General description of the Bank of America Premium Rewards Elite Elite Credit Card
If you qualify for the Bank of America® Prefered Rewards® program, the Bank of America® Premium Rewards® Elite credit card has the potential to be even more lucrative to use for spending and daily trips. For those who prefer transferable rewards, there are travel cards available. Card qualification*: ⭐⭐⭐½
* Card rating It is based on the opinion of the TPG editors and is not influenced by the card issuer.
Among the usual heavyweights in the world of Premium rewards cardslike him Capital One Venture X Rewards CED Credit and American Express Platinum Card®Bank of America has its own contender. However, its competitiveness comes with a warning: to achieve the maximum potential of the card, you must qualify for the Bank of America Prefered Rewards (more about that below).
The Bank of America Rewards Elite Credit Card comes with an annual rate of $ 550 and is designed for high -heritage clients of Bank of America. But it is not exclusive to that customer base, and does not need to have a relationship with the bank to run. Approved applicants generally have a Credit score 670 or more.
At first glance, the card looks like an improved length version Bank of America® Premium Rewards® Credit Card.
Based on your lifestyle loans and your totally metallic design, it could be worth considering this card. This is what I need to know about the Elite Bank of America Premium Rewards credit card.
The information for the elite credit card of America Rewards has been independently collected by the type of points. The details of the card on this page have not been reviewed or provided by the card issuer.
Bank of America Premium Rewards pros and cons of elite credit cards
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BANK OF AMERICA PREMIUM REWARDS CED LETTER WELCOME BOND
The new premium rewards elite card holders can earn 75,000 bonus points after spending $ 5,000 in the first 90 days of opening the account. These points have a fixed value of 1 penny each, which means that this bonus is worth $ 750. This is the standard offer for this card.
Bank of America has no published restrictions that are specifically applied to welcome bonds, but they do have the infamous Rule 2/3/4 With respect to card applications.
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According to this rule, it can only be approved for two Bank of America cards in a period of 30 days, three cards in a period of 12 months and four cards in a period of 24 months.
Related: The best credit card welcome offers this month
Bank of America Premium rewards benefits of the elite credit card
Most rewards cards with high annual rates offer advantages that help compensate some (or all) of that annual cost. The premium rewards elite card is no different, with the following notable benefits:
- Up to $ 300 per year in incidental declaration credits of the airline; This includes purchases such as seat updates, luggage rates and airline hall rates, but No Air Passage
- Up to $ 150 annually in declaration loans for lifestyle comforts; This includes transmission services, food delivery, physical conditioning subscriptions and Transport services
- Up to $ 120 in account state loans for Global entrance either TSA PRECHECK Application rates (once every four years)
Other benefits include up to four free free opening pass memberships, 20% savings in national or international air tickets for any kind when paying with points, trips and Purchase protection and There are no foreign transaction rates.
Through a Select Pass Pass membership, you will get access to more than 1,700 rooms at the airport worldwide.
This is a decent set of benefits for a card that comes with an annual rate of $ 550, provided that it uses all the credits provided. The flexibility of the Premium rewards elite lifestyle credit is excellent for anyone who spends on a wide variety of categories throughout the year.
Related: 9 Valuable travel advantages you can get with a credit card
Win points on the elite credit card Bank of America Premium
With the Premium Rewards elite, he will win the following rates:
Travel and meals categories are defined widely, which means that there are many expenses that can qualify for double points. The true differentiator is with the Bank of America Preferred rewards program. Essentially, if you have enough assets with Bank of America, you are rewarded for using one of the bank’s credit cards.
The members of the favorite rewards earn a rewards bonus of 25%, 50% or 75% in selection Bank of America cardsincluding the Elite Premium Rewards card.
| Spend categories | Regular card holder | Gold members preferred rewards (25% bonus) | Platinum members of preferred rewards (50% bonus) | Platinum honors, diamonds or diamonds of preferential rewards (75% bonus) |
|---|---|---|---|---|
| Trips and dinners | 2 points per dollar spent | 2.5 points per dollar spent | 3 points per dollar spent | 3.5 points per dollar spent |
| Everything else | 1.5 points per dollar spent | 1,875 points per dollar spent | 2.25 points per dollar spent | 2,625 points per dollar spent |
Related: Why should you get a fixed rate rewards credit card
Redeemer points on the elite credit card Bank of America Premium
One of the biggest inconveniences of the Premium Rewards Elite card is the limited number of reimbursement options. Unlike comparable cards, there are no airlines or hotels transfer partners.
Points can be redeemed to travel, a statement of declaration, cash reimbursement, gift cards or experiences to 1 penny each.
Remember that you will get 20% savings in the air rate for any kind when you will pay with points through the Bank of America Center. This carries its value by point for these reds at 1.2 cents. That does not approach the value it can obtain with transferable rewards, but it is an improvement.
Related: Starting with points, miles and credit cards to travel
What cards do you compete with the Elite Bank of America Premium Rewards credit card?
The best cards to compare with the premium rewards elite card are cards with similar annual rates or benefits, such as the following cards:
- If you like Chase: He CHASE SAPPHIRE Reserve® (see rates and rates) It is a great option. This is a premium travel card with an annual rate of $ 795, which offers benefits such as Priority pass membershipuntil $ 500 hotel credit (Up to $ 250 biannual in declaration credits, minimum two nights), travel declaration credit of $ 300 and solid profit categories. For more information, read our Complete Review of the Zafiro Reserve.
- If you like Citi: He Citi Strata Premier® (see rates and rates) It has a lower annual rate of $ 95, which is compensated with a discount of $ 100 in an eligible hotel stay of $ 500 or more when reserved through Cititravel.com (excluding taxes and rates). The Premier stratum shines in its income rates of 10 points per dollar spent in hotel, car rental and attraction reserves made through Cititravel.com; 3 points per dollar spent on air trips, other purchases of hotels, restaurants, supermarkets, service stations and electric vehicle load stations; and 1 point per dollar spent on all other purchases. For more information, read our Complete Review of Citi Strata Premier.
- If you like American Express: He AMEX PLATINO Comes with a strong annual rate of $ 695 (see rates and rates), although it can recover this cost and then some if maximizes the large amount of declaration loans and advantages that come with it. For those who often travel, the card earns some impressive 5 points per dollar spent on purchases of air tickets made directly with an OA airline through American Express Travel® (in the first $ 500,000 in a calendar year, then 1 point per dollar). In addition, cartal members receive benefits such as the golden state of gold with the honors of Marriott Bonvoy and Hilton (registration is required; terms apply). For more information, read our Complete Platinum Review.
For additional options, take a look at our selections for The best travel cards.
Is the Elite Bank of America Premium Rewards credit card worth?
If transfer partners are not a big problem for you, the premium rewards elite card can be worth it. If you are a preferential rewards member, then the card becomes almost an obvious, since you will gain more bonus points in all categories. That said, this card has little value if you are not using your declaration credits or is not a preferred rewards member. In that case, it is better with a medium level travel card.
End
The Bank of America Premium card is addressed to the customers of the existing or incoming preferential rewards program by offering them a product of greater price within the Bank of America ecosystem.
This letter is likely to remain a niche player, especially considering that Bank of America does not have airlines or hotels transfer partners. That said, it is still a solid card for those who Bank with Bank of America and can take advantage of their annual declaration credits.
Related: The 7 best independent credit cards
For the rates and rates of the Amyx Platinum, click (see here).
