Could this be your next premium travel card?

The Bank of America® Premium Rewards® Elite Credit Card is a premium for travelers who want the flexibility to redeem rewards for any airline or hotel. While it has a premium annual fee ($550), its annual credits and lounge benefits can help offset it. Additionally, customers with higher deposit and investment balances can earn up to 75% more points on every purchase.

You can get the welcome bonus as a new cardholder, but you’ll have to rely on the rewards rate to keep earning. Bank of America Premium Rewards Elite has high spending categories for travel and dining, making it a decent card for travelers and foodies. You also have an above-average base earning rate if your typical spending doesn’t align with the bonus categories.

You can earn even more as a Bank of America Preferred Rewards member, but you need to calculate whether it’s worth storing money in Bank of America Merrill deposit and investment accounts to earn 25% to 75% more on purchases.

To qualify for the lowest tier of the Preferred Rewards program, you would need at least a three-month combined average daily balance of $20,000 in these accounts. This would unlock a 25% bonus points on your card.

Points earned from Bank of America Premium Rewards Elite do not expire, so there is no urgency to redeem them. Customers can redeem points for travel, cash back, statement credits, experiences or gift cards.

Remember, you’ll get 20% savings when you use points to book domestic or international airfare.

Bank of America Premium Rewards Elite is packed with premium benefits and annual credits. While the card has a high annual fee, these benefits help justify or offset the cost.

You can earn up to $300 in statement credits each year toward incidental airline charges, such as seat upgrades, baggage fees, airline lounge fees, and in-flight amenities. These credits do not apply to airfare.

This credit covers a variety of lifestyle subscriptions and charges, such as video streaming services, fitness subscriptions, food delivery, and ride-sharing.

Charge the TSA PreCheck or Global Entry application fee to your card to receive a refund of up to $100 once every four years.

This card includes free, unlimited access to the Priority Pass airport lounge network, where you can enjoy complimentary drinks, food, WiFi and more, depending on the lounge. Cardholders get up to four complimentary Priority Pass Select memberships, so you can share these benefits with your friends and family.

Bank of America Premium Rewards Elite is best suited for frequent travelers who can make use of the card’s annual credits, airport lounge access, and travel protections. If you do not use the card credits for eligible purchases, the credits will disappear without receiving any benefit.

Additionally, customers with higher deposit and investment balances will receive up to 75% more points on each purchase. These extra rewards for your spending can help justify the card’s high annual fee and rack up a ton of rewards.

• Up to $450 in annual credits toward eligible airline charges and lifestyle purchases

• Up to $100 TSA PreCheck or Global Entry refund every four years

• Up to four complimentary Priority Pass Select memberships

• Earn up to 75% more rewards as a Preferred Rewards member

• No airlines or hotels associated with transfers limit the ability to maximize the value of rewards

• High annual fee is difficult to justify for some customers

• Limited bonus categories to earn extra points on purchases

As a Visa Infinite card, the Bank of America Premium Rewards Elite credit card can be used anywhere merchants accept Visa cards for payments. Visa and Mastercard are the dominant credit card processors in the US and abroad, so you should have no problem using this card while traveling domestically or internationally. The card also has no foreign transaction fees, making it a great option for spending outside the US.

• online at

• Through the bank’s mobile application (, )

• Automatic recurring payments

• In person at approximately 3,700 Bank of America branches and 15,000 ATMs ()

• By calling customer service at (800) 236-6497

• Mailing payments to PO Box 15019, Wilmington, DE 19850-5019

• Overnight delivery to Bank of America, Attn: Payment Processing, DE5-023-03-02, 900 Samoset Drive, Newark, DE 19713

While Bank of America Premium Rewards Elite has many attractive features, it is not the best card for all customers. One of its main shortcomings as a luxury credit card is that there are no transfer partners available to maximize the value of your rewards. If that doesn’t seem like the right choice for you, consider these other travel credit cards.

Why we like it: While it’s not a premium card, it’s one of the most popular travel credit cards for good reason. It has a low annual fee of $95, so there’s a lot less to worry about trying to offset the cost of the cardholder each year. Plus, you can earn flexible Chase Ultimate Rewards points that can be transferred to more than 12 airline and hotel loyalty program partners.

Why we like it: You earn flexible rewards that can be redeemed in different ways, such as transferring them to 15+ travel partners. The Venture X is also attractive for its simple benefits that can help easily offset the annual fee each year. These include a $300 annual travel credit for bookings made through Capital One Travel and 10,000 bonus miles each year starting on your one-year anniversary.

Why we like it: One of the most popular premium travel credit cards is the . This card includes a $300 annual credit that is automatically applied to any eligible travel purchase, plus airport lounge access, premium travel protections, and more. Your points have numerous redemption options, including transferring to more than 12 airline and hotel partners or getting 50% more value when you book travel through Chase Travel℠.

This article was edited by Ben Walker (CEPF, CFEI®)

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