Bank of America Premium Rewards Elite and Chase Sapphire Reserve are two elite credit cards that cater to the discerning needs of frequent travelers and individuals seeking premium rewards and benefits.
General Comparison
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Compare Rewards: Which Card Gives More?
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|---|---|---|
Spend Per Category | Chase Sapphire Reserve | BofA Premium Rewards Elite |
$10,000 – U.S Supermarkets | 10,000 points | 15,000 points |
$5,000 – Restaurants | 15,000 points | 10,000 points |
$6,000 – Hotels | 60,000 points | 12,000 points |
$8,000 – Airline
| 40,000 points | 16,000 points |
$4,000 – Gas | 4,000 points | 6,000 points |
Total Points | 129,000 points | 59,000 points |
Estimated Redemption Value | 1 point ~ 1 – 1.5 cent | 1 point ~ 1 cent |
Estimated Annual Value | $1,290 – $1,935 | $590 |
Travel Benefits: BofA Premium Rewards Elite vs. Chase Reserve
As luxury travel credit cards, both the BofA Premium Rewards Elite and the Chase Sapphire Reserve offer a variety of travel perks.
Chase Sapphire Reserve
- $300 Annual Travel Credit: Receive up to $300 in statement credit each year for various travel purchases.
- 50% More Value for Travel Redemption: Redeem points for travel and get 50% more value, e.g., 60,000 points are worth $900.
- Complimentary Airport Lounge Access: Enjoy free access to over 1,300 airport lounges worldwide for you and up to two guests.
- Global Entry/TSA PreCheck/NEXUS Fee Credit: Receive up to $100 in statement credit every four years for application fees.
- 24/7 Customer Service: Access dedicated customer service specialists around the clock.
- Lyft Pink Membership: Get 2 complimentary years of Lyft Pink All Access, including discounts and rewards.
- DoorDash DashPass Subscription: Enjoy a year of $0 delivery fees and lower service fees on eligible orders.
- Monthly DoorDash Credit: Receive $5 in DoorDash credits each month through Dec 31, 2024.
- Instacart Membership: Get 1 year of complimentary Instacart+ for grocery delivery.
- Monthly Instacart Credit: Instacart+ members earn up to $15 in statement credits each month through July 2024.
- Priority Pass Select Membership: Access 1,300+ VIP airport lounges worldwide.
- Luxury Hotel & Resort Collection: Receive room upgrades, daily breakfast, late checkout, and other benefits at select hotels and resorts.
- 10x on Peloton Purchases: Earn 10x total points on Peloton equipment and accessories over $150 through March 31, 2025.
BofA Premium Rewards Elite
- $300 Airline Incidental Statement Credits: Receive up to $300 annually for qualifying purchases like seat upgrades, baggage fees, airline lounge fees, and in-flight services.
$150 Lifestyle Convenience Credits: Get up to $150 annually for lifestyle services such as video streaming, food delivery, fitness subscriptions, and rideshare services.
20% Off Airfare with Points: Save 20% on domestic or international airfare for any class when you pay with points.
- $100 TSA PreCheck® or Global Entry: Get up to $100 for TSA PreCheck® or Global Entry application fees every four years, providing a convenient way to streamline your airport security experience.
- 25%-75% More Points: Bank of America Preferred Rewards® members earn 25%-75% more points on every purchase.
Priority Pass Lounge Access: Enjoy free, unlimited access to airport lounges and experiences worldwide with up to 4 complimentary Priority Pass™ Select Memberships.
24/7 Concierge Service: Access a complimentary 24/7 Full-Service Concierge for assistance with travel bookings, dinner reservations, event tickets, and more.
Visa Infinite Car Rental Benefits: Receive VIP amenities, complimentary status upgrades, and discounts with car rental providers like Avis, Hertz, National, and Audi on demand.
Visa Infinite Luxury Hotel Collection: Enjoy premium hotel benefits including late checkouts, daily breakfast for two, automatic upgrades, and more (benefits may vary based on availability).
Insurance Benefits: Comparison
Both cards offer a variety of insurance benefits for travelers- but the Chase Reserve card is the winner here as it offers more types of protections.
Chase Sapphire Reserve
Auto Rental Collision Damage Waiver: Decline rental company insurance, charge rental costs to your card, and get primary coverage up for theft and collision damage on rental cars worldwide.
Trip Cancellation / Interruption Insurance: Receive reimbursement up to $10,000 per person and $20,000 per trip for pre-paid, non-refundable travel expenses if your trip is canceled or shortened due to covered reasons like sickness or severe weather.
Trip Delay Reimbursement: If your common carrier travel is delayed over 6 hours or requires an overnight stay, you're covered for unreimbursed expenses, such as meals and lodging.
Travel Accident Insurance: Pay for air, bus, train, or cruise transportation with your card and get accidental death or dismemberment coverage of up to $1,000,000.
Travel and Emergency Assistance Services: Benefit from legal and medical referrals or other emergency assistance away from home, with coverage for incurred costs (excluding goods or services obtained).
Lost Luggage Reimbursement: If your checked or carry-on luggage is damaged or lost by the carrier, receive coverage up to $3,000 per passenger.
Baggage Delay Insurance: Get reimbursed for essential purchases like toiletries and clothing if your baggage is delayed over 6 hours by a passenger carrier, up to $100 a day for 5 days.
- Travel and Emergency Assistance Services: Offers access to legal and medical referrals and other travel emergency assistance when you encounter problems away from home.
- Emergency Evacuation and Transportation: Provides coverage for medical services and transportation in case of an emergency evacuation during a trip far from home.
- Roadside Assistance: Offers roadside services like towing, jumpstarts, tire changes, locksmith, or gas.
- Emergency Medical and Dental Benefit: Provides reimbursement of up to $2,500 for medical expenses if you or an immediate family member become sick or injured while 100 miles or more from home on a trip.
- Purchase Protection: Covers new purchases against damage or theft for 120 days.
- Return Protection: Reimburses eligible items that the store won't accept returns for within 90 days of purchase.
- Extended Warranty Protection: Extends the time period of U.S. manufacturer's warranties by an additional year on eligible warranties of three years or less.
BoFa Premium Rewards Elite
Purchase Protection: Enjoy comprehensive coverage to protect your new purchases from damage or theft.
Extended Warranty Protection: Extend eligible U.S. manufacturer's warranties lasting three years or less by an additional year.
Travel Accident Insurance: Receive automatic coverage for eligible losses when you use your credit card to purchase travel fare.
24-Hour Travel Assistance Services: Access emergency services, including immediate card replacement and cash advance in case of a lost or stolen credit card.
Auto Rental Collision Damage Waiver: Get primary coverage for theft and collision damage on most rental cars in the U.S. and abroad when declining the rental company's insurance, with reimbursement up to the vehicle's actual cash value.
Baggage Delay Insurance: Receive reimbursement of up to $100 per day for essential purchases like toiletries and clothing when your baggage is delayed by a passenger carrier for more than 6 hours, up to a total of 5 days.
Lost Luggage Reimbursement: Provides coverage of up to $3,000 per passenger for damaged or lost luggage checked or carried on during travel.
Trip Delay Reimbursement: Covers unreimbursed expenses, such as meals and lodging, up to $500 per ticket for common carrier travel delays exceeding 12 hours or requiring an overnight stay.
Trip Cancellation Reimbursement: Offers coverage for trip cancellations or shortening due to covered situations like illness.
Emergency Evacuation and Transportation Coverage: Ensures financial support for eligible medical services and transportation in case of injury or illness during a trip away from home for you and your immediate family.
Return Protection: Receive reimbursement for dissatisfactory eligible items purchased within 90 days when the retailer won't accept return
When You Might Want the BoFa Premium Rewards Elite?
There are certain scenarios in which you might prefer the Bank of America Premium Rewards Elite over the Chase Sapphire Reserve:
- Existing Relationship with Bank of America: If you already have a significant relationship with Bank of America or Merrill, you may qualify for relationship-based benefits, potentially enhancing the value of the Premium Rewards Elite card even further
- You Prefer To Book Travel through Bank of America's Travel Portal: Bank of America offers a 20% discount on flights booked through its travel portal when you pay with points.
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When You Might Want the Chase Sapphire Reserve?
You might prefer the Chase Sapphire Reserve over the Bank of America Premium Rewards Elite in several situations:
- You Want Higher Rewards Value: The Chase Ultimate Rewards program, which is associated with the Sapphire Reserve, provides superior flexibility and potentially higher redemption value when used for travel through the Chase Travel Portal or transferred to airline and hotel partners. If you're a savvy rewards enthusiast looking to maximize your points, the Sapphire Reserve's rewards program might be more appealing.
- You Want Strong Transfer Partners: The Chase Sapphire Reserve has a strong lineup of transfer partners, allowing you to get excellent value when redeeming points for premium flights and hotel stays. If you're interested in leveraging transfer partners to access luxury travel experiences, the Sapphire Reserve is a better option.
Compare The Alternatives
If you're looking for a travel rewards credit card– there are some excellent alternatives you may want to consider:
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The Platinum Card® from American Express | Chase Sapphire Preferred® Card | Capital One Venture X Rewards | |
Annual Fee | $695. See Rates & Fees | $95
| $395 |
Rewards |
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
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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.
| 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
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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
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60,000 points
60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
| 75,000 miles
75,000 bonus miles once you spend $4,000 on purchases within the first 3 months from account opening
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Foreign Transaction Fee | $0. See Rates & Fees | $0
| $0
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Purchase APR | 21.24% – 29.24% APR Variable | 21.24%–28.24% variable APR
| 19.99% – 29.99% (Variable) |
Compare BofA Premium Rewards Elite Card
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