Could this be your next premium travel card?

The Bank of America® Premium Rewards® Elite Credit Card is a premium for travelers who want flexibility in redeeming rewards at any airline or hotel. Although it has a premium annual fee ($550), the annual credits and lounge benefits can help offset this. Additionally, customers with higher deposit and investment balances can earn up to 75% more points on every purchase.

You can earn the welcome bonus as a new cardholder, but you will have to rely on the reward percentage to continue earning. The Bank of America Premium Rewards Elite has higher spending categories for travel and dining, making this a good card for travelers and foodies. You’ll also have an above-average base earning rate if your usual expenses don’t match the bonus categories.

You can earn even more as a Bank of America Preferred Rewards member, but you need to calculate whether it’s worth it to earn 25% to 75% more on purchases to save money in the available Bank of America deposits and Merrill -investment accounts.

To qualify for the lowest tier of the Preferred Rewards program, you need at least a combined three-month average daily balance of $20,000 on these accounts. This unlocks a 25% points bonus on your card.

The points earned with the Bank of America Premium Rewards Elite do not expire, so there is no urgency to redeem them. Customers can redeem points for travel, cash back, statement credits, experiences or gift cards.

Don’t forget that you get a 20% discount when you use points to book domestic or international airline tickets.

The Bank of America Premium Rewards Elite is packed with premium benefits and annual credits. Although the card has a high annual fee, these benefits help justify or offset the cost.

You can receive up to $300 in credits each year for airline incidentals such as seat upgrades, baggage fees, airline lounge fees and inflight services. These credits do not apply to airline tickets.

This credit covers a variety of lifestyle subscriptions and costs, such as video streaming services, fitness memberships, food delivery and rideshare.

Charge the TSA PreCheck or Global Entry application fee to your card and receive a refund of up to $100 once every four years.

This card provides free unlimited access to the Priority Pass airport lounge network, where you can enjoy free drinks, food, WiFi and more, depending on the lounge. Cardholders get up to four complimentary Priority Pass Select memberships, so you can share these benefits with your friends and family.

The Bank of America Premium Rewards Elite is best suited for frequent travelers who can take advantage of the card’s annual credits, airport lounge access, and travel protections. If you don’t use the card’s funds for eligible purchases, the funds will disappear without receiving any benefits.

Additionally, customers with larger deposit and investment balances receive up to 75% more points on every purchase. These extra rewards for your spending can help justify the card’s high annual fee and provide a host of rewards.

• Up to $450 in annual credits on eligible airline expenses and lifestyle purchases

• Up to $100 TSA PreCheck or Global Entry fee every four years

• Up to four free Priority Pass Select memberships

• Earn up to 75% more rewards as a Preferred Rewards member

• No airline or hotel transfer partner limits the ability to maximize the value of rewards

• High annual costs are difficult to justify for some customers

• Limited bonus categories to earn extra points on purchases

As a Visa Infinite Card, the Bank of America Premium Rewards Elite Credit Card can be used anywhere merchants accept Visa cards for payment. Visa and Mastercard are the dominant credit card processors in the US and abroad, so you shouldn’t have any problems using this card while traveling domestically or abroad. The card also waives foreign transaction fees, making it a great choice for spending outside the US

• Online at

• Via the bank’s mobile app (, )

• Automatic recurring payments

• In person at approximately 3,700 Bank of America branches and 15,000 ATMs ()

• Call customer service at (800) 236-6497

• Send payments by mail to PO Box 15019, Wilmington, DE 19850-5019

• Overnight Delivery to Bank of America, Attn: Payment Processing, DE5-023-03-02, 900 Samoset Drive, Newark, DE 19713

While the Bank of America Premium Rewards Elite has many attractive features, it’s not the best card for every customer. One of the biggest shortcomings of a luxury credit card is that there are no transfer partners available to maximize the value of your rewards. If this doesn’t seem like the right choice for you, consider these other travel credit cards.

Why we like it: While it’s not a premium card, it’s one of the most popular travel credit cards for a reason. It has a low annual fee of $95, so you have much less to worry about trying to offset the cardholder’s fees each year. Plus, you can earn flexible Chase Ultimate Rewards points that can be transferred to more than 12 airline and hotel loyalty program partners.

Why we like it: It earns flexible rewards that can be redeemed in different ways, for example by transferring them to more than 15 travel partners. The Venture These include a $300 annual travel credit for bookings made through Capital One Travel and 10,000 bonus miles per year from your first anniversary.

Why we like it: One of the most popular premium travel credit cards is the . This card includes a $300 annual statement credit automatically applied to any eligible travel purchase, plus airport lounge access, premium travel protections and more. The points have numerous redemption options, including transferring to more than 12 airline and hotel partners or getting 50% more value when booking travel through Chase Travel℠.

This article was edited by Ben Walker (CEPF, CFEI®)

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