If you’re considering the Bank of America Premium Rewards Elite Credit Card, you’re probably wondering whether its hefty $550 annual fee is actually worth paying. This premium travel card is packed with statement credits, airport lounge access, travel protections, and Visa Infinite perks—but it isn’t the right fit for everyone.
In this Bank of America Premium Rewards Elite Credit Card review, we’ll cover the welcome bonus, rewards structure, annual credits, travel benefits, fees, and who should (and shouldn’t) apply.
Welcome Bonus: Earn 75,000 Bonus Points
New cardholders can earn 75,000 online bonus points after spending $5,000 within the first 90 days of opening the account.
Those points are worth $750 when redeemed for:
- Cash back
- Statement credits
- Travel purchases
- Deposits into eligible Bank of America or Merrill accounts
Compared to the standard Premium Rewards Card, the Elite version requires an additional $1,000 in spending during the introductory period but also offers a larger bonus.
| Card | Welcome Bonus | Spending Requirement |
|---|---|---|
| Premium Rewards Elite | 75,000 points ($750) | $5,000 in 90 days |
| Premium Rewards | 60,000 points ($600) | $4,000 in 90 days |
If you already have a large purchase or vacation planned, meeting the spending requirement shouldn’t be difficult.
How the Rewards Structure Works
The Bank of America Premium Rewards Elite Credit Card keeps its earning structure simple.
You’ll earn:
- 2 points per dollar on travel and dining
- 1.5 points per dollar on all other purchases
Travel and dining includes:
- Flights
- Hotels
- Vacation rentals
- Restaurants
- Takeout
- Food delivery services
Unlike rotating-category cards, there are:
- No quarterly activation requirements
- No spending caps
- No category limits
Points are generally worth one cent each and can be redeemed for:
- Cash back
- Statement credits
- Travel
- Deposits into eligible Bank of America checking or savings accounts
- Deposits into eligible Merrill investment accounts
Points never expire as long as your account remains open.
Save 20% on Flights When Redeeming Points
One overlooked feature is the airfare discount when redeeming points.
If you use your points toward eligible domestic or international airfare, you receive a 20% discount, effectively increasing the value of your rewards beyond one cent per point.
For travelers who frequently book flights, this adds meaningful value over standard cash-back redemptions.
No Foreign Transaction Fees
The card charges no foreign transaction fees.
If you travel internationally—even just once or twice a year—you won’t lose an additional 3% on purchases made abroad.
What Does the $550 Annual Fee Actually Buy?
The Premium Rewards Elite Card costs $550 per year, and the fee is not waived during the first year.
Whether that fee makes sense depends almost entirely on how many of the included credits and travel benefits you actually use.
$300 Airline Incidental Credit
Each year you’ll receive up to $300 in airline incidental statement credits.
Eligible purchases include:
- Checked baggage fees
- Seat selection fees
- Airport lounge day passes
- In-flight food and beverages
It does not cover airfare itself or cabin upgrades.
$150 Lifestyle Credit
The card also includes up to $150 annually in lifestyle statement credits.
Eligible purchases include:
- Streaming subscriptions
- Food delivery services
- Fitness memberships
- Ride-share services
Because many people already spend money in these categories, this credit can be relatively easy to maximize.
Global Entry or TSA PreCheck Credit
Every four years you’ll receive up to $120 toward either:
- Global Entry
- TSA PreCheck
Global Entry includes TSA PreCheck benefits, making it the better option for most international travelers.
Spread across four years, this benefit averages approximately $30 annually.
Annual Credits Add Up Quickly
If you maximize the available credits, the numbers look like this:
- $300 airline incidental credit
- $150 lifestyle credit
- Approximately $30 annual value from the Global Entry/TSA PreCheck reimbursement
That’s roughly $480 in annual value against the $550 annual fee.
Effectively, your net cost becomes about $100 per year if you fully utilize the available credits.
Airport Lounge Access
One of the biggest advantages of the Elite version over the standard Premium Rewards Card is airport lounge access.
Cardholders receive:
- Priority Pass Select membership
- Unlimited access to participating airport lounges worldwide
- Up to four memberships
Frequent travelers can save hundreds of dollars annually by avoiding individual lounge day passes.
Visa Infinite Benefits
As a Visa Infinite card, the Premium Rewards Elite includes several premium travel perks.
Benefits include:
- 24/7 Visa Infinite Concierge
- Luxury Hotel Collection privileges
- Complimentary breakfast at participating hotels
- Late checkout when available
- Room upgrades when available
- Car rental discounts with partners including Avis, Hertz, and National
These extras won’t justify the annual fee on their own, but they add significant value for frequent travelers.
Built-In Travel Insurance
The card also includes an extensive collection of travel protections.
Coverage includes:
- Trip cancellation insurance
- Trip interruption coverage
- Trip delay reimbursement
- Baggage delay coverage
- Lost luggage reimbursement
- Emergency evacuation assistance
- Roadside assistance
- Rental car protections
Using the card to pay for your trip automatically activates many of these benefits.
Bank of America Rewards Multiplier
One of the biggest reasons people choose this card is the Bank of America Preferred Rewards program.
If you qualify, your earning rates receive a permanent bonus.
Gold Tier (10% Bonus)
- Travel and dining: 2.2 points per dollar
- Everything else: 1.65 points per dollar
Platinum Tier (25% Bonus)
- Travel and dining: 2.5 points per dollar
- Everything else: 1.875 points per dollar
Platinum Honors (50% Bonus)
- Travel and dining: 3 points per dollar
- Everything else: 2.25 points per dollar
Diamond Tier (75% Bonus)
- Travel and dining: 3.5 points per dollar
- Everything else: 2.625 points per dollar
For existing Bank of America and Merrill customers with substantial balances, these boosted earning rates make the card much more competitive.
Premium Rewards vs. Premium Rewards Elite
An important point many people overlook is that both cards earn rewards at the same base rate.
The Elite card does not increase your earning rate compared to the standard Premium Rewards Card.
Instead, the extra annual fee pays for:
- Larger statement credits
- Airport lounge access
- Visa Infinite benefits
- Enhanced travel perks
If you won’t use those benefits, the cheaper Premium Rewards Card may offer better value.
Fees and Interest Rates
Before applying, it’s important to understand the costs.
- Annual fee: $550
- Introductory annual fee waiver: None
- Intro APR: None
- Variable APR: 19.49%–27.49%
- Balance transfer fee: 5%
- Foreign transaction fee: $0
This is not a card designed for carrying a balance.
Because there is no introductory 0% APR, interest begins accruing immediately if you don’t pay your statement in full each month.
Premium Rewards Elite vs. Other Premium Travel Cards
The Premium Rewards Elite competes with several well-known premium travel cards.
Compared to its competitors:
- Chase Sapphire Reserve offers transferable airline and hotel partners plus a $300 travel credit.
- American Express Platinum provides one of the largest airport lounge networks and transferable Membership Rewards points.
- Capital One Venture X offers lounge access, transferable miles, and a $300 travel credit while charging a lower annual fee.
One major difference is that Bank of America points do not transfer to airline or hotel loyalty programs.
Instead, they maintain a straightforward cash value, making them simpler but less flexible than competing rewards programs.
Is the Premium Rewards Elite Worth It?
The Bank of America Premium Rewards Elite Credit Card is best suited for travelers who can consistently maximize its premium benefits.
It’s an excellent choice if you:
- Already bank with Bank of America or Merrill
- Qualify for Preferred Rewards bonuses
- Regularly travel by air
- Can fully use the $300 airline credit
- Will easily use the $150 lifestyle credit
- Value airport lounge access
- Want premium travel protections
For these users, the effective annual cost can be surprisingly reasonable.
Who Should Skip This Card?
This card probably isn’t the best choice if:
- You rarely fly
- You won’t fully use the airline or lifestyle credits
- You don’t participate in Bank of America Preferred Rewards
- You prefer transferable travel points
- You want a lower annual fee
Without maximizing the included credits and travel perks, the $550 annual fee becomes difficult to justify.
Final Verdict
The Bank of America Premium Rewards Elite Credit Card delivers one of the strongest value propositions for loyal Bank of America customers who travel regularly. While its rewards rates are identical to the less expensive Premium Rewards Card, the Elite version distinguishes itself with generous annual credits, Priority Pass lounge access, Visa Infinite benefits, and comprehensive travel insurance.
However, this isn’t a premium card that works well for everyone. If you won’t consistently use the airline and lifestyle credits—or if you don’t maintain qualifying balances with Bank of America or Merrill—you may find better value in a lower-fee travel card or one that offers transferable points.
Finally, if you’re planning to apply, make sure you submit your application online. The 75,000-point welcome bonus is an online-only offer, and applying through a branch or over the phone may not qualify you for the full promotional bonus.
