{"id":76057,"date":"2024-07-18T18:00:09","date_gmt":"2024-07-18T18:00:09","guid":{"rendered":"https:\/\/awardwallet.com\/blog\/?p=76057"},"modified":"2026-04-08T13:59:49","modified_gmt":"2026-04-08T13:59:49","slug":"premium-rewards-elite","status":"publish","type":"post","link":"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-elite\/","title":{"rendered":"Bank of America Premium Rewards Elite Credit Card Review: Annual Statement Credits and Lounge Access"},"content":{"rendered":"<p>The <a data-ccid=\"152\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-elite\/\">Bank of America<sup>\u00ae<\/sup> Premium Rewards<sup>\u00ae<\/sup> Elite Credit Card<\/a> launched in November 2021, marking Bank of America's entry into the premium travel credit card space. With a $550 annual fee, the card is priced similarly to popular premium cards such as the <a data-ccid=\"4028089\" href=\"https:\/\/awardwallet.com\/credit-cards\/amex-membership-rewards\/amex-platinum\/\">American Express Platinum Card<sup>\u00ae<\/sup><\/a> and the <a data-ccid=\"4048084\" href=\"https:\/\/awardwallet.com\/credit-cards\/chase-ultimate-rewards\/sapphire-reserve\/\">Chase Sapphire Reserve<sup>\u00ae<\/sup><\/a>.<\/p>\n<p>Let's walk through the Bank of America Premium Elite Card&#8216;s earning rates, welcome offer, and other benefits to see if it's right for you.<\/p>\n<div class=\"qs-card\" data-id=\"152\">\n            <div class=\"qs-data\">\n                <div class=\"qs-view\">\n                    <div class=\"qs-cardname\">Bank of America<sup>\u00ae<\/sup> Premium Rewards<sup>\u00ae<\/sup> Elite Credit Card<\/div>\n                    <div class=\"qs-image\"><img data-aspectratio=\"150\/95\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2022\/03\/CardArt-BankOfAmericaPremiumRewardsEliteCreditCard.png\" width=\"150\" alt=\"Bank of America\u00ae Premium Rewards\u00ae Elite Credit Card\" \/ class=\"lazyload\"><\/div>\n                    <div class=\"qs-apply\"><a class=\"qs-how-apply\" data-ccid=\"152\" href=\"\/blog\/link\/BankOfAmericaPremiumRewardsEliteCreditCard\" rel=\"noopener nofollow sponsored\">How to Apply<\/a><\/div>\n                    <div class=\"qs-rates\"><\/div>\n                    <div class=\"qs-offer\"><strong>Welcome Bonus<\/strong> Earn 75,000 online bonus points after you make at least $5,000 in purchases in the first 90 days of account opening.<\/div>\n                <\/div>\n                <div class=\"qs-info\">\n                    <strong class=\"qs-cardname\">Bank of America<sup>\u00ae<\/sup> Premium Rewards<sup>\u00ae<\/sup> Elite Credit Card<\/strong>\n                    <div class=\"qs-offer\"><strong>Welcome Bonus<\/strong> Earn 75,000 online bonus points after you make at least $5,000 in purchases in the first 90 days of account opening.<\/div>\n                    <div class=\"qs-fee\"><strong>Annual Fee:<\/strong><b>$550<\/b><\/div>\n                    <div class=\"qs-tabs\"><a class=\"qs-more\" href=\"#more\">Show more<\/a><a href=\"\" data-tab=\"er\">Earning Rates<\/a><div class=\"qs-tab-er\"><ul>\r\n<li>2 points for every dollar spent on travel and dining purchases<\/li>\r\n<li>1.5 points per dollar on all other purchases<\/li>\r\n<\/ul><\/div><\/div>\n                <\/div>\n            <\/div>\n            <a class=\"qs-share\" href=\"\/find-a-card\/BOAPremiumElite\/\" title=\"copy\"><svg width=\"12\" height=\"16\" viewBox=\"0 0 12 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"https:\/\/awardwallet.com\/blog\/wp-content\/themes\/awardwallet\/public\/builds\/icon\/icon-sprite.svg?v2026-5-138a544e81#share-square\" fill=\"currentColor\"><\/use><\/svg><\/a>\n        <\/div>\n<h2><span id=\"Bank_of_America_Premium_Elite_Card_Pros\">Bank of America Premium Elite Card Pros<\/span><\/h2>\n<ul>\n<li>Statement credits help offset the annual fee.<\/li>\n<li>Priority Pass Select membership that includes airport lounges and non-lounge experiences.<\/li>\n<li>Bank of America Preferred Rewards members can earn up to 75% more points on purchases.<\/li>\n<\/ul>\n<h2><span id=\"Bank_of_America_Premium_Elite_Card_Cons\">Bank of America Premium Elite Card Cons<\/span><\/h2>\n<ul>\n<li>Most redemptions are only worth 1 cent per point.<\/li>\n<li>Lackluster earning rates.<\/li>\n<li>High $550 annual fee.<\/li>\n<\/ul>\n<h2><span id=\"Bank_of_America_Premium_Elite_Card_Welcome_Bonus\">Bank of America Premium Elite Card Welcome Bonus<\/span><\/h2>\n<p>With the <a data-ccid=\"152\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-elite\/\">Bank of America Premium Elite Card<\/a>, you can earn 75,000 bonus points after you make at least $5,000 in purchases in the first 90 days of account opening.<\/p>\n<p>If you redeem for anything other than airfare, this bonus is worth $750. That's because points are worth 1 cent for all other redemptions.<\/p>\n<p>You'll get a better deal on airfare. When you book through Bank of America's Travel Center and pay with points, you'll get a 20% discount on the price of airfare. That means your points are worth 1.25 cents apiece, and your welcome bonus is worth about $938. In our opinion, this is the best way to redeem your points, as it is the only option that does better than 1 cent per point.<\/p>\n<figure id=\"attachment_165968\" class=\"wp-caption aligncenter\"><img data-aspectratio=\"600\/480\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" class=\"wp-image-165968 lazyload\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/05\/Suhyeon-Choi-Unsplash-passengers-on-a-plane-featured.png\" alt=\"looking up the aisle in a plane full of passengers\" width=\"600\" height=\"480\" data-srcset=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/05\/Suhyeon-Choi-Unsplash-passengers-on-a-plane-featured.png 1000w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/05\/Suhyeon-Choi-Unsplash-passengers-on-a-plane-featured-300x240.png 300w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/05\/Suhyeon-Choi-Unsplash-passengers-on-a-plane-featured-768x614.png 768w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/05\/Suhyeon-Choi-Unsplash-passengers-on-a-plane-featured-325x260.png 325w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><center><em>Credit: Suhyeon Choi\/Unsplash<\/em><\/enter><\/figure>\n<h2><span id=\"Bank_of_America_Premium_Elite_Card_Benefits\">Bank of America Premium Elite Card Benefits<\/span><\/h2>\n<h3><span id=\"Statement_credits_that_help_offset_the_annual_fee\">Statement credits that help offset the annual fee<\/span><\/h3>\n<p>With a $550 annual fee, you should expect the card to come with a slew of perks that justify its cost. While it has fewer statement credits than the Platinum Card<sup>\u00ae<\/sup>, the Bank of America Premium Elite Card can provide up to $475 in annual value. That makes up most of its annual fee. Statement credits include:<\/p>\n<ul>\n<li><strong>Annual airline incidental credit <\/strong>\u2014 Receive up to $300 each calendar year when you use your card on certain U.S. domestic airlines to pay for incidentals like preferred seating upgrades, ticket change\/cancellation fees, checked baggage fees, in-flight entertainment, onboard food and beverage charges, and airport lounge fees. This perk is unavailable for Allegiant Air, Spirit Airlines, and Sun Country Airlines.<\/li>\n<li><strong>Annual lifestyle credit <\/strong>\u2014Use your card to pay for qualifying rideshare, food delivery, streaming service, and fitness transactions with your card and be reimbursed up to $150 per calendar year. These are not monthly credits. Thus, they are easier to use.<\/li>\n<li><strong>Trusted Traveler Program credit <\/strong>\u2014 Use your card to pay the enrollment fee for either <a target=\"_blank\" href=\"\/airlines\/expedited-airport-security-programs\/\" rel=\"noopener\">Global Entry or TSA PreCheck<\/a> and be reimbursed up to $100. This credit is good once every four years (an annual value of $25).<\/li>\n<\/ul>\n<p>Reimbursement can take two to three weeks for each of the statement credits.<\/p>\n<h3><span id=\"Priority_Pass_Select_membership\">Priority Pass Select membership<\/span><\/h3>\n<p>Like many other premium travel cards, the <a data-ccid=\"152\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-elite\/\">Bank of America Premium Elite Card<\/a> includes a <a target=\"_blank\" href=\"\/travel\/priority-pass-lounges-guide\/\" rel=\"noopener\">Priority Pass Select membership<\/a> that grants access to over 1,300 airport lounges and experiences to you and your accompanying guests. Lounge access can be well worth it, depending on how often you travel. And <a target=\"_blank\" href=\"\/credit-cards\/priority-pass-restaurants\/\" rel=\"noopener\">the membership includes non-lounge experiences<\/a>, including restaurants and spas, which several other premium cards have removed.<\/p>\n<figure id=\"attachment_54313\" class=\"wp-caption aligncenter\"><img data-aspectratio=\"600\/480\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" class=\"wp-image-54313 lazyload\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2020\/10\/priority-pass-lounge-featured-mpp-1-e1604093743206.png\" alt=\"Priority Pass lounge\" width=\"600\" height=\"480\" data-srcset=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2020\/10\/priority-pass-lounge-featured-mpp-1-e1604093743206.png 2008w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2020\/10\/priority-pass-lounge-featured-mpp-1-e1604093743206-300x240.png 300w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2020\/10\/priority-pass-lounge-featured-mpp-1-e1604093743206-1024x820.png 1024w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2020\/10\/priority-pass-lounge-featured-mpp-1-e1604093743206-1536x1229.png 1536w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2020\/10\/priority-pass-lounge-featured-mpp-1-e1604093743206-325x260.png 325w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2020\/10\/priority-pass-lounge-featured-mpp-1-e1604093743206-768x615.png 768w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><center><em>Credit: Priority Pass<\/em><\/enter><\/figure>\n<p>Bank of America allows enrollment of up to four people as members in the Priority Pass Select program without charging a membership fee. This means you can enroll yourself plus three others. The others do not need to be authorized users on your credit card. Keep in mind that each individual's enrollment is for the life of the account, so you cannot change it to someone else at a later date.<\/p>\n<h3><span id=\"Other_benefits\">Other benefits<\/span><\/h3>\n<p>The <a data-ccid=\"152\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-elite\/\">Bank of America Premium Elite Card<\/a> offers the following additional perks:<\/p>\n<ul>\n<li><strong>Full-service concierge <\/strong>\u2014 A concierge available 24\/7 can help you make restaurant reservations, get tickets to sporting or entertainment events, and even book travel for you.<\/li>\n<li><strong>Visa Infinite Luxury Hotel Collection <\/strong>\u2014 Receive late checkout, free daily breakfast for two, and room upgrades when you book through <a target=\"_blank\" href=\"\/credit-cards\/visa-infinite-benefits\/\" rel=\"noopener\">Visa Infinite<\/a>.<\/li>\n<li><strong>Visa Infinite Car Rental <\/strong>\u2014 Enjoy elite status with multiple car rental companies and access to Visa Infinite discount codes.<\/li>\n<li><strong>Travel insurance <\/strong>\u2014 Protections include trip delay reimbursement, trip cancellation\/interruption insurance, baggage delay and lost luggage reimbursement, and primary auto rental collision damage waiver.<\/li>\n<li><strong>No foreign transaction fees<\/strong>.<\/li>\n<\/ul>\n<p>The <a target=\"_blank\" href=\"\/credit-cards\/trip-delay-insurance\/\" rel=\"noopener\">trip delay reimbursement<\/a> is among the best available, with coverage kicking in after a delay of just six hours or any delay that requires an overnight stay. This provides a lot of peace of mind when traveling.<\/p>\n<p><strong>Related: <a target=\"_blank\" href=\"\/credit-cards\/trip-cancellation-insurance\/\" rel=\"noopener\">Top Credit Cards for Trip Interruption & Trip Cancellation Insurance<\/a><\/strong><\/p>\n<h2><span id=\"Bank_of_America_Premium_Elite_Card_Earning_Rates\">Bank of America Premium Elite Card Earning Rates<\/span><\/h2>\n<p>The <a data-ccid=\"152\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-elite\/\">Bank of America Premium Elite Card<\/a>&#8216;s earning rates are very straightforward but not very exciting. You'll earn:<\/p>\n<ul>\n<li>Unlimited 2 points for every dollar spent on travel and dining purchases.<\/li>\n<li>Unlimited 1.5 points per dollar on all other purchases.<\/li>\n<\/ul>\n<p>Points don't expire as long as your account is open.<\/p>\n<p>The one thing that might boost these lackluster earning rates is the bonus for <a target=\"_blank\" href=\"\/credit-cards\/bank-of-america\/preferred-rewards-guide\/\" rel=\"noopener\">Bank of America Preferred Rewards<\/a> members. Depending on your Preferred Rewards tier, you can earn 25% to 75% more points on your purchases. If you qualify for the Platinum Honors tier, you'll earn 3.5 points on travel and dining and 2.625 points on all other purchases.<\/p>\n<p>It's worth noting that the Preferred Rewards program also applies to no-annual-fee Bank of America travel cards like the <a data-ccid=\"3002003\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/travel-rewards-card\/\">Bank of America<sup>\u00ae<\/sup> Travel Rewards credit card<\/a>. Although you won't earn as many points per dollar spent, you won't pay an annual fee, so don't have the out-of-pocket expense as part of your rewards card portfolio.<\/p>\n<figure id=\"attachment_144773\" class=\"wp-caption aligncenter\"><img data-aspectratio=\"600\/480\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" class=\"wp-image-144773 lazyload\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Syed-Ahmad-Unsplash-outdoor-restaurant-featured.png\" alt=\"a couple entering a busy outdoor seating area at a restaurant\" width=\"600\" height=\"480\" data-srcset=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Syed-Ahmad-Unsplash-outdoor-restaurant-featured.png 1000w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Syed-Ahmad-Unsplash-outdoor-restaurant-featured-300x240.png 300w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Syed-Ahmad-Unsplash-outdoor-restaurant-featured-768x614.png 768w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2024\/01\/Syed-Ahmad-Unsplash-outdoor-restaurant-featured-325x260.png 325w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><center><em>Credit: Syed Ahmad\/Unsplash<\/em><\/enter><\/figure>\n<h2><span id=\"Redeeming_Points_With_the_Bank_of_America_Premium_Elite_Card\">Redeeming Points With the Bank of America Premium Elite Card<\/span><\/h2>\n<p>For most uses, your points are worth just 1 cent apiece. Redemption options include travel, cash back, statement credits, distinctive experiences booked through a concierge, or gift cards.<\/p>\n<p>This low redemption value makes the card's earning rates look even more lackluster. Not only do other credit cards offer much better earning rates, but their points are also worth much more.<\/p>\n<p>The only additional value you can get with the points from the Bank of America Premium Elite Card is when you redeem for airfare. Cardholders get 20% savings on airfare paid for with points through the Bank of America Travel Center or the concierge, for an effective redemption value of 1.25 cents per point.<\/p>\n<p>That means Bank of America Platinum Honors members receive a real return of 4.375% when redeeming points for airfare (1.25 cents per point x 2 points per dollar on travel purchases x 75% bonus earning rate).<\/p>\n<figure id=\"attachment_143657\" class=\"wp-caption aligncenter\"><img data-aspectratio=\"600\/480\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" class=\"wp-image-143657 lazyload\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Ave-Calvar-Unsplash-woman-on-couch-with-laptop-featured.png\" alt=\"a woman sits on the couch in her apartment, using a laptop\" width=\"600\" height=\"480\" data-srcset=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Ave-Calvar-Unsplash-woman-on-couch-with-laptop-featured.png 1000w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Ave-Calvar-Unsplash-woman-on-couch-with-laptop-featured-300x240.png 300w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Ave-Calvar-Unsplash-woman-on-couch-with-laptop-featured-768x614.png 768w, https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2023\/12\/Ave-Calvar-Unsplash-woman-on-couch-with-laptop-featured-325x260.png 325w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/><center><em>Credit: Ave Calvar\/Unsplash<\/em><\/enter><\/figure>\n<h2><span id=\"Application_Restrictions\">Application Restrictions<\/span><\/h2>\n<p>If you're wondering whether you should apply for the <a data-ccid=\"152\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-elite\/\">Bank of America Premium Elite Card<\/a>, you'll want to familiarize yourself with <a target=\"_blank\" href=\"\/credit-cards\/bank-america-credit-card-application-rules\/\" rel=\"noopener\">Bank of America's credit card application rules<\/a>.<\/p>\n<p>First, most cardholders are allowed no more than four Bank of America cards at any given time. Second, <a target=\"_blank\" href=\"\/credit-cards\/bank-america-234-policy\/\" rel=\"noopener\">Bank of America has a 2\/3\/4 rule for new applications<\/a>. You can be approved for a maximum of two new cards in any two-month period, three new cards per rolling 12-month period, or four new cards per rolling 24-month period.<\/p>\n<p>The good news is that you can receive a new card member bonus on Bank of America cards more than once. You just typically need to wait 24 months after canceling a card.<\/p>\n<p>Moreover, applications are reviewed differently depending on whether you have a banking relationship with Bank of America. If you have a banking relationship, your credit card application will be denied if you have more than seven new credit cards in the past year showing on your credit report. This limit drops to three new credit cards in the past year for those without a banking relationship.<\/p>\n<p><strong>Related: <a target=\"_blank\" href=\"\/credit-cards\/rewards-card-application-rules\/\" rel=\"noopener\">Understanding Credit Card Application Rules and Restrictions<\/a><\/strong><\/p>\n<h2><span id=\"Cards_That_Compete_With_the_Bank_of_America_Premium_Elite_Card\">Cards That Compete With the Bank of America Premium Elite Card<\/span><\/h2>\n<ul>\n<li><strong>If you want a premium card with great benefits but a lower annual fee<\/strong>, check out the <a data-ccid=\"4048272\" href=\"https:\/\/awardwallet.com\/credit-cards\/capital-one-rewards\/venture-x\/\">Capital One Venture X Rewards Credit Card<\/a>. This premium card offers many of the same benefits like lounge access, a $300 annual travel credit, an up to a $120 Trusted Traveler Program credit, and travel insurance, but with a much smaller $395 annual fee. Capital One's Priority Pass\u2122 membership no longer includes non-lounge experiences, but you'll also receive access to Capital One Lounges and Landing. You'll earn at least 2 miles per dollar on all purchases \u2014 a fantastic everyday earning rate \u2014 with up to 10 miles per dollar for purchases in the travel portal. See our <a target=\"_blank\" href=\"\/credit-cards\/capital-one-rewards\/venture-x\/\" rel=\"noopener\" data-wpel-link=\"internal\">full review of the Capital One Venture X<\/a>\u00a0for more details.<\/li>\n<li><strong>If you want a card with better earning rates on travel and dining,<\/strong> consider the <a data-ccid=\"4048084\" href=\"https:\/\/awardwallet.com\/credit-cards\/chase-ultimate-rewards\/sapphire-reserve\/\">Chase Sapphire Reserve<sup>\u00ae<\/sup><\/a>. The card earns 8x points when you book flights through Chase Travel<sup>\u2120<\/sup>. Plus, it earns 4x points on flights and hotels booked directly, and 3x points on dining. You'll receive a flexible $300 annual travel credit, plus a complimentary Priority Pass membership with this card that includes unlimited access to Chase Sapphire Lounges, though Chase's Priority Pass also no longer includes non-lounge experiences. The annual fee is $795. Check out our <a target=\"_blank\" href=\"\/credit-cards\/chase-ultimate-rewards\/sapphire-reserve\/\" rel=\"noopener\" data-wpel-link=\"internal\">review of the Sapphire Reserve<\/a>\u00a0to learn more.<\/li>\n<li><strong>If you want a Bank of America travel card with a lower annual fee<\/strong>, look into the similarly named <a data-ccid=\"4048119\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-credit-card\/\">Bank of America<sup>\u00ae<\/sup> Premium Rewards<sup>\u00ae<\/sup> credit card<\/a>. The little sibling of the Bank of America Premium Elite Card offers the same earning rates of an unlimited 2 points per dollar spent on travel and dining purchases and an unlimited 1.5 points for every dollar spent on all other purchases. However, the annual fee is much lower at $95. Benefits are fewer but include up to $100 annual airline incidental credit, up to $100 Trusted Traveler Program credit, and no foreign transaction fees. Our <a target=\"_blank\" href=\"\/credit-cards\/bank-of-america\/premium-rewards-credit-card\/\" rel=\"noopener\">review of the Bank of America Premium Rewards Card<\/a>\u00a0has more details.<\/li>\n<\/ul>\n<div class=\"compare-cards-wrap compare-count-cards-3 compare-p-bank-of-america\"><div class=\"compare-card\"><div class=\"compare-pre\"><div class=\"compare-image\"><div><img data-aspectratio=\"150\/94\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2021\/11\/CardArt-CapitalOneVentureXRewardsCreditCard.png\" width=\"150\" alt=\"Capital One Venture X Rewards Credit Card\" \/ class=\"lazyload\"><\/div><\/div><div class=\"compare-name\">Capital One Venture X Rewards Credit Card<\/div><div class=\"compare-offer\"><strong>Welcome Bonus<\/strong> Earn Earn 75,000 Miles when you spend $4,000 on purchases in the first 3 months from account opening<\/div><\/div><div class=\"compare-apply\"><a data-ccid=\"4048272\" class=\"btn-use qs-how-apply\" title='Capital One Venture X Rewards Credit Card' href=\"\/blog\/link\/CR-CapitalOneVentureXRewardsCreditCard\" target=\"_blank\" rel=\"noopener nofollow sponsored\">How to Apply<\/a><\/div><div class=\"compare-fee-score\"><div class=\"compare-fee\"><strong>Annual Fee<\/strong><p>$395<\/p><\/div><div class=\"compare-rating compare-rating--6\"><strong>Credit Score<\/strong><p>Excellent<\/p><\/div><\/div><div class=\"compare-earning\"><ul>\r\n<li>10X miles per $1 on hotels and rental cars booked via Capital One Travel<\/li>\r\n<li>5X miles per $1 on purchases through Capital One Entertainment<\/li>\r\n<li>5X miles per $1 on flights when booking via Capital One Travel<\/li>\r\n<li>5X miles per $1 on vacation rentals booked via Capital One Travel<\/li>\r\n<li>2X miles per $1 on all other eligible purchases<\/li>\r\n<\/ul><\/div><\/div><div class=\"compare-card\"><div class=\"compare-pre\"><div class=\"compare-image\"><div><img src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" alt=\"Chase Sapphire Reserve\u00ae\" data-src=\"https:\/\/cdn.nextinsure.com\/imaging\/opt\/565192b2-c5cc-4edc-89ae-b8bba7a63750.png\" width=\"150\" \/ class=\"lazyload\"><\/div><\/div><div class=\"compare-name\">Chase Sapphire Reserve<sup>\u00ae<\/sup><\/div><div class=\"compare-offer\"><strong>Welcome Bonus<\/strong>\r\nEarn 150,000 bonus points after you spend $6,000 on purchases in the first 3 months from account opening.<\/div><\/div><div class=\"compare-apply\"><a class=\"qs-learn-more\" data-ccid=\"4048084\" href=\"https:\/\/awardwallet.com\/credit-cards\/chase-ultimate-rewards\/sapphire-reserve\/\">Learn More<\/a><\/div><div class=\"compare-fee-score\"><div class=\"compare-fee\"><strong>Annual Fee<\/strong><p>$795<span class=\"compare-terms\"><a data-ccid=\"4048084\" href=\"https:\/\/click.linksynergy.com\/fs-bin\/click?id=g3lR0xvjyAU&offerid=1975477.10005148&type=3&subid=0022168cbffbca298d5ab38b00177cfac&subid=639396\" target=\"_blank\" rel=\"noopener\">Rates & Fees<\/a><\/span><\/p><\/div><div class=\"compare-rating compare-rating--6\"><strong>Credit Score<\/strong><p>Excellent<\/p><\/div><\/div><div class=\"compare-earning\"><ul>\r\n<li>8x points on all purchases through Chase Travel\u2120<\/li>\r\n<li>4x points on flights and hotels booked directly<\/li>\r\n<li>3x points on dining worldwide<\/li>\r\n<li>1x points on all other purchases<\/li><\/ul><\/div><\/div><div class=\"compare-card\"><div class=\"compare-pre\"><div class=\"compare-image\"><div><img src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-src=\"https:\/\/cdn.nextinsure.com\/imaging\/opt\/f76cdf93-6505-48d4-a16a-fa2a958cb9cd.png\" width=\"150\" alt=\"Bank of America\u00ae Premium Rewards\u00ae credit card\" \/ class=\"lazyload\"><\/div><\/div><div class=\"compare-name\">Bank of America<sup>\u00ae<\/sup> Premium Rewards<sup>\u00ae<\/sup> credit card<\/div><div class=\"compare-offer\"><strong>Welcome Bonus<\/strong> Receive 60,000 online bonus points - a $600 value - after you make at least $4,000 in purchases in the first 90 days of account opening.<\/div><\/div><div class=\"compare-apply\"><a class=\"qs-learn-more\" data-ccid=\"4048119\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-credit-card\/\">Learn More<\/a><\/div><div class=\"compare-fee-score\"><div class=\"compare-fee\"><strong>Annual Fee<\/strong><p>$95<\/p><\/div><div class=\"compare-rating compare-rating--5\"><strong>Credit Score<\/strong><p>Excellent\/Good<\/p><\/div><\/div><div class=\"compare-earning\"><ul>\r\n<li>2 points for every $1 spent on travel and dining purchases<\/li> <li>1.5 points per $1 spent on all other purchases<\/li>\r\n<\/ul>\r\n<i>Preferred Rewards members earn a 25%-75% rewards bonus on every purchase. <a href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/preferred-rewards-guide\/\" =_blank>Learn more about Preferred Rewards<\/a><\/i><\/div><\/div><\/div>\n<p><strong>Related: <a target=\"_blank\" href=\"\/credit-cards\/best-premium-travel-credit-card\/\" rel=\"noopener\">Comparison of Premium Travel Rewards Credit Cards<\/a><\/strong><\/p>\n<h2><span id=\"Bottom_Line\">Bottom Line<\/span><\/h2>\n<p>All things considered, the <a data-ccid=\"152\" href=\"https:\/\/awardwallet.com\/credit-cards\/bank-of-america\/premium-rewards-elite\/\">Bank of America Premium Elite Card<\/a> falls short of the competition. The welcome offer becomes more compelling when redeemed for airfare. But, with its lackluster earning rates, the ongoing return just doesn't cut it.<\/p>\n<p>So many other cards offer a better return, including ones with a much lower (or $0) annual fee. The annual credits and other benefits help offset the $550 annual fee, but many will find that the card doesn't offer enough value to justify its annual fee. If you're a high-tier Bank of America Preferred Rewards member, the Bank of America Premium Elite Card may be an excellent fit. For most others, you can likely do better.<\/p>\n<div class=\"qs-card\" data-id=\"152\">\n            <div class=\"qs-data\">\n                <div class=\"qs-view\">\n                    <div class=\"qs-cardname\">Bank of America<sup>\u00ae<\/sup> Premium Rewards<sup>\u00ae<\/sup> Elite Credit Card<\/div>\n                    <div class=\"qs-image\"><img data-aspectratio=\"150\/95\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/yH5BAEAAAAALAAAAAABAAEAAAIBRAA7\" decoding=\"async\" data-src=\"https:\/\/awardwallet.com\/blog\/wp-content\/uploads\/2022\/03\/CardArt-BankOfAmericaPremiumRewardsEliteCreditCard.png\" width=\"150\" alt=\"Bank of America\u00ae Premium Rewards\u00ae Elite Credit Card\" \/ class=\"lazyload\"><\/div>\n                    <div class=\"qs-apply\"><a class=\"qs-how-apply\" data-ccid=\"152\" href=\"\/blog\/link\/BankOfAmericaPremiumRewardsEliteCreditCard\" rel=\"noopener nofollow sponsored\">How to Apply<\/a><\/div>\n                    <div class=\"qs-rates\"><\/div>\n                    <div class=\"qs-offer\"><strong>Welcome Bonus<\/strong> Earn 75,000 online bonus points after you make at least $5,000 in purchases in the first 90 days of account opening.<\/div>\n                <\/div>\n                <div class=\"qs-info\">\n                    <strong class=\"qs-cardname\">Bank of America<sup>\u00ae<\/sup> Premium Rewards<sup>\u00ae<\/sup> Elite Credit Card<\/strong>\n                    <div class=\"qs-offer\"><strong>Welcome Bonus<\/strong> Earn 75,000 online bonus points after you make at least $5,000 in purchases in the first 90 days of account opening.<\/div>\n                    <div class=\"qs-fee\"><strong>Annual Fee:<\/strong><b>$550<\/b><\/div>\n                    <div class=\"qs-tabs\"><a class=\"qs-more\" href=\"#more\">Show more<\/a><a href=\"\" data-tab=\"er\">Earning Rates<\/a><div class=\"qs-tab-er\"><ul>\r\n<li>2 points for every dollar spent on travel and dining purchases<\/li>\r\n<li>1.5 points per dollar on all other purchases<\/li>\r\n<\/ul><\/div><\/div>\n                <\/div>\n            <\/div>\n            <a class=\"qs-share\" href=\"\/find-a-card\/BOAPremiumElite\/\" title=\"copy\"><svg width=\"12\" height=\"16\" viewBox=\"0 0 12 16\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><use href=\"https:\/\/awardwallet.com\/blog\/wp-content\/themes\/awardwallet\/public\/builds\/icon\/icon-sprite.svg?v2026-5-138a544e81#share-square\" fill=\"currentColor\"><\/use><\/svg><\/a>\n        <\/div>\n<div id=\"ftoc\"><div id=\"toc_container\" class=\"toc_light_blue no_bullets\"><p class=\"toc_title\">Page Contents<\/p><ul class=\"toc_list\"><li><a href=\"#Bank_of_America_Premium_Elite_Card_Pros\">Bank of America Premium Elite Card Pros<\/a><\/li><li><a href=\"#Bank_of_America_Premium_Elite_Card_Cons\">Bank of America Premium Elite Card Cons<\/a><\/li><li><a href=\"#Bank_of_America_Premium_Elite_Card_Welcome_Bonus\">Bank of America Premium Elite Card Welcome Bonus<\/a><\/li><li><a href=\"#Bank_of_America_Premium_Elite_Card_Benefits\">Bank of America Premium Elite Card Benefits<\/a><ul><li><a href=\"#Statement_credits_that_help_offset_the_annual_fee\">Statement credits that help offset the annual fee<\/a><\/li><li><a href=\"#Priority_Pass_Select_membership\">Priority Pass Select membership<\/a><\/li><li><a href=\"#Other_benefits\">Other benefits<\/a><\/li><\/ul><\/li><li><a href=\"#Bank_of_America_Premium_Elite_Card_Earning_Rates\">Bank of America Premium Elite Card Earning Rates<\/a><\/li><li><a href=\"#Redeeming_Points_With_the_Bank_of_America_Premium_Elite_Card\">Redeeming Points With the Bank of America Premium Elite Card<\/a><\/li><li><a href=\"#Application_Restrictions\">Application Restrictions<\/a><\/li><li><a href=\"#Cards_That_Compete_With_the_Bank_of_America_Premium_Elite_Card\">Cards That Compete With the Bank of America Premium Elite Card<\/a><\/li><li><a href=\"#Bottom_Line\">Bottom Line<\/a><\/li><\/ul><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>With a $550 annual fee, the Bank of America\u00ae Premium Rewards\u00ae Elite Credit Card offers some compelling perks. But it falls short of the competition in terms of earning rate and overall value. Here&#8217;s our full review of the card.<\/p>\n","protected":false},"author":79,"featured_media":128844,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_wpscppro_dont_share_socialmedia":null,"_wpscppro_custom_social_share_image":0,"_facebook_share_type":"default","_twitter_share_type":"default","_linkedin_share_type":"default","_pinterest_share_type":"default","_linkedin_share_type_page":"","_instagram_share_type":"default","_medium_share_type":"default","_threads_share_type":"","_google_business_share_type":"","_selected_social_profile":[],"_wpsp_enable_custom_social_template":false,"_wpsp_social_scheduling":{"enabled":false,"datetime":null,"platforms":[],"status":"template_only","dateOption":"today","timeOption":"now","customDays":"","customHours":"","customDate":"","customTime":"","schedulingType":"absolute"},"_wpsp_active_default_template":true},"categories":[12055],"tags":[12704,12620],"coauthors":[36415,36394],"class_list":["post-76057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-cards","tag-bank-of-america-rewards","tag-card-reviews"],"acf":[],"_links":{"self":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/76057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/users\/79"}],"replies":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/comments?post=76057"}],"version-history":[{"count":44,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/76057\/revisions"}],"predecessor-version":[{"id":251010,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/posts\/76057\/revisions\/251010"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media\/128844"}],"wp:attachment":[{"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/media?parent=76057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/categories?post=76057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/tags?post=76057"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/awardwallet.com\/blog\/wp-json\/wp\/v2\/coauthors?post=76057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}