Bank of America
Bank of America® Premium Rewards® Elite Credit Card
Key Features
| Annual Fee | $550.00 |
| Intro APR | None |
| Regular APR | Standard APR 19.49% - 27.49% variable |
| Other Fees | Balance Transfer Fee 4% of each transaction No foreign transaction fees |
| Network | Visa |
About this card
The Bank of America® Premium Rewards® Elite Credit Card is a difficult card to rate due to its highly specific target audience. Its value is almost entirely contingent on being a Bank of America Preferred Rewards member, particularly at the Platinum Honors tier. For these customers, the boosted rewards rates can be exceptional, making it a strong contender. However, for those outside this ecosystem, the card's high $550 annual fee, combined with the lack of airline and hotel transfer partners, significantly diminishes its appeal compared to competitors like Chase Sapphire Reserve or Amex Platinum. The high APR and balance transfer fee further detract from its value. While the statement credits are valuable, they require active management to utilize fully. Overall, the card is fair due to its niche appeal.
Pros & Cons
What's great
- Generous sign-up bonus
- High rewards rate on travel and dining
- No foreign transaction fees
- Airline incidental statement credits
- TSA PreCheck or Global Entry credit
- Lounge membership
- Luxury perks
Things to consider
- High annual fee
- High regular APR
- Balance transfer fee
What this card offers
Sign-up bonuses
- 75,000 online bonus points offer — a $750 value
- 75,000 online bonus points — a $750 value — after you make at least $5,000 in purchases in the first 90 days of account opening
Rewards
- Earn unlimited 2 points for every $1 spent on travel and dining purchases
- Earn unlimited 1.5 points for every $1 spent on all other purchases
- Bank of America Preferred Rewards® members earn 25%-75% more points on every purchase. That means you could earn up to 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on all other purchases, for every $1 you spend.
Other features
- Receive up to $300 annually in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services
- Receive up to $150 annually for lifestyle conveniences including video streaming services, food delivery, fitness subscriptions and rideshare services
- Receive up to $120 in statement credits for Global Entry or TSA PreCheck® application fees, every four years
- Save 20% on domestic or international airfare for any class when you pay with points
- Enjoy free unlimited access to airport lounges and experiences worldwide with up to 4 complimentary Priority Pass™ Select Memberships
- Complimentary 24/7 Full-Service Concierge to book your travel, dinner reservations, event tickets and more
- Full Service Concierge: Open the door to unique experiences, find tickets to top sports and entertainment events, book travel, make dinner reservations and more with complimentary 24/7 Premium Rewards® Elite Visa Infinite® Concierge service.
- Airport Lounge Access: Enjoy free unlimited access to airport lounges and experiences worldwide with your complimentary Priority Pass™ Select Memberships.
- Visa Infinite Luxury Hotel Collection: Enjoy benefits at premium hotels, including late checkouts, free breakfast daily for two, automatic upgrades and more. (some benefits based on availability)
- Visa Infinite Car Rental Benefits: Get VIP amenities, complimentary status upgrades and discounts with Avis®, Hertz® and National®.
- Travel Protections: Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delay, lost luggage reimbursement, roadside assistance, and emergency evacuation and transportation.
- Stay Protected: We block potential fraud if abnormal patterns are detected and let you know if we suspect fraudulent activity. Plus, you always get a $0 Liability Guarantee for fraudulent transactions.
- Balance Connect® for overdraft protection: An optional service to help prevent declined purchases, returned checks or other overdrafts when you link your eligible Bank of America® checking account to your credit card. No transfer fees. Other fees may apply.
- Paperless Statement Option
- Digital Wallet Technology: Discover more ways to pay by adding your Bank of America® credit card to your mobile device then shop in-store or in-app using Apple Pay®, Google Pay™ or Samsung Pay.
- Online & Mobile Banking: Access to our award-winning Online and Mobile Banking. Bank on the go from almost anywhere quickly and securely. Pay your credit card bill online, transfer funds, check available credit and more.
- Account Alerts: Stay on top of your balances and due dates. Choose from several types of customer email or text alerts and let your phone tell you when payments are due and paid.
Additional Notes
This online only offer may not be available if you leave this page, if you visit a Bank of America financial center or call the bank. You can take advantage of this offer when you apply now.

