Bank of America® Premium Rewards® Elite Review: A High-End Travel Card for Frequent U.S. Travelers
The Bank of America® Premium Rewards® Elite credit card is a premium travel card designed for consumers who want elevated rewards, luxury travel perks, and valuable statement credits.
It targets frequent travelers, high spenders, and Bank of America customers who want to maximize reward point value through the Preferred Rewards program.
Unlike beginner cards or basic cashback options, this product sits firmly in the premium-rewards category, offering benefits that appeal to U.S. travelers seeking comfort, flexibility, and top-tier protections.
Its purpose is to combine high earning potential with elevated travel benefits. It delivers competitive rewards on travel and dining while offering luxury perks such as airline incidental credits, airport lounge access, and strong travel protection coverage.
For consumers who travel multiple times a year and prefer a card backed by a major U.S. bank with straightforward redemption options, this card fits well.
Main Benefits and Rewards
The Bank of America® Premium Rewards® Elite provides a strong rewards structure designed to support everyday spending and frequent travel.
Cardholders earn:
- 2 points per dollar spent on travel and dining
- 1.5 points per dollar on all other purchases
These points can be redeemed for travel, cash back, gift cards, or statement credits, giving users plenty of flexibility.
When combined with Bank of America Preferred Rewards, eligible customers may earn between 25% and 75% more points, making the card significantly more valuable within the Bank of America ecosystem.
Welcome Bonus
The card typically offers a generous welcome bonus, which can be redeemed for flights, hotel stays, or travel purchases.
While the exact bonus can vary, it usually provides strong initial value and helps offset the annual fee.
Additional Benefits
This card includes premium travel perks such as:
- Up to $300 annual airline incidental credit
- Priority Pass™ lounge access
- TSA PreCheck® or Global Entry credit
- Trip delay reimbursement
- Lost luggage protection
- Extended warranty and purchase protection
These benefits help justify the cost of the card and make it competitive in the U.S. market.
It serves travelers who want high-quality protections along with lounge access and elevated statement credits.
Annual Fee and Overall Costs
The Bank of America® Premium Rewards® Elite comes with a premium annual fee. While the first-year fee is not waived, the value is justified when the cardholder fully uses its credits and lounge access features.
When the Fee Is Worth It
The annual cost is worthwhile for users who:
- Travel multiple times per year
- Want Priority Pass™ access
- Use the full annual airline incidental credits
- Maximize point value through Preferred Rewards
Additionally, the points earned on dining and travel can produce strong return value, especially for high-spending households or business travelers.
Additional Costs
Other potential costs include:
- Balance transfer fees
- Interest charges if carrying a balance
- Possible cash advance fees
Because this is a premium card, it performs best for users who pay their balance in full each month to avoid interest.
Rates and Fees
- Regular Purchase APR: Variable APR based on creditworthiness
- Penalty APR: May apply after late or returned payments
- Balance Transfer Fee: Typically around 3% of the amount transferred
- Foreign Transaction Fee: None, making it ideal for international travel
Because the card charges no foreign transaction fees, it is a strong companion for overseas trips.
Cardholders should, however, avoid carrying a balance due to the higher APR that premium cards typically include.
Approval Requirements
The Bank of America® Premium Rewards® Elite generally requires excellent credit for approval. Most successful applicants have:
- FICO scores above 720
- Strong income
- A well-established credit history
- Low credit utilization
It has a higher approval difficulty than mid-tier cards, given its premium benefits and rewards structure.
Pros and Cons of the Bank of America® Premium Rewards® Elite
Pros
- Strong travel and dining rewards
- Priority Pass™ lounge access
- High annual airline incidental credit
- Flexible point redemption options
- Extra earning potential through Preferred Rewards
Cons
- High annual fee
- Best value requires Bank of America banking relationship
- Rewards rate is lower than some ultra-premium competitors
- Not ideal for beginners
- Requires excellent credit for approval
Who Should Apply for the Bank of America® Premium Rewards® Elite?
This card is ideal for:
- Frequent U.S. and international travelers
- Consumers who value lounge access
- Bank of America Preferred Rewards members
- High spenders who want strong travel protections
- People seeking premium benefits without the complexity of competing ultra-premium cards
It is not designed for students, beginners, or anyone looking for a basic cashback card.
Competitor Comparison
Bank of America® Premium Rewards® Elite vs. Chase Sapphire Reserve®
Choose the Chase Sapphire Reserve® if you want stronger travel partner transfers and higher point value through Chase Ultimate Rewards.
Choose Premium Rewards® Elite if you want better integration with Bank of America and lower ongoing travel redemption complexity.
Bank of America® Premium Rewards® Elite vs. Capital One Venture X Rewards
The Venture X offers easier earning with 2 miles per dollar on everything and strong lounge access.
The Premium Rewards® Elite is better for Bank of America loyalists who want straightforward points and strong statement credits.
Final Thoughts on the Bank of America® Premium Rewards® Elite
The Bank of America® Premium Rewards® Elite is a strong premium travel card that offers excellent value for frequent travelers, especially those who participate in the Preferred Rewards program.
Its combination of statement credits, lounge access, and travel protections make it a worthwhile option for users seeking high-end perks without overly complex rewards.
For U.S. consumers who want luxury benefits backed by one of the nation’s largest banks, this card can be a smart choice.
Disclaimer
This article is for informational purposes only. We are not affiliated with banks, card issuers, or financial institutions.
All fees, rates, and benefit details may change at any time. Always check the official website of the card issuer for the most accurate and updated information before applying.
