Financial institution of America Premium Rewards Elite bank card overview
In the event you qualify for the Financial institution of America® Most well-liked Rewards® program, the Financial institution of America® Premium Rewards® Elite Credit score Card has the potential to be much more profitable to make use of for on a regular basis spending and journey. For individuals who choose transferable rewards, there are better-earning journey playing cards obtainable. Card score*: ⭐⭐⭐½
* Card score is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
Among the many common heavyweights on the earth of premium rewards playing cards, such because the Capital One Enterprise X Rewards Credit score Card and The Platinum Card® from American Categorical, Financial institution of America has its personal contender. Nonetheless, its competitiveness comes with a caveat: to achieve the cardboard’s full potential, it is advisable qualify for the Financial institution of America Most well-liked Rewards program (extra on that beneath).
The Financial institution of America Premium Rewards Elite Credit score Card comes with an annual charge of $550 and is designed for Financial institution of America’s high-net-worth shoppers. Nevertheless it’s not unique to that buyer base, and you don’t want to have a relationship with the financial institution to use. Authorised candidates sometimes have a credit score rating of 670 or larger.
At first look, the cardboard seems to be like a souped-up model of the longstanding Financial institution of America® Premium Rewards® bank card.
Primarily based on its life-style credit and all-metal design, this card is perhaps value contemplating as a substitute. This is what it is advisable know in regards to the Financial institution of America Premium Rewards Elite bank card.
The data for the Financial institution of America Premium Rewards Elite bank card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Financial institution of America Premium Rewards Elite bank card professionals and cons
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Financial institution of America Premium Rewards Elite bank card welcome bonus
New Premium Rewards Elite cardholders can earn 75,000 bonus factors after spending $5,000 within the first 90 days of account opening. These factors have a hard and fast worth of 1 cent every, which means that this bonus is value $750. That is the usual provide for this card.
Financial institution of America has no revealed restrictions that apply particularly to incomes welcome bonuses, however they do have the notorious 2/3/4 rule relating to card purposes.
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Beneath this rule, you may solely get accredited for 2 Financial institution of America playing cards in a 30-day interval, three playing cards in a 12-month interval and 4 playing cards in a 24-month interval.
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Financial institution of America Premium Rewards Elite bank card advantages
Most rewards playing cards with excessive annual charges provide perks that assist offset some (or all) of that yearly value. The Premium Rewards Elite card is not any totally different, with the next notable advantages:
- As much as $300 yearly in airline incidental assertion credit; this consists of purchases comparable to seat upgrades, baggage charges and airline lounge charges, however not airfare
- As much as $150 yearly in assertion credit for life-style conveniences; this consists of streaming companies, meals supply, health subscriptions and ride-hailing companies
- As much as $120 in assertion credit for International Entry or TSA PreCheck software charges (as soon as each 4 years)
Different advantages embody as much as 4 complimentary Precedence Go Choose Memberships, 20% financial savings on home or worldwide airfare for any class if you pay with factors, journey and purchasing protections and no overseas transaction charges.
By a Precedence Go Choose membership, you will get entry to over 1,700 airport lounges worldwide.
It is a first rate set of advantages for a card that comes with a $550 annual charge, so long as you make the most of the entire credit offered. The pliability of the Premium Rewards Elite’s life-style credit score is nice for anybody who spends in all kinds of classes all year long.
Associated: 9 invaluable journey perks that you could get with a bank card
Incomes factors on the Financial institution of America Premium Rewards Elite bank card
With the Premium Rewards Elite, you will earn on the following charges:
The journey and eating classes are outlined broadly, which means there are a variety of bills that may qualify for double factors. The actual differentiator is with Financial institution of America’s Most well-liked Rewards program. Basically, you probably have sufficient belongings with Financial institution of America, you are rewarded for utilizing one of many financial institution’s bank cards.
Most well-liked Rewards members earn a 25%, 50% or 75% rewards bonus on choose Financial institution of America playing cards, together with the Premium Rewards Elite card.
| Spend classes | Common cardholders | Most well-liked Rewards Gold members (25% bonus) | Most well-liked Rewards Platinum members (50% bonus) | Most well-liked Rewards Platinum Honors, Diamond or Diamond Honors members (75% bonus) |
|---|---|---|---|---|
| Journey and eating | 2 factors per greenback spent | 2.5 factors per greenback spent | 3 factors per greenback spent | 3.5 factors per greenback spent |
| The whole lot else | 1.5 factors per greenback spent | 1.875 factors per greenback spent | 2.25 factors per greenback spent | 2.625 factors per greenback spent |
Associated: Why it is best to get a fixed-rate rewards bank card
Redeeming factors on the Financial institution of America Premium Rewards Elite bank card
One of many largest drawbacks of the Premium Rewards Elite card is the restricted variety of redemption choices. In contrast to comparable playing cards, there aren’t any airline or lodge switch companions.
Factors will be redeemed for journey, an announcement credit score, money again, present playing cards or experiences at 1 cent apiece.
Do not forget that you will get 20% financial savings on airfare for any class when paying with factors by way of the Financial institution of America Journey Middle or concierge. This brings your per-point worth for these redemptions to 1.2 cents. That does not come near the worth you will get with transferable rewards, nevertheless it’s an enchancment.
Associated: Getting began with factors, miles and bank cards to journey
Which playing cards compete with the Financial institution of America Premium Rewards Elite bank card?
The very best playing cards to check to the Premium Rewards Elite card are playing cards with comparable annual charges or advantages, comparable to the next playing cards:
- In the event you like Chase: The Chase Sapphire Reserve® (see charges and charges) is a superb alternative. It is a premium journey card with an annual charge of $795, providing advantages like Precedence Go membership, as much as $500 lodge credit score (as much as $250 biannually in assertion credit, two-night minimal reserving), $300 journey assertion credit score and robust incomes classes. To be taught extra, learn our full evaluation of the Sapphire Reserve.
- In the event you like Citi: The Citi Strata Premier® Card (see charges and charges) has a decrease $95 annual charge, which is offset by a $100 low cost on an eligible lodge keep of $500 or extra when booked by way of CitiTravel.com (excluding taxes and charges). The Strata Premier shines in its incomes charges of 10 factors per greenback spent on lodge, automotive rental and attraction bookings made by way of CitiTravel.com; 3 factors per greenback spent on air journey, different lodge purchases, eating places, supermarkets, fuel stations and electrical automobile charging stations; and 1 level per greenback spent on all different purchases. To be taught extra, learn our full evaluation of the Citi Strata Premier.
- In the event you like American Categorical: The Amex Platinum comes with a hefty $695 annual charge (see charges and charges), although you may recoup this value after which some if you happen to maximize the plethora of assertion credit and perks that include it. For individuals who journey usually, the cardboard earns a formidable 5 factors per greenback spent on airfare purchases made instantly with an airline or by way of American Categorical Journey® (on the primary $500,000 in a calendar 12 months, then 1 level per greenback). As well as, cardmembers obtain advantages comparable to Gold Elite standing with Marriott Bonvoy and Hilton Honors (enrollment is required; phrases apply). To be taught extra, learn our full evaluation of the Amex Platinum.
For added choices, check out our picks for the finest journey playing cards.
Is the Financial institution of America Premium Rewards Elite bank card value it?
If switch companions aren’t a giant deal to you, the Premium Rewards Elite card could also be value it. In the event you’re a Most well-liked Rewards member, then the cardboard turns into nearly a no brainer, as you will earn extra bonus factors throughout all classes. That stated, this card has little worth if you happen to aren’t utilizing its assertion credit or aren’t a Most well-liked Rewards member. In that case, you are higher off with a mid-tier journey card.
Backside line
The Financial institution of America Premium Rewards Elite card targets present or incoming Most well-liked Rewards program shoppers by providing them a higher-priced product throughout the Financial institution of America ecosystem.
This card will doubtless stay a distinct segment participant, particularly contemplating that Financial institution of America doesn’t have airline or lodge switch companions. That stated, it is nonetheless a strong card for many who financial institution with Financial institution of America and may benefit from its annual assertion credit.
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For charges and charges of the Amex Platinum, click on (see right here).
