Bank of America® Premium Rewards® Elite
Premium Travel Card with $450 in Credits
Annual Fee
$550
Earning Rate
3x travel via Bank of America Travel • 2x travel & dining • 1.5x everything else
Welcome Bonus
75,000 points after $5,000 spend in 3 months
Card Material
Metal card with matte finish • colors: Black
Practical Recommendation
This card makes sense if you actually use the credits and lounges. The math is straightforward: the $300 airline incidental credit + $150 lifestyle credit + regular travel spend can erase most (or all) of the $550 annual fee.
Frequent flyers or anyone who wants Priority Pass for multiple people will get the most value. If you do not travel much or do not want to track credits, a cheaper travel card (or simple cash back) will be less annoying. Bottom line: fly a few times a year and use the credits, and it can pay for itself.
Credits
Practical Advice
This is what makes or breaks a card for you. If you can use these credits in your normal spend, the perks and protections are all bonus for you. We have a calculator at the bottom of this section to help you calculate that. Below we break down exactly what every credit is to show you if it's easy or if they're going to make you jump through 17 hoops to redeem it.
- $300 Airline Incidental Statement Credit – Up to $300 in statement credits each calendar year for qualifying airline incidental fees (seat upgrades, change/cancel fees, checked bags, in-flight purchases, and airline lounge day passes) on select U.S. domestic carriers. Posts automatically after eligible charges; allow 2–3 weeks. Some carriers are excluded; charges must code correctly and be separate from the ticket. Good if you pay for bags, seats, or the occasional lounge pass; worth $0 if you fly rarely or never buy incidentals. — See terms
- $150 Lifestyle Credit – Up to $150 per calendar year back for select rideshare, food delivery, video streaming, and fitness merchants. No activation; posts automatically after eligible charges (2–3 weeks). Must code under specific merchant category codes; third-party wallets may not pass the right data. Great if you already pay DoorDash/Uber/Spotify/Peloton; $0 if you do none of those. — See terms
- Global Entry / TSA PreCheck® Credit (every 4 years) – Up to $25 in application fee credits once every four years when you pay with the card. Automatic statement credit after the fee posts; you are responsible for the charge until it credits. Practical if you value shorter lines and keeping your shoes on; pointless if you never fly. — TSA PreCheck info
Click Here to Calculate Your Annual Fee
Credit
Include
Your Value
Practical Tip
You can edit the amounts in the number fields if you value a credit at less than the full value. For example, if you only use a $10/month Uber credit half the months, you might value it at $60 instead of $120.
Airline Incidental Statement Credit
| What It Is: | $300 in statement credits each calendar year for qualifying airline incidental fees on select U.S. domestic carriers. |
| How It Works: | Pay eligible incidentals (seat upgrades, change/cancel fees, checked bags, in-flight food/bev/entertainment, airline lounge fees) directly with the card; credits post automatically in 2–3 weeks. Must be separate from the ticket charge. |
| Gotchas: | Excludes airfare, mileage purchases/transfers, gift cards, duty-free; limited to specific U.S. carriers; some low-cost carriers are excluded; purchases must code under airline incidental merchant codes; some third-party/wallet payments may not qualify. |
| Who Actually Benefits: | Flyers who pay for bags or seat selection, or who occasionally buy lounge day passes. |
| Practical Value: | Easy real value if you fly; near $0 if you never pay airline fees. |
$0
Include:
Your Value:
$0
Lifestyle Credit
| What It Is: | $150 in statement credits each calendar year for select rideshare, food delivery, video streaming, and fitness services. |
| How It Works: | Use the card with participating merchants; credit posts automatically in 2–3 weeks after the transaction. |
| Gotchas: | Must code under specific merchant category codes (MCCs); third-party processors/wallets can break coding; not every app or gym qualifies; credits do not roll over. |
| Who Actually Benefits: | People who already spend monthly on Uber/Lyft, DoorDash/Uber Eats/Grubhub, Netflix/Hulu/etc., or fitness apps/gyms that code correctly. |
| Practical Value: | Very likely $150 if these are routine bills; otherwise $0. |
$0
Include:
Your Value:
$0
Global Entry / TSA PreCheck® Credit
| What It Is: | Up to $25 in application fee credits once every four years for Global Entry or TSA PreCheck. |
| How It Works: | Pay the application fee with the card; a statement credit up to $25 posts automatically. |
| Gotchas: | One credit per four-year cycle; you are responsible until the credit posts; approval is not guaranteed; processing times vary. |
| Who Actually Benefits: | Flyers who value shorter security or expedited re-entry. |
| Practical Value: | One-time $25 every four years—solid if you travel, meaningless if you do not. |
$0
Include:
Your Value:
$0
Annual Fee:
$550
Your Credits:
$0
YOUR Annual Fee:
$550
This is effectively what you are paying for this card. It is now up to you if the perks, protections, and earning rates are worth this fee to you over other cards.
Perks
- Earning rates, at a glance – 3x travel via Bank of America Travel; 2x travel & dining; 1.5x everything else. Simple to keep track of if most of your spend is travel/dining.
- Priority Pass Lounges – Up to four Priority Pass Select memberships per account (primary + up to three more) with complimentary lounge entry for enrolled members; guest policies vary by lounge. Good if you want lounge access for family or travel partners. — See lounge list
- Airfare discount when paying with points – Save 20% on airfare when you redeem points for flights through Bank of America Travel (only the points-paid portion gets the discount). Helpful if you redeem for flights often. — Air savings program details
- Preferred Rewards boost – Hold $20,000–$100,000+ with Bank of America/Merrill and earn 25%–75% more points on every purchase. Worth it if you already bank/invest there. — Learn about Preferred Rewards
- No foreign transaction fees – Use it abroad without the 1%–3% penalty typical on basic cards.
- Visa Infinite concierge & hotel collection – 24/7 help for reservations plus perks at select hotels (breakfast, late checkout when available). Nice to have, not magic. — See Visa Infinite Luxury Hotel Collection
Protections
- Trip Delay Insurance – Up to $500 per ticket for meals/lodging after a 6+ hour delay or overnight; covers you, spouse/partner, and dependent kids when you pay the common-carrier fare with the card.
- Trip Cancellation/Interruption – Up to $2,500 per trip for covered reasons (illness, injury, carrier insolvency, etc.) when travel was paid with the card.
- Baggage Delay – $100 per day (up to 5 days) for essentials after a 6+ hour baggage delay.
- Common Carrier Travel Accident – Up to $1,000,000 accidental death and dismemberment when traveling on a paid common-carrier ticket.
- Rental Car Insurance (Primary CDW) – Primary coverage up to the car's actual cash value (most vehicles up to $75,000 MSRP) for theft/damage when you pay with the card and decline the agency's coverage.
- Emergency Evacuation & Repatriation – Up to $100,000 for evacuation and $10,000 for repatriation on covered trips when arranged through the benefits administrator.
- Purchase Protection – Covers new purchases against damage/theft for 90 days; up to $10,000 per claim, $50,000 per cardholder.
- Return Protection – If a retailer refuses a return within 90 days, up to $300 per item, $1,000 per year.
- Extended Warranty – Adds up to 1 extra year on eligible U.S. manufacturer warranties of 3 years or less; up to $10,000 per claim, $50,000 per cardholder.
Preferred Rewards: How to Boost Your Points
If you bank with Bank of America or Merrill, you can boost your points by 25% to 75%. Here's how it works:
How to Qualify
Step 1: Open a Bank of America checking account (required)
Step 2: Maintain qualifying balances across your accounts:
- What counts: Any mix of Bank of America deposits + Merrill accounts (IRAs and 529s included)
- How to qualify: Keep the tier's 3-month average, or get early enrollment by hitting the balance within 30 days of opening your checking account
Gold
$20,000 - $49,999
$20,000 - $49,999
Platinum
$50,000 - $99,999
$50,000 - $99,999
Platinum Honors
$100,000 - $999,999
$100,000 - $999,999
What It Does to This Card
Preferred Rewards boosts your earned points by:
- Gold: +25% boost
- Platinum: +50% boost
- Platinum Honors: +75% boost (maximum for credit cards)
The boost applies to your earned points after purchase, turning 3x travel via BofA Travel into up to 5.25x, 2x travel/dining into up to 3.5x, and 1.5x everything else into up to 2.625x.
Your Effective Rates
Important Notes
- Redemption value: Points are worth 1¢ each regardless of Preferred Rewards status
- No foreign transaction fees: This benefit remains regardless of Preferred Rewards status