Bank of America Premium Rewards Elite credit card review: A formidable contender — with a caveat
Editor's Note
Bank of America Premium Rewards Elite credit card overview
If you qualify for the Bank of America® Preferred Rewards® program, the Bank of America® Premium Rewards® Elite Credit Card has the potential to be even more lucrative to use for everyday spending and travel. For those who prefer transferable rewards, there are better-earning travel cards available. Card rating*: ⭐⭐⭐½
* Card rating is based on the opinion of TPG's editors and is not influenced by the card issuer.
Among the usual heavyweights in the world of premium rewards cards, such as the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express, Bank of America has its contender — although its competitiveness comes with the caveat that to reach the card's full potential you need to qualify for Bank of American Preferred Rewards. More about that below.
Unveiled in 2021, the Bank of America Premium Rewards Elite Credit Card comes with an annual fee of $550 and is designed for Bank of America's high-net-worth clients. But it's not exclusive to that customer base, and you do not need to have a relationship with the bank to apply. Approved applicants typically have a credit score of 670 or higher.
At first glance, the new card seems like a souped-up version of the longstanding Bank of America® Premium Rewards® credit card.
However, the new card might be worth considering based on its lifestyle credits and all-metal design. Here's what you need to know about the Bank of America Premium Rewards Elite credit card.
The information for the Bank of America Premium Rewards Elite credit card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Bank of America Premium Rewards Elite credit card pros and cons
| Pros | Cons |
|---|---|
|
|
Bank of America Premium Rewards Elite credit card welcome bonus
New cardholders of the Premium Rewards Elite card earn 75,000 bonus points after spending $5,000 on purchases in the first 90 days of account opening. These points have a fixed value of 1 cent each, meaning that this bonus is worth $750.
Bank of America has no published restrictions that apply specifically to earning welcome bonuses, but they do have the infamous 2/3/4 rule regarding card applications where you can only get approved for two Bank of America cards in a two-month period, three cards in a 12-month period and four cards in a 24-month period.
Related: Here are the best credit card welcome offers
Bank of America Premium Rewards Elite credit card benefits
Most rewards cards with high annual fees offer perks that help offset some (or all) of that yearly cost. The Premium Rewards Elite card is no different, with the following notable benefits:
- Up to $300 annually in airline incidental statement credits; this includes purchases such as seat upgrades, baggage fees, and airline lounge fees but not airfare
- Up to $150 annually in statement credits for lifestyle convenience; this includes streaming services, food delivery, fitness subscriptions and ride-hailing services
- Up to $100 in statement credits for Global Entry or TSA PreCheck application fees (once every four years)
Other benefits include up to four complimentary Priority Pass Select Memberships, 20% savings on domestic or international airfare for any class when you pay with points, travel and shopping protections and no foreign transaction fees.
This is a decent set of benefits for a card that comes with a $550 annual fee, as long as you utilize all of the credits provided.
Related: 9 valuable travel perks that you can get with a credit card
Earning points on the Bank of America Premium Rewards Elite credit card
With the Premium Rewards Elite card, you're earning 2 points per dollar spent on travel and dining and 1.5 points per dollar on everything else. The travel and dining categories are defined broadly, similar to the Chase Sapphire Reserve®, meaning there are a lot of expenses that can qualify for double points.
The real differentiator is with Bank of America's Preferred Rewards program. Essentially, if you have enough assets with Bank of America, you're rewarded for using one of the bank's credit cards.
Preferred Rewards members earn a 25%, 50% or 75% rewards bonus on select Bank of America cards, including the Premium Rewards Elite card.
| Spend categories | Regular cardholder | Preferred Rewards Gold (25% bonus) | Preferred Rewards Platinum (50% bonus) | Preferred Rewards Platinum Honors, Diamond or Diamond Honors (75% bonus) |
|---|---|---|---|---|
| Travel and dining | 2 points per dollar spent | 2.5 points per dollar spent | 3 points per dollar spent | 3.5 points per dollar spent |
| Everything else | 1.5 points per dollar spent | 1.875 points per dollar spent | 2.25 points per dollar spent | 2.625 points per dollar spent |
Related: Why you should get a fixed-rate rewards credit card
Redeeming points on the Bank of America Premium Rewards Elite credit card
One of the biggest drawbacks of the Premium Rewards Elite card is the limited number of redemption options. Unlike comparable cards, there are no airline or hotel transfer partners.
Points can be redeemed for travel, cash back, a statement credit, experiences or gift cards at 1 cent apiece. In addition, points can be redeemed for 20% savings on airfare for any class when paying with points through the Bank of America Travel Center or concierge. This brings your per-point value for these redemptions to 1.2 cents.
Related: Getting started with points, miles and credit cards to travel
Which cards compete with the Bank of America Premium Rewards Elite credit card?
The best cards to compare to the Premium Rewards Elite card are cards with similar annual fees or benefits, such as the following cards:
- If you like Chase: The Chase Sapphire Reserve, with a $550 annual fee. The card offers a $300 travel credit annually, which can be used toward any purchase that codes as travel, including but not limited to airfare, hotels, rental cars, tolls, parking meters, train tickets or subway rides. The card also earns 3 points per dollar spent on broadly defined categories for travel and dining. To learn more, read our full review of the Chase Sapphire Reserve.
- If you like Citi: The Citi Strata Premier℠ Card (see rates and fees) comes in with a lower $95 annual fee, which is offset by a $100 discount on an eligible hotel stay of $500 or more when booked through Citi Travel. The Strata Premier shines in its earning rates of 10 points per dollar spent on hotel, car rental and attraction bookings made through Citi Travel; 3 points per dollar spent on air travel, other hotel purchases, restaurants, supermarkets, gas stations and EV charging stations; and 1 point per dollar spent on all other purchases. To learn more, read our full review of the Citi Strata Premier.
- If you like American Express: The Amex Platinum comes with a hefty $695 annual fee (see rates and fees), though you can recoup this cost and then some if you maximize the plethora of statement credits and perks that come with it. For those who travel often, the card earns an impressive 5 points per dollar spent on airfare purchases made directly with an airline or through AmexTravel.com (on the first $500,000 in a calendar year, then 1 point per dollar). In addition, cardmembers receive benefits such as Gold Elite status with Marriott Bonvoy and Hilton Honors (enrollment required). To learn more, read our full review of the Amex Platinum.
For additional options, take a look at our picks for the best travel cards.
Related: Why the Citi Strata Premier and Rewards+ cards are a great pair
Is the Bank of America Premium Rewards Elite credit card worth it?
If transfer partners aren't a big deal to you, you can consider the Premium Rewards Elite card. If you're a Preferred Rewards member, then the card becomes more of a no-brainer, as you'll earn more bonus points across all categories. However, if you're not utilizing the statement credits, then this card has little value, and you're better off with a mid-tier travel card.
Bottom line
The Bank of America Premium Rewards Elite card seems to target existing or incoming Preferred Rewards program clients by offering them a higher-priced product within the Bank of America ecosystem. The card will likely remain a niche player, especially considering that Bank of America does not have airline or hotel transfer partners. That said, it's still a solid card for those who bank with Bank of America and can take advantage of its annual statement credits.
Related: Everything you should know about Bank of America's Preferred Rewards program
For rates and fees of the Amex Platinum, click here.