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Bank of America Premium Rewards Elite Credit Card – Full Review [2023]

Name: Bank of America Premium Rewards Elite Credit Card – Full Review [2023]
Item: Bank of America Premium Rewards Elite Credit Card
Rating: 4
Author: Jarrod West

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"Premium rewards card for Bank of America members."

A premium rewards credit card with straightforward earning and redeeming, with luxury perks such as airport lounge access.

Jarrod West

- Updated: May 20, 2023, 12:35am CDT|

2Comments

The information regarding the Bank of America® Premium Rewards® Elite Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

The Bank of America® Premium Rewards® Elite Credit Card is the bank’s most premium travel rewards credit card.

While it has quite a large annual fee of $550, it also comes loaded with benefits that frequent travelers are sure to love, such as airport lounge access, $450 in annual statement credits, travel protections, and a 20% boost to point value when redeeming for airfare.

Plus, those with status in the Bank of America Preferred Rewards program can really boost the value they receive from the card by earning 25% to 75% more points on all of their purchases.

Pros

2x points per $1 on travel and dining purchases
1.5x points per $1 on all other purchases
$300 annual airline incidental statement credit
$150 annual lifestyle statement credit (streaming services, food delivery, fitness subscriptions, and rideshare services)
Priority Pass lounge access
Global Entry/TSA PreCheck credit
No foreign transaction fees
Travel protections
Purchase protections
Boost your rewards rate with the Bank of America Preferred Rewards program
20% boost to your point value when redeeming for airfare
Visa Infinite benefits

Cons

$550 annual fee
No access to travel transfer partners to help you get outsized value for your points

Bank of America Premium Rewards Elite Card — Snapshot

Welcome Bonus & Info (Partner Content)
- 50,000 online bonus points — a $500 value — after you make at least $3,000 in purchases in the first 90 days of account opening
- Earn unlimited 2 points for every dollar spent on travel and dining purchases and unlimited 1.5 points per dollar on all other purchases. There’s no limit to the points you can earn, and points don’t expire.
- Receive up to $300 annually in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services
- Save 20% on domestic or international airfare for any class when you pay with points
- Preferred Rewards members earn 25% to 75% more points on every purchase
Card Categories:
- Credit Card Reviews
- Best Travel Credit Cards
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Great Card If

You want a card with a simple reward and redemption structure that also offers premium benefits such as airport lounge access
You have status in the Bank of America Preferred Rewards program and can boost the number of rewards you earn with the card

Don't Get If

You want a card that offers access to airline and hotel transfer partners
You’re not in the Bank of America Preferred Rewards program

Bank of America Premium Rewards Elite card — Fees

Foreign Transaction Fees
None
Interest Rates
- 18.24%-25.24% Variable
Late fees
- Penalty APR: Up to 29.99%
Balance Transfers
- 18.24%-25.24% Variable
- Fee: Either $10 or 3% of the amount of each transaction, whichever is greater.
Cash Advance APR
- 21.24%-28.24% Variable
- Direct Deposit and Check Cash Advance Fees: Either $10 or 3% of the amount of each transaction, whichever is greater.
- ATM, Over-the-Counter, Same-Day Online and Cash Equivalent Cash Advance Fee: Either $10 or 5% of the amount of each transaction, whichever is greater.

Bank of America Premium Rewards Elite Card - Is It Worth It?

For those who are in the market for a premium travel rewards card that offers luxury perks, but without any headaches when it comes to redeeming your points, the Bank of America Premium Rewards Elite card would likely be well worth it for you.

It can be easy to scoff at the card at first when you see its $550 annual fee, but when you consider that it also offers $450 worth of annual statement credits, airport lounge access, Global Entry, Visa Infinite benefits, travel protections, and the ability to redeem your points for 20% more towards airfare, the value that most cardholders will receive from the card will far exceed the annual fee.

Further, the card is especially worth it for those who hold status in the Bank of America Preferred Rewards program, as they have the ability to boost the rewards they receive from the card by 25% all the way up to a whopping 75%!

Bank of America Premium Rewards Elite Card Top Benefits

Bank of America Preferred Rewards Point Boost

The best way to take your Bank of America Premium Rewards Elite card to the next level is by holding status in the Bank of America Preferred Rewards program. This is because doing so allows you to boost the number of points you earn with your card anywhere from 25% to 75% depending on your level within the program.

Here is a look at what you need to qualify for, and the credit card rewards boost you receive, at each status level:

Status Level	Assets Required	Rewards Bonus	Increased Earnings
Gold	$20,000+ in assets	25% rewards bonus	2.5x points per $1 spent on all travel and dining purchases 1.875x points per $1 spent on all other purchases
Platinum	$50,000+ in assets	50% rewards bonus	3x points per $1 spent on all travel and dining purchases 2.25x points per $1 spent on all other purchases
Platinum Honors and Above	$100,000+ in assets	75% rewards bonus	3.5x points per $1 spent on all travel and dining purchases 2.625x points per $1 spent on all other purchases

Travel and Lifestyle Benefits

$300 Annual Airline Incidental Credit

Cardholders receive $300 each year in airline incidental statement credits to offset purchases made with airlines on expenses such as seat upgrades, baggage fees, inflight services, and airline lounge fees.

$150 Annual Lifestyle Credit

You’ll also receive a $150 credit each year towards lifestyle expenses such as streaming services, food delivery, fitness subscriptions, and rideshare services.

Priority Pass Lounge Access

With your card, you and up to 2 traveling companions can access over 1,300 Priority Pass airport lounges worldwide where you can enjoy free food and drinks, along with a spot to relax before your flight. This benefit is also extended to authorized users of the card.

20% Value Boost on Flight Redemptions

When you redeem your points towards any international or domestic airfare through the Bank of America Travel Center, you’ll receive a 20% bonus to their value, making your points worth 1.2 cents per point. This means that you could redeem 50,000 points towards $600 in airfare with any carrier!

Global Entry/TSA PreCheck Credit

While this benefit is offered on many cards, it can be a game-changer for those that don’t have it already. In comparing the 2, TSA PreCheck provides an expedited security experience at U.S. airports, while Global Entry helps you speed through customs when you return to the U.S. from abroad. That said, you’re best off opting for Global Entry as that membership includes TSA PreCheck as well, but TSA PreCheck alone does not include Global Entry.

Travel and Purchase Protections

The card also offers a plethora of travel and purchase protections to help keep you covered.

Trip delay insurance provides coverage of up to $500 per ticket for you and family members for reasonable expenses if a covered trip is delayed for more than 6 hours
Trip cancellation insurance provides coverage up to $2500 for non-refundable passenger fares if your trip is canceled or cut short by sickness or other covered situations
Baggage delay insurance provides coverage of up to $100 per day (towards essential items such as clothing), for up to 5 days, when your bags are delayed for more than 6 hours
Lost luggage insurance covers you for the cost of items, up to $3,000, in your luggage if it is lost or stolen due by the carrier
Rental car insurance provides primary coverage for up to $75,000 towards damage to the rental car due to collision or theft
Purchase protection provides coverage if an item purchased with the card is stolen or damaged within 90 days of purchase; you can receive coverage towards a repair or replacement for up to $10,000 per claim, and up to $50,000 per cardholder
Extended warranty coverage doubles the time period of the manufacturers’ warranty, up to 1 additional year, for eligible items purchased with your card
Return protection is offered if you’ve purchased an item up to 90 days ago and the retailer will not accept the return; you can receive coverage of up to $300 per eligible item and up to $1,000 annually

Best Ways To Earn and Redeem Your Bank of America Points

The best way to earn more points with your card is to use it for as many purchases as you can, especially since you’ll earn a minimum of 1.5x points per $1 on all purchases. However, if you really want to boost your earning potential then you will want to earn status in the Bank of America Preferred Rewards program, as this will help you earn 25% to 75% more points on all of your purchases.

When it comes to redeeming your points, the Bank of America rewards program is a fixed rewards program with all of your points being worth a set rate of 1 cent per point towards redemptions. However, Bank of America Premium Rewards Elite cardholders can redeem their points with a 20% bonus when redeeming for airfare through the Bank of America Travel Center — making this the best option when it comes to getting maximum value from your points!

Alternative Cards to the Bank of America Premium Rewards Elite Card

Chase Sapphire Reserve®

The Chase Sapphire Reserve card is another premium card that charges a $550 annual fee, but with it, you’ll earn 10x points on hotels and car rentals purchased through the Chase travel portal, 10x points per $1 on Chase Dining, 5x points per $1 on airfare purchased through the Chase travel portal, along with 3x points per $1 on all other travel and dining purchases worldwide.

The card also offers benefits such as a $300 annual travel credit, Priority Pass lounge access, travel and purchase coverage, and access to airline and hotel transfer partners. Your points are also worth 50% more towards travel purchases made through the Chase travel portal.

Capital One Venture X Rewards Credit Card

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The Capital One Venture X card has many overlapping benefits but charges a much lower annual fee of $395. It earns 10x miles per $1 on hotels and rental cars booked through Capital One Travel, 5x miles per $1 on flights booked through Capital One Travel, and 2x miles per $1 on all other purchases.

Further, it offers up to $300 annual travel credit towards purchases through Capital One Travel, 10,000 annual bonus miles, access to Priority Pass lounges, Plaza Premium Lounges, and Capital One Lounges, cell phone protection, and access to airline and hotel transfer partners.

The information regarding the Capital One Venture X Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.

Featured Image Credit: Bank of America

Frequently asked questions

Does the Bank of America Premium Rewards Elite card have an annual fee?

Yes, the Bank of America Premium Rewards Elite card has an annual fee of $550.

Does the Bank of America Premium Rewards Elite card have lounge access?

Yes, the Bank of America Premium Rewards Elite card includes a Priority Pass Select membership which gives you and up to 2 traveling companions access to over 1,300 airport lounges worldwide.

What are the benefits of the Bank of America Premium Rewards Elite card?

The card offers several benefits to cardholders, including a $300 annual airline incidental credit, a $150 annual lifestyle credit, Priority Pass lounge access, travel and purchase protection, a Global Entry credit, and a 20% boost to the value of your points when redeeming for airfare.

Is the Bank of America Premium Rewards Elite card worth it?

For those who want a premium travel rewards card with luxury perks such as airport lounge access, but prefer a rewards program with easy redemption options, then the Bank of America Premium Rewards Elite card is an excellent option. Further, the card makes tons of sense for those that have status in the Bank of America Preferred Rewards program thanks to the credit card rewards boost you receive.

Does the Bank of America Premium Rewards Elite card have travel insurance?

Yes, the Bank of America Premium Rewards Elite card has baggage delay insurance, trip delay insurance, lost luggage insurance, primary rental car insurance, and trip cancellation insurance.

About Jarrod West

Jarrod has been writing about the ins and outs of credit cards and loyalty programs, along with airlines and hotels, for over 6 years. He is regularly called upon to share his expertise on the latest news within the space, and has been featured in publications such as The New York Times, RetailMeNot, and Yahoo! Finance. Jarrod has over 20 credit cards in his wallet and has tested out dozens more in order to vet the very best card options for readers. As he is constantly sampling new cards, Jarrod also earns (and redeems) over 1 million points and miles each year. This allows him to book luxury travel experiences the world over, and save tens of thousands of dollars in the process.

Jl100 January 3, 2023
Can you have the premium rewards card and elite card at the same time?
- Jarrod West January 10, 2023
  Hi Joe,
  The terms don’t seem to explicitly state that you cannot. However you might want to contact BoA to verify.

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