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Credit cards › Airline cards › Delta SkyMiles Reserve

Bank of America Premium Rewards Elite Credit Card

Updated July 2026 · 6 min read

Quick verdict

The BofA Premium Rewards Elite is the premium tier in the Bank of America travel lineup. At $550 you get 75,000 bonus points, $300 in airline incidental credits, $150 in lifestyle credits, Priority Pass lounge access, and Global Entry coverage. Preferred Rewards members push the earning rates even higher.

☆☆☆☆☆

★★★★★

Bank of America - Premium Travel Card

The Elite steps up from the standard Premium Rewards by adding Priority Pass lounge access, $300 in airline credits, and $150 in lifestyle credits. For Preferred Rewards Platinum Honors members, the 3.5x on travel and dining combined with $450 in annual credits makes a compelling case for the $550 fee.

Welcome offer

75,000 Bonus Points

Earn 75,000 bonus points -- a $750 value -- after spending $5,000 in the first 90 days from account opening.

Annual fee $550

Minimum spend $5,000

Approx. signup value 1375

Yearly recurring value 625

Apply now →

Rates & fees · Terms apply

Pros & cons

Pros

Priority Pass lounge membership
$300 airline incidental credit nearly offsets half the annual fee
$150 lifestyle credit for streaming, fitness, and food delivery adds everyday value
Preferred Rewards multiplier reaches 3.5x travel/dining at Platinum Honors
$100 Global Entry/TSA PreCheck credit every 4 years
No foreign transaction fees

Cons

$550 annual fee requires active credit use to justify
No transfer partners -- points redeem at 1 cent each for travel or cash back
2x on travel and dining is unimpressive without the Preferred Rewards multiplier
$300 airline credit covers incidentals only, not base airfare
Priority Pass is the only lounge network -- no Centurion or Chase Sapphire access
Lifestyle credit categories may not align with all cardholders' spending

Who this card is for

✓ Good fit

BofA Preferred Rewards Platinum Honors members who want lounge access alongside elevated earning

✓ Good fit

Cardholders who regularly pay airline incidental fees and can use the full $300 credit

✓ Good fit

Those who spend on streaming, fitness, or food delivery and can maximize the lifestyle credit

✓ Good fit

Existing BofA or Merrill customers who want all their banking and credit in one ecosystem

✕ Skip it

Travelers without meaningful BofA/Merrill balances who cannot unlock the Preferred Rewards multiplier

✕ Skip it

Those who want to maximize award value through airline or hotel transfer partners

✕ Skip it

Premium travel card seekers who want Centurion or Chase Sapphire lounge access rather than Priority Pass only

Earning rates

Points on all travel purchases and restaurant spending worldwide.

1.5X

Points on all other purchases, unlimited.

Preferred Rewards Bonus

Earn 25-75% more points based on your BofA/Merrill balance tier.

Benefits breakdown

The Elite earns at flat rates with a Preferred Rewards multiplier, and offsets the fee through stacked airline and lifestyle credits plus Priority Pass lounge access.

$300 Airline Incidental Credit

Annual credit for airline incidental fees: checked bags, seat upgrades, inflight food, and club passes. Select your qualifying airline.

$300

$150 Lifestyle Credit

Annual credit for purchases at qualifying streaming, fitness, and food delivery merchants.

$150

Priority Pass Select

Membership to Priority Pass lounge network. Access at 1,300+ lounges worldwide after enrollment.

Perk

$100 Global Entry/TSA PreCheck

Up to $100 every 4 years for application fee.

$100

Preferred Rewards Multiplier

Earn 10-75% more points based on BofA/Merrill balance tier. At Platinum Honors: 3.5x travel/dining, 2.625x everything else.

Varies

Estimated value 625

After 550 fee ~$75 net

What to look out for

Airline Credit Is Incidentals Only

The $300 credit does not apply to base airfare. Qualifying purchases are bags, seat fees, inflight spending, and lounge passes.

No Transfer Partners

Points cannot be transferred to airlines or hotels. Value is fixed at 1 cent per point for travel redemptions.

Preferred Rewards Is Required for Competitive Earning

Without meaningful BofA/Merrill balances, the base 2x rate underperforms competing premium travel cards at lower annual fees.

Our take

The Elite is a strong card for the right customer -- specifically, someone already deep in the BofA/Merrill ecosystem with Preferred Rewards status. At Platinum Honors, 3.5x on travel and dining with $450 in annual credits against a $550 fee is genuinely competitive. Outside that ecosystem, the Chase Sapphire Reserve or Amex Platinum offer better transfer partner flexibility at comparable price points. See the full BofA card lineup in our BofA card guide.

The 75,000-point welcome offer is worth $750 at 1 cent per point toward travel. The card's long-term value depends heavily on the Preferred Rewards multiplier -- without it, the earning rates are below what Chase and Capital One offer at lower fee tiers. For a full breakdown of how Preferred Rewards works and which balance tiers unlock which bonuses, see our BofA rewards overview.