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Bank Of America Premium Rewards Elite Credit Card

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welcome offer

Earn 50,000 points after spending $3,000 within the first 90 days.

Bonus Value

Approximately $500

Annual Fee

$550

Card Rewards

2 points on travel and dining

1.5 points on all other purchases

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Help Me Build Credit has partnered with CardRatings for our coverage of credit card products. Help Me Build Credit and CardRatings may receive a commission from card issuers. The editorial content on this page is not provided by any of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.

Card Overview

The Bank Of America Premium Rewards Elite is the most luxury Bank Of America credit card. Card benefits include an annual $300 airline incidental credit, an annual $150 lifestyle credit for purchases of food delivery, fitness subscriptions, streaming and rideshare services, a $100 credit towards Global Entry or TSA Precheck, no foreign transaction fee, Priority Pass Select airport lounge access, and more. The card earns an unlimited 2 points per dollar spent on travel and dining and 1.5 points on everything else. Bank Of America Preferred Rewards customers can get an additional 25-75% reward bonuses on every purchase.

Card-Smart Tips & Advice
  • Credit: Good credit needed
  • Max cards: Bank of America will only approve you for 2 Bank of America personal cards within 2 months, 3 Bank of America personal cards within 12 months, and 4 Bank of America personal cards within 24 months
  • You cannot get approved for a personal Bank of America card if you have more than 5 Bank of America personal credit cards open
  • BOA 2/6 cards in 12 months rule: Bank of America will not approve you for their credit card if you opened more than 2 cards in the past 12 months, even if it’s from other issuers.  Except if your a BOA bank account holder, then, you can get approved even if you opened up to 6 cards in 12 months
  • Apply for two cards: If you apply for one Bank Of America card and get approved, it is recommended to apply for a second card since Bank Of America is very good about approving for two cards, even within the same day

  • Credit bureau: Bank Of America will usually pull your Experian credit report (If you freeze Experian then Bank Of America will pull your TransUnion credit report)
  • Combining same-day credit inquiries: Credit inquiries for all Personal BOA cards for applications within 30 days will be combined
  • Check application status: You can check your application status  here
  • Reconsideration: If declined you can call 1-800-732-9194 to be reconsidered
  • Quickest way to get my card: You can request Bank of America to expedite your physical card by calling Bank of America customer service. Bank of America will in most cases not offer an instant credit card number for your new card.

Approval Monitor (submitted by HelpMeBuildCredit users)

83% Approved
747 Avg. Score of those approved
17% Denied
Approved 83% (5)
Denied 17% (1)

Credit limit range $6,500-$21,400

Avg. Credit limit$16,580

Approved 83% (5)
Denied 17% (1)

Disclosure: These results are based on information submitted by HelpMeBuildCredit users. Credit card approval results are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. Neither HelpMeBuildCredit nor the bank advertiser's take any responsibility on the accuracy of the information.

Card Details And Benefits
Rewards

– 2 points on travel and dining
– 1.5 points on all other purchases

Foreign Transaction Fee

No foreign transaction fee.

Credits

Receive a $300 airline incidental statement credit per calendar year to cover purchases like seat upgrades, luggage fees, inflight service, and airline lounge fees etc.

Receive $150 in statement credits per calendar year for lifestyle purchases, including streaming services, food delivery, fitness subscriptions, and rideshare services.

Extra Redemption Value

Bonus rewards with Bank Of America Preferred Rewards. Platinum Honors members ($100,000 or more in your Bank of America accounts) earn 75% more rewards on all purchases, Platinum members ($50,000 or more in your Bank of America accounts) earn 50% more rewards on all purchases, Gold members ($20,000 or more in your Bank of America accounts) earn 25% more rewards on all purchases.

Global Entry and TSA pre-check

Get a $100 statement credit for Global Entry or TSA Precheck.

Lounge Access

Get Priority Pass Select airport lounge access.

Trip Cancellation Insurance

Coverage for canceled or interrupted travel due to an unforeseen medical emergency etc.

Auto Rental Collision Insurance

Primary coverage on rentals up to 30 days. Max $75,000.

Travel Accident Insurance

Get coverage if you, G-d forbid, die in an accident while traveling (on common carriers). Receive up to $1,000,000 in compensation.

Lost Luggage Reimbursement

Get coverage for lost or damaged or stolen luggage.

Trip Delay Reimbursement

If your flight is delayed for 6+ hours, you can claim up to $500 per person to cover expenses like meals, lodging, toiletries, medication, and other personal use items.

Luggage delay insurance

If your baggage is delayed, you can claim coverage to cover expenses like toiletries & clothing.

Roadside Assitance

Get roadside assistance

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*The estimate is based on our research on what approximate value consumers get when booking travel with points or transferring the points to partner airlines/hotels and booking award travel. You might need to be reward savvy to achieve the proper value. You can find out more on how we value points here

Please note: Although, I put a lot of effort to give my readers unbiased information. I’m legally required to notify you that I may be receiving compensation from credit card companies mentioned on this page. Please see our Advertisement Disclosure for more details.
The editorial content on this page is not provided by any of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone.
Help Me Build Credit has partnered with AwardWallet and CardRatings for our coverage of credit card products. Help Me Build Credit, AwardWallet and CardRatings may receive a commission from card issuers.

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