Bank of America Premium Rewards Elite
$550 annual fee · $450/yr in printed statement credits · 1.5x on everything else · no foreign transaction fees
Earn rates · how we got this
| Category | Rate | Cap |
|---|---|---|
| Dining | 2x | uncapped |
| Travel | 2x | uncapped |
| Everything else | 1.5x | uncapped |
See how it ranks: best dining cards · best travel cards.
Statement credits — $450/yr on paper · how we got this
| Credit | Value | How it pays |
|---|---|---|
| Airline incidental credit | $300/year | annual |
| Lifestyle credit | $150/year | annual |
Monthly and quarterly credits expire if unused — that's where most of their printed value quietly disappears.
Non-cash perks
- Priority Pass Select membership (no set guest limit; includes F&B credit at Priority Pass restaurants, not just lounge entry; up to 4 total people can be enrolled as members)
- 20% fewer points needed when redeeming for airfare via BofA Travel Center
- 24/7 Visa Infinite concierge service
- Visa Infinite Luxury Hotel Collection (room upgrades, daily breakfast for two, late checkout, $25 F&B credit)
- Avis/Hertz/National car rental status and discounts
- Primary auto rental collision damage waiver
- Trip delay, trip cancellation/interruption, baggage delay, and lost luggage insurance
- No points-transfer partners (noted gap vs. competitor premium cards)
Does the fee earn out? · how we got this
The $550 fee minus $450 in printed credits leaves $100/yr to earn back through rewards — roughly $5,000 of dining spending at 2x (valuing Bank of America points at the same mid-range value the optimizer uses). Whether that clears depends on your actual spending.
Is this $550 fee worth it? See the break-even math →
Check the current offer on the issuer's site → Where a card link will appear once available — no link on this page pays us today.
Who this card is not for
Every point below is a term the issuer prints, read off this card's own row in our database — not an opinion about the card. One thing on this card rules out a kind of spender:
- Anyone who won't work the statement credits. The $550 fee is argued for by $450 of printed credits, spread across 2 separate credits. Each one only pays if you were going to spend that way anyway; ignore them and the whole $550 has to come back through earn rates instead.
Don't want the fee any more?
Bank of America Premium Rewards Elite can normally be product-changed to four lower-fee cards in the Bank of America rewards family, though only two of them keep Bank of America points instead of being closed — which keeps the account, its age and its credit line.
What does Bank of America Premium Rewards Elite downgrade to? →
Comparing cards in the same currency? See the best cards that earn Bank of America points →
More from Bank of America
Which card should this spending actually be on? The demo re-scores a year of realistic spending against every card in a wallet — free, no signup. See it on sample data →
Verified 2026-08-21 against issuer terms · sources: www.forbes.com · www.nerdwallet.com · www.bankofamerica.com. Spot an error? Tell us.