Bank of America
Bank of America® Premium Rewards® Elite Credit Card
Key Features
| Annual Fee | $550.00 |
| Sign-up Bonus | 75,000 bonus points |
| Rewards Rate | 1.5x-2x points on purchases |
| Intro APR | None |
| Regular APR | 19.74% - 27.74% variable |
| Other Fees | Balance Transfer Fee 5% of each transaction |
| Network | Visa |
About this card
The Bank of America® Premium Rewards® Elite Credit Card is a complex offering that earns a 'Fair' overall rating of 2.8. Its value proposition is profoundly bifurcated: it is an exceptional card for Bank of America Preferred Rewards Platinum Honors members (or higher tiers) due to significantly boosted earning rates and substantial statement credits that effectively offset the high annual fee. For this specific niche, the card can deliver outstanding value, offering up to 3.5 points on travel/dining and 2.625 points on all other purchases, alongside valuable perks like Priority Pass Select and no foreign transaction fees. However, for the broader premium travel card market, and especially for those without a significant banking relationship with Bank of America, the card's appeal diminishes considerably. The substantial $550 annual fee, combined with the critical absence of airline or hotel transfer partners, makes it less competitive compared to other luxury travel cards like Chase Sapphire Reserve or Amex Platinum. Its high regular APR (19.74% - 27.74%) and exorbitant 5% balance transfer fee are significant drawbacks that further detract from its value. While the statement credits are generous, they require active management to fully utilize, and the airline incidental credit is often less flexible than general travel credits from competitors. Ultimately, while powerful for its intended elite audience, its limitations in flexibility and high costs for the general consumer prevent it from achieving a higher rating, positioning it as an average choice for most premium card seekers.
Pros & Cons
What's great
- Generous sign-up bonus
- High rewards rate on travel, dining, and general purchases
- Significant statement credits for travel and lifestyle expenses
- Complimentary airport lounge access
- No foreign transaction fees
- Extensive travel benefits and protections
Things to consider
- High annual fee
- No introductory APR offers
- High regular APR
- High balance transfer fee
What this card offers
Sign-up bonuses
- 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
- 75,000 bonus points 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
Other features
- Get up to $570 in combined Airline Incidental, TSA PreCheck®/Global Entry, and Lifestyle Statement Credits
- 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
- You choose how you want to be rewarded. Redeem your points for travel, cash back, a statement credit, distinctive experiences or gift cards.
- No limit to the points you can earn and points don't expire as long as the account remains open
- Visa Infinite Luxury Hotel Collection
- Visa Infinite Car Rental Benefits
- Travel Insurance protections to assist with trip delays, cancellations and interruptions, baggage delay, lost luggage reimbursement, roadside assistance, and emergency evacuation and transportation.
- $0 Liability Guarantee for fraudulent transactions
- Balance Connect® for overdraft protection
- Paperless Statement Option
- Digital Wallet Technology
- Online & Mobile Banking
- Account Alerts
- No foreign transaction fees
Additional Notes
This offer may not be available elsewhere if you leave this page.