Bank of America Premium Rewards Elite Credit Card Review
Key Takeaways
This card offers value for a specific subset of people, though it isn't at the top of our recommendation list. For those willing to spend $550 on a credit card's annual fee, several other options 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 lacks airline or hotel transfer partners, which significantly limits the value of your points. However, if you already have other premium travel cards, the Premium Elite might be worthwhile for one year. It offers a 75,000 point sign-up bonus and various perks that help offset the high annual fee, though these perks may duplicate benefits you already have with another card.
Since the perks in year two likely won't 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
How The Bank of America Premium Rewards Elite Credit Card Fits In The Cash in Cents 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 | Minimum Spend | Point Value | Annual Value | Annual Fee |
1st Year Value
|
|---|---|---|---|---|---|
| 75,000 | $5,000 | 1.0 ¢ | $70 | $550 |
$320
|
| Best Value | Differentiating Perks | Rules |
|---|---|---|
| No 5/24 |
Spend Categories
1.5X points
1.5¢ Per Dollar Spent
2X points
2¢ Per Dollar Spent
2X points
2¢ Per Dollar Spent
Card Benefits
Unlimited access to airport lounges and experiences worldwide with your complimentary Priority Pass
Get up to $100 statement credit for Global Entry
Get up to a $300 Airline Incidental Statement Credit annually for seat upgrades, baggage fees, in-flight services, and airline lounge fees - automatically applied to your card statement
Using this card gives you secondary car rental insurance on collision and theft, up to the cost of the vehicle.
Trip cancellation insurance up to $5,000 per person; trip delay reimbursement up to $500 per ticket; baggage delay insurance up to $100 per day for 5 days; lost luggage reimbursement.
You will pay no foreign transaction fees when you use your card for purchases made outside the United States.
Call 1-800-953-7392 to get complimentary assistance making dinner reservations, buying theater tickets, getting travel guides, sending gifts/flowers, and dozens of other specific requests.
Point Transfer Options
Transfer To Spouse/Partner Yes
Transfer To Friends Yes
Travel Partner Transfers
Outside Point System Cash in Cents
Transfers In From
1:1 71% value retained
1:1 100% value retained
1:1 91% value retained
1:1 63% value retained
1:1 91% value retained
1:1 71% value retained
Bank of America Premium Rewards Elite Application Rules
Card approval not subject to 5-personal-cards-in-24-months rule
