Credit Cards » Credit Card Reviews » Bank of America Premium Rewards Elite Review (2024)
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Bank of America Premium Rewards Elite Review (2024)

The Bank of America Premium Rewards charges high annual fee, but you can enjoy statement credits, lounge access and other premium benefits
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: April 15, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Bank of America® Premium Rewards® Elite

Bank of America® Premium Rewards® Elite

Rewards Plan

1.5x – 2x 2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases

Welcome Bonus

75,000 points 75,000 bonus points if you spend $5,000 or more within 90 days of opening your account

Credit Rating

Excellent

0% Intro

N/A

Annual Fee

$550

APR

20.24% – 27.24%
Bank of America® Premium Rewards® Elite

Bank of America® Premium Rewards® Elite

Rewards Plan

1.5x – 2x 2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases

Welcome Bonus

75,000 points 75,000 bonus points if you spend $5,000 or more within 90 days of opening your account

0% Intro

N/A

PROS

CONS

APR

20.24% - 27.24%

Annual Fee

$550

Balance Transfer Fee

3%

Credit Requirements

Excellent

This card is the most premium card among Bank Of America cards, offering an impressive variety of perks that should more than offset this expense – and high annual fee. The statement credits alone add up to the cost of the annual fee, and you can also enjoy lounge access and a decent selection of travel insurances. If you’re already a Bank of America customer, particularly if you already have Preferred Rewards status, this card could be a good choice for you.

On the other hand, if you have no connection to Bank of America, there are numerous other cards on the market that offer similar rewards and a similar benefits package at a lower annual fee. In this scenario, you would be far better to explore the alternative cards rather than simply opting for the Premium Rewards Elite.

  • Airline Incidentals Statement Credit
  • Statement Credit for Lifestyle Conveniences
  • Reimbursement for Global Entry or TSA PreCheck
  • Priority Pass Select
  • Airfare Point Savings
  • Preferred Rewards Points Bonus
  • Travel Protections
  • Car Rental Benefits
  • Access to Concierge Services
  • Visa Infinite Luxury Hotel Collection
  • Low Rewards Rate
  • Lackluster Rewards without Preferred Rewards Status
  • No Travel Transfer Partners

Can I get pre-approved?

Bank of America does not have a pre approval option on its website for this card, but it may send out mailers or other promotional materials offering pre approval to select customers.

How do I redeem rewards?

There are several reward redemption options with this card including direct deposit to qualifying Bank of America accounts, statement credit or purchases at the B of A Travel Center. To redeem your rewards, you will need to log into your account and click on redeem rewards. From there, you can explore the options including opening up the Travel Center to search for flights, hotels and other travel purchases.

How hard is it to get a Bank of America Premium Rewards Elite card?

Bank of America requires applicants to have excellent credit to qualify for this card, but you may also need to demonstrate that you have sufficient income to properly service the card. This may make it difficult for some applicants to get approved for the Premium Rewards Elite.

In this Review

Simulation: How Much Rewards You Can Earn?

Take a look at the table below to see how many points you can get by using the Premium Rewards Elite card. The table shows an estimate of the points you could earn based on your usual spending in different categories.

Remember that this table is just an approximation, and the points you actually earn may be different due to your spending habits and other factors. However, it gives you a good idea of the potential advantages of this card.

Bank of America® Premium Rewards® Elite

Spend Per Category
Bank of America® Premium Rewards® Elite
$10,000 – U.S Supermarkets
10,000 points
$3,000 – Restaurants
6,000 points
$5,000 – Airline
10,000 points
$4,000 – Hotels
8,000 points
$4,000 – Gas
4,000 points
Estimated Annual Points
38,000 Points
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amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
185,000 points 185,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
185,000 points 185,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
Up to 3x miles 3 miles per $1 spent on United purchases immediately after earning your $125 annual United purchase credit, 2 miles on all other travel and select streaming services, 1 mile on all other purchases
Welcome Bonus:
60,000 miles 60,000 bonus miles + 500 Premier qualifying points (PQP) after you spend $4,000 on purchases in the first 3 months your account is open.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
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amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
185,000 points 185,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Pros and Cons

Just like any other credit card, the BoFa Premium Rewards Elite credit card has some advantages and disadvantages:

Pros
Cons
Airline Incidentals Statement Credit
Low Rewards Rate
Statement Credit for Lifestyle Conveniences
Lackluster Rewards without Preferred Rewards Status
Reimbursement for Global Entry or TSA PreCheck
No Travel Transfer Partners
Priority Pass Select
Airfare Point Savings
Preferred Rewards Points Bonus
Travel Protections
Car Rental Benefits
Access to Concierge Services
Visa Infinite Luxury Hotel Collection

You can receive up to $300 per year for qualifying airline incidental charges to your card. This includes baggage fees, seat upgrades, in flight services and airline lounge fees.

You can also receive up to $150 per year for lifestyle conveniences billed to your card. This includes rideshare services, food delivery, video streaming services and fitness subscriptions.

Provided that you use your card to pay for your application fees, you can receive up to $100 every four years as reimbursement for either Global Entry or TSA PreCheck.

As a cardholder, you’ll have Priority Pass Select offering free, unlimited airport lounge access for you or an authorized user.

When you pay with points for your domestic or international airfare, you can save 20% regardless of the fare class.

The card also has a suite of travel protections. This includes trip delay, cancellation and interruption insurance, lost luggage reimbursement, baggage delay cover, roadside assistance and access to emergency transportation and evacuation.

Since this is a Visa Infinite credit card, you can access the highest tier of Visa concierge services. This includes help to find tickets to events, making dinner reservations, booking travel and more 24/7.

This perk provides benefits at premium hotels when you book from the collection. This includes benefits such as free breakfast, late checkouts and automatic upgrades, but some benefits are subject to availability.

There are a number of other rewards credit cards, which offer a similar rewards rate with a lower annual fee. So, while this card does offer some nice perks, if your main priority is accumulating point rewards, you may prefer an alternative travel card.

If you have the top tier Preferred Rewards status, you can access some impressive rewards with this card. If you don’t have status, the rewards for this card are rather lackluster.

Unfortunately, even the base tier of Preferred Rewards requires an average daily balance of $20,000 across qualifying Bank of America accounts, which may be a barrier for many people.

When you want to redeem your rewards, there are several options, but if you’re interested in travel, you are limited to the Bank of America Travel Center.

This means that you cannot simply transfer your points to the loyalty program of a partner airline or hotel brand.

If you’re a Preferred Rewards member, you can earn up to 75% more points on each purchase. This increases the point earning potential of this card to 3.5 points per dollar on travel and dining and up to 2.62 points per dollar on all other purchases.

You can enjoy complimentary status upgrades, VIP amenities and discounts with several partner companies including Hertz, Avis and National.

Who May Consider The BoFa Premium Rewards Elite ?

Since this is a premium card, it is obviously best suited to those who tend to be higher spenders. If you fly regularly, you’re likely to get the most value from the reimbursements, discounts and statement credits, particularly the Priority Pass Select lounge access and statement credit for airline incidentals. These two items alone should offset the high annual fee.

The card could also be a good fit for higher tier Preferred Rewards members since you can get up to 75% more points on your purchases. So, if you have Preferred Reward status and tend to dine out several times a month and fly at least a couple of times per year, you’ll be able to accumulate an impressive points balance.

Here are some premium travel cards that can be considered as good alternatives:

Card
Rewards
Annual Fee

chase_sapphire_preffered

2X – 5X 5x total points on travel purchased through Chase Travel, 3x points on dining, online grocery purchases and select streaming services. 2x on other travel purchases. Plus, earn 1 point per dollar spent on all other purchases.
$95

Delta SkyMiles® Reserve American Express Card

1X – 3X 3X miles per dollar on eligible Delta flights and Delta Vacations® with 1X miles on all other purchases
$650

Venture X Rewards

1X – 10X 10 miles per dollar on hotels and rental cars when booking via Capital One Travel, 5 miles per dollar on flights and 2 miles per dollar on all eligible purchases
$395

united infinite card

Up to 4x miles 4x miles on United Airlines purchases, 2x miles on all other travel purchases, dining and eligible delivery services and 1x miles on all other purchases
$525

amex brilliant

2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
$650

1X – 10X

5X total points on air travel and 10X total points on hotels, car rentals and dining when you purchase through Chase Ultimate Rewards®, immediately after earning your $300 annual travel credit. Also, earn 3x points on dining at restaurants and travel (after meeting the $300 travel credit), then 1x points per dollar spent on all other purchases.

$550

amex platinum

1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases

Tips for Using the Premium Rewards Elite Card

Although the Bank Of America Premium Rewards Elite card is quite straightforward, there are a few things that you can do to maximize its value.

Although things such as streaming services and rideshare don’t attract the highest tier of reward points, you can receive statement credit.

Between the statement credit for airline incidentals and lifestyle purchases, you can almost offset the entire cost of the annual fee.

Both of these programs are attractive for regular travelers since you can minimize the time you spend in customs lines at the airport.

As a card holder, if you pay for the application fees using your card, you will essentially get your Global Entry or TSA PreCheck for free, since the charges will be reimbursed.

Not only can you earn more points on travel purchases, but the travel insurance coverage will kick in.

This card has an impressive suite of travel protections including baggage delay, trip cancellation/delay/interruption, and lost luggage reimbursement.

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amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
185,000 points 185,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
185,000 points 185,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
Up to 3x miles 3 miles per $1 spent on United purchases immediately after earning your $125 annual United purchase credit, 2 miles on all other travel and select streaming services, 1 mile on all other purchases
Welcome Bonus:
60,000 miles 60,000 bonus miles + 500 Premier qualifying points (PQP) after you spend $4,000 on purchases in the first 3 months your account is open.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
185,000 points 185,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

FAQs

Yes, if you pay your common carrier fares with your card, the coverage will kick in. This includes trip interruption/delay/cancellation cover, but you can also get reimbursement for lost luggage, baggage delay insurance and access to emergency transportation and evacuation services.

There are no official income requirements published by Bank of America for this card, but you do need to have excellent credit.

This card is not a good idea if you have no other connections to Bank of America. There are more generous reward credit cards offered, since the rewards rate for non Preferred Rewards members is a little lackluster, particularly outside of travel and dining spending categories.

Compare BofA Premium Rewards Elite Card

The BoFa Premium Rewards Elite offers better travel perks, but is it worth the difference in the annual fee? We don't think so. Here's why.

Bank of America Premium Rewards vs. Elite: How They Compare?

While both cards offer premium travel perks, the Chase Reserve is the winner as it provides better travel perks and more redemption options.

Bank of America Premium Rewards Elite vs. Chase Sapphire Reserve

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Best Cards Per Category
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amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
185,000 points 185,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
185,000 points 185,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
Up to 3x miles 3 miles per $1 spent on United purchases immediately after earning your $125 annual United purchase credit, 2 miles on all other travel and select streaming services, 1 mile on all other purchases
Welcome Bonus:
60,000 miles 60,000 bonus miles + 500 Premier qualifying points (PQP) after you spend $4,000 on purchases in the first 3 months your account is open.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.