Bank of America Premium Rewards Elite Credit Card
- Best for: Frequent flyers with $100,000 or more in Bank of America and Merrill balances
- What Sets It Apart: $450 a year in airline and lifestyle credits; Priority Pass lounge access for up to four people; 20% off flights paid with points through BofA Travel
- Cost: $550 annual fee; no foreign transaction fee; variable APR of 19.74% to 27.74%
- Features: 75,000 bonus points after you spend $5,000 in 90 days; 2 points per $1 on travel and dining and 1.5 on everything else; up to $120 for Global Entry or TSA PreCheck every four years; 10% to 75% more points through BofA Rewards; trip delay, cancellation, and lost luggage coverage
- Pros: Up to 3.5 points per $1 on travel and dining with $1 million in balances; points worth 1 cent each as cash; unlimited lounge visits
- Cons: $455 higher annual fee than the Premium Rewards; under 2 points per $1 on everyday purchases below $100,000 in balances; no airline or hotel transfer partners
Get the Bank of America Premium Rewards Elite only if you’ll use its $450 a year in airline and lifestyle credits and you keep $100,000 or more with the bank and Merrill. That balance earns you at least 50% more points through the bank’s BofA Rewards program, and the credits cover all but $100 of the $550 fee.
It earns the same points per dollar as the $95 Premium Rewards, so its $455 higher fee buys lounge access for up to four people, $350 more in yearly credits, and 20% off flights booked with points through BofA Travel. It suits frequent flyers who already pay for streaming, food delivery, fitness, or rideshare.
Key Features
- $550 annual fee, no foreign transaction fee, and a variable interest rate (APR) of 19.74% to 27.74%
- 75,000 bonus points, worth $750, once you spend $5,000 in the first 90 days
- 2 points per $1 on travel and dining and 1.5 points per $1 on everything else
- Points worth 1 cent each as cash, or 1.25 cents toward flights booked through BofA Travel, where 80,000 points cover a $1,000 fare
- Up to $300 a year for airline fees; $150 a year for streaming, food delivery, fitness, and rideshare; and $120 every four years for Global Entry or TSA PreCheck
Pros
- A BofA Rewards boost to 3 points per $1 on travel and dining, and 2.25 on everything else, at $100,000 in Bank of America and Merrill balances
- Unlimited Priority Pass lounge visits for up to four people
- An airline credit for checked bags, seat upgrades, change fees, and airline lounge passes
- Free daily breakfast for two at hotels in the Visa Infinite Luxury Hotel Collection
Cons
- Costs $105 a year more than the Premium Rewards, even after both cards’ yearly credits
- Under 2 points per $1 on everyday purchases until your balances reach $100,000
- No airline credit for tickets, or for fees on Allegiant, Spirit, or Sun Country
- An airfare discount limited to BofA Travel, which may not carry every fare sold elsewhere
- No transfers to airline or hotel loyalty programs
Apply if you hold $100,000 or more with the bank and Merrill and fly enough to use the lounges and airline credit each year. If you’d skip the lounges and lifestyle credit, pick the $95 Premium Rewards, or the Travel Rewards card, which has no annual fee.
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