The Bank of America® Premium Rewards® Elite Credit Card is a premium card for travelers who want the flexibility to redeem rewards for any airline or hotel. While it has a premium annual fee ($550), its annual credits and lounge benefits can help make up for it. Additionally, customers with higher deposit and investment balances can earn up to 75% bonus points on every purchase.
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Annual fees
$550
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Welcome offer
75,000 bonus points online – worth $750 – after you make at least $5,000 in purchases in the first 90 days of account opening
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Apr buy
20.24% – 28.24% variable
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Rewards rate
- 2x points on travel and dining
- 1.5x points on all other qualifying purchases
- Bank of America Preferred Rewards® members earn 25% to 75% bonus points on every purchase
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benefits
- Up to $100 in statement credit toward the Global Entry or TSA PreCheck® application fee every four years
- Save 20% on domestic or international airline tickets of any class when paying with points
- Complimentary, full-service 24/7 concierge to book your tours, dinner reservations, event tickets and more.
You can get the welcome bonus as a new cardholder, but you’ll have to rely on the rewards rate to continue earning. Bank of America Premium Rewards Elite has elevated its travel and dining spending categories, making it a convenient card for travelers and foodies. You also have an above-average base earning rate if your typical spending doesn’t match the bonus categories.
You can earn more as a member of the Bank of America Preferred Rewards program, but you have to calculate whether earning 25% to 75% on purchases is worth stashing the money through available Bank of America deposits and Merrill investment accounts.
To qualify for the lowest level of the Preferred Rewards Program, you’ll need at least $20,000 for a three-month combined average daily balance in these accounts. This will unlock a 25% bonus on your card.
Points earned from Bank of America Premium Rewards Elite do not expire, so there is no urgent need to redeem them. Customers can redeem points for travel, cash back, statements, experiences or gift cards.
Remember, you will get a 20% discount when you use points to book a domestic or international flight ticket.
Bank of America Premium Rewards Elite is loaded with premium benefits and annual credits. Although the card has a large annual fee, these benefits help justify or offset the cost.
You can earn up to $300 in statement credits each year to cover incidental airline fees, such as seat upgrades, baggage fees, airline lounge fees, and on-board services. These credits do not apply to airline tickets.
This credit covers a variety of lifestyle subscriptions and fees, such as video streaming services, fitness subscriptions, food delivery, and ride sharing.
Charge a TSA PreCheck or Global Entry application fee to your card to get a refund of up to $100 once every four years.
This card includes unlimited complimentary access to the Priority Pass airport lounge network, where you can enjoy drinks, food, free Wi-Fi and more, depending on the lounge. Cardholders get up to four free Priority Pass Select memberships, so you can share these benefits with your friends and family.
The Bank of America Premium Rewards Elite program is best suited for frequent travelers who can take advantage of the card’s annual credits, airport lounge access, and travel protection. If you don’t use the card balances on qualifying purchases, the credits will disappear without you earning any interest.
In addition, customers with larger deposit and investment balances will receive up to 75% bonus points on every purchase. These extra rewards for your spending can help justify the card’s hefty annual fee and accrue a significant amount of rewards.
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Up to $450 in annual credits for qualifying airline fees and lifestyle purchases
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Up to $100 TSA PreCheck or Global Entry reimbursement every four years
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Up to four free Priority Pass Select memberships
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Earn up to 75% extra rewards as a Preferred Rewards member
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There are no airline or hotel transfer partners that limit the ability to maximize the value of rewards
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High annual fees are difficult to justify for some clients
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Limited rewards categories to earn extra points on purchases
As a Visa Infinite card, the Bank of America Premium Rewards Elite Credit Card can be used anywhere merchants accept Visa cards for payment. Visa and Mastercard are the leading credit card processing companies in the United States and abroad, so you will have no problem using this card while traveling domestically or internationally. The card also waives foreign transaction fees, making it an excellent option for spending outside the United States
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Automatic recurring payments
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In person at approximately 3,700 Bank of America branches and 15,000 ATMs ()
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Contact customer service at (800) 236-6497
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Mail payments to PO Box 15019, Wilmington, DE 19850-5019
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Overnight delivery to Bank of America, Attn: Payment Processing, DE5-023-03-02, 900 Samoset Drive, Newark, DE 19713.
Although the Bank of America Premium Rewards Elite card has many attractive features, it’s not the best card for every customer. One of its main drawbacks as a luxury credit card is that there are no transfer partners available to maximize the value of your rewards. If this card isn’t for you, consider these other travel credit cards.
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Annual fees
$95
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Welcome offer
Earn 60,000 bonus points after spending $4,000 in the first three months — which equals $750 when redeemed through Chase Travel℠
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Ongoing purchases April
20.74% – 27.74% variable
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Recommended credit score
Excellent/good
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Rewards rate
- 5x points on travel purchased through Chase Travel℠
- 3x points on dining, select streaming services, and online groceries
- 2x points on all other travel purchases
- 1x point on all other purchases
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benefits
- Points increase in value by 25% when redeemed for airfare, hotels, car rentals and cruises through Chase Travel
- Earn up to $50 in annual statement credits for hotel stays purchased through Chase Travel
- On each account anniversary, earn bonus points equivalent to 10% of your total purchases made in the previous year
Why we like it: Although it’s not a premium card, it’s one of the most popular travel credit cards for good reason. It has a low annual fee of $95, so you don’t have to worry too much when trying to offset the cardmember cost each year. Plus, you can earn flexible Chase Ultimate Rewards points that can be transferred to over a dozen airline and hotel loyalty program partners.
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Rewards rate
- 10x miles on hotels and car rentals booked through Capital One Travel
- 5x miles on flights and vacation rentals booked through Capital One Travel
- 2x miles on all other purchases
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benefits
- $300 annual credit for travel bookings through Capital One Travel
- 10,000 annual bonus miles ($100 worth of travel spending; starts on your first account anniversary)
- Unlimited access for you and two guests to Capital One lounges and over 1,300 other lounges through partner networks
Why we like it: Gets flexible rewards that can be redeemed in different ways, such as transferring them to more than 15 travel partners. Venture X is also attractive because of its direct benefits that can easily help offset the annual fee each year. This includes a $300 annual travel credit for bookings made through Capital One Travel and 10,000 bonus miles each year starting on your first anniversary.
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Rewards rate
- 10x points on hotels and car rentals purchased through Chase Travel℠*
- 5x points on flights purchased through Chase Travel*
- 3x points on dining and other travel purchases
- 1x point on all other purchases
- *After spending the first $300 on travel purchases annually
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benefits
- Points increase in value by 50% when redeemed through Chase Travel
- Earn up to $300 in annual statement credits on travel purchases
- Get up to $120 in statement credit every four years to cover application fees for Global Entry, TSA PreCheck, or NEXUS
Why we like itOne of the most popular premium travel credit cards is the . This card includes a $300 annual credit that automatically applies to any qualifying travel purchase, plus airport lounge access, premium travel protection, and more. Its points have several redemption options, including transferring to over 12 airline and hotel partners or getting 50% more value when you book travel through Chase Travel℠.
This article was edited by Ben Walker (CEPF, CFEI®)
Editorial disclosure: The information in this article has not been reviewed or approved by any advertiser. All opinions belong solely to Yahoo Finance and not those of any other entity. Details regarding financial products, including card rates and fees, are accurate as of the date of publication. All products or services are provided without warranty. Check the bank’s website for the latest information. This site does not include all offers currently available. Credit score alone does not guarantee or imply approval for any financial product.