Bank of America Premium Rewards Elite benefits: That’s all! Today we are doing an in-depth review of the Bank of America Elite Rewards Credit Card. We comment on the most important advantages and possible disadvantages and give a final rating out of 10.
Disclaimer: The information provided here is for informational purposes only. Please visit the official Bank of America website for the latest and accurate information. Credit card terms may change from time to time. So always check them. This review is based on personal opinion and does not constitute financial advice. Contact a Certified Financial Advisor for personalized advice.
Bank of America Premium Rewards Credit Card – Full Review
Bank of America Premium Rewards Elite benefits
- Additional Rewards for Travel and Dining
Earn 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases. This makes it a great choice for frequent travelers and foodies. - Generous Welcome Bonus
New cardholders can receive a welcome bonus of 50,000 points if they meet the spending requirements within the first 90 days. It’s worth *$500 and is a great start to your rewards journey. - Annual $300 Travel Credit
The card offers an annual travel credit of $300 that can be used toward expenses such as airfare, hotel reservations, and other eligible purchases, reducing the annual cost of the card. - TSA PreCheck or Global Entrance Credit
Cardholders receive a $100 credit every four years to cover TSA PreCheck or Global Entry application fees. This advantage makes airport security or customs clearance easier and faster. - Priority Pass Lounge Access
Enjoy access to over 1,300 airport lounges with Priority Pass, adding luxury and convenience to your travel experience. - Increased Rewards for Preferred Rewards Members
When you join Bank of America’s Preferred Rewards program, you can earn 25-75% bonus points on all your purchases. This is especially beneficial for regular Bank of America customers.
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Disadvantages of the Bank of America Elite Rewards Elite Credit Card
- High Annual Cost
The annual fee of $550 per year can be challenging for those who don’t take full advantage of the card’s travel credits and benefits. - High Credit Requirements
This card is for applicants with an excellent credit history and may not be eligible if you are still rebuilding or rebuilding your credit. - Limited spend on luxury travel
While the card offers lounge access and travel credit, it lacks luxury amenities like concierge service or automatic upgrades that some high-end competitors offer. - Low value for change without shutdown
Points redeemed for non-travel expenses (such as returns or freight) may offer a lower value per point. This can be detrimental if you don’t focus on traveler rewards.
How To Increase Bank of America Premium Rewards Credit Limit?
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Overall, Bank of America Premium Rewards Elite Credit Card scores *8 out of 10. It’s a great choice for frequent travelers looking for high-quality, hassle-free travel and dining experiences. However, alternative options may be better for those who want more luxurious benefits or lower annual costs.
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