Bank Of America® Premium Rewards® Elite Credit Card
A $550-annual-fee cashback-and-points card from Bank of America, National Association, with airport lounge access and a $750 signup bonus.
Bank of America, National Association · VISA
- Annual fee
- $550
- Purchase APR
- 19.49–27.49%variable
- Signup bonus
- $750
- Foreign transaction
- None
Earn Rules
| Travel | 2.00% |
| Dining | 2.00% |
| All Other | 1.50% |
Statement Credits
Each credit shown at full face value. The NAV math counts the total. What you actually use is your call.
| up to $300 annually in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight servicesyearSource ↗ | $300/yr |
| up to $150 annually for lifestyle conveniences including video streaming services, food delivery, fitness subscriptions and rideshare servicesyearSource ↗ | $150/yr |
| up to $120 in statement credits for Global Entry or TSA PreCheck® application fees, every four yearsevery 4 years (amortized)Source ↗ | $30/yr |
| Total credits / year we count | $480 |
Why this differs from the issuer's headline number. Card marketing sums every credit at full value and assumes you use all of them. We count each credit at face value too, but only the ones shown above. A credit you won't use is worth $0 to you, so the honest number for most people is lower than the brochure. Decide which ones fit your life; the calculator counts what you tell it to.
Signup Bonus
75,000 online bonus points — a $750 value — after you make at least $5,000 in purchases in the first 90 days of account opening
Value: $750 · Spend $5,000 in 3 months
This bonus is counted in full in the card's Year 1 value, and only when your spend meets the requirement. It's excluded from the ongoing value.
Who This Card Makes Sense For
- People who reliably pay their balance in full each month. The 27.49% APR would wipe out the card's other benefits within a single billing cycle of revolving.
- People who will spend $1,667 a month for the next 3 months anyway — that clears the $5,000 required for the $750 bonus, which covers the $550 fee and then some in year one.
- Travelers who will actually use the lounge access. Set what a visit is worth to you in the calculator above — it is counted as $0 until you do, so the $550 fee currently has to be covered by everything else.
Wondering if this card pays off for your situation? Is the Bank Of America® Premium Rewards® Elite Credit Card worth it? →
Cards in the Same Fee Tier That Score Higher
A similar annual fee, ranked higher at the default profile.
- Citi Strata Elite℠ Card$1,583 (+$1,193)
- Hilton Honors American Express Aspire Card$1,448 (+$1,058)
- American Express® Gold Card$883 (+$493)