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Bank of America Premium Rewards Elite Credit Card: A Competitive Option for Frequent Travelers

AInvestThursday, Jan 2, 2025 7:46 pm ET
4min read


The Bank of America Premium Rewards Elite Credit Card is a compelling option for frequent travelers seeking a premium travel card with valuable benefits and a competitive rewards structure. With an annual fee of $550, the card offers a range of perks and credits that can help offset the cost for those who maximize its benefits. In this article, we will explore the key features of the Bank of America Premium Rewards Elite Credit Card and compare it to other premium travel cards in the market.



Welcome Bonus and Rewards Structure

The Bank of America Premium Rewards Elite Credit Card offers a welcome bonus of 75,000 points after spending $5,000 in the first 90 days of account opening. This bonus is worth $750 in travel rewards, with each point valued at 1 cent when redeemed for travel. Additionally, cardholders can enjoy a 20% discount on airfare when redeeming points through the Bank of America Travel Center, effectively increasing the value of the bonus to $935 in airfare.

The card's rewards structure is competitive, with 2 points per dollar spent on travel and dining, and 1.5 points per dollar on all other purchases. Preferred Rewards members can earn up to 75% more points on select Bank of America cards, including the Premium Rewards Elite card. This additional bonus can significantly enhance the value of the card for those with a significant relationship with Bank of America.

Travel Credits and Benefits

The Bank of America Premium Rewards Elite Credit Card offers a range of travel credits and benefits that can help offset the annual fee for frequent travelers. These include:

* Up to $300 annually in airline incidental statement credits, which can be used for purchases such as seat upgrades, baggage fees, and airline lounge fees.
* Up to $150 annually in lifestyle convenience statement credits, which can be used for streaming services, food delivery, fitness subscriptions, and ride-hailing services.
* Up to $100 in statement credits for Global Entry or TSA PreCheck application fees every four years.
* Complimentary Priority Pass Select Memberships, providing access to over 1,300 airport lounges worldwide.
* 20% savings on airfare when booking through the Bank of America Travel Center and paying with points.



Annual Fee and Other Costs

The Bank of America Premium Rewards Elite Credit Card has an annual fee of $550, which is comparable to other premium travel cards in the market. The card's welcome bonus and rewards structure, along with its travel credits and benefits, can help offset the annual fee for frequent travelers who maximize its benefits.

Conclusion

The Bank of America Premium Rewards Elite Credit Card is a competitive option for frequent travelers seeking a premium travel card with valuable benefits and a competitive rewards structure. Its welcome bonus, rewards structure, travel credits, and benefits make it an attractive choice for those who can maximize its benefits. While the card may not offer the most value for frequent travelers who prefer transferable rewards, it is a valuable option for those who prefer fixed-value points and have a significant relationship with Bank of America.

In conclusion, the Bank of America Premium Rewards Elite Credit Card is a compelling option for frequent travelers seeking a premium travel card with valuable benefits and a competitive rewards structure. Its welcome bonus, rewards structure, travel credits, and benefits make it an attractive choice for those who can maximize its benefits. While the card may not offer the most value for frequent travelers who prefer transferable rewards, it is a valuable option for those who prefer fixed-value points and have a significant relationship with Bank of America.
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