Here’s a review of the Bank of America® Premium Rewards® Elite credit card:
Bank of America® Premium Rewards® Elite Credit Card Review
Bank of America’s Premium Rewards Elite credit card is a compelling option for frequent travelers and those seeking a well-rounded rewards program. With its robust benefits and lucrative points system, this card aims to cater to the needs of discerning customers. Here’s an in-depth review of its features, rewards structure, fees, and overall value proposition.
The Bank of America Premium Rewards Elite credit card boasts an impressive rewards program, offering accelerated points for various categories. Cardholders earn 5 points per dollar spent on travel and dining purchases, 3 points per dollar on drugstore purchases, and 1.5 points per dollar on all other purchases. The flexibility of earning points across different spending categories makes it an attractive choice for those with diverse spending habits. Additionally, the card offers a generous welcome bonus, enhancing its appeal to new customers.
One of the key advantages of the Premium Rewards Elite card is its versatile redemption options. Cardholders can redeem points for statement credits, deposits into eligible Bank of America or Merrill accounts, travel purchases, and gift cards, among other options. The ability to redeem points for various purposes provides users with flexibility and ensures that points can be utilized efficiently based on individual preferences.
The Premium Rewards Elite card offers an array of travel benefits, including up to $200 in travel statement credits, Global Entry/TSA PreCheck application fee reimbursement, and no foreign transaction fees. Furthermore, the card provides access to the Bank of America Travel Center, allowing users to book flights, hotels, and car rentals at competitive rates. These features make the card an attractive option for frequent travelers seeking additional perks and savings on their trips.
Fees and Interest Rates:
While the Premium Rewards Elite card offers a host of benefits, it’s essential to consider the associated fees and interest rates. The card has an annual fee, which is typical for premium rewards credit cards, and it’s crucial to assess whether the value of the rewards and benefits outweighs the annual cost. Additionally, the card comes with variable interest rates, so maintaining a responsible payment history is essential to avoid accruing high-interest charges.
Beyond its rewards program and travel benefits, the Premium Rewards Elite card offers additional features such as complimentary concierge service, extended warranty protection, and various travel and emergency assistance services. These features enhance the overall value proposition of the card and contribute to a more comprehensive and convenient cardholder experience.
Overall, the Bank of America Premium Rewards Elite credit card is a compelling choice for those seeking a well-rounded rewards program with an emphasis on travel benefits. Its generous points structure, flexible redemption options, and array of additional features make it a competitive option in the premium credit card market. However, prospective applicants should consider their individual spending habits and travel preferences to ensure that the card aligns with their specific needs and provides maximum value.
Please note that the information provided is based on the features and benefits available as of my last knowledge update in September 2021. Be sure to review the most current terms and conditions directly from Bank of America to make an informed decision.
What is the Bank of America Premium Rewards Elite Credit Card?
The Bank of America Premium Rewards Elite credit card is a premium credit card that offers a variety of potential lucrative benefits, along with a substantial sign-up bonus and the ability to earn rewards quickly.
Let’s start with the sign-up bonus for new applicants: Earn 75,000 online bonus points by making at least $5,000 in purchases within the first 90 days of account opening.
It gets better from there. The card offers 2 points per dollar spent on travel and dining purchases, and an unlimited 1.5 points per dollar on all other purchases. Additionally, there’s no limit to the amount of cashback you can earn, and these points do not expire.
Are you already in partnership with Bank of America’s Preferred Rewards program? Members can earn an extra 25% to 75% in points on every purchase. This means you can earn 2.5 to 3.5 points on travel and dining purchases and 1.87 to 2.62 points on all other purchases, depending on your loyalty tier.
Other cardmember benefits include an annual up to $150 statement credit, travel insurance, up to four complimentary Priority Pass Select memberships for the cardholder and designated employees, and up to $100 in statement credits for Global Entry or TSA PreCheck.
Additional benefits include an annual up to $300 airline incidental statement credit for eligible purchases and access to your FICO score. Overall, these perks hold their own against similar travel rewards credit cards.
The card comes with an annual fee of $550. There are no foreign transaction fees.
What sets the Bank of America Premium Rewards Elite Credit Card apart?
The card features multiple functionalities that help distinguish it from other similar credit cards.
Generous travel benefits. The card offers a range of travel perks, including travel insurance, Priority Pass Select airport lounge memberships, Global Entry or TSA PreCheck credits, and an annual airline incidental statement credit. Exceptionally broad lifestyle spending credits. One of the card’s greatest hidden values: you can earn up to $150 in lifestyle credits per year, including dining delivery, streaming services, fitness subscriptions, and ride-sharing services. This is a fairly broad category of purchases compared to similar cards. Reliable statement credits for frequent travelers. You can also earn an annual up to $300 airline incidental statement credit for eligible purchases, including seat upgrades, baggage fees, airline lounge fees, and onboard services. This is better than most competing cards, even if it’s not as broad. Great sign-up bonus. The sign-up bonus is just shy of truly extraordinary value. It’s definitely worth pursuing and easily achievable for the target audience of this card. Overdraft protection for Bank of America deposit account holders. The card offers an optional service to help prevent overdrafts. However, you must link your credit card to a Bank of America checking account, so it only makes sense if you have (or are willing to get) a Bank of America account. FICO score access. With this card, you can access your FICO score for free. It’s a growingly common credit card perk these days, but it’s not yet ubiquitous.