The rewards program of the Bank of America® Premium Rewards® Elite credit card offers users 2 points per dollar spent on travel and dining purchases and 1.5 points per dollar spent on all other purchases. Points can be redeemed for travel, cashback, gift cards, and more. The card also offers increased earnings and rewards bonuses at different status levels based on the assets held, with the highest level offering 3.5 points per dollar spent on travel and dining purchases and 2.625 points per dollar spent on all other purchases.

The welcome bonus for the Bank of America® Premium Rewards® Elite credit card is 50,000 bonus points after spending $3,000 within the first 90 days of account opening. This is worth $500 in travel statement credit.

The annual fee for the Bank of America® Premium Rewards® Elite credit card is $550. However, the card offers an annual $200 travel credit, which can be used towards travel purchases such as airfare, hotels, and rental cars, effectively reducing the net annual fee to $350.

No, the Bank of America® Premium Rewards® Elite credit card does not have foreign transaction fees, making it a good choice for frequent international travelers.

To qualify for the status levels in the Bank of America® Premium Rewards® Elite credit card rewards program, users need to have certain assets with Bank of America and/or Merrill Lynch. Gold status requires $20,000+ in assets, Platinum status requires $50,000+ in assets, and Platinum Honors and above status requires $100,000+ in assets. Assets can include deposits, investments, and loans.