Bank of America Premium Rewards Elite

The Bank of America Premium Rewards Elite arrives with surprisingly elaborate packaging and a solid-feeling metal card. Presentation is noticeably elevated compared with the plain envelopes many issuers use. Beyond looks, the card targets frequent travelers who can extract meaningful value from a combination of an elevated welcome offer, recurring statement credits, and membership in Bank of America Preferred Rewards.

First impressions and packaging

The card ships in a large, well-built box containing a matte, book-style welcome kit. Inside are the metal Visa Infinite card, a benefits and rewards guide, an account welcome letter, and a thick packet of disclosures and program rules. The welcome materials include the exact welcome offer language, which is a helpful reminder of what must be earned to capture the bonus.

“We value your relationship.”

Design and build

The Premium Rewards Elite is a metal-front card with a matte plastic back to accommodate contactless functionality. It feels weighty in hand and is prone to fingerprints and surface scratches—something to expect from metal cards that see daily use.

• Weight: ~17 grams (comparable to Capital One Venture X).
• Contactless: Yes.
• Branding: Visa Infinite, with the Bank of America visual identity and a discreet metal strip around the edge.

Key benefits and credits

The card’s most practical value comes from statement credits and travel-oriented benefits. Highlights include:

• Welcome offer: 75,000 points after spending $5,000 in the first 90 days (at the time of the offer). When redeemed as statement credit, that is roughly $750 in value; additional value can be realized on airfare redemptions thanks to a 20% points discount in the issuer’s travel portal.
• Points earning: 2X points on travel and dining; 1.5X points on all other purchases. These rates improve significantly for members of Bank of America Preferred Rewards, which can boost earnings by 25%, 50%, or 75% depending on tier.
• Statement credits: Up to $300 airline incidental credit per calendar year; $150 lifestyle credit per calendar year; $100 TSA PreCheck or Global Entry credit (every four years).
• Travel perks: 20% savings on airfare when booking through the Bank of America travel portal; Priority Pass Select membership for lounge access; Visa Infinite hotel benefits such as complimentary daily breakfast at select properties; assorted rental car perks with major brands.
• Concierge and additional benefits: Standard Visa Infinite concierge services and partner benefits.

How credits and timing can boost value

Because the airline incidental and lifestyle credits reset on a calendar year basis, a well-timed application can yield two partial rounds of credits during the cardmember’s first year. For example, opening in mid-year allows use of the remaining credits that calendar year and then again starting in January—effectively doubling calendar-year credits before the first anniversary. Combining the elevated welcome offer and two rounds of credits can cover the annual fee and leave net positive value in year one.

Costs and the value equation

• Annual fee: $550.
• Example first-year math: 75,000-point welcome (~$750 as statement credit), two rounds of $300 airline incidental credit, and two rounds of $150 lifestyle credit. Subtract the $550 annual fee and the resulting net first-year value can be substantial if the credits are fully used.

Comparisons: where this card sits among premium travel cards

In isolation, the card’s earning structure is not as competitive as some alternatives. But the Preferred Rewards relationship changes the math.

• Chase Sapphire Reserve: Higher earning potential in some categories, broader transfer partners, lighter weight (~12–13 g).
• Capital One Venture X: Similar heft (~17 g) and stronger ecosystem for point transfers.
• American Express Platinum: Heavier (~18 g) and offers unique luxury travel benefits and transfer partners.
• Bank of America Premium Rewards Elite: Most compelling when cardholder also participates in Preferred Rewards, unlocking 25–75% bonus on points earned—this is the feature that makes the Elite product competitive versus other premium cards.

Pros

• Strong presentation and a premium-feel metal card.
• Generous welcome offer when elevated to 75,000 points.
• Recurring statement credits that can be double-used in the first year if timing is optimized.
• 20% discount on airfare booked through issuer portal.
• Meaningful lift in earning through the Preferred Rewards program.
• Downgrade path to lower-fee Bank of America cards exists, providing flexibility.

Cons

• High $550 annual fee that requires active use of credits and benefits to justify.
• Base earning rates are modest without Preferred Rewards.
• Metal front is prone to fingerprints and scratches.
• Benefits and value can be very bank-relationship dependent, which makes the card less attractive to those who won’t maintain balances or qualifying accounts with Bank of America.

Practical tips and things to watch

• Keep the card at least one year before downgrading or closing. Closing within a year can put bonuses and relationships at risk.
• Check which purchases qualify for the airline incidental and lifestyle credits so you can plan redemptions efficiently.
• If planning multiple new card applications around the same time, be aware of Bank of America’s 3/12 and 7/12 limits: applicants without a BoA relationship may be denied for opening three or more cards across issuers in the past 12 months; customers with a relationship may face denial if they opened seven or more across issuers in the past 12 months.
• Activation and account setup can be done through the issuer’s app, website, or by phone. The welcome packet often includes a QR code and the exact language of the welcome offer for reference.
• Credit line and underwriting vary; example approvals have shown six-figure credit lines for certain applicants, but results depend on individual credit profiles and reports.

Final verdict

The Bank of America Premium Rewards Elite is a premium travel card that delivers significant first-year value when paired with an elevated welcome offer and active use of the issuer’s calendar-year credits. Its real strength lies in the interaction with Bank of America Preferred Rewards—without that program the earning rates and net value are less competitive against other premium travel cards.

For someone already banking with Bank of America, able to meet the spending requirement, and willing to use the credits, the card can be a strong addition to a travel wallet. For those without a BoA relationship or who prefer transferable points and a broader partner ecosystem, alternatives may provide better long-term value.

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