The Bank of America® Premium Rewards® Elite Credit Card is a premium travel rewards credit card that offers flexibility in redeeming rewards for any airline or hotel. It has a high annual fee of $550, but the annual credits and lounge benefits can help offset it. Customers with higher deposit and investment balances can earn up to 75% more points on every purchase.
The card offers a welcome bonus of 75,000 online bonus points after making at least $5,000 in purchases within the first 90 days of account opening. It has a variable purchase APR of 20.24% – 28.24% and rewards rates of 2x points on travel and dining, and 1.5x points on all other eligible purchases.
Benefits of the card include up to $100 in statement credits for Global Entry or TSA PreCheck application fees every four years, 20% savings on airfare when paying with points, and a complimentary 24/7 full-service concierge for booking travel, dinner reservations, and event tickets.
Customers can earn the welcome bonus as a new cardholder and continue earning rewards through the elevated spending categories for travel and dining. Preferred Rewards members can earn 25%-75% more points on every purchase by maintaining higher deposit and investment balances.
The points earned from the card do not expire and can be redeemed for travel, cash back, statement credits, experiences, or gift cards. The card also includes up to $300 in annual credits for airline incidental charges and lifestyle purchases, up to $100 reimbursement for TSA PreCheck or Global Entry every four years, and up to four complimentary Priority Pass Select memberships for airport lounge access.
Overall, the Bank of America Premium Rewards Elite is best suited for frequent travelers who can make use of the card’s annual credits, airport lounge access, and travel protections. It may not be the best fit for customers looking for transfer partners to maximize rewards value.