If you’re looking for a high-quality travel card with impressive benefits, you may be interested in the Bank of America Premium Rewards Elite Card. This card is the most cost-effective option offered by Bank of America and is designed for frequent travelers and those who can take advantage of its unique benefits. In this in-depth review, we’ll look at the card’s features, annual fee and benefits, and how it compares to competing cards like the Chase Sapphire Reserve and American Express Platinum.
Introducing the Elite Rewards Elite Card from Bank of America
The Bank of America Premium Rewards Elite Card is a travel card designed for people who value luxury and convenience. It includes a $550 annual fee and offers a variety of travel benefits, credits and rewards options. Here’s a quick comparison of Bank of America travel card offerings:
| Card Name | Annual Fee | Foreign Transaction Fees | Key Benefits |
|---|---|---|---|
| Travel Rewards Card | $0 | No | Basic rewards on travel spending |
| Premium Rewards Card | $95 | No | Competitive rewards and credits |
| Premium Rewards Elite Card | $550 | No | High-tier travel perks and credits |
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Key features and benefits
1. Premium rate
- 2% off travel and dining: Get double rewards on every dollar spent in these categories, perfect for frequent travelers.
- 1.5% cashback on everything else: Flat rate on purchases in non-bonus categories.
- For example, if you spend $1,347 in non-tariff categories, you’ll earn $174 in points per year.
2. Annual balance
The card offers valuable credit that can offset higher annual fees:
- $300 Airline Accessory Credit: Includes seat upgrade, baggage fee and lounge access, but does not include ticket purchase. Although useful, its flexibility can limit its overall value. You can calculate the price based on your cost structure.
- $150 Lifestyle Credit: Includes video streaming, food delivery, gym membership and ridesharing for easy redemption.
- $100 Global Entry/TSA PreCheck Credit (every four years): Useful benefit for frequent international travelers.
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3. Airport savings
The card offers a 20% discount on air tickets booked through the Bank of America portal when paying with points. For example, spending $1,500 on airfare can increase the value of the card significantly and save $300.
4. Loyalty levels and bonuses
One of the most notable features of the Bank of America Premium Cards is the Preferred Rewards program, which allows you to increase your rewards based on Bank of America or Merrill Lynch Holdings:
- Gold level (assets: $20,000 – $50,000): 25% bonus points.
- Platinum level (assets: $50,000–$100,000): 50% points bonus.
- Platinum Honors Level (Net Worth: $100,000 – $1 Million): 75% bonus points.
For example, at the Platinum Honors tier, your rewards rate increases to 3.5% on travel and dining and 2.625% on everything else, greatly increasing the value of the card.
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5. Other benefits
24/7 Concierge Service: Get personalized assistance with trip planning, restaurant reservations and more.
There are no foreign transaction fees. Ideal for international travelers, save up to 3% on every international purchase.
Comparison with competitors
In search of a supply of sapphires
- Annual fee: $550.
- Credit: $300 flexible travel credit (applies to all travel expenses).
- Reward Percentage: 3x points on travel and dining.
While the Chase Sapphire Reserve offers more flexible travel credit and a higher travel point multiplier, it lacks the higher asset-based rewards that the Bank of America Premium Rewards Elite card offers.
American Express Platinum
- Annual fee: $695.
- Credits: $200 fake airline ticket credit, $240 digital entertainment credit, $155 Walmart+ credit and more.
- Reward percentage: 5x points on prepaid flights and hotels.
The Amex Platinum card is designed for luxury travelers, but has a higher annual fee. This may be more attractive to those who value extended travel and lifestyle credit over cash rewards.
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Is the Premium Rewards Elite Card Right for You?
The Bank of America Premium Rewards Elite Card offers great value when:
- You travel often and spend money on food earning a 2% bonus.
- You can make good use of annual credits, especially the $150 lifestyle credit.
- They are part of Bank of America’s Preferred Rewards program and significantly increase your rewards earnings.
However, if you prefer flexible travel credits or higher points rates for travel expenses, you can explore options like the Chase Sapphire Reserve or the American Express Platinum Card.
Bank of America’s Premium Rewards Elite Card is a strong contender in the premium travel card market. While the high annual fee may put off casual users, this card offers excellent value for money for travelers who can take advantage of its rewards structure, annual credits and loyalty rewards. Before you sign up, consider your spending habits, travel preferences and financial goals to determine if this card meets your needs.