Bank of America Premium Rewards Elite
- Annual fee
- $550
- Earns
- Bank of America points
- Point value
- 1 CPP
Welcome offer
Earn 75,000 Bank of America points after you spend $5,000 in 3 months
≈ $750 at 1 CPP
Earning rates
| Category | Earns | Return |
|---|---|---|
| Travel | 2x | 2% |
| Dining | 2x | 2% |
| Groceries | 1.5x | 1.5% |
| Gas | 1.5x | 1.5% |
| Everything else | 1.5x | 1.5% |
Return is what each $1 of spend is worth with points valued at 1 CPP.
Lounge access
Up to 4 Priority Pass Select memberships per account, each with unlimited visits to participating lounges and airport experiences; they can go to anyone 18 or older, not only authorized users. Bank of America sets no guest limit, so guests are subject to each lounge's own policy and capacity.
Guests
- Priority Pass: 2 free guests
Application rules
Counts toward 5/24
Opening it takes one of your Chase 5/24 slots.
New account only
Bank of America pays one welcome bonus per new account and doesn't pay it on a card you converted from another product.
Application velocity
Bank of America generally approves no more than 2 new personal cards from it in 2 months, 3 in 12 months and 4 in 24 months.
Banking relationship
BofA Rewards members (anyone with an eligible Bank of America checking account) earn 10% to 75% more on this card, depending on their balances. Bank of America is also more likely to approve you if you bank with it.
Product changes
- Downgrade to Premium Rewards · Bank of America lets you switch between its own rewards cards. Your points stay as Bank of America points.
- Downgrade to Travel Rewards · A no-annual-fee option that keeps your Bank of America points.
About the Bank of America Premium Rewards Elite
The Bank of America Premium Rewards Elite is a personal Visa card from Bank of America with a $550 annual fee that earns Bank of America points. It earns 2x on travel, 2x on dining and 1.5x on everything else. The current welcome offer: earn 75,000 Bank of America points after you spend $5,000 in 3 months. Cardholders get access to Priority Pass Select. AwardHack values Bank of America points at 1 CPP.
Frequently asked questions
What is the Bank of America Premium Rewards Elite annual fee?
The Bank of America Premium Rewards Elite has a $550 annual fee.
What is the Bank of America Premium Rewards Elite welcome bonus?
Earn 75,000 Bank of America points after you spend $5,000 in 3 months. AwardHack values that at about $750.
Does the Bank of America Premium Rewards Elite include airport lounge access?
Yes: Priority Pass Select. Up to 4 Priority Pass Select memberships per account, each with unlimited visits to participating lounges and airport experiences; they can go to anyone 18 or older, not only authorized users. Bank of America sets no guest limit, so guests are subject to each lounge's own policy and capacity.
Does the Bank of America Premium Rewards Elite count toward Chase 5/24?
Opening it counts as one of your 5/24 slots.
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Offers, fees and benefits change often. Check the issuer's site before you apply.