Statement credits are applied after qualifying transactions are posted to your account. This can take about two to three weeks.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.The Bank of America® Premium Rewards® Elite Credit Card can be well worth it for Preferred Rewards® members who are able to maximize the statement credits, lounge access and robust travel protections. The card rewards your spending on everything from meals to flights, while treating you to a touch of luxury along the way. That said, if you’re not in the Preferred Rewards® program or you’re looking for point transfers or more diverse bonus categories, you may find better overall value with competing travel credit cards.
Annual fee: $550
Sign-up bonus: 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
Rewards: 1.5X - 2X points
Intro purchase APR: N/A
APR: 20.24% - 28.24% variable
Foreign transaction fee: $0
Other benefits:
Credit Cards | Our Ratings | Annual Fee | Welcome Offer | Rewards Rate | |
---|---|---|---|---|---|
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Bank of America® Premium Rewards® Elite Credit Card*
|
$550 | 75,000 points
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
| 1.5X - 2X points
| ||
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The Platinum Card® from American Express
|
$695 | As high as 175,000 points
You may be eligible for as high as 175,000 Membership Rewards® Points after spending $8,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.
| 5X points
| ||
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Chase Sapphire Reserve®*
|
$795 | 125,000 points
Earn 125,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.
| 1X - 8X points
| ||
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Capital One Venture X Rewards Credit Card
|
$395 | 75,000 miles
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
| 2X - 10X miles
|
Strong sign‑up bonus
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
Thanks to the card’s 20% airfare discount when redeeming points, you can stretch that bonus even further on flights, potentially getting even more value. That’s significantly above the current average credit card sign-up bonus of around 52,000 points, according to a LendingTree study.
Simple rewards program
Unlimited 2 points for every $1 spent on travel and dining purchases, and unlimited 1.5 points for every $1 spent on all other purchases
This rewards program is a great fit for those who value simplicity, offering flat-rate earnings on most purchases and minimal categories to track. However, if your goal is to maximize rewards in areas such as groceries or gas, a card with more targeted bonus categories might be a better fit.
→ Redeeming rewards: You can redeem your points for travel, cash back, a statement credit, distinctive experiences or gift cards. You’ll save 20% on any domestic or international airfare, in any class, when you redeem points for flights through Bank of America Travel.
Bank of America Preferred Rewards® boost
Bank of America Preferred Rewards® members earn 25% to 75% more points on every purchase. To qualify for membership, you’ll need a Bank of America checking account and a three-month average combined balance of at least $20,000 across your Bank of America deposit accounts and/or Merrill investment accounts.
→ Learn more about the Bank of America Preferred Rewards® Program.
Get up to $570 in automatic statement credits
One of the easiest ways to offset the Bank of America® Premium Rewards® Elite Credit Card’s $550 annual fee is by using the automatic statement credits that come with the card. If you’re confident you’ll take advantage of these perks, the fee could be well worth it. Unlike some other cards that require you to enroll for credits, these are applied automatically, making them even easier to use.
Up to four complimentary Priority Pass™ Select Memberships
One of the standout perks of the Bank of America® Premium Rewards® Elite Credit Card is its Priority Pass™ Select membership, which offers complimentary, unlimited access to over 1,300 airport lounges and experiences worldwide.
Even better, up to four members can enroll, making it ideal for families or frequent travel companions. Many competing cards provide lounge access only for the primary cardholder and often charge guest fees, so this added flexibility sets it apart.
→ See the best priority pass credit cards.
Premium Rewards® Elite Visa Infinite Concierge service
Get complimentary 24/7 full-service concierge to book travel, top sports and entertainment events, dinner reservations and more.
Visa Infinite Luxury Hotel Collection
You’ll gain access to the Luxury Hotel Collection, which offers exclusive perks at high-end properties including daily free breakfast for two, late checkout, complimentary room upgrades and more. (Note: Some benefits are subject to availability.)
Visa Infinite car rental benefits
You can use Visa Infinite car rental benefits to get VIP amenities, complimentary status upgrades and discounts with Avis®, Hertz® and National®.
Valuable travel protections
The Bank of America® Premium Rewards® Elite Credit Card offers robust and comprehensive travel insurance, putting it on par with many of the top-tier travel credit cards. From trip cancellation and delay coverage to lost baggage and primary rental car insurance, these protections give frequent travelers added peace of mind and can save you hundreds if your trip doesn’t go as planned. Here’s what you’ll get:
→ See the best credit cards for car rental insurance.
$0 foreign transaction fee
If you’re planning to travel internationally, the Bank of America® Premium Rewards® Elite Credit Card is a smart choice, thanks to its $0 foreign transaction fee. While many other cards charge 1% to 3% per transaction abroad, this card lets you make purchases overseas without the added cost.
Limited bonus categories
The card mainly rewards travel and dining purchases, offering a simple flat-rate structure that’s easy to manage. However, it falls short when it comes to category-specific bonuses for everyday spending on items such as groceries and gas, and its bonus rates are relatively modest compared to other premium cards. You might find stronger earning potential with other travel credit cards.
Annual fee | First-year value* | Ongoing value* | |
---|---|---|---|
Chase Sapphire Reserve® | $795 | $5,222 | $2,722 |
The Platinum Card® from American Express (see rates & fees) | $695 | $3,262 | $1,540 |
Capital One Venture X Rewards Credit Card | $395 | $2,603 | $1,433 |
Bank of America® Premium Rewards® Elite Credit Card | $550 | $1,545 | $795 |
Points may not be as valuable as other rewards programs
Redemptions are typically worth around 1 cent per point, depending on how you redeem. Compared to other travel rewards programs, this tends to be on the lower side:
Average value of one point/mile* | |
---|---|
Chase Ultimate Rewards® | 1 cent to around 2 cents per point |
Capital One Rewards | 0.5 cents to around 1.8 cents per mile |
American Express Membership Rewards® | 0.6 cents to 2 cents per point |
Bank of America Preferred Rewards® | 1 cent per point (20% more value when you pay for airfare with points) |
No travel transfer partners
While you can get 20% more value when redeeming points for airfare through Bank of America Travel, the card doesn’t offer point transfers to airline or hotel partners, a feature that can unlock significantly higher value with other programs.
For example, Chase Ultimate Rewards® points can be transferred at a 1:1 ratio to 14 airline and hotel partners, often at a value of around 2 cents per point.
If you’re looking for luxury, high-end perks, The Platinum Card® from American Express may be a better choice. While it comes with a steeper $695 annual fee, you’ll get a higher earning rate on travel booked through American Express. Plus, you’ll get a wider array of statement credits, more than $1,000 in value (terms apply).
You’ll also get access to The Global Lounge Collection, which includes more than 1,400 lounges worldwide, such as Centurion® Lounges from American Express. Additionally, American Express points can be transferred to 20 airline and hotel partners combined, for a value of around 2 cents per point by our estimates*.
The Chase Sapphire Reserve® is a strong alternative if your goal is to maximize the value of your points. It offers a higher rewards rate across more spending categories and gives you access to 14 Chase Ultimate Rewards® transfer partners, where points can be worth around 2 cents each with strategic redemptions*. Chase Ultimate Rewards® points are also widely considered some of the most valuable in the travel rewards space.
That said, the card carries a $795 annual fee, though it’s offset in part by a generous lineup of travel credits, including a flexible $300 annual travel credit. You’ll also receive Priority Pass lounge access, though guest privileges are capped at two complimentary guests per year.
If you want a premium travel card with strong perks at a lower cost, the Capital One Venture X Rewards Credit Card is a good option. It has a more affordable $395 annual fee, but still delivers excellent value. You’ll earn elevated rewards on travel and a solid flat rate on other purchases. Plus, the card offers access to Capital One travel transfer partners, with miles often worth around 1.8 cents each when used strategically*. You’ll get entry to both Priority Pass lounges and Capital One Lounges, giving the card an edge in this category.
→ See all of the top travel credit cards.
The Bank of America® Premium Rewards® Elite Credit Card could be a smart choice if you’re a Bank of America Preferred Rewards® member with at least $20,000 in qualifying balances, since that unlocks some of the highest flat-rate rewards available. It’s also ideal if you value simplicity, want robust travel protections and can make use of the card’s statement credits and lounge access to offset the $550 annual fee.
However, if you’re looking for transferable points, more bonus categories or luxury perks beyond what’s included here, you may find better value with other premium travel cards such as the Chase Sapphire Reserve®, The Platinum Card® from American Express or Capital One Venture X Rewards Credit Card.
Statement credits are applied after qualifying transactions are posted to your account. This can take about two to three weeks.
Enroll by maintaining a three-month average balance of $20,000 across Bank of America deposits and/or Merrill investments (plus a Bank of America checking account).
You can offset the $550 annual fee by taking full advantage of an up to $300 annual airline incidental credit, up to $150 annual lifestyle credit and up to $120 Global Entry or TSA PreCheck® credit every four years. Plus, using the card for travel purchases helps you maximize the elevated earning rates and valuable travel perks, making the fee much easier to justify.
No, points can’t be transferred to airlines or hotels. But you’ll save 20% on domestic or international airfare for any class when you pay with points. Points can also be redeemed for travel, cash back, a statement credit, distinctive experiences or gift cards.
To see rates & fees for American Express cards mentioned on this page, visit the links provided below:
For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
The information related to the Bank of America® Premium Rewards® Elite Credit Card and Chase Sapphire Reserve® has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.