Bank of America® Premium Rewards® Elite Credit Card
- Annual fee
- $550
- Recommended credit
- Excellent
- Card network
- Visa
- Regular purchase APR
- 20.24% to 27.24% variable based on creditworthiness and the Prime Rate
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.
Our review of the Bank of America® Premium Rewards® Elite Credit Card
The Bank of America® Premium Rewards® Credit Card is a versatile option for those looking to earn points for their next vacation. With bonus points on travel and dining purchases, this card is perfect for everyday use to build up your travel fund. Plus, with additional travel perks and statement credits, this card is a great companion for your wallet.
Credit Needed
To successfully apply for the Premium Rewards® Credit Card, you’ll need excellent credit with a FICO Score of at least 730. Maintaining a higher credit score increases your chances of approval. If your credit score is lower, focus on paying bills on time, keeping credit utilization low, and avoiding opening too many new accounts to improve your creditworthiness.
Who Can Benefit from the Card?
The Bank of America® Premium Rewards® Credit Card is ideal for frequent travelers and diners looking to maximize rewards. With the ability to redeem points for cash back, travel, and other rewards, this card offers significant value.
Premium Benefits
- Up to $100 annual airline incidental fee statement credit
- Up to $100 TSA Precheck/ Global Entry application fee statement credits every four years
- No foreign transaction fees
In addition to regular point rewards, cardholders can enjoy statement credit rewards and travel perks that more than offset the $95 annual fee.
Welcome Offer Bonus
New accounts can earn 60,000 bonus Premium Rewards points by spending $4,000 in the first 90 days of account opening. This welcome bonus has a cash value of $60 as a statement credit.
How to Earn Points
- 2X points on travel purchases
- 2X points on dining purchases
- 1.5X points on all other eligible purchases
Additional rewards can be unlocked with a Bank of America Preferred Rewards membership, earning up to 75% more points on purchases.
How to Redeem Points
Redeem points for travel, cash back, statement credits, experiences, or gift cards with Bank of America. Points never expire as long as the account is open, active, and in good standing.
Bank of America Benefits
As a Premium Rewards Cardholder, you’ll have access to safety protections and benefits like Balance Connect®, account alerts, online and mobile banking, EMV chip and pin technology, FICO Score access, and more.
Visa Signature Benefits
By using Visa Signature benefits, cardholders can enjoy services like Zero Fraud Liability, Emergency Card Replacement, Luxury Hotel Collection perks, and more.
Comparison
| Bank of America® Premium Rewards® Card | Bank of America® Travel Rewards Card | American Express® Green Card |
|---|---|---|
| Annual fee: $95 | Annual fee: $0 | Annual fee: $150 |
| Rewards: 2X points on travel and dining, 1X on all other purchases | Rewards: Unlimited 1.5X points on all purchases | Rewards: 3X on travel and dining, 1X on all other purchases |
| Intro APR: N/A | Intro APR: 15 months on purchases and transfers | Intro APR: N/A |
| Issuer: Bank of America | Issuer: Bank of America | Issuer: American Express |
Tips for Maximizing Value
- Take advantage of double points on travel and dining purchases
- Pay off the balance in full each month to avoid interest charges
- Redeem points strategically for the highest value rewards
- Consider becoming a Bank of America Preferred Rewards member for additional benefits
What We Like About the Card
Preferred Rewards Maxing Out Rewards
Earn up to 75% more rewards with Bank of America Preferred Rewards, maximizing the value of your purchases. The annual fee can be offset by statement credits and benefits like airline incidentals and TSA Precheck/ Global Entry.
Things to Consider
Annual Fee
If you don’t travel often, the $95 annual fee may not be worth it. Consider the Bank of America® Travel Rewards Credit Card for no annual fee and unlimited 1.5X points on all purchases.
Should You Apply for the Bank of America® Premium Rewards® Credit Card?
Overall, the Bank of America® Premium Rewards® Credit Card is a valuable option for travelers and diners, especially those with preferred status. The statement credits and rewards make this card worth considering, even for nonmembers. Explore other card offers to find the best fit for your lifestyle.
Card features
Benefits as listed on the original card page. They can change; confirm details with the issuer.
- 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"
Who this card may suit
- You already bank with Bank of America
- You travel often and spend heavily to maximize points
- You want essential luxury travel perks, like TSA Precheck and lounge access"
Rates, fees and terms
| Annual Fee | $550 |
|---|---|
| Regular Purchase APR | 20.24% to 27.24% variable based on creditworthiness and the Prime Rate |
| Balance Transfer APR | 20.24% to 27.24% 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 | 23.24% to 30.24% 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 |
| Late Payment Penalty Fee | Up to $40 |
Confirm before you apply: rates, fees and offers change often. The figures above are the ones listed on the original card page, not a current quote from the issuer. APRs are typically variable, and the rate you receive depends on your creditworthiness. Recommended credit: Excellent Credit.
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Bank of America® Premium Rewards® Elite Credit Card
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