USES

Premium Rewards® Elite from Bank of America Review

Premium Rewards® Elite from Bank of America — all information about the credit card.

Updated June 04, 2024
Advertiser Disclosure Our Methodology
Bank of America® Premium Rewards® Elite
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Our Rating:
3.42 out of 5
scorer
Recommended credit score
Excellent (740-799)
  • Rewards Rate:
    • 2x Points for every $1 spent on travel and dining purchases.
    • 1.5x Points for every $1 spent on all other purchases.
  • Intro Offer:
    • 75,000x Bonus points after you make at least $5,000 in purchases in the first 90 days of account opening.
  • Annual Fee:
    $550 annually
  • Purchase Intro APR:
    None
  • Regular APR:
    21.24% - 29.24% Variable
  • Balance Transfer APR:
    21.24% - 29.24% Variable
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Bank of America Premium Rewards® Elite Rewards Calculator

How do you record your expenses?
Enter your monthly spendings on:
2X
Travel
$
2X
Dining
$
1.5X
All other purchases
$
Have you already recieved the Bank of America intro bonus?
How would you like to redeem points?
Calculate
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All benefits

  • Points
    • 2x On travel and dining purchases.
    • 1.5x On all other purchases.
  • Travel
    • $300 Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services.
    • $150 Up to $150 annually for lifestyle conveniences including streaming services, food delivery, fitness subscriptions and rideshare services.
    • $100 Up to $100 in statement credits for either Global Entry or TSA PreCheck® application fees, every four years.
    • 20% Save 20% on domestic or international airfare for any class when you pay with points.

Rate and fee information

  • Purchase Intro APR
    • None
  • Purchase APR
    • 21.24% - 29.24% Variable
  • Intro Balance Transfer APR
    • None
  • Balance Transfers APR
    • 21.24% - 29.24% Variable
  • APR for Cash Advances
    • 24.24% - 29.24% Variable (for Direct Deposit and Check Cash Advances)
      29.24% Variable (for Bank Cash Advances)
  • How to Avoid Paying Interest
    • Your due date is at least 25 days after the close of each billing cycle. You will not be charged any interest on purchases if you pay your entire balance by the due date each month.

Fees

  • Annual Fee
    • $550 annually
  • Fees for Balance Transfer
    • Either $10 or 3% of the amount of each transaction, whichever is greater
  • Fees for Cash Advances
    • Either $10 or 3% of the amount of each transaction, whichever is greater
  • Penalty Fees
    • Up to 29.99%
  • Late Payment
    • Up to $40
View all Rates & Fees

Pros & Cons

Pros:
  • No Foreign Transaction Fee
Cons:
  • Annual Fee

Features

Classic
Visa
  • No foreign transaction fees
  • Rewards
  • Bonus points
  • Free Credit Score
  • Travel
  • Airline
  • Excellent Credit

About the issuer

Bank of America
Bank of America has several card types depending on your needs.
Manage your Account & Pay your Bill
You can usually pay your bill online on your

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Recommended credit score
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    Annual Fee
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Recommended credit score
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  • $39
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Recommended credit score
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    Annual Fee
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    Regular APR
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    Purchase Intro APR
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See Another Credit Cards in the Bank

Bank of America Premium Rewards® Elite is an option for those, who need Classic features. With an APR of 21.24% - 29.24% and $550 annual fee this credit card can easily cover your simple everyday demands. For high approval odds you need to have Excellent (740-799) credit score. With Bank of America Premium Rewards® Elite you will get such features as No foreign transaction fees, Rewards, Bonus points, etc. To make sure about either this credit card is good for you or not compare it with other cards with similar features.

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