| Last updated on February 8th, 2024
Bank of America® Premium Rewards® Elite Credit Card
Bank of America® Premium Rewards® Elite Credit Card
Bank of America® Premium Rewards® Elite Credit Card
- 20.24% to 27.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
- 20.24% to 27.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR
- 23.24% to 30.24% variable based on creditworthiness and the Prime Rate Cash Advance APR
At a Glance
The Bank of America® Premium Rewards® Elite Credit Card provides members big points, big credits, and more for a $550 annual fee. The card earns 2X points on travel and dining, plus 1.5X on all other purchases, but that rewards rate increases by up to 75% depending on the cardholder’s Preferred Rewards tier.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No foreign transaction fees
- Earn 2X points on eligible restaurant & travel purchases
- Earn 1.5X points on all other purchases
- Preferred Rewards members earn 25% to 75% more points
- Get up to $550 in automatic statement credits
- Regular Purchase APR: 20.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR: 20.24% to 27.24% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Cash Advance APR: 23.24% to 30.24% variable based on creditworthiness and the Prime Rate
- Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greate
- Penalty APR: Up to 29.99% variable based on creditworthiness
- Annual Fee: $550
- Late Payment Penalty Fee: Up to $40
- You already bank with Bank of America
- You travel often and spend heavily to maximize points
- You want essential luxury travel perks, like TSA Precheck and lounge access
In-Depth Review: Bank of America® Premium Rewards® Elite Credit Card
The Bank of America® Premium Rewards® Elite Credit Card is an ultra-premium travel rewards credit card that offers Preferred Rewards members a head-spinning amount of points and decent travel credits – for a $550 annual fee.
Credit Needed
Elite credit cards typically require excellent credit, and the Premium Rewards® Elite Credit Card is no different. To increase your chances of approval for the Premium Rewards card, it is important to have a strong credit score. This can be achieved by having a FICO score of 670 or above or a VantageScore of 661 or above. Having a higher credit score greatly improves your likelihood of being approved for the card.
Who Can Benefit from the Card?
Given the steep annual fee, uninspiring base points, and decent travel perks, who is the Bank of America Premium Rewards Elite for, exactly? The Premium Rewards Elite is a card for those who have reached the very highest tiers of the Bank of America Preferred Rewards program, entitling them to the very best earning rates possible from a credit card.
The card might state the earning rate is 2X points on travel and dining, plus 1.5X on all other purchases, but the Preferred Rewards members in the Platinum and Platinum Honors tiers can earn much more – up to 75% more, in fact. Platinum tier members earn 25% more from points or 2.5X on travel and 1.875X on all other purchases. Conversely, Platinum Honors members earn 75% more points, or 3.5X and 2.6X, respectively.
Premium Elite Benefits
Given the $550 annual fee, you’d expect the Premium Rewards Visa Infinite to have a selection of travel features to rival cards like the Chase Sapphire Reserve and Capital One Venture X. New cardmembers will find quality and versatility, including:
Statement Credits
- Up to $300 annual airline incidental fee statement credit
- Up to $150 annual lifestyle statement credits
- Up to $100 TSA Precheck/ Global Entry application fee statement credits every four years
Travel Benefits
The card also comes with a full suite of travel benefits. These include the following:
- Additional 20% points boost for airfare points redemption
- Complimentary 12-month Priority Pass Select membership
- Complimentary 24/7 Full-Service Concierge to book your travel, dinner reservations, and more
- No foreign transaction fees
How to Earn Rewards
Welcome Offer Bonus
As an “elite” credit card, the Premium Rewards Elite Visa Infinite offers a very nice introductory points bonus for those willing to spend heavily on the card. New accounts can earn 75,000 bonus Premium Rewards points after making at least $5,000 in purchases in the first 90 days of account opening. That sign-up bonus has a cash value of $750 when redeemed as cash back or statement credits.
How to Earn Points
Cardholders earn the following points based on purchases:
- Earn 2X points for every $1 spent on travel and dining purchases
- Earn 1.5X points on all other eligible purchases
Additional Rewards with Preferred Rewards
A Bank of America Preferred Rewards membership can further maximize your travel rewards. As a Preferred Rewards member, you can unlock 25% to 75% more points on your purchases. In other words, you could earn up to 3.5X on travel and dining and up to 2.62X on all other purchases.
Eligibility for a Preferred Rewards membership is divided into three tiers. Note that the level you qualify for depends on your combined Bank of America and Merrill investment account balances, which can change over time. You can find more information on the program on the bank’s website.
| Gold | Platinum | Platinum Honors | |
| Req. balance: | $20,000 to $49,000 | $50,000 to $99.999 | $100,000+ |
| Savings interest bonus: | 5% | 10% | 20% |
| Credit card rewards bonus: | 25% | 50% | 75% |
| Forex discount: | 1% | 1% | 2% |
How to Redeem Points
Redeeming rewards with Bank of America is like how other banks handle credit card rewards. Cardholders can choose how they want to be rewarded, including redeeming travel points, cash back, statement credits, distinctive experiences, or gift cards. Bank of America rewards never expire if the account is open, active, and good standing.
Visa Infinite Benefits
Other notable features of the Bank of America Premium Rewards Elite Visa Infinite include:
| Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement |
| Roadside Dispatch and Auto Collision Damage Waiver | Lost/Stolen Card Reporting | ID Navigator from Norton |
| Luxury Hotel Collection | Travel & Emergency Assistance | Extended Warranty Coverage |
| Travel Accident Insurance and Delay Reimbursement | Trip Cancellation /Interruption Insurance | Return Protection |
| Visa Infinite Concierge |
Comparison
| Premium Rewards® Elite | The Platinum Card® | Sapphire Reserve® | |
|---|---|---|---|
| Rewards rate | Earn 2X on travel and dining and 1.5X on all other purchases | Earn 5X Membership Rewards points on flights booked directly with airlines of Amex Travel, 5X on prepaid hotels booked thorugh AmexTravel.com, and 1X on all other purchases | Earn 5X on flights through Chase Ultimate Rewards, 10X on hotels and car rentals through Ultimate Rewards, 10X on Chase Dining, 3X on all other travel purchases, 3X on dining, and 1X on all other purchases |
| TSA Precheck | Yes | Yes | Yes |
| Lounge access | Priority Pass Select | Priority Pass Select, Centurion Lounge | Priority Pass Select |
| Travel credits | $550/year | $400/year | $300/year |
| Annual fee | $550 | $695 | $550 |
What We Like About the Card
Huge Value from Credits
The selection of travel features offers significant value for cardholders. Priority Pass Select, for example, is $299 for ten visits per year or $429 for unlimited lounge visits for the cardholder, easily recouping much of the annual fee for those who travel often. TSA Precheck and Global Entry credits are much less valuable but add about $25 per year in value – which is further aided by the 20% points boost on airfare redemptions.
Once the $150 lifestyle credits are factored in, the card pays for itself, with approximately $600 in value for a $550 annual fee. That lifestyle credit can be used to purchase qualifying rideshare, food delivery, streaming service, and fitness transactions.
That $600 in value doesn’t even count the $300 annual travel statement credit, which covers additional, unexpected travel costs like excess baggage, in-flight purchases, and other qualifying airline incidental fees. The credits offer value above and beyond the annual fee, making the card more akin to the Platinum Card from American Express than some other general travel credit cards.
Things to Consider
Annual Fee
The annual fee makes sense if you take full advantage of the statement credits, complimentary memberships, and other perks of the Premium Rewards® Elite. If not, the card is very much a burden in much of the same vein as the Platinum Card from American Express. Carefully consider your travel plans before applying. Otherwise, you’ll get stuck with a steep annual fee.
FAQs
- No, but if the Preferred Rewards member keeps their account open and in good standing, points do not expire.
According to Bank of America, you’ll need the following to be eligible for Preferred Rewards:
- An active, eligible Bank of America checking account.
- A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts.
Here are the tiers for the BoA Preferred Rewards program:
- Gold
- Required Balance: $20,000 to $49,000
- Savings Interest Bonus: 5%
- Credit Card Rewards Bonus: 25%
- Foreign Exchange Currency Discount: 1%
- Platinum
- Required Balance: $20,000 to $49,000
- Savings Interest Bonus: 5%
- Credit Card Rewards Bonus: 25%
- Foreign Exchange Currency Discount: 1%
- Platinum Honors
- Required Balance: $100,000+
- Savings Interest Bonus: 20%
- Credit Card Rewards Bonus: 75%
- Foreign Exchange Currency Discount: 2%
Bank of America Ratings
How does Bank of America stack up as a credit card issuer? Here is a selection of expert and consumer ratings for Bank of America:
| BestCards | Better Business Bureau | TrustPilot |
|
2/5 |
1.5/5 |
1.5/5 |
Should You Apply for the Bank of America® Premium Rewards® Elite Credit Card?
The Bank of America® Premium Rewards® Elite Credit Card might not be for everyone, but for the current Bank of America customer that has achieved the very highest tiers in the bank’s Preferred Rewards program, it is something of a no-brainer.
The card earns a basic 2X points on travel and dining and 1.5X on everything else. Still, those numbers get supercharged with status in Preferred Rewards. The very top tier, Platinum Honors, offers 75% more points, meaning cardholders would earn up to 3.5X points per dollar on travel and dining purchases and 2.62X points per dollar on all other purchases. In this regard, the card is much more impressive than many of its rivals.
With regards to travel perks and statement credits, the card performs favorably to similar cards – notably the Venture X, Altitude Reserve, and Sapphire Reserve. However, it is some ways behind Amex’s Platinum Card, which is a credits juggernaut without match.
Ultimately, the Bank of America® Premium Rewards® Elite Credit Card is ideal for a small subset of Bank of America and Merry Lynch customers. However, for those customers, the card provides exceptional value well in excess of its $550 annual fee.
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