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Bank of America® Premium Rewards® Elite credit card review

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Advertiser Disclosure

Annual Fee
$550.00
Interest Rate: Purchases
20.24% ‐ 27.24% (Variable)
Interest Rate: Purchases
20.24% ‐ 27.24% (Variable)
Balance Transfer
20.24% ‐ 27.24% (Variable)
Balance Transfer
20.24% ‐ 27.24% (Variable)
Rewards
1.5 - 2 points
Rewards
1.5 - 2 points
Signup Bonus
50000 points (after spending $3,000)
Signup Bonus
50000 points (after spending $3,000)


7.1/10
Informr score
The Bank of America® Premium Rewards® Elite credit card currently has an Informr score of 7.1 out of 10. This score is based on our evaluation of 4 sources including reviews from users and the web's most trusted critics.

Am I eligible?


Bank of America® Premium Rewards® Elite credit card is typically available to those with good credit scores (650 or greater).
To get this card, you must also:
Yes Be a permanent or temporary resident of USA

Note: This information is only intended as a guide. The final decision is up to the bank and your application could still be rejected even if you can answer 'Yes' to all the minimum criteria above. Always consider your options and your financial situation before you apply for a credit card.

What the Critics Are Saying...


Forbes
Forbes

For those at the highest tiers of the Preferred Rewards program, the $550-annual-fee Bank of America® Premium Rewards® Elite credit card* outearns most other premium travel cards. But for those who don’t qualify for a higher earning rate via Preferred Rewards, the card’s value is greatly diminished....

- Robin Saks Frankel, Forbes
Upgraded Points
Upgraded Points

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...

- Jarrod West, Upgraded Points
AwardWallet
AwardWallet

All things considered, the Bank of America Premium Elite Card falls short of the competition. The welcome offer is compelling: $625 in value when redeemed for airfare. But, with its lackluster earning rates, the ongoing return just doesn't cut it. There are so many other cards that offer a better re...

- Ian Snyder, AwardWallet
US Credit Card Guide
US Credit Card Guide

This card is like an upgraded version of BoA Premium Rewards. They even have the same earning structure. This card comes with a hefty $550 annual fee. Even if you can use up all the $300 airline incidental credit and $150 lifestyle credit, you still have to pay $100, basically only for the PPS cards...

- US Credit Card Guide

Details


Interest Rates
Regular APR Interest Rate 20.24% ‐ 27.24% (Variable)

This APR will vary with the market based on the Prime Rate.

Balance Transfer Interest Rate 20.24% ‐ 27.24% (Variable)

This APR will vary with the market based on the Prime Rate.

Cash Advance Interest Rate 23.24% ‐ 31.24% (Variable)

This APR will vary with the market based on the Prime Rate.

Rates & Fees
Annual Fee $550.00
Balance Transfer Fee 5%

Minimum of $10

Cash Advance Fee 5%

Minimum of $10

Foreign Transaction Fee $0.00
Over Limit Fee $0.00
Late Payment Fee $40.00

Maximum

Promotions
Sign up bonus 50000 points after spending $3,000

On purchases within the first 3 months.

Rewards
All Purchases 1.5 points per $1 spent
Restaurants 2 points per $1 spent
Gas No
Groceries No
Hotels No
Travel 2 points per $1 spent
Pharmacy No
Bills No
Additional Details

Preferred Rewards members earn 25% – 75% more points on every purchase. This means clients could earn up to 3.5 points on travel and dining purchases, and up to 2.62 points on all other purchases, for every $1 they spend.

Features & Benefits
Additional Card Holders Yes
Travel Accident Insurance No
Car Rental Insurance No
Car Rental Discount No
Extended Warranty No
Purchase Protection No
Zero Liability Yes
No Foreign Transaction Fees Yes
Emergency Assistance Yes
Concierge Service Yes
Price Protection No
Fraud Protection Yes
Free Credit Scores Yes
Wireless Payments Apple Pay, Samsung Pay, Google Pay
Virtual Cards No
Additional Benefits
  • Up to $300 annually in Airline Incidental Statement Credits
  • Up to $150 annually in statement credits for lifestyle conveniences, including streaming services, food delivery, fitness subscriptions and rideshare services
  • Up to $100 in statement credits for Global Entry or TSA PreCheck® application fees (every four years)
  • Priority Pass Select Membership
  • Private flying with NetJets
  • Save 20% on domestic or international airfare for any class when you pay with points
  • Visa Infinite Luxury Hotel Collection
  • Visa Infinite Car Rental Benefits
  • Trip Delay Insurance
  • Trip Cancellation Insurance
  • Baggage Delay Insurance
  • Lost Luggage Insurance
  • Roadside Assistance
  • Overdraft Protection
Eligibility
Minimum Security Deposit $0
Minimum Age 18
Minimum Personal Income
Temporary Residents No
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Additional comments -
Terms & Conditions Official Terms & Conditions
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Information in this article is believed to be accurate at the time it was written, but terms and conditions may change at any time. All information is presented without warranty or guarantee. Please verify all terms and conditions of any credit card prior to applying.

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