Credit Cards (US)
Premium Rewards® Elite Credit Card review
Do you have excellent credit? If so, the Bank of America Premium Rewards® Elite Credit Card may be a great option for you! Read our review to find out more.
Bank of America Premium Rewards® Elite Credit Card: Get elite benefits to match your lifestyle!
The Bank of America Premium Rewards® Elite Credit Card is the perfect choice for those looking to upgrade their card game to the next level.
With this card, you can earn a generous rewards rate on travel and dining, as well as unlimited points on everything else every time you swipe the card. The redemption options are endless, and you can choose how you want to be rewarded.
- Credit Score: An excellent score rating will improve your approval odds.
- Annual Fee: You’ll need to pay a $550 annual fee to own this card.
- Intro offer: Making at least $3,000 in purchases within the first 90 days of membership will earn you 50,000 online bonus points.
- Rewards: With the Premium Rewards® Elite, you’ll get a 2x rate on travel and dining purchases. You’ll also earn 1.5 points for everything else.
- APRs: A variable between 19.74% to 26.74% applies to purchases and balance transfers. Cash advances have a variable 22.74% to 29.74%.
- Other Fees: 3% or $10 for balance transfers and cash advances. Up to $40 in late payment fees.
Of course these elite perks don’t come without a price. If you want a Premium Rewards® Elite Credit Card, you’ll have to pay the $550 annual fee that comes with it. On the other hand, you’ll earn up to $550 in automatic statement credits per calendar year.
You’ll also get an array of exclusive travel related perks. Like discounts on airfare, airport lounge access, travel protection and much more. To learn what else it has to offer, keep reading our Bank of America Premium Rewards® Elite Card review!
What can you expect from the Bank of America Premium Rewards® Elite Credit Card?
The Premium Rewards® Elite is perfect for people who are looking to make the most out of their spending habits. With it, you’ll earn a great rewards rate on things you spend a considerable amount of money on, like travel and dining.
Plus, your points never expire and you can choose the way you want to redeem your rewards. There’s also no foreign transaction fees, so you can travel the world and not worry about currency conversion charges.
You’ll even get a $300 Airline Incidental Statement Credit each year – perfect for those that travel often.
And if you’re a Preferred Rewards client, your points are worth up to 75% more than other BofA customers. Being a Premium Rewards Elite member also gets you exclusive benefits such as airport lounge access, travel protection and much more.
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Do the pros outweigh the cons?
The Premium Rewards® Elite Credit Card offers a lot of exclusive and rewarding perks. However, it does have a couple of lowlights you should consider before applying for it.
- A generous welcome offer of 50,000 online bonus points (terms apply);
- Up to $550 automatic statement credits every year;
- A great rewards rate on things you love such as dining and travel;
- Airfare discounts up to 20% when you pay with your points;
- No foreign transaction fees so you can travel abroad worry-free.
- Incredibly expensive annual fee at $550;
- High regular APR, varying between 19.74% and 26.74%;
- You need a lot of income and an excellent rating to even become eligible;
- You can’t transfer your points to any airline loyalty program.
What are the eligibility requirements?
To be eligible for the Bank of America Premium Rewards® Elite Credit Card, you need an excellent score and a high, steady annual income. Other key data points are also taken into account like the number of open accounts you have and your list of ongoing debt.
Learn how to request the Bank of America Premium Rewards® Elite Credit Card
If you can qualify and would like to take advantage of what the Premium Rewards® Elite has to offer, applying for it is simple. Check out the following link for an easy walkthrough of the process and request yours today!
About the author / Aline Barbosa
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