The Bank of America Premium Rewards Elite Credit Card is a top-tier contender in the luxury travel space, designed for those who seek exceptional value and premium perks. Its standout features include up to $450 in annual statement credits for airline incidentals and lifestyle purchases, robust points earning on travel and dining, and complimentary Priority Pass™ Select airport lounge access.
This card directly serves the needs of frequent travelers who expect more from their wallet, and it holds a unique advantage for existing Bank of America clients who can significantly boost their rewards through the Preferred Rewards program. Choosing the right premium card in the competitive U.S. market is a crucial decision that can define your travel experiences.
Detailed Product Options: Bank of America Premium Rewards Elite
This card is built to deliver substantial, recurring value, especially for those integrated into the Bank of America ecosystem.
- Premium Travel Perks: Includes a statement credit for Global Entry or TSA PreCheck application fees and complimentary Priority Pass™ Select membership for access to over 1,300 airport lounges worldwide.
- Up to $570 in Annual Credits: Cardholders receive up to $300 annually for airline incidental fees (like checked bags or seat upgrades) and up to $150 for lifestyle credits (covering streaming services, food delivery, and fitness subscriptions).
- Elevated Rewards Earning: Earn unlimited 2 points for every $1 spent on travel and dining purchases and 1.5 points on all other purchases.
- Bank of America Preferred Rewards Bonus: This is the card’s secret weapon. Depending on your balance with Bank of America and Merrill, you can earn a 25% to 75% points bonus on every purchase, potentially boosting your earn rate to 3.5 points on travel and dining and 2.62 points on everything else.
Top Credit Card Options in the U.S.
The Platinum Card from American Express
A leader in luxury perks, this card is famous for its extensive airport lounge access (The Centurion Network), elite hotel status, and a wide array of statement credits for everything from digital entertainment to Saks Fifth Avenue. It focuses on delivering an unparalleled premium experience.
Chase Sapphire Reserve
This card is a favorite for its high-value, flexible points and simple $300 annual travel credit. Its points are worth 50% more when redeemed for travel through the Chase portal, making it a powerful tool for those who want straightforward travel rewards and premium travel protections.
Capital One Venture X Rewards Credit Card
Known for its simpler approach to premium travel, this card offers a $300 annual travel credit for bookings through the Capital One portal and an anniversary bonus of 10,000 miles. It provides lounge access and a solid 2x miles on all purchases, appealing to those who want easy-to-use benefits.
How Credit Cards Affect Your U.S. Credit Score
A credit card is a powerful tool that significantly impacts your U.S. credit score. The key factors include:
- Payment History (35%): Making on-time payments is the most critical factor in building a good score.
- Credit Utilization (30%): This is the amount of your available credit you are using. Keeping this percentage low (ideally under 30%) shows lenders you are not over-extended.
- Length of Credit History (15%): A longer history of responsible credit use is better for your score.
The Strategic Traveler
Maria is a consultant who travels twice a month. She uses her Premium Rewards Elite card to pay for her flights and client dinners, earning 2x points. She uses the $300 airline incidental credit to cover her checked bag fees and seat selection. The $150 lifestyle credit pays for her Peacock and Spotify subscriptions. The card’s credits ($570) nearly offset the entire annual fee, and her Priority Pass access saves her money on airport meals. By paying her balance in full each month, she builds an excellent payment history while earning thousands of points for a future vacation.
What are the best luxury travel rewards credit cards?
The best luxury credit cards in the USA typically offer significant annual credits, airport lounge access, and high rewards on travel. The Amex Platinum, Chase Sapphire Reserve, and Bank of America Premium Rewards Elite are top contenders, each with unique perks that cater to different types of travelers.
How do I apply for a premium credit card online?
To apply for a credit card online, visit the bank’s official, secure webpage for the card. You’ll need to provide personal information, including your full name, address, Social Security Number, and gross annual income. The process is usually quick, with a decision often provided in minutes.
Can I get a good credit card with fair credit?
While premium cards like this one require good to excellent credit, there are great options for every credit level. If you’re building your score, you might start with a card designed for fair credit or even a secured credit card to establish a positive payment history and improve your credit score.
Which companies offer the best sign-up bonuses in 2025?
The top credit card offers in the US with large sign-up bonuses often come from major issuers like American Express, Chase, Capital One, and Bank of America. These bonuses are a great way to kickstart your rewards balance but usually require meeting a minimum spending threshold.
Are airline-specific credit cards a good deal?
The best airline credit cards can be a fantastic deal if you are loyal to one airline. They offer perks like free checked bags, priority boarding, and discounts on in-flight purchases. However, a general travel rewards card often provides more flexibility for booking with any carrier.
How can an frequent flyer benefit from a premium card?
A frequent flyer benefits immensely from perks that reduce travel friction and costs. Airport lounge access provides a quiet place to work or relax, airline fee credits cover ancillary costs, and travel insurance protections offer peace of mind on every trip.
Amazon Prime Visa Credit Card Review <p class='sec-title' style='line-height: normal; font-weight: normal;font-size: 16px !important; text-align: left;margin-top: 8px;margin-bottom: 0px !important;'> The Prime Visa transforms your Prime membership from a simple subscription into a dynamic, rewarding financial ecosystem. </p> 
U.S. Bank Cash+ Visa Signature Card Review <p class='sec-title' style='line-height: normal; font-weight: normal;font-size: 16px !important; text-align: left;margin-top: 8px;margin-bottom: 0px !important;'> The U.S. Bank Cash+ Visa Signature Card is packed with features designed to provide exceptional, personalized value and a user-friendly experience. </p> 
BankAmericard Credit Card Review <p class='sec-title' style='line-height: normal; font-weight: normal;font-size: 16px !important; text-align: left;margin-top: 8px;margin-bottom: 0px !important;'> This card is all about giving you the breathing room you need to make real progress on your financial goals. </p>