Bank of America® Premium Rewards® Elite Credit Card
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The Bank of America® Premium Rewards® Elite Credit Card is Bank of America’s answer to premium travel credit cards such as Chase Sapphire Reserve® or The Platinum Card® from American Express. It has a robust welcome bonus and decent rewards. You also get an annual $300 Airline Incidental Statement Credit to cover things like seat upgrades, baggage fees, inflight services, or airline lounge fees. There’s a $150 annual statement credit for “lifestyle conveniences” such as video streaming services, food delivery, and rideshares. And there’s a $100 statement credit every four years to cover Global Entry or TSA PreCheck® application fees. If you use all the credits it makes the $550 much easier to swallow. We dive into the details and your approval odds in this Bank of America Premium Elite review.
Our Rating
4.5/5.0
Welcome Offer
Earn 75,000 online bonus points
Annual Fee
$550
0% Intro on Purchases
None
Reward Rate
1.5x to 2x points
0% Intro on Balance Transfers
None
Welcome Offer
Earn 75,000 online bonus points — a $750 value — after you make at least $5,000 in purchases in the first 90 days of account opening.
Editorial Review
Features & Benefits
| Security | EMV Chip Enabled, Fraud Monitoring, Zero Liability, Alerts |
| Contactless Payments | Tap to Pay, Apple Pay, Google Pay, Samsung Pay |
| Benefits | Free credit score access, 24/7 customer service |
| Travel Perks | Auto Rental Collision Damage Waiver, Concierge Services, Emergency Travel Assistance, Airport Lounge Access, Luggage Protection, Trip Delay Reimbursement, Roadside Assistance, Travel Accident Insurance, Trip Cancellation Insurance, TSA PreCheck & Global Entry credit |
Rewards
Interest Rates & Fees
| Annual Fee | $550 |
| Foreign Transaction Fee | None |
| Regular APR | 20.49% - 28.49% (V) APR |
Insurance
Trip Delay Insurance
Provides coverage up to $500 per ticket purchased for you and eligible family members, for reasonable expenses incurred when a trip is delayed (due to a covered hazard) for more than 6 hours or requires an overnight stay. Certain restrictions apply to each benefit. Details accompany new account materials.Trip Cancellation and Interruption Insurance
Receive reimbursement for the common carrier passenger fare in the event of trip cancellation or trip interruption. Certain restrictions apply to each benefit. Details accompany new account materials.Lost Baggage Insurance
Car Rental Loss and Damage Insurance
Provides primary coverage up to $75,000 for damage due to collision or theft, up to the actual cash value of most rental cars. Certain restrictions apply to each benefit. Details accompany new account materials.
What Credit Score Is Required to Get the Bank of America® Premium Rewards® Elite Credit Card
The following credit score data are based on publicly available information we have collected from various forums. We have no way to confirm the accuracy of this data. In addition, keep in mind that credit card issuers use numerous factors in their underwriting process, and these factors can change at any time.
Lowest Approved Credit Score: 715
Average Approved Credit Score: 790
| App Status | Date | Credit Score | Bureau | Credit Limit |
|---|---|---|---|---|
| Approved | 08/08/2023 | Experian | ||
| Approved | 08/08/2023 | TransUnion | ||
| Approved | 08/08/2023 | Equifax | ||
| Approved | 11/18/2023 | Experian | ||
| Approved | 12/26/2023 | Experian | ||
| Approved | 10/27/2023 | TransUnion | ||
| Approved | 10/27/2023 | Experian | ||
| Approved | 10/27/2023 | Equifax |
Pros & Cons
- Welcome offer
- No foreign transaction fee
- Annual fee
- High APR
- Requires good credit
What Are the Best Alternatives?
Capital One Venture X Rewards Credit Card
Rating
4.9
Rewards Range
2x - 10x
Annual Fee
$395
Chase Sapphire Reserve®
Rating
4.9
Rewards Range
1x - 10x
Annual Fee
$550
The Platinum Card® from American Express
Rating
4.5
Rewards Range
1x - 5x points
Annual Fee
$695