Bank of America Premium Rewards Elite Credit Card review: Could this be your next premium travel card?

The Bank of America® Premium Rewards® Elite Credit Card is a premium for travelers who want flexibility in redeeming rewards for any airline or hotel. While it has a premium annual fee ($550), its annual credits and lounge benefits can help offset it. Additionally, customers with higher deposit and investment balances can earn up to 75% more points on every purchase.

You can earn the welcome bonus as a new cardholder, but you’ll have to rely on the rewards rate for continued earning. The Bank of America Premium Rewards Elite has elevated spending categories for travel and dining, making this a decent card for travelers and foodies. You also have an above-average base earning rate if your typical spending doesn’t align with the bonus categories.

You can earn even more as a Bank of America Preferred Rewards member, but you have to calculate whether earning 25% to 75% more on purchases is worth storing money with the available Bank of America deposit and Merrill investment accounts.

To qualify for the lowest tier of the Preferred Rewards program, you would need at least a $20,000 three-month combined average daily balance in these accounts. This would unlock a 25% points bonus on your card.

The points earned from the Bank of America Premium Rewards Elite do not expire, so there’s no urgency to redeem them. Customers can redeem points for travel, cash back, statement credits, experiences, or gift cards.

Remember, you’ll get 20% savings when using points to book domestic or international airfare.

The Bank of America Premium Rewards Elite is loaded with premium benefits and annual credits. While the card has a large annual fee, these benefits help to justify or offset the cost.

You can get up to $300 in statement credits every year for airline incidental charges, such as seat upgrades, baggage fees, airline lounge fees, and in-flight services. These credits do not apply to airfare.

This credit covers a variety of lifestyle subscriptions and charges, like video streaming services, fitness subscriptions, food delivery, and rideshares.

Charge the application fee for TSA PreCheck or Global Entry to your card to be reimbursed up to $100 once every four years.

This card includes free unlimited access to the Priority Pass airport lounge network, where you can enjoy complimentary drinks, food, WiFi, and more, depending on the lounge. Cardholders get up to four complimentary Priority Pass Select memberships, so you can share these benefits with your friends and family.

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. If you don’t use the card’s credits for eligible purchases, then the credits go away without receiving any benefit.

Additionally, customers with larger deposit and investment balances will receive up to 75% more points on every purchase. These extra rewards for your spending can help justify the card’s hefty annual fee and build up a large amount of rewards.

• Up to $450 in annual credits for eligible airline charges and lifestyle purchases

• Up to $100 TSA PreCheck or Global Entry reimbursement every four years

• Up to four complimentary Priority Pass Select memberships

• Earn up to 75% more rewards as a Preferred Rewards member

• No airline or hotel transfer partners limit the ability to maximize the value of rewards

• High annual fee is hard to justify for some customers

• Limited bonus categories to earn extra points on purchases

As a Visa Infinite Card, the Bank of America Premium Rewards Elite Credit Card can be used anywhere merchants accept Visa cards for payment. Visa and Mastercard are the dominant credit card processors within the U.S. and abroad, so you should have no trouble using this card while traveling domestically or internationally. The card also waives foreign transaction fees, making it an excellent choice for spending outside the U.S.

• Online at

• Through the bank’s mobile app (, )

• Automatic recurring payments

• In-person at approximately 3,700 Bank of America branches and 15,000 ATMs ()

• Calling customer service at (800) 236-6497

• Mailing payments to PO Box 15019, Wilmington, DE 19850-5019

• Overnight delivery to Bank of America, Attn: Payment Processing, DE5-023-03-02, 900 Samoset Drive, Newark, DE 19713

While the Bank of America Premium Rewards Elite has many appealing features, it isn’t the best card for every customer. One of its major shortcomings as a luxury credit card is that there are no transfer partners available to maximize the value of your rewards. If it doesn’t seem like the right fit for you, consider these other travel credit cards.

Why we like it: While not a premium card, the is one of the most popular travel credit cards for good reason. It has a low $95 annual fee, so there’s much less to worry about when trying to offset the cardmember cost each year. In addition, you can earn flexible Chase Ultimate Rewards points that can be transferred to over 12 airline and hotel loyalty program partners.

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Why we like it: The earns flexible rewards that can be redeemed in different ways, such as transferring them to over 15 travel partners. The Venture X is also attractive because of its straightforward benefits that can easily help offset the annual fee each year. These include an annual $300 travel credit for bookings made through Capital One Travel and 10,000 bonus miles each year starting on your first anniversary.

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Why we like it: One of the most popular premium travel credit cards is the . This card includes an annual credit of $300 that automatically applies to any eligible travel purchase, plus airport lounge access, premium travel protections, and more. Its points have numerous redemption options, including transferring to over 12 airline and hotel partners or getting 50% more value when booking travel through Chase Travel℠.

This article was edited by Ben Walker (CEPF, CFEI®)

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