Learn: Bank America Premium Rewards

About the Card

The Bank of America® Premium Rewards® Elite Credit Card is positioned as a premium travel and lifestyle card for consumers seeking elevated rewards, airport access, and recurring statement credits. In the United States market, it stands out as a high-fee product built for cardholders who expect more than standard points earning. Its value is shaped not only by everyday rewards, but also by a package of travel conveniences that can be meaningful for frequent flyers and high spenders.

This card earns unlimited 2 points per $1 on travel and dining and 1.5 points per $1 on all other purchases, with no cap on rewards and no point expiration as long as the account remains open. It also includes a welcome offer of 75,000 online bonus points after at least $5,000 in purchases within the first 90 days of account opening. According to Bank of America, those points carry a stated value of $750 in this offer context.

Its premium profile is further supported by annual credits and travel features. Cardholders may receive up to $300 annually in airline incidental statement credits, up to $150 annually for lifestyle purchases, and up to $120 in statement credits for Global Entry or TSA PreCheck® application fees every four years. Additional travel-oriented features include no foreign transaction fees, a 24/7 Visa Infinite concierge, and Priority Pass™ Select lounge access with up to four complimentary memberships. When redeeming points for airfare through BofA Travel or the concierge, the card also advertises 20% savings on domestic or international airfare paid with points.

There is no airline or hotel co-brand relationship attached to this card. Instead, it is a proprietary Bank of America premium rewards product, which may appeal to those who prefer flexible redemption options such as travel, cash back, statement credits, gift cards, and experiences. Its appeal may be especially strong for existing Bank of America clients interested in the broader BofA Rewards™ ecosystem.

The card carries a $550 annual fee, so understanding how qualification, fees, and benefits work in practice can be important before moving forward. For readers considering whether this premium card matches their spending and travel habits, the next step may be to see how the application process works and what to expect before applying.

About Bank of America

Bank of America is one of the most established financial institutions in the United States and is widely viewed as a traditional full-service bank rather than a digital-only provider. Its roots go back more than a century, and over time the company has grown into a large national brand serving consumers, small businesses, and large corporations. Today, it operates across core banking, credit cards, lending, wealth management, and investment services, giving it a broad presence in everyday finance as well as in premium client relationships.

Beyond credit cards, Bank of America offers checking and savings accounts, mortgages, auto loans, personal banking tools, small-business banking, and investment services through Merrill. This broad ecosystem matters because some of the card’s redemption and relationship benefits connect directly to Bank of America deposit accounts and eligible Merrill accounts. For consumers who prefer keeping banking, borrowing, and investing under one roof, that can be a practical advantage.

The institution is also known for its large physical and digital footprint. It combines nationwide brand recognition with online and mobile banking tools, account alerts, digital wallet compatibility, fraud monitoring, and branch-based support. In other words, it blends the reach of a major legacy bank with many features expected from modern banking platforms. For customers who value a familiar name, established servicing infrastructure, and integrated financial products, Bank of America remains a significant player in the U.S. market.

A notable point for premium card shoppers is the bank’s connection to BofA Rewards™, which can enhance the experience for eligible customers already using other Bank of America products. The issuer also emphasizes security features such as $0 Liability Guarantee for fraudulent transactions, fraud detection monitoring, online and mobile account management, and optional Balance Connect® overdraft protection for eligible linked checking accounts.

Why choose the Bank of America Premium Rewards Elite Credit Card?

This card is generally best suited to a consumer looking for a premium travel rewards card with flexible redemption rather than a beginner or low-cost option. The $550 annual fee places it in the high-income, benefits-driven segment, so it tends to make more sense for cardholders who travel regularly, dine out often, and can actively use the statement credits and airport lounge access.

Its appeal starts with the combination of unlimited 2 points per $1 on travel and dining and 1.5 points per $1 on all other purchases. That structure is simple enough for everyday use, while still rewarding travel-focused spending. The card may be especially attractive for those who value choice: points can be redeemed for travel, cash back, statement credits, gift cards, and experiences. For travelers, the 20% savings on airfare paid with points through BofA Travel or the concierge adds another layer of utility.

The benefits package is a major part of the case for applying. Annual credits of up to $300 for airline incidental purchases and up to $150 for lifestyle purchases, along with up to $120 for Global Entry or TSA PreCheck® every four years, can offset a meaningful share of the annual fee for the right user. Added to that are Priority Pass™ Select lounge memberships, Visa Infinite concierge service, no foreign transaction fees, and travel protections for delays, cancellations, interruptions, baggage issues, and more.

This is not a card designed for poor credit, balance carrying, or entry-level use. There is no introductory APR, and the standard APR is variable, so it is better aligned with applicants who expect to pay in full and use the card primarily for rewards and premium travel value. In practical terms, it fits best for frequent travelers, established professionals, and existing Bank of America customers who want a premium card from a major U.S. bank and are likely to use the card’s credits, lounge access, and flexible rewards system consistently.