Bank of America Launches New Premium Rewards Elite Credit Card

Bank of America has now launched its very own premium rewards credit card, as you may have guessed from its name — the Bank of America^® Premium Rewards^® Elite Credit Card.

With a $550 annual fee, the card likely will leave a lot to be desired for points travelers. However, those that are optimizing for cash-back rewards, especially those that are Bank of America Preferred Rewards members, might find the card to be a great fit.

Let’s review everything you need to know about the Bank of America Premium Rewards Elite card.

Welcome Bonus

With the Bank of America Premium Rewards Elite card, you’ll earn 50,000 bonus points after you make at least $3,000 in purchases in the first 90 days of account opening.

Your Bank of America points are worth 1 cent per point, making this bonus worth $500 that can be redeemed for cash-back as a deposit into Bank of America checking or savings accounts, an eligible Merrill investment account, a statement credit to your card, or for gift cards.

You will also receive a 20% discount off of airfare when booking with points through the Bank of America Travel Rewards Center, making your points worth 1.2 cents per point when redeemed this way.

Earning Rates

The card earns points at the following rates:

• 2x points per $1 on travel and dining purchases
• 1.5x points per $1 on all other purchases

This might not seem interesting on the face of it, but those who are Bank of America Preferred Rewards members can really supercharge these earnings.

For example, Preferred Rewards Platinum Honors members receive a 75% rewards boost, allowing you to earn 3.5x points per $1 on travel and dining purchases and 2.625x points per $1 on all other purchases.

Benefits

To help offset the card’s $550 annual fee, cardholders receive the following benefits:

• $300 annual statement credit for qualifying airline incidental fees
• Priority Pass Select membership
• $150 annual lifestyle credit towards rideshares, food delivery, streaming services, and fitness transactions at select merchants
• $120 Global Entry or TSA PreCheck fee credit (as of October 1, 2024)
• 20% discount when redeeming points through the Bank of America Travel Rewards Center
• No foreign transaction fees
• Visa Infinite benefits

Final Thoughts

The new Bank of America Premium Rewards Elite card probably isn’t a great fit for those looking to primarily use their rewards for travel, especially if you want access to airline and hotel transfer partners. On the other hand, those who hold status in the Bank of America Preferred Rewards program might love the boosted earning and benefits that the card can offer to them.