Best in Class
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Bank of America Premium Rewards Elite Credit Card Review
Key Takeaways
This card is near the bottom of our recommendation list. For those willing to spend $550 on an annual fee, several other cards provide better value than the Bank of America Premium Rewards Elite card.
The card's main weakness lies in its redemption options. Bank of America has no airline or hotel transfer partners, which limits the value of your points. However, the Premium Elite can make sense for one year if you already hold other premium travel cards. It offers a 75,000 signup bonus and several perks that help offset the fee, though many of these perks may duplicate benefits you already receive from another card.
Since the perks in year two likely will not justify the annual fee, we recommend downgrading or canceling after the first year.
Why This Card Could Be Right For You
The Bank of America Premium Rewards Elite card is the bank's premium offering with a $550 annual fee. It provides:
- 75,000 point sign-up bonus
- $300 credit for airline incidentals (including seat upgrades, baggage fees, lounge fees, and inflight services)
- $150 credit for lifestyle conveniences (video streaming services, food delivery, fitness subscriptions, and rideshare services)
- $100 TSA Precheck/Global Entry credit every 4 years
- 4 complimentary Priority Pass Select Memberships
While Bank of America doesn't offer airline or hotel transfer partners, they provide a 20% discount on airfare when booking through their portal and paying with points. This offers a value of 1.2 cents per point on redemptions. Though not as valuable as transfer partners, it's better than the standard 1 cent per point redemption elsewhere. Cardmembers earn 2x points on dining and travel and 1.5x points on all other purchases.
You can maximize this card's value by enrolling in Bank of America's Preferred Rewards program. This requires an eligible Bank of America personal checking account, and preferably a Merrill Investment account. Maintaining a three-month average balance of at least $20,000 across all Bank of America and Merrill Investment accounts qualifies you for Gold Tier status (balance between $20,000-$50,000), providing a 25% earning bonus. This makes each dollar spent worth 2.5 points instead of 2 and 1.875 points instead of 1.5. Four additional Preferred Rewards tiers exist, with Platinum Honors and Diamond offering up to a 75% earning bonus.
When The Usual Advice Doesn't Apply
This card might not be suitable if:
- You value transfer partners, as Bank of America has none, limiting redemptions to 1 cent per point at best
- The $300 airline credit isn't valuable to you since it only covers incidentals, not airfare, making the high annual fee difficult to justify
What to Know About Bank of America
Bank of America Travel Rewards is a low tier program in the points and miles hobby:
- There are one or two cards worth getting, but only in the right situations
- Having an existing relationship with the bank or needing a break from the big credit card issuers are the main reasons you might want to get into this system
- Redeeming rewards is simple and straightforward, but you’ll only earn 1 cent per point at best
- Many cards only offer cash back rewards
- Its lack of any transfer partners puts this system near the bottom of our rankings
How The Bank of America Premium Rewards Elite Credit Card Fits In The Bank of America Ecosystem
The Bank of America Premium Rewards Elite card sits at the top of Bank of America's credit card lineup. Here's how it compares to other options within the Bank of America ecosystem:
- Bank of America Premium Rewards ($95 annual fee)
- 60,000 point sign-up bonus
- Up to $100 in airline incidentals credit annually
- $100 TSA Precheck/Global Entry credit every 4 years
- Earns 2x points on travel and dining, 1.5x points on everything else
For those seeking no-annual-fee alternatives, Bank of America offers several options:
- Bank of America Travel Rewards
- 25,000 point welcome offer after spending $1,000 in 90 days
- Simple earning structure with 1.5x points on all purchases
- Points redeemable for any restaurant or travel-related purchase
The cash back category includes two no-annual-fee options, both featuring $200 sign-up bonuses but with different earning structures:
- Bank of America Customized Cash Rewards allows you to select one 3% cash back category while also earning 2% on groceries and wholesale clubs. Note that there's a $2,500 combined quarterly spending cap on these bonus categories, after which you'll earn 1%.
- Bank of America Unlimited Cash Rewards simplifies your earnings with a flat 1.5% cash back on all purchases with no spending limits or category restrictions.
When deciding between these options, consider whether the Premium Rewards Elite's additional benefits justify its $550 annual fee compared to the more affordable alternatives within the Bank of America portfolio.
Card Information
Bonus Points
75,000
Minimum Spend
$5,000 / 3mo
Point Value
1.0 ¢
Annual Value
Annual Fee
$550
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2X on Restaurants
1.5X on All Purchases
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Bank of America Premium Rewards Elite Application Rules
Bank of America limits the number of personal cards issued by the bank that you can get within a certain time frame
Card approval not subject to 5-personal-cards-in-24-months rule
Ranking of Cards Offering Bank of America
Downgrade Options
Bank of America Premium Rewards
Bank of America
Bank of America Travel Rewards
Bank of America
Bank of America Customized Cash Rewards
Bank of America
Bank of America Unlimited Cash Rewards
Bank of America