Bank of America
Bank of America Premium Rewards Elite Credit Card
Premium rewards card with unlimited 2x points on travel and dining, $570 in annual credits, and elite Visa Infinite benefits including Priority Pass lounge access.
Annual fee
$550
Top rate
2x flights
Welcome bonus
75,000 points
Quick look
Unlimited 2x Points + $570 Credits
Premium rewards with statement credits and elite travel perks
3.8
out of 5
Rewards
Fees
Welcome bonus
Perks
Value
Overall score is a weighted average: Rewards 20% · Fees 20% · Welcome bonus 20% · Perks 20% · Value 20%.
Ideal for
Affluent frequent travelers already banking with Bank of America who will use the airline incidental credit, lifestyle credits, and Priority Pass membership to offset the annual fee.
The verdict
This is a premium travel card that only works if you're willing to actually use its perks. The $300 airline incidental credit, $150 lifestyle credit, and Priority Pass Select membership can offset most of the $550 annual fee—but only if you fly regularly, subscribe to streaming services, or buy food delivery. The 2x points on travel and dining are solid, though 45th in the catalog on dining and 51st on flights; you're paying for the credits and lounge access, not exceptional earning rates.
Skip it if you rarely fly, don't bank with Bank of America, or prefer the flexibility of transfer partners. The card is worth it for Bank of America Preferred Rewards members (who get 10-75% bonus points across all categories) and frequent business travelers who will max out the airline incidental credit.
Pros
- Up to $570 in annual statement credits that directly offset the fee if you fly and use streaming services
- Unlimited Priority Pass Select membership for 1,700+ airport lounges globally
- 2x points on two high-spend categories (travel and dining) plus 1.5x on everything else
- No foreign transaction fees and strong Visa Infinite travel protections
Cons
- The $550 annual fee is steep and credits only offset it if you actively use them
- No transfer partners—points redeem at a fixed 1-cent value unlike Chase Sapphire Reserve
- Earning rates are middle-of-catalog; dozens of cards beat it on flights and dining
- Rewards bonus through Bank of America Preferred Rewards requires banking with BofA and maintaining a high balance
Reward rates
| Category | Rate | Details |
|---|---|---|
| Flights | 2x | Earn 2 points per dollar on travel purchases |
| Dining & restaurants | 2x | Earn 2 points per dollar on dining purchases |
| Everything else | 1.5x | Earn 1.5 points per dollar on all other purchases |
The 2x on travel and dining ranks you 45th on dining and 51st on flights in the catalog—solid but not exceptional for a premium card. The real value comes from Bank of America Preferred Rewards, which stacks 10-75% additional rewards on top if you maintain a qualifying relationship with BofA. Without that bonus, the earning rates struggle to justify the annual fee. There are no transfer partners; points redeem at a fixed 1-cent value through Bank of America's travel portal.
Fees and APR
Does it pay for itself?
At $550, this fee is on par with Chase Sapphire Reserve, American Express Platinum, and Hilton Aspire—but those cards offer either more flexible earning (Sapphire Reserve transfers to airlines and hotels) or higher annual credit totals. This card's strength is specificity: if you fly domestically, want Priority Pass, and use streaming and food delivery, the credits nearly offset the fee. If you don't fly regularly or live abroad, the annual fee becomes unjustifiable. The credit utilization bar is high—airline incidental fees (seat upgrades, baggage, lounge) exclude coach seat selection and some routine charges.
Welcome bonus
Is it worth chasing?
The 75,000-point bonus ($750 face value) arrives after $5,000 in spending over 3 months—an achievable target for a premium card applicant. It fully offsets the first year's annual fee, making year one cost-neutral if you hit the minimum spend. The spending requirement is higher than some competitors (Chase Sapphire Preferred offers 60,000 Ultimate Rewards with $4,000 spend), but the absolute bonus value is stronger.
Other benefits
- Receive up to $300 annually in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services
- Receive up to $150 annually for lifestyle conveniences including video streaming services, food delivery, fitness subscriptions and rideshare services
- Receive up to $120 in statement credits for Global Entry or TSA PreCheck application fees, every four years
- Complimentary 24/7 Premium Rewards Elite Visa Infinite Concierge service to book travel, make dinner reservations and more
- Free unlimited access to airport lounges and experiences worldwide with complimentary Priority Pass Select Memberships
- Visa Infinite Luxury Hotel Collection benefits including late checkouts, free breakfast for two, and automatic upgrades
- Visa Infinite Car Rental Benefits with VIP amenities and complimentary status upgrades at Avis, Hertz and National
- Travel Insurance protections for trip delays, cancellations, interruptions, baggage delay, lost luggage reimbursement, roadside assistance, and emergency evacuation
- Save 20% on domestic or international airfare when you pay with points through BofA Travel or the Concierge
- $0 Liability Guarantee for fraudulent transactions
- Balance Connect for overdraft protection when linked to eligible Bank of America checking account
- Digital Wallet Technology support for Apple Pay, Google Pay and Samsung Pay
- Online and Mobile Banking access to manage accounts and pay bills
- Account Alerts for balances, due dates and payments
Similar cards
Same $550 fee, but Sapphire Preferred transfers points to airlines/hotels, higher earning on dining (3x). Choose Sapphire if you value flexibility; choose BofA if you want statement credits.
Both have $550 fees and strong travel credits. Aspire suits Hilton loyalists; this BofA card is better for varied travel and non-hotel spending.
Frequently asked questions
Do the annual credits really offset the $550 annual fee?
Mostly, if you use them. Airline incidentals ($300), lifestyle services like streaming and food delivery ($150), and Global Entry/TSA PreCheck ($120 every 4 years) add up to $570 potential annually—but only if you fly regularly and subscribe to qualifying services. If you don't fly, the credits drop to $150/year, leaving you $400 out of pocket.
Should I get this card if I don't bank with Bank of America?
It's harder to justify. The real value—beyond the credits—comes from Bank of America Preferred Rewards, which gives you 10-75% extra rewards across all categories if you maintain a qualifying checking account or investment balance. Without that, the earning rates are just 2x/1.5x, which dozens of cards match or beat. The credits can still offset the fee if you fly frequently.
Can I redeem points for airline tickets, or do they have to go through the Bank of America travel portal?
Points redeem exclusively through Bank of America's travel portal at 1 cent per point. Unlike Chase Sapphire Reserve or American Express Platinum, you cannot transfer points to airline partners. This limits flexibility if your preferred airline isn't well-served through the portal.
Is Priority Pass Select really unlimited for this card?
Yes. Unlike some cards that cap lounge visits, this card grants unlimited Priority Pass Select access for you and up to 4 immediate family members at no additional cost. Each cardholder gets their own membership.
What's the difference between this card and Bank of America's regular Premium Rewards Card ($95 fee)?
The regular Premium Rewards Card offers the same 2x/1.5x earning but without the $570 in annual credits or Priority Pass. You get the bonus points structure for $95/year instead. Choose it if you don't travel by air or want a simpler value proposition. The Elite version is only worth the $550 if you'll use the airline, lifestyle, and lounge benefits.
Reviewed by YoungerFinance Editorial · Last updated August 10, 2026