards Elite Card isn’t just about earning points—it’s about unlocking a world of premium perks that make it a top-tier travel and rewards credit card. Here’s a breakdown of some of the key benefits:

1. Welcome Bonus and Statement Credits

• 75,000 bonus points after spending $5,000 in the first 90 days of account opening. This offer is a $750 value, which can be redeemed for travel, cash back, gift cards, or statement credits.
• $550 in statement credits annually:
• $300 in Airline Incidental Credits Can be used for baggage fees, seat upgrades, and in-flight purchases.
• $150 in Lifestyle Statement Credits: Covers services like video streaming, food delivery, and fitness subscriptions.
• $100 in Global Entry or TSA PreCheck® Credits: Every four years, you will receive a statement credit for the Global Entry or TSA PreCheck® application fee, ensuring faster security checks at airports.

2. Travel and Dining Rewards

• You can earn 2 points per dollar on travel and dining purchases, ensuring you maximize rewards for your travel experiences and meals out.
• 5 points per dollar on all other purchases, with no limit to the points you can accumulate.

3. No Foreign Transaction Fees

Traveling internationally? The Premium Rewards Elite Card has no foreign transaction fees, making it an ideal choice for global travelers.

How the Bank of America Premium Rewards Elite Credit Card Works?

The Premium Rewards Elite Credit Card operates similarly to many premium rewards cards. Still, it stands out due to its unique blend of rewards points, statement credits, and exclusive travel perks. Here’s a breakdown of how it works:

1. Earn Points on Every Purchase

• 2 points per dollar on travel and dining purchases.
• points per dollar on all other purchases.
• Points are earned automatically and never expire if the account remains active.

2. Redeeming Your Points

Points can be redeemed for travel, cash back, statement credits, gift cards, or unique experiences.

• Airfare savings: Save 20% on domestic or international airfare when using points for flights.
• Flexible rewards: You choose how you want to redeem your points based on your preferences.

3. Bank of America Preferred Rewards®

If you’re enrolled in the Bank of America Preferred Rewards® program, you’ll earn 25%-75% more points on every purchase, significantly increasing your rewards rate.

 Bank of America Credit Card Rewards Breakdown

The Bank of America Premium Rewards Elite Credit Card rewards cardholders with generous points that can be redeemed in multiple ways. Let’s take a closer look at how these rewards break down:

1. Travel and Dining Rewards: Earn 2 points for every $1 spent on travel-related purchases, including flights, hotel stays, car rentals, and dining purchases. These are the highest-earning categories for this card, offering a substantial return for frequent travelers and those who enjoy dining out.
2. General Purchases: You’ll earn 1.5 points per dollar on all other purchases, which ensures that no matter what you buy, you’re earning rewards. This makes the card versatile and rewarding for daily expenses.
3. Bonus Points for New Cardholders: By meeting the $5,000 spending threshold within the first 90 days, you unlock 75,000 bonus points worth $750 in travel redemptions. This bonus is one of the highest available among premium rewards cards, making the Bank of America Premium Rewards Elite Credit Card an enticing option.

Visa Infinite Perks and Travel Advantages

Being a Visa Infinite cardholder comes with several premium benefits. Here are some exclusive perks:

• Priority Pass™ Select Membership: You receive unlimited access to airport lounges worldwide, an invaluable benefit for frequent flyers looking for comfort before their flights.
• Visa Infinite Luxury Hotel Collection: Enjoy perks such as late checkouts, complimentary breakfast for two, and room upgrades at luxury hotels worldwide.
• Car Rental Benefits: Renters can enjoy VIP status upgrades, discounts, and complimentary status upgrades at rental companies like Avis®, Hertz®, and National®.

In addition to these benefits, the Premium Rewards Elite Card includes travel insurance coverage like trip delay insurance, baggage delay coverage, and lost luggage reimbursement, which adds peace of mind during travel.

How to Maximize the Premium Rewards Elite Card?

To get the most out of your Bank of America Premium Rewards Elite Credit Card, follow these tips:

• Focus on Travel and Dining: Since these categories earn 2 points per dollar, make travel and dining expenses a top priority for maximizing rewards.
• Enroll in the Preferred Rewards Program: If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on all purchases, enhancing your rewards.
• Use the Statement Credits: Make sure to take full advantage of the $550 in annual statement credits, which include credits for airline incidentals, lifestyle services, and Global Entry/TSA PreCheck®.
• Redeem Points for Travel: To get the most value out of your rewards, use your points for airfare savings or hotel bookings.

Bank of America Preferred Rewards Program

The Bank of America Preferred Rewards® program is an exclusive loyalty program that enhances the earning potential of your Premium Rewards Elite Credit Card. Depending on your balance across Bank of America and Merrill Lynch® accounts, you can qualify for higher tiers (Gold, Platinum, Platinum Honors) that unlock additional benefits such as:

• Bonus Points: Earn up to 75% more points on all purchases.
• Relationship Benefits: Enjoy personalized service and financial benefits, including lower rates on specific financial products.

By participating in the Preferred Rewards program, you can boost your points earnings significantly, making the Premium Rewards Elite Card even more rewarding.

Is the Bank of America Premium Rewards Elite Card Worth the $550 Annual Fee?

With a $550 annual fee, the Bank of America Premium Rewards Elite Credit Card may seem costly. However, this card offers considerable value for frequent travelers who want to earn rewards, access airport lounges, and enjoy luxury perks. The 75,000 bonus points and $550 in statement credits can offset the annual Fee, and the Visa Infinite benefits, concierge services, and travel protections add further value. The Premium Rewards Elite Card could be a worthy investment if you travel often, enjoy premium benefits, and plan to use the statement credits.

Comparison of Bank of America® Premium Rewards® Elite Credit Card vs. Cash Back Credit Cards vs. Bank of America® Unlimited Cash Rewards Card vs. Bank of America® Premium Rewards

Choosing the right credit card depends on your spending habits and preferences. Below is a comparison of four popular credit cards from Bank of America to help you decide which suits you best. We’ll look at the Bank of America Premium Rewards Elite Credit Card, Cash Back Credit Cards, Bank of America Unlimited Cash Rewards Card, and the Bank of America Premium Rewards Card.

Comparison Analysis

• Bank of America Premium Rewards Elite Credit Card: Ideal for frequent travelers. It offers a $550 annual fee with 75,000 bonus points worth $750. You earn 2x points on travel and dining and enjoy luxury benefits like airport lounge access and concierge services. It also provides up to $550 in combined airline incidental and TSA PreCheck credits.
• Blue Cash Back Credit Cards: With no annual fee, this card offers 3% cash back in a chosen category, 2% at grocery stores, and 1% on other purchases. It includes a $200 bonus with the Preferred Rewards program boosting earnings by 25%-75%.
• Bank of America Unlimited Cash Rewards Card: A straightforward card offering 1.5% cash back on all purchases, with no annual fee and a $200 bonus. It is ideal for those who want a simple reward structure.
• Bank of America Premium Rewards Card: This card charges a $95 annual fee and offers 60,000 bonus points ($600). You earn 2x points on travel and dining with up to $200 in statement credits for airline incidents and TSA PreCheck.

 Which Card is Worth Buying?

Suppose you’re looking for luxury travel perks. In that case, the Bank of America Premium Rewards Elite Credit Card is the clear winner, with its extensive benefits like concierge services and airport lounge access. However, the Bank of America Unlimited Cash Rewards Card is an excellent choice if you prefer cash-back rewards without the high annual Fee. The Bank of America Premium Rewards Card offers good value for travelers who want reliable points with fewer perks.

Before You Get the Bank of America® Elite Card—Explore These Options

The Bank of America® Premium Rewards® Elite Credit Card offers premium benefits, such as a 75,000 points bonus, access to airport lounges, and up to $550 in statement credits. However, for some consumers, the $550 annual fee and the card’s structure may not make it the best choice. If you don’t travel often or don’t want to pay high fees for a credit card, there are several reasons why you might consider a different option.

Best Alternatives to the Bank of America® Premium Rewards® Elite Card

The Premium Rewards Elite Card is tailored for travelers. If you don’t often fly, the airline incidental credits and TSA PreCheck®/Global Entry benefits may go unused, making this card less beneficial. Here’s a breakdown of why each of these credit cards may be a better choice than the Bank of America® Premium Rewards® Elite Card:

1. Chase Sapphire Reserve®

The Chase Sapphire Reserve® offers 3x points on travel, while BofA® Elite only provides 2x. It has a $300 travel credit for any travel purchase, not just airline-related. Plus, priority pass lounge access and 1:1 point transfers to travel partners offer more flexibility than BofA® Elite’s limited transfer options.

2. The Platinum Card® from American Express

The Amex Platinum excels with 5x points on flights booked directly with airlines. It also provides access to exclusive lounges like Centurion and Delta Sky Clubs, which BofA® Elite lacks. Moreover, it offers up to $1,500 in annual credits, including for Uber and travel, which helps offset its higher fee.

3. Capital One Venture X Rewards Credit Card

The Capital One Venture X earns 10x miles on hotels and rentals and 5x on flights, far surpassing BofA® Elite’s 2x on travel. It also offers a $300 travel credit for bookings through Capital One Travel. The unlimited 2x miles on all purchases provides a simple rewards structure, unlike BofA® Elite’s more complex system.

4. Chase Sapphire Preferred® Card

The Chase Sapphire Preferred® is an excellent low-fee alternative with 2x points on travel and dining, equal to BofA® Elite’s rewards. The $95 annual fee makes it a budget-friendly option. The 60,000-point sign-up bonus gives great value, while BofA® Elite offers just 50,000 points.

5. U.S. Bank Altitude Reserve Visa Infinite® Card

The U.S. Bank Altitude Reserve® offers 3x points on travel and mobile wallet purchases, outperforming BofA® Elite’s 2x on travel. Its $325 annual travel credit is more flexible than BofA® Elite’s $300 for airline fees. Additionally, it includes cell phone protection, a valuable perk BofA® Elite lacks.

Credit Score Needed For the Approval of ​The Bank of America® Premium Rewards® Elite Credit Card

​The Bank of America® Premium Rewards® Elite Credit Card is designed for individuals with excellent credit histories. Applicants typically need a FICO score of 750 or higher to increase their chances of approval. ​

Application and Approval Process

• Go to the Premium Rewards Elite Credit Card page. ​
• Understand the card’s benefits, annual fee, interest rates, and other terms before applying.​
• Fill out the application form with accurate personal, employment, and financial information.​
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• After submission, monitor your email for application status updates.​

Ensure you meet all eligibility criteria, including age and residency requirements, to streamline your application process.

Frequently Asked Questions (FAQs)

Conclusion

If you don’t travel often or want a more straightforward rewards structure without the high cost, the Chase Sapphire Preferred® Card, Sapphire Reserve® or the Citi® Double Cash Card might be better for your needs. These cards still offer valuable rewards without the steep annual Fee, making them more accessible to a broader range of consumers. Consider what benefits matter most to you before choosing a card.