The Bank of America Premium Rewards Elite review focuses on whether this high-end credit card justifies its $550 annual fee. This card is positioned for frequent travelers and consumers who seek premium lifestyle perks.
It combines rewards, credits, and travel protections into one package. The goal is to see if these benefits outweigh the cost.
An Overview of the Card
Before diving into details, you need to understand the core identity of this product. The Bank of America Premium Rewards Elite Card is a Visa Infinite card with luxury-focused benefits.
It targets travelers and Preferred Rewards members who want extra value. The card is designed for individuals who spend regularly on travel and dining.
Key Card Details
The card has a $550 annual fee but no foreign transaction fees. You get a large sign-up bonus worth $750 after hitting spending requirements.
Its earning structure rewards travel and dining purchases at a higher rate than everyday purchases. Benefits also include concierge services, statement credits, and airport lounge access.
Rewards Program and Welcome Bonus
Every cardholder wants to know how rewards stack up. This section explains the earning potential and the bonus offer. It also highlights redemption flexibility. You’ll see how valuable this program can be with consistent use.
Welcome Bonus
You can earn 75,000 bonus points after spending $5,000 in the first 90 days. These points equal $750 in value when redeemed.
It’s one of the higher offers among premium cards. This makes the card attractive to those with upcoming large expenses.
Everyday Spending Rewards
The earning rates are clear and competitive. You receive 2 points for every dollar spent on travel and dining. All other purchases earn 1.5 points per dollar. For heavy travelers, these points accumulate quickly.
Preferred Rewards Boost
Bank of America Preferred Rewards members get an added bonus. Points can be boosted between 25% and 75% depending on status.
That means travel and dining spending could reach up to 3.5 points per dollar. Everyday purchases can rise to about 2.62 points per dollar.
Flexible Redemption Options
You should know where your points can go. The Premium Rewards Elite Card offers multiple redemption pathways. Flexibility adds real-world value. Cardholders can adapt rewards to their lifestyle.
- Travel – Points can be used to book flights, hotels, or car rentals through Bank of America’s travel portal.
- Cash Back – Redeem directly for statement credits or deposits.
- Gift Cards – Apply points toward popular retailers.
- Lifestyle Experiences – Choose from curated experiences and events.
Statement Credits and Added Value
Credits are where premium cards help offset annual fees. This card has multiple categories of credits. Each one reduces the net cost of owning the card. Together, they can provide strong value.
Airline and Lifestyle Credits
Cardholders get up to $300 annually for airline incidentals such as baggage fees, seat upgrades, and lounge charges. Another $150 is available for lifestyle services like streaming subscriptions, fitness apps, and rideshare programs.
These credits reward everyday spending in addition to travel expenses. Used correctly, they offset a major part of the annual fee.
Travel Security Credits
The card offers up to $120 in credits every four years for TSA PreCheck® or Global Entry. This saves you both money and time when passing through airport security.
For frequent flyers, this adds a layer of convenience. When combined with lounge access, the value improves significantly.
Travel and Lifestyle Perks
A premium travel card should offer comfort and convenience. The Premium Rewards Elite Card delivers in this area. Perks extend beyond points and credits. They focus on making travel smoother and more enjoyable.
Airfare Discounts
When redeeming with points, you save 20% on airfare. This applies to domestic and international flights. It increases the effective value of your points. Travelers benefit from better redemption efficiency.
Lounge Access and Hotels
You get unlimited Priority Pass Select lounge access with up to four memberships. This allows you and your companions to enjoy worldwide lounges.
The Visa Infinite Luxury Hotel Collection adds free breakfasts, late checkouts, and possible upgrades. For frequent hotel guests, these benefits are notable.
Concierge and Car Rental Benefits
The 24/7 concierge service provides help with reservations and entertainment. You also get elite rental car benefits through Avis, Hertz, and National.
These perks include discounts and complimentary upgrades. Together, they make travel easier and more convenient.
Security and Digital Features
Premium cards must also protect your transactions. Bank of America adds several features to ensure cardholder safety. It also integrates digital tools. These make managing the card simple and secure.
Fraud Protection and Alerts
The card has a $0 liability guarantee for fraudulent transactions. If suspicious activity is detected, the bank alerts you immediately.
Account alerts keep you on track with balances and due dates. These tools help you maintain financial control.
Banking and Digital Wallets
You can link your card with Apple Pay®, Google Pay™, or Samsung Pay. Online and mobile banking make it easy to pay bills and transfer funds.
Paperless statements enhance convenience and reduce clutter. FICO® Score monitoring is also included, updated monthly at no cost.
Interest Rates and Fees
Costs are important in any card evaluation. This section breaks down standard fees. You must know these numbers before applying. They impact the actual cost of the card.
APR and Annual Fee
The card has a standard variable APR of 20.24%–28.24%. There is no introductory APR offer. The annual fee is set at $550. This fee is high, but it can be offset with credits and rewards.
Balance Transfer and Disclaimer
Balance transfers are charged at 4% per transaction. This makes it less appealing for debt transfers.
Terms and conditions may change over time. Always review the official Bank of America disclosures before applying.
Downsides to Consider
No card is perfect, and this one has clear drawbacks. You should weigh these against the benefits. For some, the perks are worth it. For others, they may not be.
High Annual Fee
The $550 annual fee is a major hurdle. Unless you use credits and lounge access fully, the value decreases.
Occasional travelers may find it hard to justify. This card is not designed for light users.
Limited Intro Offers
Unlike some competitors, this card has no introductory APR. It also lacks temporary spending boosts outside travel and dining.
Balance transfer users may prefer other options. Simplicity comes at the cost of fewer promotions.
How It Compares to Competitors?
Evaluating competitors provides context. Premium cards often overlap in benefits. Comparing helps determine relative value. Here are three main rivals.
Chase Sapphire Reserve®
This card also carries a high annual fee. It offers a $300 travel credit and strong points transfers.
Lounge access is included, but there are fewer membership options available. Its flexibility with transfer partners is its strength.
American Express Platinum®
The Platinum card has an even higher fee. It dominates with luxury perks and exclusive lounge networks. However, credits are highly specific and can be harder to use. It’s best for heavy travelers focused on prestige.
Capital One Venture X®
This card has a lower $395 annual fee. It includes a $300 travel credit and strong lounge benefits. Its rewards system is simpler with flat-rate earnings. It appeals to travelers who want fewer restrictions.
Who Should Apply?
This card is not for everyone. It targets a specific user base. You should match your lifestyle with its benefits. Otherwise, the value may be wasted.
- Frequent travelers who maximize credits and lounges
- Bank of America Preferred Rewards members for higher point earnings
- Consumers who want premium concierge and hotel benefits
Contact and Support Information
Bank of America provides direct support for applicants and cardholders. If you need assistance, you can call 1-800-432-1000 for general questions.
You can also visit bankofamerica.com for online resources. In-branch appointments with credit card specialists are available nationwide.
Final Verdict: Is It Worth It?
The Bank of America Premium Rewards Elite Card is valuable only if you maximize its credits and perks. The $550 annual fee demands consistent use of benefits like lounges, hotel perks, and airline credits.
Casual users may find better alternatives with lower fees. For loyal Bank of America clients who travel frequently, it can deliver excellent long-term value.
Disclaimer: Terms and conditions may change. Always check official Bank of America disclosures for the latest details.
