Bank of America Premium Rewards Elite Credit Card Review
Key Takeaways
This card ranks near the bottom of our recommendations. For those paying a $550 annual fee, several other cards provide better value. The biggest drawback is the lack of airline and hotel transfer partners, which limits redemption value. The 75,000 bonus and perks can offset the fee in year one, but many benefits overlap with other premium cards, so 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 annual airline incidental credit
- $150 lifestyle credit (streaming, food delivery, fitness, rideshare)
- $120 TSA PreCheck/Global Entry credit every 4 years
- 4 complimentary Priority Pass Select memberships
Bank of America does not offer airline or hotel transfer partners, but it does provide a 20% discount on airfare booked through its portal when paying with points, giving you 1.2¢ per point. While that’s better than standard 1¢ redemptions, it still falls short of the value typically found with transfer partners. The card earns 2x points on dining and travel and 1.5x on all other purchases.
You can increase value through Bank of America’s Preferred Rewards program. This requires an eligible Bank of America checking account and typically a Merrill investment account. Maintaining a $20,000+ balance qualifies you for Gold Tier, providing a 25% earning bonus, with higher tiers offering up to a 75% 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
- $120 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 $5,000 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
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Card Extras
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Historical Card Offers
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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
