Bank of America® Premium Rewards® Elite

Quick Snapshot

• Annual Fee: $550
• APR: 19.24%-29.24% variable
• Rewards: Unlimited 2 points per $1 on all purchases
• Bonus: 75,000 bonus points after $5,000 in purchases in 90 days
• Best For: BofA Preferred Rewards Platinum Honors members who want a top-tier all-in-one card
• Credit Needed: Excellent (740+)

Overview

The Bank of America Premium Rewards Elite is the bank's answer to ultra-premium travel cards like the Chase Sapphire Reserve and Amex Platinum. It earns an unlimited 2 points per dollar on every purchase, which jumps to 3.5 points per dollar for Preferred Rewards Platinum Honors members. At 1 cent per point, that is effectively 3.5% cash back on everything for top-tier customers.

The $550 annual fee is offset by a $300 annual travel credit (broader than most competitors, covering airlines, hotels, car rentals, and more), up to $100 in TSA PreCheck or Global Entry credit, and complimentary lounge access through the Visa Infinite program. The card also provides comprehensive travel protections including trip cancellation insurance, lost luggage coverage, and auto rental collision damage waiver.

This card is specifically designed for Bank of America's wealthiest customers. The Preferred Rewards boost is what transforms it from a good card into an exceptional one. Without Preferred Rewards, the 2 points per dollar rate is competitive but not necessarily worth $550. With the full Platinum Honors boost, it becomes one of the highest flat-rate earners available.

APR Breakdown

• Purchase APR: 19.24%-29.24% variable
• Balance Transfer APR: N/A
• Cash Advance APR: 29.99% variable
• Penalty APR: 29.99% variable

Note: This is a premium card designed for Preferred Rewards members. No introductory APR offer is available.

Benefits Overview

Unlimited Points

• Unlimited 2 points per $1 on all purchases
• No category restrictions or spending caps
• Preferred Rewards Platinum Honors boosts rate to 3.5x
• Points worth 1 cent each for cash or travel redemption

Premium Travel Credits

• $300 annual travel credit for airlines, hotels, car rentals, and more
• Up to $100 TSA PreCheck or Global Entry credit every four years
• Broader travel credit eligibility than most competitor cards

Lounge Access and Protections

• Complimentary airport lounge access via Visa Infinite
• Trip cancellation and interruption insurance
• Trip delay reimbursement
• Lost luggage reimbursement
• Auto rental collision damage waiver
• No foreign transaction fees

Rewards & Points

• 2x unlimited points per dollar on all purchases

Preferred Rewards members earn boosted rates: Gold (2.5x), Platinum (3x), Platinum Honors (3.5x). At the top tier, this card effectively earns 3.5% cash back on every purchase with no caps.

Welcome Bonus

Earn 75,000 bonus points after spending $5,000 in purchases within the first 90 days of account opening. That is worth $750 in cash back or travel statement credits, significantly offsetting the first-year annual fee.

Fees Summary

• Annual Fee: $550
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater
• Foreign Transaction Fee: $0
• Late Payment Fee: Up to $40
• Returned Payment Fee: Up to $29

Who This Card Is Best For

Ideal For

• Preferred Rewards Platinum Honors members who unlock the full 3.5x earning rate
• High spenders who maximize the unlimited 2x-3.5x on all purchases
• Frequent travelers who use the $300 travel credit and lounge access
• Simplicity seekers who want one premium card for everything

Not Good For

• Non-BofA customers who cannot access Preferred Rewards boosting
• Low spenders who will not earn enough to justify the $550 annual fee
• Points transfer enthusiasts who want airline and hotel transfer partners

Key Pros & Cons

Pros

• 75,000-point sign-up bonus worth $750
• Unlimited 2x points on all purchases with no caps
• Preferred Rewards Platinum Honors boosts rate to an industry-leading 3.5x
• $300 annual travel credit with broad eligibility
• TSA PreCheck or Global Entry credit
• Complimentary airport lounge access
• No foreign transaction fees
• Comprehensive trip cancellation and delay insurance
• Simple flat-rate structure eliminates category management
• Auto rental collision damage waiver included

Cons

• $550 annual fee is steep without Preferred Rewards
• Requires $100,000+ in BofA/Merrill balances for the best boost
• No airline or hotel transfer partners
• Points are worth a flat 1 cent each with limited upside
• Lounge access via Visa Infinite is more limited than Priority Pass or Centurion
• No statement credits for streaming, dining, or other lifestyle perks
• High spending threshold of $5,000 for the sign-up bonus
• Not widely competitive for those outside the BofA ecosystem

Alternatives to Consider

How the Rewards Add Up

Example Annual Value

First-year value for Platinum Honors members: $2,800 ($750 bonus + $1,750 rewards + $300 travel credit). Net value after fee: $2,250. Without Preferred Rewards, net value drops to approximately $1,500.

Should You Get This Card?

You Should Get It If...

• You are a Bank of America Preferred Rewards Platinum Honors member
• You spend $40,000 or more annually across all categories
• You want a single premium card that earns top-tier flat-rate rewards
• You travel frequently and will use the $300 travel credit
• You value simplicity over managing bonus categories or transfer partners
• You want lounge access and travel insurance in one card

You Should Skip It If...

• You do not maintain $100,000+ in BofA/Merrill accounts
• You prefer transferring points to airline and hotel loyalty programs
• Your annual spending is under $30,000
• You already have a premium travel card with better lounge access
• You want a card with lifestyle credits for dining, streaming, or rideshare

Apply Now

Apply for Bank of America® Premium Rewards® Elite

Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.