Bank of America Premium Rewards Elite
- Annual fee
- $550
- Earns
- Bank of America points
- Point value
- 1 CPP
Welcome offer
Earn 75,000 Bank of America points after you spend $5,000 in 3 months
≈ $750 at 1 CPP
Earning rates
| Category | Earns | Return |
|---|---|---|
| Travel | 2x | 2% |
| Dining | 2x | 2% |
| Groceries | 1.5x | 1.5% |
| Gas | 1.5x | 1.5% |
| Everything else | 1.5x | 1.5% |
Return is what each $1 of spend is worth with points valued at 1 CPP.
Lounge access
One of the most generous Priority Pass benefits available: up to 4 full Priority Pass Select memberships can be issued for the life of the account — these can be given to anyone, not just authorized users. Each membership includes unlimited visits and guest access. Includes restaurant access within the Priority Pass network. Enrollment required; members must be at least 18 years old.
Guests
- Priority Pass Select: 2 free guests
Application rules
Counts toward 5/24
Opening it takes one of your Chase 5/24 slots.
New account only
Bank of America pays one welcome bonus per new account and doesn't pay it on a card you converted from another product.
Application velocity
Bank of America generally approves no more than 2 new personal cards from it in 2 months, 3 in 12 months and 4 in 24 months.
Banking relationship
BofA Rewards members (anyone with an eligible Bank of America checking account) earn 10% to 75% more on this card, depending on their balances. Bank of America is also more likely to approve you if you bank with it.
Product changes
- Downgrade to Premium Rewards · Bank of America lets you switch between its own rewards cards. Your points stay as Bank of America points.
- Downgrade to Travel Rewards · A no-annual-fee option that keeps your Bank of America points.
About the Bank of America Premium Rewards Elite
The Bank of America Premium Rewards Elite is a personal Visa card from Bank of America with a $550 annual fee that earns Bank of America points. It earns 2x on travel, 2x on dining and 1.5x on everything else. The current welcome offer: earn 75,000 Bank of America points after you spend $5,000 in 3 months. Cardholders get access to Priority Pass Select. AwardHack values Bank of America points at 1 CPP.
Frequently asked questions
What is the Bank of America Premium Rewards Elite annual fee?
The Bank of America Premium Rewards Elite has a $550 annual fee.
What is the Bank of America Premium Rewards Elite welcome bonus?
Earn 75,000 Bank of America points after you spend $5,000 in 3 months. AwardHack values that at about $750.
Does the Bank of America Premium Rewards Elite include airport lounge access?
Yes: Priority Pass Select. One of the most generous Priority Pass benefits available: up to 4 full Priority Pass Select memberships can be issued for the life of the account — these can be given to anyone, not just authorized users. Each membership includes unlimited visits and guest access. Includes restaurant access within the Priority Pass network. Enrollment required; members must be at least 18 years old.
Does the Bank of America Premium Rewards Elite count toward Chase 5/24?
Opening it counts as one of your 5/24 slots.
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Offers, fees and benefits change often. Check the issuer's site before you apply.