Bank of America Premium Rewards Elite credit card overview
If you qualify for the Bank of America® Preferred Rewards® program, the Bank of America® Premium Rewards® Elite Credit Card has the potential to be very profitable to use for everyday expenses and travel. For those who prefer transferable rewards, there are higher earning travel cards available. Card rating*: ⭐⭐⭐½
* Card rating is based on the opinion of TPG editors and is not influenced by the card issuer.
Among the usual heavyweights in the world of premium rewards cards, such as Capital One Venture X credit card again Platinum Card® from American ExpressBank of America has its competitor — though its competition comes with the caveat that to access the card’s full potential you need to be eligible for Bank of America Preferred Rewards. More on that below.
Launching in 2021, the Bank of America Premium Rewards Elite Credit Card comes with an annual fee of $550 and is designed for high value Bank of America customers. But it’s not limited to that customer base, and you don’t need to have a relationship with the bank to apply. Approved applicants typically have a credit score of 670 or higher.
At first glance, the new card looks like a souped-up version of the old one Bank of America® Premium Rewards® credit card.
However, a new card may be worth considering based on its lifestyle credits and all-metal design. Here’s what you need to know about the Bank of America Premium Rewards Elite credit card.
Bank of America Premium Rewards Elite credit card information has been independently collected by The Points Guy. The card information on this page has not been updated or provided by the card issuer.
Bank of America Premium Rewards Elite credit card pros and cons
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Bank of America Premium Rewards Elite credit card welcome bonus
New cardholders of the Premium Rewards Elite card earn 75,000 bonus points after spending $5,000 in purchases within the first 90 days of account opening. These points have a fixed value of 1 cent each, meaning this bonus is worth $750.
Bank of America does not have published limits that apply directly to earning welcome bonuses, but they do have a popular 2/3/4 rule on card applications where you can get approved for two Bank of America cards in a two, three month period. cards in a 12-month period and four cards in a 24-month period.
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Benefits of the Bank of America Premium Elite credit card
Many rewards cards with high annual fees offer benefits that help offset some (or all) of those annual fees. The Premium Rewards Elite card is no different, with the following notable benefits:
- Up to $300 per year in flight risk statement credits; this includes purchases such as seat upgrades, baggage fees, and airline rest fees not airfare
- Up to $150 a year in statement credits to make life easier; this includes streaming services, food delivery, fitness registration and ride services
- Up to $100 in Global Entry or TSA PreCheck application fee credits (once every four years)
Other benefits include up to four complimentary Priority Pass Select memberships, savings of 20% on domestic or international airfare in any class when you pay with points, travel and shopping protections and no foreign purchases.
This is a decent set of card benefits that come with an annual fee of $550, as long as you use all the credits offered.
Related: 9 important travel benefits you can get with a credit card
Earn points with the Bank of America Premium Rewards Elite credit card
With the Premium Rewards Elite card, you earn 2 points per dollar spent on travel and dining and 1.5 points per dollar on everything else. The travel and dining categories are detailed, similar to the Chase Sapphire Reserve®, meaning there are many expenses that can qualify for double points.
The real difference is Bank of America’s Preferred Rewards program. Basically, if you have enough assets with Bank of America, you are rewarded for using one of the bank’s credit cards.
Preferred Rewards Members receive a 25%, 50% or 75% rewards bonus on select Bank of America cards, including the Premium Rewards Elite card.
| Destroy the sections | Standard cardholder | Preferred Rewards Gold (25% bonus) | Platinum Preferred Rewards (50% bonus) | Preferred Awards Platinum Honors, Diamond or Diamond Honors (75% bonus) |
|---|---|---|---|---|
| Walking and eating | 2 points per dollar spent | 2.5 points per dollar spent | 3 points per dollar spent | 3.5 points per dollar spent |
| Everything else | 1.5 points per dollar spent | 1.875 points per dollar spent | 2.25 points per dollar spent | 2.625 points per dollar spent |
Related: Why you should get a fixed-rate rewards credit card
Uses points on the Bank of America Premium Rewards Elite credit card
One of the biggest drawbacks of the Premium Rewards Elite card is the limited number of redemption options. Unlike comparable cards, there are no flight or hotel transfer partners.
Points can be used for travel, cash back, statement credit, information or gift cards for 1 cent each. In addition, points can be used to save 20% on any class flight when paying with points through a Bank of America Travel Center or concierge. This brings your value per point for this use to 1.2 cents.
Related: Getting started with points, miles and travel credit cards
What cards compete with the Bank of America Premium Rewards Elite credit card?
The best cards to compare to the Premium Rewards Elite card are cards with similar annual fees or benefits, such as the following cards:
- If you like Chase: Chase Sapphire Reserve, with an annual fee of $550. The card offers a $300 travel credit annually, which can be used on any coded travel purchase, including but not limited to airfare, hotels, rental cars, tolls, parking meters, train tickets or subway rides. The card also earns 3 points per dollar spent in defined travel and dining categories. To learn more, read our full Chase Sapphire Reserve review.
- If you like Citi: I Citi Strata Premier℠ Card (see rates and fees) comes with a low annual fee of $95, plus a $100 discount on qualifying hotel stays of $500 or more when booked through Citi Travel. Strata Premier stands out with its reward rates of 10 points per dollar spent on hotel, car rental and attraction bookings made through Citi Travel; 3 points per dollar spent on air travel, other purchases at hotels, restaurants, supermarkets, gas stations and EV charging stations; and 1 point per dollar spent on all other purchases. To learn more, read our full Citi Strata Premier review.
- If you like American Express: I Amex Platinum it comes with an annual fee of $695 (see rates and fees), although you can recoup these costs and more if you increase the amount of statement credits and benefits that come with them. For frequent travelers, the card earns an impressive 5 points per dollar spent on airfare purchases made directly with the airline or through AmexTravel.com (for the first $500,000 in a calendar year, then 1 point per dollar). In addition, card members receive benefits such as Gold Elite status with Marriott Bonvoy and Hilton Honors (registration required). To learn more, read our full Amex Platinum review.
For more options, check out our picks for the best travel cards.
Related: Why the Citi Strata Premier and Rewards+ cards are a great pair
Is the Bank of America Premium Rewards Elite credit card worth it?
If transfer partners aren’t a big deal to you, you might consider the Premium Rewards Elite card. If you’re a Preferred Rewards member, the card becomes a no-brainer, as you’ll earn extra bonus points in every category. However, if you don’t use statement credits, this card has little value, and you’re better off with a mid-tier travel card.
Bottom line
The Bank of America Premium Rewards Elite card appears to target existing and new Preferred Rewards customers by offering them a premium product within the Bank of America ecosystem. The card will likely remain a niche player, especially considering Bank of America has no airline or hotel transfer partners. That said, it’s still a solid card for those who bank with Bank of America and can take advantage of annual statement credits.
Related: Everything you need to know about Bank of America’s Preferred Rewards program
For Amex Platinum rates and fees, click here.
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