Bank of America Premium Rewards Elite Review

Bank of America Premium Rewards Elite is crafted for who demands exceptional value and exclusive privileges. 

Prepare to embark on an unparalleled journey of luxury and rewarding experiences with the Bank of America Premium Rewards Elite Credit Card! This isn’t just a credit card; it’s your key to unlocking a world of elevated travel, lifestyle perks, and accelerated rewards designed for those who appreciate the finer things in life. 

With a robust earning structure, generous statement credits that effectively offset its annual fee, and a suite of travel and lifestyle benefits, this card transforms your financial interactions into a truly premium experience. Get ready to redefine your expectations of what a credit card can offer!

CREDIT CARD

Bank of America Premium Rewards Elite Credit Card

up to 2x points 75,000 welcome bonus

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Here are some of the fantastic benefits of the Bank of America Premium Rewards Elite Credit Card:

1. Generous Welcome Bonus Offer: Imagine the thrill of kickstarting your rewards journey with a substantial welcome bonus! New cardholders can typically earn a significant number of bonus points (e.g., 75,000 bonus points, worth $750) after meeting a manageable spending requirement in the first few months of account opening.

2. Up to $300 Annual Airline Incidental Statement Credits: Picture the delight of receiving up to $300 annually in statement credits for qualifying airline incidental purchases! This covers a wide range of expenses, such as seat upgrades, baggage fees, in-flight services, and airline lounge fees, automatically applied to your card statement. 

3. Up to $150 Annual Lifestyle Conveniences Statement Credits: Get ready to indulge in your favorite lifestyle services and receive money back! Enjoy up to $150 annually in statement credits for lifestyle conveniences, including popular categories like video streaming services, food delivery, fitness subscriptions, and rideshare services.

4. Up to $120 Global Entry or TSA PreCheck Application Fee Credit: Breeze through airport security with ease and get reimbursed for it! Receive up to $120 in statement credits for either Global Entry or TSA PreCheck application fees every four years. 

5. Unlimited Priority Pass Select Membership with Up to 4 Guests: Imagine having unlimited access to airport lounges worldwide, transforming your pre-flight waiting time into a luxurious and productive experience! The Bank of America Premium Rewards Elite Credit Card provides free unlimited access to airport lounges and experiences worldwide with up to 4 complimentary Priority Pass™ Select Memberships. 

6. Earn Accelerated Points on Travel and Dining: Maximize your rewards on the go! This card allows you to earn an impressive unlimited 2 points for every dollar spent on travel and dining purchases. Whether you’re booking flights, staying at hotels, or enjoying meals out, your spending in these common high-value categories will accrue points at an accelerated rate, ensuring you get more back on your adventures and culinary experiences.

7. Earn Enhanced Points on All Other Purchases: Don’t miss out on earning valuable points on everyday spending! You’ll earn an unlimited 1.5 points per dollar on all other purchases, everywhere else. This solid base earning rate ensures that even your routine shopping, bill payments, and other expenditures contribute meaningfully to your rewards balance, making every swipe count towards your next big redemption.

Who Can Apply?

The Bank of America Premium Rewards Elite Credit Card is a premium travel card and is primarily designed for individuals with excellent credit. While Bank of America considers various factors, here are the typical criteria:

• Credit Score: A FICO credit score in the “Excellent” range (typically 740-850) is highly recommended for the best chance of approval. Some sources indicate that a “Good” score (670-739) might be considered, but approval is much more likely with excellent credit.
• Credit History: A long and established credit history with a consistent record of on-time payments, low credit utilization, and a diverse mix of credit accounts.
• Income: You must have a strong, verifiable income that demonstrates your ability to manage a high credit limit and potentially pay a significant annual fee.
• Age: You must be at least 18 years old.
• Residency: You must be a U.S. resident with a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
• Relationship with Bank of America: While not strictly required, having an existing relationship with Bank of America (e.g., checking, savings, or Merrill investment accounts) and especially being a Preferred Rewards member, can significantly improve your chances of approval and maximize the card’s benefits.
• No Recent Bankruptcies or Defaults: A clean financial record free of recent bankruptcies, charge-offs, or severe delinquencies is expected.
• Limited Recent Credit Inquiries/New Accounts: Bank of America, like many issuers, may look unfavorably upon a high number of recent credit applications or newly opened accounts.

How to Apply?

Applying for the Bank of America Premium Rewards Elite Credit Card is typically done online through the Bank of America website. Here’s a general list of steps:

1. Visit the Official Bank of America Website: Go directly to the Bank of America Premium Rewards Elite Credit Card page.
2. Review the Offer: Carefully read through the current welcome offer, rewards rates, and fees to ensure it aligns with your financial goals.
3. Click “Apply Now”: Locate and click the “Apply Now” button.
4. Complete the Online Application Form: You will be directed to a secure online application where you’ll provide detailed personal and financial information. This usually includes:
   • Full Legal Name and Address
   • Date of Birth
   • Social Security Number (SSN) or ITIN
   • Contact Information (phone, email)
   • Employment Status and Annual Gross Income
   • Housing Status (Rent/Own) and Monthly Housing Payment
   • Information about existing Bank of America or Merrill Lynch accounts (if any)
5. Review and Submit: Double-check all the information you’ve entered for accuracy before submitting your application.
6. Receive a Decision: You may receive an instant decision on your application. If not, Bank of America will notify you via email or mail regarding the status of your application, which could take a few business days.

Frequently Asked Questions

Here are frequently asked questions about the Bank of America Premium Rewards Elite Credit Card:

What is the annual fee for the Bank of America Premium Rewards Elite Credit Card?

The card has an annual fee, which is typically $550. Always refer to the most current Rates & Fees on the Bank of America website for exact details.

What is the Bank of America Preferred Rewards program and how does it affect my earnings?

The Preferred Rewards program rewards clients for their banking and investing relationships with Bank of America and Merrill. Depending on your tier (Gold, Platinum, Platinum Honors, Diamond, Diamond Honors), you can earn a bonus of 25%, 50%, or 75% more points on every purchase made with your card.

How can I redeem my points?

You can redeem points for cash back (statement credit or direct deposit), travel through the Bank of America Travel Center (with 20% savings on airfare), gift cards, distinctive experiences, or as a credit to eligible Merrill accounts.

CREDIT CARD

Bank of America Premium Rewards Elite Credit Card

up to 2x points 75,000 welcome bonus

APPLY NOW You will be redirected