Applying for the Bank of America Premium Rewards Elite Credit Card is a straightforward process, but because this is a premium-tier product with a high annual fee and relationship-dependent value, it’s important to complete the application carefully and verify that you meet eligibility requirements. Below is a complete, structured guide to help you apply smoothly and understand what to expect.
Step-by-Step Application Guide
1. Go to the official Bank of America website
Visit the Premium Rewards Elite product page. This ensures you are viewing the most current welcome offer and benefit details, as promotional offers can change.
2. Select “Apply Now”
This opens a secure form where you’ll begin entering personal and financial information.
3. Enter your personal details
Provide your full legal name, Social Security number, date of birth, phone number, and residential address. These details are required to verify your identity.
4. Add employment and income information
Report your annual income, employer details, and monthly housing costs. Bank of America uses this information to evaluate your creditworthiness and determine your credit limit.
5. Review the credit terms and disclosures
This section outlines the $550 annual fee, APR ranges, rewards structure, and applicable program rules. Since the Elite card relies heavily on statement credits and Preferred Rewards multipliers, reviewing this section is essential.
6. Submit your application
After confirming all information is accurate, send the application for review. Many applicants receive an instant decision, but some may require additional documentation or manual review.
7. Activate your new card upon arrival
Once the card arrives in its premium packaging, activate it through the Bank of America mobile app, website, or automated phone system. You can also link it to Apple Pay, Google Pay, or Samsung Pay.
Who Is This Card Recommended For?
This card is best suited for applicants who:
- Maintain significant balances with Bank of America or Merrill and can qualify for Preferred Rewards, unlocking 25%–75% higher point earnings.
- Want a premium travel card with a strong welcome offer, Priority Pass, airfare discounts, and Visa Infinite perks.
- Can reliably use the $300 airline incidental credit and $150 lifestyle credit every calendar year.
- Prefer predictable redemption value rather than transferable points.
- Value premium presentation and a premium-feel metal card.
This card is a poor match for those who do not plan to use annual credits, prefer no-fee products, or want a stronger transferable-points ecosystem.
How to Cancel the Card
If you decide the Premium Rewards Elite no longer fits your wallet:
1. Call the number on the back of the card
Inform the representative that you want to close the account.
2. Redeem all remaining points
Closing the account typically eliminates unused points.
3. Ensure the balance is paid
Any outstanding charges must be cleared before closure.
4. Request written confirmation
This helps document the closure for future reference.
5. Consider a downgrade instead of canceling
You may product-change to a lower-fee Bank of America card to preserve account age and credit history.
Tips Before Applying
- Check your Preferred Rewards tier or whether you can qualify soon — this dramatically affects the Elite card’s value.
- Time your application to benefit from two calendar-year rounds of lifestyle and airline incidental credits during your first year.
- Make sure you can meet the welcome bonus requirement ($5,000 in 90 days, when available), but avoid spending more than you normally would.
- Compare alternative premium cards like Chase Sapphire Reserve, Venture X, and Amex Platinum if transfer partners or lounge ecosystems matter more to you.
- Review Bank of America’s 3/12 and 7/12 rules to avoid denials based on recent card openings.
FAQ
Does the Premium Rewards Elite offer lounge access?
Yes. The card includes Priority Pass Select membership, providing access to thousands of lounges worldwide.
Do points have a fixed value?
Generally yes. Points are worth around 1 cent each, with slightly higher value available on airfare via a 20% discount when booking through the Bank of America travel portal.
Are there transfer partners?
No. This card does not offer airline or hotel transfer options.
Do the statement credits renew annually?
Yes. The $300 airline incidental and $150 lifestyle credit reset each calendar year.
Does the card charge foreign transaction fees?
No. This card has no foreign transaction fees, making it travel-friendly.
Can I downgrade later?
Yes. You may downgrade to cards like the Premium Rewards or Unlimited Cash Rewards to maintain account history.
Conclusion
The Bank of America Premium Rewards Elite delivers clear value for cardholders who can maximize its credits, qualify for Preferred Rewards, and make use of Visa Infinite travel perks. Its elevated welcome offer and dual calendar-year credits significantly improve the first-year value, and the premium packaging and metal card add a polished touch. However, the fixed-value points, high annual fee, and dependency on Preferred Rewards make it less compelling for applicants outside the Bank of America ecosystem. For frequent travelers who already bank with BoA and can fully use the benefits, the Premium Rewards Elite can be a high-value premium card worth adding to a travel-focused wallet.
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