Bank of America® Premium Rewards® Elite Credit Card

Advertiser Disclosure Editorial Disclosure

Bank of America® Premium Rewards® Elite Credit Card

50,000 Bonus Points — a $500 Value

Bank of America® Premium Rewards® Elite Credit Card
  • Regular Purchase APR 18.99% to 25.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR 18.99% to 25.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance APR 21.99% to 28.99% variable based on creditworthiness and the Prime Rate
  • Annual Fee $550
  • Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.
    Excellent
  • Processing Network Visa
Best Benefits
  • No foreign transaction fees
  • Earn 2X points on eligible restaurant & travel purchases
  • Earn 1.5X points on all other purchases
  • Preferred Rewards members earn 25% to 75% more points
  • Get up to $550 in automatic statement credits
Rates & Fees
  • Regular Purchase APR: 18.99% to 25.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer APR: 18.99% to 25.99% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
  • Cash Advance APR: 21.99% to 28.99% variable based on creditworthiness and the Prime Rate
  • Cash Advance Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greate
  • Penalty APR: Up to 29.99% variable based on creditworthiness
  • Annual Fee: $550
  • Late Payment Penalty Fee: Up to $40
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Bank of America® Premium Rewards® Elite Credit Card

Bank of America® Premium Rewards® Elite Credit Card

Terms & Conditions

At a Glance

The Bank of America® Premium Rewards® Elite Credit Card provides members big points, big credits, and more for a $550 annual fee. The card earns 2X points on travel and dining, plus 1.5X on all other purchases, but that rewards rate increases by up to 75% depending on the cardholder’s Preferred Rewards tier.

Ideal for Those Who:

  • Already bank with Bank of America
  • Travel often and spend heavily to maximize points
  • Want essential luxury travel perks, like TSA Precheck and lounge access

Bank of America Premium Rewards Elite Visa Infinite Card Review

The Bank of America® Premium Rewards® Elite Credit Card is an ultra-premium travel rewards credit card that offers Preferred Rewards members a head-spinning amount of points and decent travel credits – for a $500 annual fee.

50,000 Bonus Points Welcome Offer

As an “elite” credit card, the Premium Rewards Elite Visa Infinite features a very nice introductory points offer. New accounts can earn 50,000 bonus Premium Rewards points after making at least $3,000 in purchases in the first 90 days of account opening. That sign-up bonus has a cash value of $500 when redeeming as cash back or statement credits.

How to Earn Points

Earning points with the Premium Rewards Elite is straightforward. Cardholders earn the following points based on purchases:

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

Bank of America Premium Rewards Elite Vs. Competition

How do those points stack up with leading rivals?

Bank of America Premium Rewards Elite Visa Infinite

Premium Rewards® Elite

  • 2X on travel and dining
  • 1.5X on all other purchases
  • 10X on hotels booked through Ultimate Rewards and Chase dining
  • 5X on air travel through UR
  • 3X on dining,  and travel
  • 1X on all other purchases
  • 10X on hotels and rental cars booked through Capital One Travel
  • 5X on flights booked through Capital One Travel
  • 2X on all other purchases
  • 5X on flights booked directly with airlines
  • 5X on prepaid hotels booked through Amex
  • 1X on all other purchases

Who is This Card Geared Towards?

Given the steep annual fee, uninspiring base points, and decent travel perks, who is the Bank of America Premium Rewards Elite for, exactly? The Premium Rewards Elite is a card for those who have reached the very highest tiers of the Bank of America Preferred Rewards program, entitling them to the very best earning rates possible from a credit card.

The card might state the earning rate is 2X points on travel and dining, plus 1.5X on all other purchases, but the Preferred Rewards members in the Platinum and Platinum Honors tiers can earn much more – up to 75% more, in fact. Platinum tier members earn 25% more from points or 2.5X on travel and 1.875X on all other purchases. In comparison, Platinum Honors members earn 75% more points, or 3.5X and 2.6X, respectively.

How to Redeem Rewards

Redeeming rewards with Bank of America is like how other banks handle credit card rewards. Cardholders can choose how they want to be rewarded, with options including redeeming points for travel, cash back, statement credits, distinctive experiences, or gift cards. Bank of America rewards never expire if the account is open, active, and in good standing.

Impressive Travel and Lifestyle Features

Given the $550 annual fee, you’d expect the Premium Rewards Visa Infinite to have a selection of travel features to rival cards like the Chase Sapphire Reserve and Capital One Venture X. Here, new cardmembers will find quality and versatility, including:

  • $300 annual airline incidental fee statement credit
  • $150 annual lifestyle statement credits
  • Additional 20% points boost for airfare points redemption
  • TSA Precheck/ Global Entry application fee statement credits every four years
  • Complimentary 12-month Priority Pass Select membership

The selection of travel features offers significant value for cardholders. Priority Pass Select, for example, is $299 for 10 visits per year, or $429 for unlimited lounge visits for the cardholder, easily recouping much of the annual fee for those who travel often. TSA Precheck and Global Entry credits are much less valuable but add about $25 per year in value – which is further aided by the 20% points boost on airfare redemptions.

 Once the $150 lifestyle credits are factored in, the card pays for itself, with approximately $600 in value for a $550 annual fee. That lifestyle credit can be used to purchase qualifying rideshare, food delivery, streaming service, and qualifying fitness transactions.

That $600 in value doesn’t even count the $300 annual travel statement credit, which covers additional, unexpected travel costs like excess baggage, in-flight purchases, and other qualifying airline incidental fees. All told, the credits offer value above and beyond the annual fee, making the card more akin to the Platinum Card from American Express than some other general travel credit cards.

Other Card Features

Other notable features of the Bank of America Premium Rewards Elite Visa Infinite include:

  • No foreign transaction fees
  • Zero Fraud Liability
  • Roadside Assistance/ Auto Rental Collision Damage Waiver
  • Visa Infinite Luxury Hotel Collection
  • 24/7 Premium Rewards® Elite Visa Infinite® Concierge service
  • Visa Infinite VIP car rental amenities with Avis®, Hertz®, National®, and Silvercar®
  • Overdraft protection
  • Online & mobile banking through the Bank of America mobile app
  • EMV chip and contactless payment capability
  • Digital Wallet technology

FAQs About Bank of America Preferred Rewards

  • No, but. If the Preferred Rewards member keeps their account open and in good standing, points do not expire.

According to Bank of America, you’ll need the following to be eligible for Preferred Rewards:

  1. An active, eligible Bank of America checking account.
  2. A three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts.

Here are the tiers for the BoA Preferred Rewards program:

  • Gold

 

    • Required Balance: $20,000 to $49,000
    • Savings Interest Bonus: 5%
    • Credit Card Rewards Bonus: 25%
    • Foreign Exchange Currency Discount: 1%
  • Platinum
    • Required Balance: $20,000 to $49,000
    • Savings Interest Bonus: 5%
    • Credit Card Rewards Bonus: 25%
    • Foreign Exchange Currency Discount: 1%
  • Platinum Honors
    • Required Balance: $100,000+
    • Savings Interest Bonus: 20%
    • Credit Card Rewards Bonus: 75%
    • Foreign Exchange Currency Discount: 2%

 

Should You Apply for the Bank of America® Premium Rewards® Elite Credit Card?

The Bank of America® Premium Rewards® Elite Credit Card might not be for everyone, but for the current Bank of America customer that has achieved the very highest tiers in the bank’s Preferred Rewards program, it is something of a no-brainer.

The card earns a basic 2X points on travel and dining and 1.5X on everything else. Still, those numbers get supercharged with status in Preferred Rewards. The very top tier, Platinum Honors, offers 75% more points, meaning cardholders would earn up to 3.5X points per dollar on travel and dining purchases and 2.62X points per dollar on all other purchases. In this regard, the card is much more impressive than many of its rivals.

With regards to travel perks and statement credits, the card performs favorably to similar cards – notably the Venture X, Altitude Reserve, and Sapphire Reserve. However, it is some ways behind Amex’s Platinum Card, which is a credits juggernaut without match.

Ultimately, the Bank of America® Premium Rewards® Elite Credit Card is ideal for a small subset of Bank of America and Merry Lynch customers. However, for those customers, the card provides exceptional value well in excess of its $550 annual fee.

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BestCards is an independent, Florida-based credit card comparison platform. Many of the card offers that appear on this site are from companies from which BestCards receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). BestCards does not include all card companies or all card offers available in the marketplace.

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