Edited by: Keri Stooksbury
& Kellie Jez
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A premium rewards credit card with straightforward earning and redeeming, with luxury perks such as airport lounge access.
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.
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%!
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||
|Platinum||$50,000+ in assets||50% rewards bonus||
|Platinum Honors and Above||$100,000+ in assets||75% rewards bonus||
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.
You’ll also receive a $150 credit each year towards lifestyle expenses such as streaming services, food delivery, fitness subscriptions, and rideshare services.
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.
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!
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.
The card also offers a plethora of travel and purchase protections to help keep you covered.
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!
A top player in the high-end premium travel credit card space that earns 3x points on travel and dining while offering top luxury perks.
If you’re looking for an all-around excellent travel rewards card, the Chase Sapphire Reserve® is one of the best options out there.
The card combines elite travel benefits and perks like airport lounge access, with excellent point earning and redemption options. Plus it offers top-notch travel insurance protections to keep you covered whether you’re at home or on the road.
Don’t forget the $300 annual travel credit which really helps to reduce the annual fee!
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 the Chase transfer partners. Your points are also worth 50% more towards travel purchases made through the Chase travel portal.
The Capital One Venture X card is an excellent option for travelers looking for an all-in-one premium credit card.
The Capital One Venture X Rewards Credit Card is the premium Capital One travel rewards card on the block.
Points and miles fans will be surprised to see that the Capital One Venture X card packs quite the punch when it comes to bookings made through Capital One, all while offering the lowest annual fee among premium credit cards.
Depending on your travel goals and preferences, the Capital One Venture X card could very well end up being your go-to card in your wallet.
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.
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.
Yes, the Bank of America Premium Rewards Elite card has an annual fee of $550.
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.
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.
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.
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.
Disclaimer: Any comments listed below are not from the bank advertiser, nor have they been reviewed or approved by them. No responsibility will be taken by the bank advertiser for these comments.