Bank of America Premium Rewards Elite by Bank of America: 2x dining & restaurants, 2x travel (broad), 1.5x everything else. $550 annual fee. 75,000-point…
The Bank of America Premium Rewards Elite is Bank of America's premium credit card. The $550/yr annual fee includes a 75,000-point welcome bonus after spending $5,000 in the first 3 months. Beyond the welcome bonus, here's what the card actually delivers.
| Credit | Value | What it covers |
|---|---|---|
| Airline incidental credit | $300/yr | Up to $300/yr in airline incidental statement credits |
| Lifestyle credit | $150/yr | Up to $150/yr in lifestyle statement credits |
| Global Entry / TSA PreCheck application fee | $120/quadrennial | Statement credit up to $120 every 4 years as reimbursement for Global Entry, TSA PreCheck application fee charged to the card. |
Welcome bonus value (year one): ~$975. Annual statement credits: $570. Minus the $550 annual fee = ~$995 in year-one net value before any spending earn. RewardsGuru rating: 2.7/5 — based on our net-value methodology.
Best fit: frequent travelers who can use the lounge access, statement credits, and elevated earn rates on travel and dining. Skip if: you'd let the annual statement credits expire unused or you only travel 1-2x per year.
75,000 points after spending $5,000 in the first 3 months. At our ~1.3¢/pt valuation, that's roughly $975 in real value.
Year-one math: welcome bonus value (~$975) + annual credits ($570) − $550 fee = ~$995 net before spending earn. Year-two onward, the credits alone need to clear $550 — they do. Worth it if you'll use the credits, skip if you'd let them expire.
3 recurring statement credits: Airline incidental credit ($300/yr), Lifestyle credit ($150/yr), Global Entry / TSA PreCheck application fee ($120). Total: $570/yr.
Check the card's terms — most premium travel cards waive foreign transaction fees, while no-fee and entry-tier cards usually charge 2-3%. Bank of America's product page has the current rate.