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Bank of America® Premium Rewards® Elite review

Boost your rewards with assets and make the most out of your card. Read this Bank of America® Premium Rewards® Elite review and find out how.

by Danilo Pereira

Published on 03/07/2023

Get travel perks, bonus points, and pay no foreign transaction fees with Bank of America® Premium Rewards® Elite

Looking for a credit card with great rewards and travel benefits? Then check out this Bank of America® Premium Rewards® Elite review. You’ll be surprised!

How to get your Bank of America® Premium Rewards®

In this Bank of America® Premium Rewards® Elite application guide we are going to show you how to get this card in just a few minutes.

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Credit Score: Good – Excellent
APR: 21.24% – 28.24% Variable
Annual Fee: $550
Fees: N/A
Welcome bonus: 50,000 bonus points, worth $500, after spending $3,000 within the first 90 days.
Rewards: Tiered rewards based on assets. The rewards bonus and points per $1 spent increase as assets and status level increase. The top status level offers 75% rewards bonus and 3.5x points per $1 spent on travel and dining.

This premium rewards card with a generous welcome bonus is perfect for frequent travelers seeking luxury perks and flexible redemption options.

Bank of America® Premium Rewards® Elite: how does it work?

The Bank of America Premium Rewards Elite Credit Card offers a straightforward earning and redeeming structure.

It also offers luxury perks for frequent travelers such as airport lounge access. With an annual fee of $550, the card comes with a number of benefits.

This includes $450 in annual statement credits, travel and purchase protections, and a 20% boost to point value when redeeming for airfare.

Further, those who hold status in the Bank of America Preferred Rewards program can receive 25% to 75% more points on their purchases. This can greatly enhance the value they receive from the card.

The card is a great choice for those looking for a premium travel rewards card with a simple structure for rewards and redemption.

It’s especially valuable for those who can make use of the premium benefits such as airport lounge access.

The lack of foreign transaction fees is another advantage of the card. However, the card does not provide access to travel transfer partners, which may be a downside for some cardholders.

Although the $550 annual fee may seem steep, the benefits of the card make it worthwhile for frequent travelers.

The Bank of America Preferred Rewards program can also significantly increase the rewards you earn from the card.

Plus, those who hold status in the program can earn up to 75% more points on every purchase.

Significant benefits and disadvantages you may find

To make our Bank of America® Premium Rewards® Elite review complete, let’s have a look at its pros and cons. Check out the list of benefits and disadvantages below.

Benefits

High rewards rate for travel and dining
No foreign transaction fees
Option to boost rewards with assets
Variety of travel and purchase protections

Disadvantages

High annual fee
No 0% APR intro period
Limited airport lounge access
Requires high assets for optimal rewards

Is a good credit score required for applicants?

Yes, a good credit score is typically required for applicants of the Bank of America® Premium Rewards® Elite card.

Learn how to apply and get a Bank of America® Premium Rewards® Elite

Apply for the Bank of America® Premium Rewards® Elite easily and quickly with our step-by-step guide below. Just click the link and we’ll take you there.