Premium Rewards Elite
Bank of America
Premium Rewards Elite
Offer Strength
StandardShow breakdown
Estimated bonus value: ~$750
Base score: 32
Hotel boost: +7
Ongoing hotel value (conservative): ~$90
• $150 annual credits
Airline boost: +8
Ongoing airline value (conservative, ~2 trips/yr): ~$144
• $300 airline credits
Current $750 vs typical $750
Net value after annual fee: ~$434
Estimate based on our value hints; not financial advice.
Annual Fee
$550/yr
Premium Rewards Elite
Welcome Offer
Earn 75,000 bonus points ($750 value) after spending $5,000 in the first 90 days.
Eligibility Rules
These issuer rules may affect your approval or bonus eligibility.
Bank of America 2/3/4 rule
Bank of America is observed to limit personal card approvals to 2 in 2 months, 3 in 12 months, and 4 in 24 months.
Bonus cooldown policy
Some cards appear to enforce a waiting period between bonuses. The cooldown varies by issuer — from 24 to 60 months depending on the card.
Duplicate ownership rule
Most banks are observed to decline applications for a card you already hold.
Rules reflect community-reported patterns, not official issuer policies.
Check your eligibilityEarning Rates
2x points on travel and dining
1.5x points on all other purchases
Up to 75% more rewards with Preferred Rewards (requires $20k+ in BofA/Merrill accounts)
Key benefits
$300 annual airline incidental statement credit
$300 annual airline incidental statement credit
$150 annual lifestyle credit (streaming, food delivery, fitness, rideshare)
$150 annual lifestyle credit (streaming, food delivery, fitness, rideshare)
Priority Pass lounge access (up to 4 memberships)
Priority Pass lounge access (up to 4 memberships)
Premium hotel benefits (late checkout, breakfast, room upgrade)
Premium hotel benefits (late checkout, breakfast, room upgrade)
TSA PreCheck / Global Entry credit ($120 every 4 years)
TSA PreCheck / Global Entry credit ($120 every 4 years)
Perks
20% point bonus when redeeming for airfare via BofA Travel Center
20% point bonus when redeeming for airfare via BofA Travel Center
Hertz, Avis, National car rental upgrades/discounts
Hertz, Avis, National car rental upgrades/discounts
Return protection and auto collision waiver
Return protection and auto collision waiver
No foreign transaction fees
No foreign transaction fees
Ongoing Value
Annual benefits that offset the fee year after year.
Annual Credits
$150 in statement credits per year
Airline Credits
$300 in airline credits per year
$300 airline incidental credit + $150 lifestyle credit + Priority Pass + TSA PreCheck + premium hotel benefits.
Annual Fee Breakeven
Good fit for
About this card
The Bank of America Premium Rewards Elite is a travel rewards card with a $550 annual fee. New cardholders can earn 75,000 points after spending $5,000 in 90 days.
Best for
frequent travelers, airport lounge access seekers
Key considerations
The $550 annual fee is premium — evaluate ongoing benefits carefully. $150 in annual credits available.
Downgrade Options
If you decide to cancel, consider product-changing to keep your account history.
Retention Offers
Reported offers when calling to cancel or downgrade. Your offer may vary.
$100 statement credit
PhoneReddit · 2025-12
Tip: New premium card with limited retention data. The travel credits may offset the $550 fee.
Last updated: 2026-03. Not guaranteed.
Card analysis
Offer analysis
The current offer on the Premium Rewards Elite awards 75,000 points after spending $5,000 within 90 days of account opening.
Annual fee value
The $550 annual fee is largely offset by ongoing benefits including annual statement credits ($150), airline credits ($300), with an estimated total value of ~$450 per year.
In the first year, the sign-up bonus alone delivers approximately $650 in net value after the annual fee and benefit credits.
Analysis is auto-generated from card data and known issuer rules. Not financial advice.
Similar Cards
Atmos Rewards Summit
Bank of America · $395/yr
Earn 100,000 miles79/100
Premium Rewards
Bank of America · $95/yr
Earn 60,000 points42/100
Travel Rewards
Bank of America · $0/yr
Earn 25,000 points27/100
Business Travel Rewards
Bank of America · $0/yr
Earn 500 cash62/100
Get notified about new offers
We’ll let you know when card offers change or new cards drop.
By subscribing, you agree to receive card offer alerts and occasional newsletters. Unsubscribe anytime.