Our Verdict
For those at the highest tiers of Bank of America’s Preferred Rewards program, the $550-annual-fee Bank of America® Premium Rewards® Elite credit card* outearns most other premium travel cards. But for those who don’t qualify for a higher earning rate via Preferred Rewards, the card’s value is greatly diminished. Without the Preferred Rewards earnings boost, the card is simply a gussied-up version of the bank’s lower-annual-fee card, the Bank of America® Premium Rewards® credit card. It earns a similar welcome bonus and the same elevated rewards structure without “elite” in its title.
Pros
- Top-notch rewards rate for those at the highest tier of Preferred Rewards
- Airline benefits including lounge access
- Up to a $150 annual lifestyle credit
Cons
- Can get the same rewards on a card with a lower annual fee
- Without Preferred Rewards, earn rate is just so-so
- No travel transfer partners
Highlights
- Receive 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
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
- Earn up to $300 in Airline Incidental Statement Credits annually on qualifying transactions and TSA Pre✓®/Global Entry Statement Credits of up to $100, every four years
- Earn up to $150 in lifestyle statement credits annually on qualifying rideshare, food delivery, streaming service and fitness transactions at select merchants
- Receive 20% off the cost of airfare when redeeming points through the Bank of America Travel Center
- Enrolled cardholders receive 12-month Priority Pass Select membership to access airport VIP lounges worldwide
Introduction
The Bank of America® Premium Rewards® Elite credit card* may appeal to existing Bank of America customers looking for an in-house version of an upscale travel credit card. The card does its best to match or exceed what cards like The Platinum Card® from American Express and Chase Sapphire Reserve® have to offer.
The Premium Rewards Elite card earns 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases. Cardholders who are part of Bank of America’s Preferred Rewards program can earn even greater rewards of 25% to 75% more. At the highest level, this would make the card earn 3.5 points on travel and dining purchases and 2.62 points on all other purchases for every dollar spent.
The card also comes with travel benefits and extras including a 20% discount when redeeming for airfare through the Bank of America rewards center, a $300 airline incidental fee credit, Priority Pass lounge access, a $100 TSA PreCheck/Global Entry application fee credit, Visa Infinite benefits and medical evacuation coverage up to $100,000.
But, the rewards rate, TSA Precheck/Global Entry application fee credit and several travel protections are almost exactly the same as what’s being offered on the $95-annual-fee Bank of America® Premium Rewards® credit card with a similar welcome bonus which means you’d have to get a lot of use out of the additional benefits to make it worth the extra $455 a year to own this card vs its less-expensive sibling.
Compare Bank of America Premium Rewards Elite Visa Infinite With Other Cards
Quick Facts
- $550 annual fee
- 75,000 bonus points after spending $5,000 in purchases in the first 90 days of account opening
- 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases (25% to 75% more for Preferred Rewards members)
- An up to $300 annual airline incidental fee credit
- A 20% discount for airfare points redemption
- No foreign transaction fees
- Visa Infinite benefits, including access to the Visa Infinite Luxury Hotel Collection
Fine Print
Interest Rates
- Regular APR: 21.24% - 29.24% variable
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
Fees
- Annual fee: $550
- Balance transfer fee: 4% of the amount of each transaction
- Foreign purchase transaction fee: $0
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Welcome bonus offers
- Ongoing earning rates
- Value of individual points or miles
- Included travel or merchant credits
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.
To view rates and fees for The Platinum Card® from American Express please visit this page.
*The information for the following card(s) has been collected independently by Forbes Advisor: Bank of America® Premium Rewards® Elite credit card. The card details on this page have not been reviewed or provided by the card issuer.