Bank of America
Bank of America Premium Rewards Elite Credit Card
Estimated value every year on typical spending
$193/ year
Every year, after the annual fee. Year one adds a $750 welcome bonus: $943
Based on a typical ~$2,600/month of spending. Points valued conservatively; confirm terms with the issuer.
Credits & perks, at estimated real use: Airline Incidental Statement Credits $300 → $150 · Lifestyle Statement Credits $150 → $53 · Global Entry or TSA PreCheck application fee credit $30 · Airport Lounge Access (not counted)
Carry a balance? At 20%+ APR, interest usually costs more than any card earns.
Is it worth it?
On typical spending the Bank of America Premium Rewards Elite Credit Card returns about $743 a year in rewards and usable credits, which covers its $550 fee with $193 to spare. The welcome bonus adds roughly $750 in the first year.
The fine print
- Intro APR
- Not applicable
- Regular APR
- 19.74% to 27.74% variable
- Foreign fee
- None
- Top perk
- Free unlimited access to airport lounges
- Approval
- Excellent credit recommended
- Redeem for
- Travel portal · Airline & hotel transfers · Statement credit · Gift cards
Rewards
- 2 points for every dollar spent on travel and dining purchases
- 1.5 points per dollar on all other purchases
Sign-up bonus
75,000 online bonus points offer — a $750 value after you make at least $5,000 in purchases in the first 90 days of account opening
Best for
- Travelers who redeem points
- Perk-seekers who travel often
Not ideal for
- Light or occasional spenders
- People who want plain cash back
- Thin or new credit files
Trade-offs: Higher annual fee ↔ richer rewards & perks; Better travel value ↔ less straightforward than cash back; Top-tier earning ↔ harder to qualify for; Large welcome bonus ↔ higher spend requirement.
Worth knowing
- Annual fee
- $550
- Intro APR
- Not applicable
- Regular APR
- 19.74% to 27.74% variable
- Balance transfer fee
- 5% of each transaction
- $400/mo on dining earns about $96/year (2x).
- $1200/mo on everyday spending earns about $216/year (1.5x).
- The $550 fee pays for itself at about $4580/mo on dining.
- You come out ahead of a no-fee 1% card after about $55000/year of dining spending.
Offer history
No changes to the fee, welcome offer or intro APR since we started checking this card daily on Oct 26, 2026.
Bank of America Premium Rewards Elite Credit Card: questions people ask
Is the Bank of America Premium Rewards Elite Credit Card worth it?
On typical spending the Bank of America Premium Rewards Elite Credit Card returns about $743 a year in rewards and usable credits, which covers its $550 fee with $193 to spare. The welcome bonus adds roughly $750 in the first year.
What is the Bank of America Premium Rewards Elite Credit Card annual fee?
The Bank of America Premium Rewards Elite Credit Card has a $550 annual fee. On typical spending its rewards and usable credits come to about $743 a year, so it nets about $193 after the fee.
What is the Bank of America Premium Rewards Elite Credit Card welcome bonus?
75,000 online bonus points offer — a $750 value after you make at least $5,000 in purchases in the first 90 days of account opening. We value it at about $750. We check the issuer's page daily; it hasn't changed since we started tracking on Oct 26, 2026.
What does the Bank of America Premium Rewards Elite Credit Card earn?
2 points for every dollar spent on travel and dining purchases. 1.5 points per dollar on all other purchases.
What credit score do you need for the Bank of America Premium Rewards Elite Credit Card?
The issuer doesn't say; we'd class it as: excellent credit recommended. Checking your matches on CardFit never runs a credit check.
Does the Bank of America Premium Rewards Elite Credit Card charge foreign transaction fees?
No. The Bank of America Premium Rewards Elite Credit Card has no foreign transaction fee.
Compare Bank of America Premium Rewards Elite Credit Card
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Card details are collected from issuer websites and were last refreshed October 29, 2026. Source: Bank of America product page. Terms change often; confirm them with the issuer before you apply.