Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. 

Advertiser Disclosure: Many of the companies featured here provide compensation to us. This is how we maintain our free service. Compensation and in-depth editorial research, determines where & how companies appear below. 

Bank of America® Premium Rewards® Elite Credit Card Review

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Bank of America® Premium Rewards® Elite Credit Card Review

Unlock a world of rewards and premium benefits! Apply now and start enjoying generous travel credits, a lucrative points system, and extensive protections on your journey to elevated experiences.

Bank of America® Premium Rewards® Elite Credit Card Review

Bank of America® Premium Rewards® Elite Credit Card Review

Learn More

Unlock a world of rewards and premium benefits! Apply now and start enjoying generous travel credits, a lucrative points system, and extensive protections on your journey to elevated experiences.

Editorial Disclosure: Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

Introduction

Imagine a credit card that not only fits seamlessly into your lifestyle but also rewards you for every aspect of your financial life.

Enter the Bank of America® Premium Rewards® Elite Credit Card, a piece of financial luxury that promises to elevate your spending experience.

It is designed for the savvy spender who seeks premium benefits and rewards on their transactions, including travel and dining.

This card isn’t just about spending and earning; it’s about experiencing a higher standard of living. Let’s dive into what makes this card a potentially smart choice for your wallet.

Welcome Bonus

  • Substantial Points Offer: Earn 75,000 bonus points after making at least $5,000 in purchases within the first 90 days of account opening.
  • High Value: Those points can translate into significant rewards. For example, 75,000 points may equal up to $750 when redeemed for travel or statement credits, offering substantial savings and value right from the start.
  • Covering the Annual Fee: The welcome bonus can help effectively offset the card’s annual fee for the first year, making it an enticing offer for newcomers.

The generous welcome bonus is one of the most appealing features of the Bank of America® Premium Rewards® Elite Credit Card. It sets the stage for cardholders to engage with the rewards program actively and understand the value they can extract from their card. It’s a strategic move that not only draws in potential customers but also rewards them handsomely for their commitment.

The criteria are clear and straightforward, which is crucial for those who do not want to navigate complex requirements. The spending threshold of $5,000 within the first 90 days is on par with other premium cards, offering enough time to reach the target without altering one’s typical spending habits drastically.

Welcome bonuses are a pivotal aspect of choosing a new credit card, and the Bank of America Premium Rewards Elite Credit Card makes a strong case for itself with this initial offering. It provides a satisfying taste of what’s to come for cardholders who are ready to commit to the card and reap the benefits.

Earning Rewards

  • Travel and Dining: Receive 2 points for every dollar spent on travel and dining purchases.
  • All Other Spending: All other purchases earn 1.5 points per dollar, ensuring every purchase adds to your points balance.
  • No Caps or Expirations: Enjoy the freedom of no caps on points earned and no worries about points expiring as long as your account remains open and in good standing.

Maximizing rewards with every purchase is key to making the most of the Bank of America® Premium Rewards® Elite Credit Card. The card’s reward structure is designed to benefit the cardholder no matter where they spend their money.

For those who find joy in exploring new cuisines or traversing the globe, the travel and dining categories are particularly lucrative. Earning double points on these purchases allows for faster accumulation of rewards points that can be put towards your next adventure or culinary experience.

Furthermore, the 1.5 points per dollar on all other purchases ensure that cardholders are rewarded for every transaction, be it a simple grocery run, a new gadget, or monthly utility bills. This comprehensive earning strategy emphasizes the card’s adaptability to various spending patterns, making it a versatile option for many types of consumers.

The absence of point caps grants cardholders the peace of mind that their earning potential is limitless, encouraging them to use the card freely, without the stress of hitting restrictions. Moreover, the elimination of expiration dates on points not only simplifies the rewards program but also allows freedom in redemption timing.

In short, the credit card’s reward program is structured to be both lucrative and user-friendly, ensuring cardholders feel valued at every swipe or tap of their card.

Redeeming Rewards

  • Multiple Redemption Options: Use points for travel, cash back, statement credits, distinctive experiences, or gift cards.
  • Travel Benefits: Get the best value by redeeming points for travel through the Bank of America Travel Center.
  • Straightforward Conversion: Points typically convert at a rate of 1 cent per point, making calculations transparent and simple.

One of the highlights of the Bank of America® Premium Rewards® Elite Credit Card is the flexibility it offers in redeeming the points you’ve diligently earned. Whether you’re looking to book a getaway, dine at your favorite restaurants, or simply enjoy the versatility of cash back, this card caters to varied preferences and lifestyles.

The card truly shines when points are redeemed for travel-related expenses through the Bank of America Travel Center. Here, not only can you seamlessly book flights, hotels, and car rentals, but your points can also carry more value, potentially leading to greater savings on travel expenses.

When you’re not traveling, the points can be just as valuable, with the option of converting them into statement credits to offset purchases, granting a straightforward way to reduce your credit card bill. Moreover, the option for cash back provides a direct benefit to your bank account.

For those seeking a unique experience or a special gift, points can be transformed into exclusive experiences or gift cards, adding another layer of utility to the program.

Overall, the redemption process is made simple with a clear conversion rate, ensuring that cardholders can understand the worth of their points without complicated math or hidden catches. This transparent approach to the rewards program adds to the card’s overall appeal, solidifying its status as a competitive option in the premium credit card market.

Perks and Benefits

  • Annual Travel Credits: Receive up to a $300 credit for airline incidental fees and up to a $150 lifestyle credit for qualifying purchases each year.
  • Global Entry/TSA PreCheck: Enjoy a credit for the application fee every four years.
  • Travel Protections: Benefit from trip delay reimbursement, baggage delay insurance, trip cancellation/interruption insurance, and emergency evacuation and transportation coverage.
  • Purchase Protections: Includes extended warranty, return protection, and purchase security for eligible items.

The Bank of America® Premium Rewards® Elite Credit Card not only offers robust reward-earning potential but also provides an extensive suite of perks and benefits that cement its position as a high-end credit card.

One of the most compelling benefits is the annual travel credit, which considerably lowers travel costs by covering up to $300 in incidental fees such as checked bags or in-flight refreshments. Additionally, the lifestyle credit of up to $150 can be applied to various eligible purchases, including fitness club memberships or streaming services, enhancing the card’s everyday value.

Furthermore, the card’s credit for the Global Entry or TSA PreCheck application fee not only smoothens your travel experience but also adds an element of luxury, easing the stress of security lines at airports.

As a travel-focused card, it goes the extra mile with an array of travel insurance offerings. From trip cancellation to baggage delays, cardholders can travel with an extra layer of protection. These benefits provide peace of mind, which is invaluable, especially when dealing with the uncertainties of travel.

For purchases made with the card, protections such as extended warranty and return protection add a layer of security to your new acquisitions, ensuring your purchases are safeguarded against potential issues.

Cardholders also have access to the Visa Infinite Concierge service, which provides personalized assistance for various tasks, including travel planning and dinner reservations, integrating convenience and exclusivity into the cardholder experience.

These additional benefits can dramatically increase the real-world value of the card, making the annual fee more justifiable, especially for those who can take full advantage of these services.

In essence, the perks and benefits associated with the Bank of America Premium Rewards Elite Credit Card frame it as a comprehensive tool for both travel and everyday use, providing a broad spectrum of advantages that reach beyond mere financial transactions.

Pros and Cons

  • Pros:
    • Generous Welcome Bonus: The hefty 75,000-point bonus sets a positive tone for new cardholders.
    • Balanced Earning Structure: With 2 points on travel and dining and 1.5 points on other purchases, earning potential is solid across the board.
    • Substantial Annual Credits: The combination of travel and lifestyle credits significantly offsets the annual fee.
    • Broad Insurance Coverage: A suite of travel and purchase protections adds great value.
  • Cons:
    • Annual Fee: At $550, the fee is substantial and may deter those who are cost-conscious or don’t spend enough to justify it.
    • No Lounge Access: Unlike some other premium cards, there is no included airport lounge access, which may be a downside for frequent travelers.
    • High Rewards on Competing Cards: Some alternative cards offer higher points per dollar on travel and dining.

When assessing the Bank of America® Premium Rewards® Elite Credit Card, it’s critical to weigh the pros and cons to determine if it aligns with your financial habits and goals.

The welcome bonus and the balance between high and base-rate earning categories give the card a distinct edge in the rewards department. The annual credits for travel and lifestyle expenses are not only generous but provide a practical way to recoup much of the annual fee, adding to the card’s overall attractiveness.

However, the annual fee remains a point of consideration, particularly for individuals who may not utilize the card’s full suite of features or who are not frequent travelers. Moreover, the lack of airport lounge access, a desired luxury for some, differentiates this card from other competitors that include this feature.

Despite these considerations, for cardholders who can leverage the card’s benefits effectively, the Bank of America Premium Rewards Elite Credit Card presents a compelling option, combining practicality and luxury in its offerings.

Comparison to Other Cards

  • Comparable Annual Fee: Many premium cards have a similar fee structure, usually around $450-$550.
  • Similar Reward Rates: Other cards in this category may offer similar or higher points for travel and dining.
  • Unique Credits: The combined airline and lifestyle credits are standout features that may be unrivaled by competitors.
  • Varied Perks: While similar travel protections are common, some competing cards offer unique perks such as airport lounge access.

When considering a premium credit card like the Bank of America® Premium Rewards® Elite Credit Card, it’s important to see how it holds up against the competition.

Many premium credit cards on the market come with a hefty annual fee, promising a slew of benefits and rewards in exchange. This card’s annual fee of $550 is indeed competitive, fitting comfortably within the typical range for cards with a similar value proposition.

In terms of earning rewards, it’s common to see rivals offering 3 points per dollar on travel and dining purchases, which can potentially outpace the 2 points per dollar offered by this card. Despite this, the Bank of America card balances the scale with its 1.5 points per dollar on all other purchases, providing a solid baseline for reward accrual.

What might set this card apart from others are its credits, with the $300 annual airline incidental credit and the $150 lifestyle credit being particularly impactful. These benefits provide tangible savings and are not as commonly found together in other offerings.

Perks are another area where comparisons are drawn. While the Bank of America® Premium Rewards® Elite Credit Card lacks some of the high-end luxuries like unlimited airport lounge access, it offers a sensible array of travel protections and purchase benefits that may appeal more to practical users.

In direct comparison, cards like the Chase Sapphire Reserve® and The Platinum Card® from American Express might come to mind. These cards have established histories and loyal followings, often due to their extensive travel benefits and higher rewards rates. However, they also typically come with steeper annual fees when you factor in full usage of the available credits.

Ultimately, the Bank of America Premium Rewards Elite Credit Card could be a more economical choice for those who seek premium benefits without some of the more extravagant perks that tend to inflate the cost of other high-end cards.

Conclusion

The Bank of America® Premium Rewards® Elite Credit Card synthesizes luxury with practical value, offering a strong welcome bonus, satisfying reward rates, and worthwhile annual credits. Its comprehensive protection plans further enrich the cardholder’s experience. While the annual fee is steep and the absence of lounge access noticeable, the card’s benefits can easily eclipse these costs for the right user. Ideal for those who travel and indulge in lifestyle experiences frequently, this card can be a gateway to exclusive privileges while also serving as a robust everyday spending tool. With careful consideration, it might just be the perfect addition to your wallet.

Frequently Asked Questions

Can I use my credit card rewards for travel bookings with any airline?

Yes, most credit card rewards programs allow you to book travel with a wide range of airlines, giving you the flexibility to choose your preferred carrier.

Are credit card points better used for travel or cash back?

This depends on your personal preferences and financial goals. Typically, points may offer more value when redeemed for travel, especially if the card issuer provides bonuses for travel redemptions.

What credit score do I need to qualify for a premium credit card?

Premium credit cards often require a good to excellent credit score, usually around 670 or higher on the FICO scale.

How can I avoid paying high annual fees on a credit card?

To avoid high annual fees, consider credit cards with lower fees or no annual fees. If you prefer a premium card, ensure that the benefits and rewards justify the fee.

Is it worth getting a credit card with travel insurance included?

If you travel frequently, a credit card with travel insurance can be very beneficial as it might save you the cost and hassle of purchasing separate travel insurance policies.

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