Bank of America Premium Rewards Elite Card: A Comprehensive Review

The Bank of America® Premium Rewards® Elite Credit Card is a strong contender in the premium rewards card market, especially for those who qualify for the Bank of America® Preferred Rewards® program. This card offers lucrative rewards for everyday spending and travel, but there are some caveats to consider.

With an annual fee of $550, the Premium Rewards Elite card targets high-net-worth individuals but is available to anyone with a qualifying credit score of 670 or above. While it competes with heavyweights like the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express, its full potential is unlocked primarily for Preferred Rewards members.

For new cardholders, the offer includes 75,000 bonus points after spending $5,000 within the first 90 days of account opening, valued at $750. This is a standard offer for the card. However, it’s important to note that Bank of America has specific application restrictions, known as the 2/3/4 rule, which limits approvals to two cards in 30 days, three in 12 months, and four in 24 months.

The Premium Rewards Elite card comes with a range of benefits designed to offset its annual fee. These include travel and shopping protections, no foreign transaction fees, and up to four complimentary Priority Pass Select memberships, granting access to over 1,700 airport lounges worldwide. Additionally, cardholders receive a 20% discount on domestic or international airfare when booking with points.

Earning potential is another highlight of the Premium Rewards Elite card. Cardholders earn double points on travel and dining, with broad definitions for qualifying expenses. The Preferred Rewards program further enhances earning potential, offering a 25%, 50%, or 75% rewards bonus based on the cardholder’s assets with Bank of America.

However, one notable drawback is the limited redemption options. Unlike many comparable cards, the Premium Rewards Elite does not offer airline or hotel transfer partners. Points can be redeemed for travel, statement credits, cash back, gift cards, or experiences at a fixed rate of 1 cent each. Yet, when redeeming for airfare through the Bank of America Travel Center, cardholders receive a 20% discount, increasing the redemption value to 1.2 cents per point.

For those who are Preferred Rewards members, the Premium Rewards Elite card can be a valuable asset, maximizing rewards across various categories. However, individuals who do not utilize the card’s statement credits or who aren’t part of the Preferred Rewards program may find more value in mid-tier travel cards.

In summary, the Bank of America Premium Rewards Elite card is particularly advantageous for existing or potential Preferred Rewards members, offering a premium product within the Bank of America ecosystem. While it may not appeal to everyone due to its niche offerings and lack of transfer partners, it remains a solid option for those who can capitalize on its benefits.

For additional options, consider exploring our list of the best travel cards available. Whether you are a frequent traveler or simply looking to maximize your everyday spending, understanding the features and benefits of credit cards can help you make informed decisions that align with your financial goals.