Bank of America® Premium Rewards® Elite Credit Card Review
Overview
The Bank of America® Premium Rewards® Elite Credit Card is a category rewards card from Bank of America, running on the Visa network. The Bank of America® Premium Rewards® Elite Credit Card earns up to 2x on dining and travel, so it pays you the most exactly where you already spend. It carries a $550 annual fee, so the real question is whether its rewards, credits, and perks clear that bar for the way you spend. New cardholders can earn 75,000 online bonus points after $5,000 in 90 days.
It sits at the premium end of the market, trading a steep annual fee for lounge access, statement credits, and travel protections. That makes the decision less about the rewards rate and more about whether you will use the perks enough to come out ahead.
Think twice if: you will not use the lounge access and annual credits, or if you would rather not float a high fee and chase reimbursements every year.
Our 6.2 out of 10 rating
Each score weighs the rewards rate, value after the annual fee, welcome offer, points flexibility, and perks, with every point valued at a flat 1 cent. This is our editorial assessment to help you compare cards, not a guarantee of approval or of the value you will get.
Rewards: how it earns
Where the Bank of America® Premium Rewards® Elite Credit Card earns its rewards is its bonus categories: 2x on dining (about $60 a year on the $3,000 a typical household spends there) and 2x on travel (about $36 a year on the $1,800 a typical household spends there). Across a full year of average household spending, the card returns roughly $461 in rewards before any welcome bonus, so the more your spending overlaps those categories, the better it does.
| Category | Rate | Notes |
|---|---|---|
| Dining and restaurants | 2x | Bonus category |
| Travel | 2x | Bonus category |
| Groceries | 1.5x | Base rate |
| Gas | 1.5x | Base rate |
| Streaming | 1.5x | Base rate |
| Everything else | 1.5x | Everything else |
The fine print on rates: Points are fixed value at 1 cent and do not transfer to airline or hotel partners. Between the $300 airline and $150 lifestyle credits the card returns up to $450 a year against its $550 fee. The Preferred Rewards boost requires a qualifying Bank of America banking or investment relationship.
Every point and mile above is valued at a flat 1 cent, the same honest standard we use for every card. Run your own spending through the calculator to see what this card would actually return for you.
Pros and cons
- 2x on dining
- 2x on travel
- Welcome offer worth about $750
- Annual statement credits offset the cost
- $550 annual fee to earn back every year
- Generally needs good to excellent credit to qualify
The welcome bonus
The current welcome offer is 75,000 online bonus points, earned after you spend $5,000 in 90 days. Valued honestly at a flat 1 cent per point, that is worth about $750. Stacking the welcome offer on top of a typical year of rewards and accounting for the $550 annual fee, the first year is worth roughly $661.
Is it worth the annual fee?
The $550 fee looks scary until you add up the credits: up to $300 in airline incidentals and up to $150 in lifestyle credits, which is $450 back before you even count the Priority Pass lounge access. If you will genuinely use those credits, your real cost is closer to $100, and at that point the fee is not the problem, the perks are the point, which puts it in the same keep-it-long-term bucket as the Venture X. The catch is those credits are the fiddly kind, so be honest with yourself: if you will not use the airline and lifestyle credits, this becomes a $550 year-one card and you should downgrade once you have the bonus.
First-year value vs ongoing value
| Welcome bonus | 75,000 online bonus points |
| To earn it | $5,000 in 90 days |
| Est. first-year value* | $1,231 |
| Est. ongoing value / yr* | $481 |
The welcome bonus makes year one the high point: roughly $1,231 in value once you count the bonus, this card’s rewards, and its credits, minus the $550 fee. After that, the honest figure is about $481 a year, so judge whether it earns its keep on the ongoing number, not the first-year headline.
*First-year value counts the welcome bonus, estimated rewards, and annual credits, minus the annual fee; ongoing value is a typical year after. Every point at a flat 1 cent, on average spending.
Benefits and protections
Beyond the rewards, the perks and protections worth knowing about include:
- 2 points per dollar on travel and dining, 1.5 points on everything else
- Up to $300 per year in airline incidental credits plus up to $150 per year in lifestyle credits
- Complimentary Priority Pass Select membership with unlimited visits, plus up to four memberships for authorized users
- Global Entry or TSA PreCheck application fee credit once every four years
- Preferred Rewards members earn 25% to 75% more points, up to 3.5x travel and dining
Lounge access
This card includes airport lounge access. Here is exactly what you get, including the Priority Pass distinctions that vary by card:
- Complimentary Priority Pass Select membership with unlimited visits to 1,300+ airport lounges
- Up to four additional Priority Pass Select memberships for authorized users
Statement credits
- Up to $300 airline incidental fee credit annually
- Up to $150 lifestyle credit annually (streaming, food delivery, fitness, rideshare)
- Global Entry or TSA PreCheck fee credit (up to $120 every 4 years)
Who should get it, and who should skip it
It is best for frequent travelers who will actually use the lounge access and annual credits. If you will not, a cheaper card leaves you further ahead.
Skip it if you will not use the lounge access and annual credits, or if you would rather not float a high fee and chase reimbursements every year.
Frequently asked questions
Best-card guides featuring this card
Offer details verified against issuer sources as of August 2026. Editorial opinions are our own. Cardocrat values all points at a flat 1 cent and never inflates redemptions.
