Bank of America Premium Rewards Elite Credit Card: Everything You Need to Know Before Applying

Card Overview

Annual Fee and Welcome Offer

The Bank of America Premium Rewards Elite Credit Card comes with a hefty $550 annual fee.

However, the card aims to deliver value through various benefits and credits that can offset this cost.

Upon approval, new cardholders can take advantage of a substantial welcome bonus.

By spending $5,000 in the first 90 days, you’ll earn 75,000 bonus points, equivalent to a $750 value.

Variable APR

It’s important to consider the variable Annual Percentage Rate (APR) associated with the credit card, which ranges from 20.24% to 28.24%.

This rate applies to purchases, affecting the overall cost of carrying a balance on the card.

As with any credit card, it’s advisable to avoid carrying a high balance to minimize interest charges.

Assessing the Cost and Value

While the initial $550 fee might seem steep, the card offers substantial annual credits and exclusive perks that can help balance out the expense.

For frequent travelers and those who can maximize the card’s benefits, the expense may be justified.

With the additional opportunities to earn points on everyday purchases, the card can offer substantial returns on your spending.

Moving to the rewards structure will further detail how the card racks up points on different types of purchases.

Rewards Structure

The Bank of America Premium Rewards Elite Credit Card offers a well-rounded rewards structure tailored for travelers and those who frequently dine out.

This card aims to provide value across various spending categories, ensuring that cardholders can benefit from their everyday purchases as well as special expenditures.

Points on Travel and Dining Purchases

Cardholders earn 2 points for every dollar spent on travel and dining purchases.

This encouraging reward rate makes the card particularly appealing to frequent travelers and food enthusiasts.

Whether you are booking flights, staying at hotels, or treating yourself to a gourmet meal at a fine dining restaurant, you can accumulate points quickly.

This rewards structure ensures that your travel experiences are not only enjoyable but also rewarding.

Points on Other Eligible Purchases

For all other eligible purchases, the card offers 1.5 points per dollar spent.

This competitive base rate rewards cardholders on a broad range of everyday expenditures, from grocery shopping to utility bills.

This balanced approach means you don’t have to limit your spending to specific categories to benefit significantly from the card.

Preferred Rewards Bonus Points

If you are a Bank of America Preferred Rewards member, the rewards get even better.

Preferred Rewards members earn an additional 25% to 75% bonus points on all purchases.

The bonus percentage depends on your tier in the Preferred Rewards program, which is determined by your combined balance in eligible Bank of America accounts.

Higher balances mean higher bonus points, significantly enhancing the value of your rewards.

To sum up, the rewards structure of the Bank of America Premium Rewards Elite Credit Card is designed to complement a lifestyle enriched by travel and dining, while also rewarding everyday spending.

This versatile rewards system ensures that every swipe of your card brings you closer to the perks and benefits that come with accumulated points.

While this card offers excellent value through its points system, the next chapter will dive into the premium benefits that make the card truly stand out.

Premium Benefits

The Bank of America Premium Rewards Elite Credit Card is loaded with valuable benefits designed to enhance your travel and lifestyle experiences.

$300 Annual Airline Credit

One notable perk is the $300 annual airline credit, which can be used for a variety of incidental charges.

This includes expenses such as seat upgrades, baggage fees, in-flight services, and even airline lounge fees.

It’s essential to remember that this credit does not apply to the cost of airfare but instead to these additional charges that can quickly add up during your travels.

$150 Annual Lifestyle Credit

Additionally, cardholders receive a $150 annual lifestyle credit.

This credit can be applied to a broad range of subscription services and lifestyle expenses.

Whether it’s streaming services, fitness subscriptions, food delivery services, or rideshares, this credit helps you save on everyday activities and indulgences, making your life a bit more enjoyable and manageable.

Priority Pass Select Membership

For those who frequent airports, the Bank of America Premium Rewards Elite Credit Card offers a Priority Pass Select membership.

This allows you to access over 1,300 airport lounges worldwide. Additionally, you can share the luxury with up to four guests.

In these lounges, you can expect complimentary drinks, food, WiFi, and more, depending on the location.

It’s a fantastic way to relax and unwind before a flight, especially during long layovers.

Transition

These premium benefits make the card attractive for those who travel often and value a premium experience.

Understanding these perks can help you decide if the Bank of America Premium Rewards Elite Credit Card aligns with your lifestyle and travel habits.

Travel Perks

20% Savings on Airfare

One of the most attractive features for frequent travelers is the 20% savings on airfare when redeeming points.

This means that every time you book a flight using your points, you’ll get an additional 20% off the cost of the ticket.

This perk can significantly stretch the value of your points, allowing you to fly more often or indulge in premium cabins without breaking the bank.

Credit for Global Entry or TSA PreCheck

If you travel internationally, you know how cumbersome the reentry process can be.

The Bank of America Premium Rewards Elite Credit Card softens this hassle by offering up to $100 in statement credits for Global Entry or TSA PreCheck application fees every four years.

This benefit not only saves you money but also speeds up your passage through airport security and customs, making your travel experiences smoother and more enjoyable.

Complimentary 24/7 Concierge Service

The 24/7 concierge service is another noteworthy feature of this card, designed to assist with a variety of requests.

Whether you need help booking travel arrangements, securing dinner reservations, or finding last-minute event tickets, the concierge service is there to handle the details.

This complimentary service acts as a personal assistant, freeing up your time and reducing the stress of managing your travel and lifestyle needs.

As valuable as these travel perks are, the card also offers practical benefits that simplify its usage and enhance your overall experience.

From worldwide acceptance to no foreign transaction fees, let’s explore these next.

Card Usage and Accessibility

The Bank of America Premium Rewards Elite Credit Card prides itself on being accessible and convenient for users both domestically and internationally.

As a Visa Infinite Card, it is accepted worldwide wherever Visa is recognized.

This extensive acceptance network ensures that you can use your card confidently no matter where your travels take you.

Global Acceptance

With Visa’s wide merchant acceptance, you won’t have to worry about finding places to use your Bank of America Premium Rewards Elite Credit Card.

Whether you’re shopping at a local market in Bangkok, dining at a Parisian café, or booking a hotel in New York, this card is your reliable companion.

This global usability means cardholders are free to explore new destinations without the concern of being unable to use their card.

No Foreign Transaction Fees

One of the standout features for international travelers is the absence of foreign transaction fees.

Many credit cards charge an additional fee for purchases made outside the U.S., which can add up quickly during overseas trips.

With the Bank of America Premium Rewards Elite Credit Card, you can save money on these extra charges, making it a financially savvy option for globetrotters.

Multiple Payment Options

Managing your card and making payments is hassle-free thanks to multiple payment options provided by Bank of America:

• 💳 Online Payments: Conveniently pay your bill online through the Bank of America website.
• 💳 Mobile App: Utilize the Bank of America mobile app for quick and secure payments on the go.
• 💳 Automatic Payments: Set up automatic recurring payments to ensure you never miss a due date.
• 💳 Branches and ATMs: Visit any of the approximately 3,700 Bank of America branches or use one of the 15,000 ATMs nationwide to make payments.
• 💳 Customer Service: Call customer service at (800) 236-6497 for assistance with payments or inquiries.

These diverse payment options cater to various preferences and enhance the overall user experience, making it easier for cardholders to manage their accounts efficiently.

With its wide acceptance, the absence of foreign transaction fees, and multiple payment methods, the Bank of America Premium Rewards Elite Credit Card stands out as a user-friendly option for both domestic and international use.

This makes it especially appealing to travelers who prioritize convenience and accessibility in their financial products.

Pros and Cons

Generous Annual Credits and Lounge Access Benefits

The Bank of America Premium Rewards Elite Credit Card offers several attractive benefits that can help compensate for its hefty $550 annual fee.

One of the most notable features is the generous annual credits, which include a $300 airline credit for incidental charges and a $150 lifestyle credit for subscriptions and services.

These credits can quickly add up and effectively reduce the card’s annual fee.

The card also provides a complimentary Priority Pass Select membership, granting access to over 1,300 airport lounges worldwide.

Cardholders can enjoy free drinks, food, WiFi, and more, making travel more comfortable and less stressful.

This access extends to up to four additional guests, a unique value when traveling with family or friends.

Lack of Airline and Hotel Transfer Partners

Despite its many benefits, the Bank of America Premium Rewards Elite Credit Card has a significant drawback—it lacks airline and hotel transfer partners.

This limitation can make it less versatile than other premium travel cards, which often provide options to transfer points to various loyalty programs, maximizing their value.

For travelers who prefer to consolidate their points with specific airlines or hotel chains, this omission can be a dealbreaker.

Limited Bonus Categories Compared to Competitors

Another limitation is the card’s rewards structure, which offers 2x points on travel and dining and 1.5x points on all other purchases.

While this may be appealing, competitors like the Chase Sapphire Reserve and Capital One Venture X offer higher rewards rates and more diverse bonus categories.

This means that unless you’re consistently spending on travel and dining, you might earn fewer points over time compared to other cards with broader reward structures.

The generous credits and perks of the Bank of America Premium Rewards Elite Credit Card cater to a specific kind of traveler.

The cardholder who maximizes these benefits will find great value.

However, the lack of flexible transfer options and limited bonus categories might be important considerations when deciding if this card is the right fit for you.

For those seeking more flexibility and broader rewards, there are alternative cards worth exploring.

Alternative Cards to Consider

When exploring premium travel credit cards, it’s essential to consider alternatives that might better suit your travel needs.

Here are three compelling choices beyond the Bank of America Premium Rewards Elite Credit Card:

Chase Sapphire Reserve®

The Chase Sapphire Reserve® is a standout in the premium travel credit card space, offering a wealth of benefits that frequent travelers will appreciate.

Key Benefits

• 💳 Rewards Rate: Earn 10x points on hotels and rental cars booked through Chase Travel℠, 5x points on flights, 3x points on dining, and 1x point on all other purchases.
• 💳 Annual Fee: $550, similar to the Bank of America Premium Rewards Elite.
• 💳 Travel Credits: Up to $300 in annual statement credits for travel purchases.
• 💳 Welcome Offer: Earn 60,000 bonus points after spending $4,000 in the first 3 months.
• 💳 Other Perks: Points are 50% more valuable when redeemed through Chase Travel℠, and you can transfer points to over 12 airline and hotel partners, increasing their flexibility and value.

The Chase Sapphire Reserve® card’s perks and flexible points redemption options make it a strong contender for travelers looking for maximum value.

Capital One Venture X Rewards Credit Card

For travelers seeking a premium card with lower annual fees and generous rewards, the Capital One Venture X Rewards Credit Card is a fantastic option.

Key Benefits

• 💳 Rewards Rate: Earn 10x miles on hotels and rental cars booked through Capital One Travel, 5x miles on flights, and 2x miles on all other purchases.
• 💳 Annual Fee: $395, which is lower than both the Bank of America Premium Rewards Elite and Chase Sapphire Reserve.
• 💳 Travel Credits: A $300 annual credit for travel bookings through Capital One Travel.
• 💳 Welcome Offer: Earn 75,000 miles after spending $4,000 in the first 3 months.
• 💳 Other Perks: Unlimited access to Capital One lounges and over 1,300 lounges through partner networks, plus 10,000 annual bonus miles starting on your first account anniversary.

With its straightforward benefits and slightly lower annual fee, the Capital One Venture X provides excellent value for frequent travelers.

Chase Sapphire Preferred®

For those seeking a more affordable option without compromising on travel perks, the Chase Sapphire Preferred® presents a great choice.

Key Benefits

• 💳 Rewards Rate: Earn 5x points on travel purchased through Chase Travel℠, 3x points on dining, select streaming services, and online groceries, 2x points on other travel purchases, and 1x point on all other purchases.
• 💳 Annual Fee: $95, making it significantly more budget-friendly.
• 💳 Welcome Offer: Earn 60,000 bonus points after spending $4,000 in the first 3 months.
• 💳 Other Perks: Points are worth 25% more when redeemed for airfare, hotels, car rentals, and cruises through Chase Travel℠. Additionally, point transfers are available to over 12 airline and hotel partners, enhancing their value.

The combination of a low annual fee and flexible redemption options makes the Chase Sapphire Preferred® an appealing option for thrifty travelers.

These alternative cards cater to varying needs, providing different combinations of rewards rates, annual fees, and benefits.

Be sure to evaluate what matters most to you in a travel card to make the best choice.