Earning Rates

The Bank of America Premium Rewards Elite Credit Card earns Premium Rewards points at the following rates:

  • 2 points for every dollar spent on travel and dining purchases.
  • 1.5 points per dollar spent on all other purchases.

Rewards Value & Calculator

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Key Benefits

Here are the main benefits of the Bank of America Premium Rewards Elite Credit Card:

  • $300 Airline Incidental Credit: 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
  • $150 Annual Lifestyle Credit: Receive up to $150 annually for lifestyle conveniences including video streaming services, food delivery, fitness subscriptions and rideshare services
  • Point Rebate: Save 20% on domestic or international airfare for any class when you pay with points.
  • Airport Lounge Access: Enjoy free unlimited access to airport lounges and experiences worldwide with up to 4 complimentary Priority Pass™ Select Memberships.
  • TSA PreCheck® or Global Entry Credit: Get up to $120 in Airport Security Statement Credits for TSA PreCheck® or Global Entry application fees, every four years.

Fees

Annual Fee

The Bank of America Premium Rewards Elite Credit Card has an annual fee of $550.

If you travel at least a few times per year, you should easily be able to make use of the $300 airline incidental credit and $150 annual lifestyle credit. You are then left with an overall fee of $100 which is only $1 more than the Bank of America® Premium Rewards® Credit Card.

So if you can make use of the $450 in annual credits, pick up this card over the Premium Rewards credit card.

Authorized User Fee

There is no fee to add additional users to the Bank of America Premium Rewards Elite Credit Card. Adding additional users can help earn you points faster.

Foreign Transaction Fee

The Bank of America Premium Rewards Elite Credit Card has a 0% foreign transaction fee. This means that you will not be penalized for using this card outside of the United States.