Bank of America Premium Rewards Elite Credit Card Review: Superior Benefits for a Reasonable Price

Bank of America Premium Rewards Elite Benefits

Priority Pass Membership

Many cards come with Priority Pass airport lounge membership, but very few still offer the $28 per person restaurant credit. I use this perk regularly to enjoy a free meal at my local airport’s Priority Pass restaurant (I just need to leave a tip).

I’m even able to share airport lounge access with friends and family at no additional cost, because the Bank of America Premium Rewards Elite offers up to four complimentary Priority Pass Select memberships. It’s great for visiting over 1,000 lounges around the world, with two guests included.

Travel Statement Credits

This card offers up to $570 in statement credits that are automatically credited to your account, including up to $300 annually in airline incidental statement credits toward qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services.

You also can receive up to $150 annually in credits for lifestyle conveniences such as video streaming services, food delivery, fitness subscriptions and rideshare services. Finally, there’s $120 in statement credits towards your Global Entry or TSA PreCheck application fee, every four years.

Travel Insurance Benefits

At a time when many credit card issuers have slashed their travel insurance benefits, this card’s travel protection benefits remain strong. They include trip delay reimbursement, as well as trip cancellation and trip interruption coverage. You also receive baggage delay and lost luggage reimbursement. Primary rental car coverage is included, as is an emergency evacuation policy.

Earnings Boost for Bank of America Preferred Rewards Members

While the Bank of America Premium Rewards Elite offers a modest 1.5 points per dollar spent on most purchases, and just 2 points per dollar spent on travel and dining, those who hold Bank of America Preferred Rewards status can earn 25% to 75% more.

This can reach 2.5 to 3.5 points per dollar spent on travel and dining purchases and 1.87 to 2.62 points on all other purchases, which is very competitive.

Bank of America Premium Rewards Elite Drawbacks

High Annual Fee

There’s a $550 annual fee for the Bank of America Premium Rewards Elite, which is higher than most. That said, some card issuers have recently increased the annual fees for their high-end travel rewards cards to amounts well beyond this. However, if you at least take advantage of the $550 in statement credits, you can effectively break even on the fee.

No Transferable Points

Many travel rewards enthusiasts transfer their credit card points to airline miles in order to redeem them for business or first class tickets. This can often be done for far fewer points than it would take to book travel directly through the card issuer. Unfortunately, this card doesn’t offer the option to transfer reward points to airline miles or hotel loyalty programs.

Not Part of a Rewards “Ecosystem”

Many competing card issuers offer several cards that earn rewards in the same program. For example, you can combine Ultimate Rewards® points earned from different Chase credit cards into a single account, boosting your overall rewards balance.

Bank of America doesn’t offer a wide range of cards with unique benefits that are part of the same rewards program.

Who Is the Bank of America Premium Rewards Elite Credit Card Best For?

The Bank of America Premium Rewards Elite Card is best for those who want travel perks, but aren’t into transferring their rewards to airline miles or hotel points. These users would receive first-rate travel benefits, and lounge access along with enough statement credits to largely offset the card’s annual fee.

But as someone who knows how to maximize transfers of points to miles, I opened this card for a different reason. I really like that it’s retained the ability to use the Priority Pass membership at eligible airport restaurants. This perk is even more valuable now that most card issuers have dropped this benefit and removed guest access to their own proprietary lounges. It’s nice to quickly enjoy a fresh cooked meal at a restaurant, rather than wait to get into a lounge and eat out of a buffet.

Is It the Right Card for You?

Here’s a few things to consider when deciding if the Bank of America Premium Rewards Elite will meet your needs:

• Do you travel regularly?
• Are there Priority Pass lounges or restaurants or restaurants at your home airport and the airports you frequent?
• Are you a Bank of America Preferred Rewards member?
• Is earning transferable reward points important to you (if you don’t participate in another rewards program that offers this)?

Alternatives to the Bank of America Premium Rewards Elite Credit Card

The market for premium travel rewards cards is strong, and here are two competing alternatives you should consider:

• Amex Platinum: This card has a higher annual fee of $895 and offers access to the American Express Centurion Lounges and Priority Pass lounges, once you’ve enrolled. But you can’t bring guests into the Centurion Lounge (unless you spend $75,000 a year on the card), and the Priority Pass membership doesn’t include airport restaurants. However, this card does earn Membership Rewards® points, which you can transfer to Amex’s airline and hotel partners.
• Capital One Venture X Rewards Credit Card: The Venture X has one of the lowest annual fees ($395) of any premium card. It also offers access to Capital One Lounges, as well as the Priority Pass network, once enrolled. And while guest access benefits have been generous, that’s changing in February 2026, when cardholders will have to spend $75,000 per year on their card, or pay a guest access fee to receive the same benefits they enjoy now. This card does come with a $300 annual travel credit and 10,000 Capital One miles each card anniversary (worth at least $100 in travel). These two perks can completely wipe out the annual fee.