Bank of America® Premium Rewards® Elite Credit Card Review: Breaking Down the $550 Price Tag

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

• Earn unlimited 2 points for every $1 spent on travel and dining purchases
• Earn unlimited 1.5 points for every $1 spent on all other purchases

Intro purchase APR: N/A

APR: 20.24% - 28.24% variable

Foreign transaction fee: $0

Other benefits:

• 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 $300 annually in airline incidental statement credits for qualifying purchases.
  • Up to $150 annually for lifestyle convenience, including video streaming services, food delivery, fitness subscriptions and ride-share services.
  • Up to $120 in statement credits for either Global Entry or TSA PreCheck® application fees, every four years.

• 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:

  • Trip delay reimbursement
    Get reimbursed for up to $500 per ticket for yourself and eligible family members when a covered trip delay exceeds six hours or requires an overnight stay, covering reasonable expenses like meals and accommodations.
  • Trip cancellation and interruption insurance
    Reimbursement for the common carrier passenger fare in the event of trip cancellation or interruption.
  • Baggage delay
    Coverage is provided in excess of other insurance to reimburse you for the emergency purchase of essential items if your baggage is delayed and for the cost of food and lodging if your trip is delayed.
  • Lost luggage reimbursement
    Coverage for luggage and its contents if they are lost or stolen due to theft or misdirection by the common carrier (airline, bus, train or cruise ship).
  • Emergency evacuation
    Up to $100,000 for evacuation expenses if you or a member of your immediate family are injured or become sick during a trip far from home.
  • Travel accident insurance
    Up to $1,000,000 in accidental death and dismemberment insurance when you pay the full fare of your trip on a common carrier using your card.
  • Roadside dispatch
    24/7 on-demand referral dispatch network that provides emergency roadside assistance, towing and locksmith services.
  • Primary auto rental coverage
    Primary coverage up to $75,000 for damage due to collision or theft, up to the actual cash value of most rental cars.

  → 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
  American Express Platinum Card® (see rates & fees)	$895	$6,526	$3,026
  Capital One Venture X Rewards Credit Card	$395	$2,603	$1,433
  Bank of America® Premium Rewards® Elite Credit Card	$550	$1,545	$795

  *Based on LendingTree’s value methodology

• 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)

  *Based on LendingTree’s value methodology

• 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.

Bank of America® Premium Rewards® Elite Credit Card vs. American Express Platinum Card^®

If you’re looking for luxury, high-end perks, the American Express Platinum Card^® may be a better choice. While it comes with a steeper $895 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 $2,000 in value (terms apply).

You’ll also get access to The Global Lounge Collection, which includes more than 1,550 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*.

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Bank of America® Premium Rewards® Elite Credit Card vs. Chase Sapphire Reserve^®

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.

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Bank of America® Premium Rewards® Elite Credit Card vs. Capital One Venture X Rewards Credit Card

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^®, American Express Platinum Card^® or Capital One Venture X Rewards Credit Card.