Financial institution of America Premium Rewards Elite bank card overview
Should you qualify for the Financial institution of America® Most well-liked Rewards® program, the Financial institution of America® Premium Rewards® Elite Credit score Card has the potential to be much more profitable to make use of for on a regular basis spending and journey. For many who desire transferable rewards, there are better-earning journey playing cards out there. Card score*: ⭐⭐⭐½
* Card rating is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
Among the many standard heavyweights on this planet of premium rewards cards, such because the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express, Financial institution of America has its personal contender. Nonetheless, its competitiveness comes with a caveat: to achieve the cardboard’s full potential, it’s essential qualify for the Financial institution of America Most well-liked Rewards program (extra on that under).
The Financial institution of America Premium Rewards Elite Credit score Card comes with an annual payment of $550 and is designed for Financial institution of America’s high-net-worth purchasers. However it’s not unique to that buyer base, and you do not want to have a relationship with the financial institution to use. Authorized candidates usually have a credit score of 670 or larger.
At first look, the cardboard seems like a souped-up model of the longstanding Bank of America® Premium Rewards® credit card.
Based mostly on its life-style credit and all-metal design, this card could be price contemplating as a substitute. This is what it’s essential know concerning the Financial institution of America Premium Rewards Elite bank card.
The knowledge for the Financial institution of America Premium Rewards Elite bank card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.
Financial institution of America Premium Rewards Elite bank card execs and cons
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Financial institution of America Premium Rewards Elite bank card welcome bonus
New Premium Rewards Elite cardholders can earn 75,000 bonus factors after spending $5,000 within the first 90 days of account opening. These factors have a hard and fast worth of 1 cent every, that means that this bonus is price $750. That is the usual provide for this card.
Financial institution of America has no revealed restrictions that apply particularly to incomes welcome bonuses, however they do have the notorious 2/3/4 rule relating to card functions.
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Beneath this rule, you may solely get authorised for 2 Financial institution of America playing cards in a 30-day interval, three playing cards in a 12-month interval and 4 playing cards in a 24-month interval.
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Financial institution of America Premium Rewards Elite bank card advantages
Most rewards playing cards with excessive annual charges provide perks that assist offset some (or all) of that yearly price. The Premium Rewards Elite card isn’t any totally different, with the next notable advantages:
- As much as $300 yearly in airline incidental assertion credit; this contains purchases similar to seat upgrades, baggage charges and airline lounge charges, however not airfare
- As much as $150 yearly in assertion credit for life-style conveniences; this contains streaming providers, meals supply, health subscriptions and ride-hailing services
- As much as $120 in assertion credit for Global Entry or TSA PreCheck utility charges (as soon as each 4 years)
Different advantages embody as much as 4 complimentary Precedence Cross Choose Memberships, 20% financial savings on home or worldwide airfare for any class whenever you pay with factors, journey and shopping protections and no foreign transaction fees.
By way of a Precedence Cross Choose membership, you may get entry to over 1,700 airport lounges worldwide.
This can be a first rate set of advantages for a card that comes with a $550 annual payment, so long as you make the most of all the credit supplied. The flexibleness of the Premium Rewards Elite’s life-style credit score is nice for anybody who spends in all kinds of classes all year long.
Associated: 9 valuable travel perks that you can get with a credit card
Incomes factors on the Financial institution of America Premium Rewards Elite bank card
With the Premium Rewards Elite, you may earn on the following charges:
The journey and eating classes are outlined broadly, that means there are lots of bills that may qualify for double factors. The true differentiator is with Financial institution of America’s Preferred Rewards program. Basically, when you’ve got sufficient belongings with Financial institution of America, you are rewarded for utilizing one of many financial institution’s bank cards.
Most well-liked Rewards members earn a 25%, 50% or 75% rewards bonus on choose Bank of America cards, together with the Premium Rewards Elite card.
| Spend classes | Common cardholders | Most well-liked Rewards Gold members (25% bonus) | Most well-liked Rewards Platinum members (50% bonus) | Most well-liked Rewards Platinum Honors, Diamond or Diamond Honors members (75% bonus) |
|---|---|---|---|---|
| Journey and eating | 2 factors per greenback spent | 2.5 factors per greenback spent | 3 factors per greenback spent | 3.5 factors per greenback spent |
| The whole lot else | 1.5 factors per greenback spent | 1.875 factors per greenback spent | 2.25 factors per greenback spent | 2.625 factors per greenback spent |
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Redeeming factors on the Financial institution of America Premium Rewards Elite bank card
One of many greatest drawbacks of the Premium Rewards Elite card is the restricted variety of redemption choices. Not like comparable playing cards, there are not any airline or resort switch companions.
Factors will be redeemed for journey, a press release credit score, money again, gift cards or experiences at 1 cent apiece.
Do not forget that you may get 20% financial savings on airfare for any class when paying with factors via the Financial institution of America Journey Heart or concierge. This brings your per-point worth for these redemptions to 1.2 cents. That does not come near the worth you will get with transferable rewards, but it surely’s an enchancment.
Associated: Getting started with points, miles and credit cards to travel
Which playing cards compete with the Financial institution of America Premium Rewards Elite bank card?
One of the best playing cards to match to the Premium Rewards Elite card are playing cards with related annual charges or advantages, similar to the next playing cards:
- Should you like Chase: The Chase Sapphire Reserve® (see rates and fees) is a superb selection. This can be a premium journey card with an annual payment of $795, providing advantages like Priority Pass membership, as much as $500 hotel credit (as much as $250 biannually in assertion credit, two-night minimal reserving), $300 journey assertion credit score and robust incomes classes. To be taught extra, learn our full review of the Sapphire Reserve.
- Should you like Citi: The Citi Strata Premier® Card (see rates and fees) has a decrease $95 annual payment, which is offset by a $100 low cost on an eligible resort keep of $500 or extra when booked via CitiTravel.com (excluding taxes and costs). The Strata Premier shines in its incomes charges of 10 factors per greenback spent on resort, automotive rental and attraction bookings made via CitiTravel.com; 3 factors per greenback spent on air journey, different resort purchases, eating places, supermarkets, gasoline stations and electrical automobile charging stations; and 1 level per greenback spent on all different purchases. To be taught extra, learn our full review of the Citi Strata Premier.
- Should you like American Categorical: The Amex Platinum comes with a hefty $695 annual payment (see rates and fees), although you may recoup this price after which some in case you maximize the plethora of assertion credit and perks that include it. For many who journey usually, the cardboard earns a powerful 5 factors per greenback spent on airfare purchases made immediately with an airline or via American Categorical Journey® (on the primary $500,000 in a calendar yr, then 1 level per greenback). As well as, cardmembers obtain advantages similar to Gold Elite standing with Marriott Bonvoy and Hilton Honors (enrollment is required; phrases apply). To be taught extra, learn our full review of the Amex Platinum.
For added choices, check out our picks for the best travel cards.
Is the Financial institution of America Premium Rewards Elite bank card price it?
If switch companions aren’t an enormous deal to you, the Premium Rewards Elite card could also be price it. Should you’re a Most well-liked Rewards member, then the cardboard turns into nearly a no brainer, as you may earn extra bonus factors throughout all classes. That mentioned, this card has little worth in case you aren’t utilizing its assertion credit or aren’t a Most well-liked Rewards member. In that case, you are higher off with a mid-tier journey card.
Backside line
The Financial institution of America Premium Rewards Elite card targets present or incoming Most well-liked Rewards program purchasers by providing them a higher-priced product inside the Financial institution of America ecosystem.
This card will possible stay a distinct segment participant, particularly contemplating that Financial institution of America doesn’t have airline or resort switch companions. That mentioned, it is nonetheless a strong card for many who financial institution with Financial institution of America and may reap the benefits of its annual assertion credit.
Associated: The 7 best stand-alone credit cards
For charges and costs of the Amex Platinum, click on (see here).
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