Financial institution of America Premium Rewards Elite bank card overview
Should you qualify for the Financial institution of America® Most popular Rewards® program, the Financial institution of America® Premium Rewards® Elite Credit score Card has the potential to be much more profitable to make use of for on a regular basis spending and journey. For individuals who desire transferable rewards, there are better-earning journey playing cards accessible. Card score*: ⭐⭐⭐½
* Card rating is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
Among the many typical heavyweights on this planet of premium rewards cards, such because the Capital One Venture X Rewards Credit Card and The Platinum Card® from American Express, Financial institution of America has its contender — though its competitiveness comes with the caveat that to achieve the cardboard’s full potential it’s essential to qualify for Financial institution of American Most popular Rewards. Extra about that beneath.
Unveiled in 2021, the Financial institution of America Premium Rewards Elite Credit score Card comes with an annual payment of $550 and is designed for Financial institution of America’s high-net-worth shoppers. But it surely’s not unique to that buyer base, and you don’t want to have a relationship with the bank to use. Authorised candidates usually have a credit score of 670 or larger.
At first look, the brand new card looks like a souped-up model of the longstanding Bank of America® Premium Rewards® credit card.
Nonetheless, the brand new card is likely to be value contemplating primarily based on its way of life credit and all-metal design. Here is what it’s essential to know concerning the Financial institution of America Premium Rewards Elite bank card.
The knowledge for the Financial institution of America Premium Rewards Elite bank card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuer.
Financial institution of America Premium Rewards Elite bank card execs and cons
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Financial institution of America Premium Rewards Elite bank card welcome bonus
New cardholders of the Premium Rewards Elite card earn 75,000 bonus factors after spending $5,000 on purchases within the first 90 days of account opening. These factors have a hard and fast worth of 1 cent every, that means that this bonus is value $750.
Financial institution of America has no printed restrictions that apply particularly to incomes welcome bonuses, however they do have the notorious 2/3/4 rule concerning card purposes the place you possibly can solely get accepted for 2 Financial institution of America playing cards in a two-month interval, three playing cards in a 12-month interval and 4 playing cards in a 24-month interval.
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Associated: Here are the best credit card welcome offers
Financial institution of America Premium Rewards Elite bank card advantages
Most rewards playing cards with excessive annual charges supply perks that assist offset some (or all) of that yearly price. The Premium Rewards Elite card is not any totally different, with the next notable advantages:
- As much as $300 yearly in airline incidental assertion credit; this contains purchases similar to seat upgrades, baggage charges, and airline lounge charges however not airfare
- As much as $150 yearly in assertion credit for way of life comfort; this contains streaming providers, meals supply, health subscriptions and ride-hailing providers
- As much as $100 in assertion credit for International Entry or TSA PreCheck software charges (as soon as each 4 years)
Different advantages embrace as much as 4 complimentary Precedence Move Choose Memberships, 20% financial savings on home or worldwide airfare for any class while you pay with factors, journey and procuring protections and no overseas transaction charges.
This can be a first rate set of advantages for a card that comes with a $550 annual payment, so long as you make the most of the entire credit supplied.
Associated: 9 valuable travel perks that you can get with a credit card
Incomes factors on the Financial institution of America Premium Rewards Elite bank card
With the Premium Rewards Elite card, you are incomes 2 factors per greenback spent on journey and eating and 1.5 factors per greenback on the whole lot else. The journey and eating classes are outlined broadly, just like the Chase Sapphire Reserve®, that means there are plenty of bills that may qualify for double factors.
The true differentiator is with Financial institution of America’s Preferred Rewards program. Primarily, when you have sufficient property with Financial institution of America, you are rewarded for utilizing one of many financial institution’s bank cards.
Most popular Rewards members earn a 25%, 50% or 75% rewards bonus on choose Bank of America cards, together with the Premium Rewards Elite card.
| Spend classes | Common cardholder | Most popular Rewards Gold (25% bonus) | Most popular Rewards Platinum (50% bonus) | Most popular Rewards Platinum Honors, Diamond or Diamond Honors (75% bonus) |
|---|---|---|---|---|
| Journey and eating | 2 factors per greenback spent | 2.5 factors per greenback spent | 3 factors per greenback spent | 3.5 factors per greenback spent |
| The whole lot else | 1.5 factors per greenback spent | 1.875 factors per greenback spent | 2.25 factors per greenback spent | 2.625 factors per greenback spent |
Associated: Why you should get a fixed-rate rewards credit card
Redeeming factors on the Financial institution of America Premium Rewards Elite bank card
One of many greatest drawbacks of the Premium Rewards Elite card is the restricted variety of redemption choices. In contrast to comparable playing cards, there aren’t any airline or resort switch companions.
Factors will be redeemed for journey, money again, a press release credit score, experiences or present playing cards at 1 cent apiece. As well as, factors will be redeemed for 20% financial savings on airfare for any class when paying with factors by way of the Financial institution of America Journey Middle or concierge. This brings your per-point worth for these redemptions to 1.2 cents.
Associated: Getting started with points, miles and credit cards to travel
Which playing cards compete with the Financial institution of America Premium Rewards Elite bank card?
The most effective playing cards to check to the Premium Rewards Elite card are playing cards with comparable annual charges or advantages, similar to the next playing cards:
- Should you like Chase: The Chase Sapphire Reserve, with a $550 annual payment. The cardboard affords a $300 journey credit score yearly, which can be utilized towards any buy that codes as journey, together with however not restricted to airfare, resorts, rental vehicles, tolls, parking meters, practice tickets or subway rides. The cardboard additionally earns 3 factors per greenback spent on broadly outlined classes for journey and eating. To study extra, learn our full review of the Chase Sapphire Reserve.
- Should you like Citi: The Citi Strata Premier℠ Card (see rates and fees) is available in with a decrease $95 annual payment, which is offset by a $100 low cost on an eligible resort keep of $500 or extra when booked by way of Citi Journey. The Strata Premier shines in its incomes charges of 10 factors per greenback spent on resort, automobile rental and attraction bookings made by way of Citi Journey; 3 factors per greenback spent on air journey, different resort purchases, eating places, supermarkets, gasoline stations and EV charging stations; and 1 level per greenback spent on all different purchases. To study extra, learn our full review of the Citi Strata Premier.
- Should you like American Specific: The Amex Platinum comes with a hefty $695 annual payment (see rates and fees), although you possibly can recoup this price after which some when you maximize the plethora of assertion credit and perks that include it. For individuals who journey usually, the cardboard earns a formidable 5 factors per greenback spent on airfare purchases made straight with an airline or by way of AmexTravel.com (on the primary $500,000 in a calendar yr, then 1 level per greenback). As well as, cardmembers obtain advantages similar to Gold Elite standing with Marriott Bonvoy and Hilton Honors (enrollment required). To study extra, learn our full review of the Amex Platinum.
For added choices, check out our picks for the best travel cards.
Associated: Why the Citi Strata Premier and Rewards+ cards are a great pair
Is the Financial institution of America Premium Rewards Elite bank card value it?
If switch companions aren’t an enormous deal to you, you possibly can take into account the Premium Rewards Elite card. Should you’re a Most popular Rewards member, then the cardboard turns into extra of a no brainer, as you will earn extra bonus factors throughout all classes. Nonetheless, when you’re not using the assertion credit, then this card has little worth, and also you’re higher off with a mid-tier journey card.
Backside line
The Financial institution of America Premium Rewards Elite card appears to focus on current or incoming Most popular Rewards program shoppers by providing them a higher-priced product throughout the Financial institution of America ecosystem. The cardboard will possible stay a distinct segment participant, particularly contemplating that Financial institution of America doesn’t have airline or resort switch companions. That mentioned, it is nonetheless a strong card for individuals who financial institution with Financial institution of America and may reap the benefits of its annual assertion credit.
Associated: Everything you should know about Bank of America’s Preferred Rewards program
For charges and costs of the Amex Platinum, click on here.