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Bank of America Premium Rewards Elite Credit Card card art
Bank of America · premium rewards

Bank of America Premium Rewards Elite Credit Card

4.0 / 5
Bank of America points · Personal card

A premium card that only makes sense for Preferred Rewards Platinum Honors households, where the effective earn rates and $450 in credits beat the fee. Everyone else has better options.

Compare featured offers Read issuer terms

At a glance

Issuer terms
Welcome bonus
75,000 points
Spend $5,000 in 3 months
Annual fee
$550
Year-one and ongoing
Purchase APR
See terms
No intro APR
FX fee
None
Rates accurate as of
Editorial

Our take

A premium card that only makes sense for Preferred Rewards Platinum Honors households, where the effective earn rates and $450 in credits beat the fee. Everyone else has better options.

Verdict

Pros & cons

Pros

  • $450 in annual credits
  • Priority Pass for the household
  • Preferred Rewards boosts stack on every purchase

Cons

  • Fixed-value points
  • $550 fee without marquee perks like Centurion or Sapphire lounges
Earnings

Earn rates

CategoryRateNotes
All travel2x points
Dining2x points
All other purchases1.5x pointsPreferred Rewards members earn 25% to 75% more on everything.
Benefits

Key benefits

$300 airline + $150 lifestyle credits

Airline incidentals plus streaming, food delivery, fitness, and rideshare.

Four Priority Pass memberships

For you and household members.

20% airfare discount with points

Booking flights with points stretches them to 1.2 cents.

Fit

Who this is best for

  • Merrill and Bank of America private clients
  • Households wanting four Priority Pass memberships
FAQ

Frequently asked questions

What is the Premium Rewards Elite welcome bonus?
Earn 75,000 online bonus points after making at least $5,000 in purchases in the first 90 days of account opening.
Does the Premium Rewards Elite charge an annual fee?
Yes. The annual fee is $550 every year.
Does the Premium Rewards Elite have a foreign transaction fee?
No. The Premium Rewards Elite charges no foreign transaction fee, so it works well for international purchases.
What APR does the Premium Rewards Elite charge?
The purchase APR is See terms variable.
Who is the Premium Rewards Elite best for?
Merrill and Bank of America private clients. Households wanting four Priority Pass memberships.
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Bank of America Premium Rewards Elite Credit Card

Spend $5,000 in 3 months
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Rates accurate as of June 10, 2026. Issuer terms.