Bank of America® Premium Rewards® Elite Credit Card
Bank of America
Welcome Offer
Our take
A premium Bank of America card aimed at high-value relationship customers who travel enough to use its credits and premium services. The relationship earning boost can be meaningful, but assets held at the bank should never be moved solely for card rewards without considering investment fees, cash yields, and portfolio fit.
Best for
- ✓ High-tier Bank of America relationship customers
- ✓ Frequent travelers who naturally use the principal credits
- ✓ People preferring simple point redemptions over transfer partners
Not ideal for
- — Customers without a meaningful relationship bonus
- — Infrequent travelers
- — Anyone moving investments solely to improve card rewards
Conservative break-even test
Value credits from prior-year use, add the incremental relationship-based rewards, and subtract the fee. Separately compare any investment or banking opportunity cost required to maintain the qualifying relationship tier.
Is the Bank of America Premium Rewards Elite Credit Card right for you?
The Bank of America Premium Rewards Elite is a premium $550-a-year cash-back card from Bank of America. Its strongest everyday earning is 2% on Travel & Dining, with 1.5% on most other purchases. Whether it pays off depends on how often you'd use its travel benefits, not on the headline earning rates.
Who it's for
- ✓ People who spend steadily on Travel & Dining, where it earns 2%
- ✓ Frequent flyers who will actually use Priority Pass Select
- ✓ People who would use the Airline Incidental and Lifestyle credits without adding new spending
Who should skip it
- — People who won't use enough benefits to cover the $550 annual fee
- — Applicants with fair or limited credit — the issuer targets excellent credit
First-year value estimate
Year two, without the welcome bonus: about -$355 before credits ($195 in rewards minus the $550 fee).
Assumptions
- $3,000 a year in Travel & Dining (2%) and $9,000 on everything else (1.5%) — $12,000 total, about $1,000 a month.
- Rewards valued at 1¢ per point or 1% cash back (cash-equivalent).
- Welcome bonus: 75,000 Bank of America Travel Points at 1¢ each (OpenCard valuation) ≈ $750.
- Annual fee of $550 in year one and every year after.
- Recurring credits are listed separately below and are not counted here.
An illustration, not a promise of value. Change the spending to match yours; rewards are not cash until redeemed. Card data reviewed 2026-04-29.
How the fee is offset by credits
Even at face value the listed credits ($480 a year) cover 87% of the $550 fee, so rewards and benefits have to make up the rest.
| Credit | Terms | Per year (face value) |
|---|---|---|
| Airline Incidental Credit | $300 per year | $300 |
| Lifestyle Credit | $150 per year | $150 |
| Global Entry / TSA PreCheck Credit | $120 once every four years | $30 |
| Total face value | $480 | |
How it compares
Rules and gotchas
- The welcome bonus requires $3,000 in 3 months — roughly $1,000 a month. That fits inside the $1,000 a month in our illustration.
- The Global Entry / TSA PreCheck-style credit renews only once every four years, so it adds little to the yearly math.
Frequently asked questions
- Does the Bank of America Premium Rewards Elite have an annual fee?
- Yes — $550 a year, according to the issuer information in our record.
- What does the Bank of America Premium Rewards Elite earn?
- 2% on Travel & Dining, and 1.5% on other purchases.
- Is the Bank of America Premium Rewards Elite worth it in the first year?
- Using our illustration ($12,000 of yearly spending, $3,000 of it in Travel & Dining), the first year comes out around $395 before credits, including a welcome bonus valued at $750. In year two, rewards alone fall about $355 short of the fee, so credits and benefits have to close the gap.
- Do the Bank of America Premium Rewards Elite's credits cover the annual fee?
- The listed credits add up to $480 a year at face value against a $550 fee. Count only the credits you'd use without changing your spending.
- What credit do I need for the Bank of America Premium Rewards Elite?
- Our record lists "Excellent" credit as the typical target for the Bank of America Premium Rewards Elite. Bank of America makes the final decision based on its own criteria.
Earning Rates
Benefits & Credits
Up to $300/year on airline incidentals (seat upgrades, baggage fees, lounge fees).
/yearUp to $150/year on select streaming services, food delivery, fitness subscriptions, and rideshare.
/yearUp to $120 statement credit for Global Entry or TSA PreCheck membership, every 4 years.
Lounges
Other Benefits
No foreign transaction fees
Fine Hotels & Resorts program eligible (for high-balance BofA clients)
Insurance
Sources
- https://www.bankofamerica.com/credit-cards/products/premium-rewards-elite-credit-card/
- https://www.nerdwallet.com/credit-cards/learn/5-things-to-know-about-the-bank-of-america-premium-rewards-elite-credit-card
- https://pointsnav.com/credit-cards/bank-america-premium-rewards-elite
Last Updated: Apr 29, 2026