Bank of America Premium Rewards Elite credit card
The Bank of America Premium Rewards Elite credit card has a $550 annual fee, no foreign transaction fee, and earns 2 points per $1 on travel and dining and 1.5 points per $1 on other purchases 2. It carries up to $300 a year in airline incidental credits, up to $150 a year in lifestyle credits, Priority Pass Select memberships for up to four people and primary rental car coverage 23.
Contents11 sections
At a glance
| Annual fee | $5502 |
|---|---|
| Foreign transaction fee | None2 |
| Rewards | Earns unlimited 2 points per $1 on travel and dining purchases and 1.5 points per $1 on all other purchases. |
| Rewards program | Bank of America Premium Rewards Elite |
| Network | Visa Infinite |
| Issuer | Bank of America · Official card page |
What to know about the Premium Rewards Elite
Points are worth $0.01 each for travel, gift cards, concierge services and cash rewards 2. The Air Savings Program takes 20% off airfare paid with points through the Bank of America Travel Center, so a $1,000 flight costs 80,000 points; only the part of the fare paid with points gets the discount 2.
The $300 airline credit applies each calendar year to fees such as seat upgrades, checked bags and airport lounge fees on domestic-originated flights with certain U.S. carriers, and the charges must post under the listed airline merchant codes 2. Allegiant Air, Spirit Airlines and Sun Country Airlines purchases do not qualify 2. The $150 Lifestyle Credit covers rideshare, food delivery, video streaming and fitness purchases at merchants the bank selects, and a separate credit of up to $120 every four years covers TSA PreCheck or Global Entry fees 2.
Bank of America enrolls up to four people in Priority Pass Select at no membership fee, a limit that applies for the life of the account, and memberships renew automatically while the bank still offers the benefit 2. Members can bring guests, but lounges may limit guest numbers or charge for some services, and the bank names the Visa Infinite Luxury Hotel Collection and Visa Infinite car rental benefits with Avis, Hertz and National among the card's perks 21.
The benefits page lists primary auto rental collision damage coverage up to $75,000, up to the actual cash value of most rental cars 3. It also lists trip delay coverage of up to $500 per ticket after more than 6 hours or an overnight stay, up to $100,000 for emergency evacuation, and up to $1,000,000 in common carrier travel accident insurance when the entire fare is charged to the card 3. Trip cancellation, baggage delay and lost luggage coverage are listed without published limits, and details accompany new account materials 3.
Earning rewards
| Rate | On |
|---|---|
| 2x points per $1 | Travel and dining0.5 bonus points plus 1.5 base points; category determined by merchant MCC; in-flight and duty-free airport purchases excluded2 |
| 1.5x points per $1 | All other purchases2 |
Points are worth $0.01 each for travel, gift cards, concierge services and cash rewards. Air Savings Program: 20% off airfare when paying with points through the Bank of America Travel Center (bankofamerica.com/travel or the card's concierge), e.g. 80,000 points for a $1,000 flight; only the portion paid with points is discounted.2
Travel insurance and assistance
| Rental car coverage | Auto Rental Collision Damage Waiver: primary coverage up to $75,000 for damage due to collision or theft, up to the actual cash value of most rental cars.3 |
|---|---|
| Trip cancellation and interruption | Reimbursement of the common carrier passenger fare for trip cancellation or interruption (limit not stated on the issuer page).3 |
| Trip delay | Up to $500 per ticket for reasonable expenses when a trip is delayed by a covered hazard more than 6 hours or requires an overnight stay.3 |
| Baggage delay | Reimburses emergency purchase of essential items when baggage is delayed, in excess of other insurance (limit not stated on the issuer page).3 |
| Lost or damaged luggage | Coverage for luggage and contents lost or stolen due to theft or misdirection by a common carrier (amount not stated on the issuer page).3 |
| Travel accident insurance | Common Carrier Travel Accident Insurance: up to $1,000,000 accidental death or dismemberment coverage while traveling on a common carrier when the entire fare is charged to the card.3 |
| Emergency evacuation and medical | Emergency Evacuation/Repatriation of Remains: up to $100,000 for evacuation expenses if you or an immediate family member are injured or become sick on a trip far from home.3 |
| Roadside assistance | Roadside Dispatch: 24/7 on-demand referral dispatch for emergency roadside assistance, towing and locksmith services. The issuer page describes a referral network and does not say service costs are covered.3 |
Travel perks
| Airport lounge access | Complimentary Priority Pass Select memberships for up to four people (limit for the life of the account), with access to participating lounges and experiences; accompanying guests allowed subject to each lounge's rules; enrollment required.2 |
|---|---|
| Global Entry or TSA PreCheck credit | Up to $120 in statement credits per account every four years for TSA PreCheck or Global Entry application fees paid with the card.2 |
| Hotel benefits program | Visa Infinite Luxury Hotel Collection: late checkout, free daily breakfast for two, automatic upgrades and more (some benefits based on availability).1 |
Account features
| Zero fraud liability | $0 Liability Guarantee for unauthorized transactions; claims must be reported promptly and may be subject to dollar limits and verification.2 |
|---|---|
| Free credit score | FICO Score available through Online Banking and the Mobile Banking app for primary cardholders of open, active consumer credit card accounts (educational purposes).6 |
Statement credits
| Airline Incidental Statement Credit | $300 each calendar year. Qualifying airline incidental fees on domestic-originated flights with certain U.S. domestic carriers: preferred seating upgrades, ticket change/cancellation fees, checked baggage fees, in-flight entertainment, onboard food and beverage charges, and airport lounge fees affiliated with eligible carriers. All airline incidental fees must be paid with the card and must post under airline MCCs 3000, 3001, 3058, 3063, 3066, 3132, 3174, 3196 or 3256. Tickets, mileage purchases and transfer fees, gift cards, duty-free purchases, award tickets and alliance-partner fees do not qualify; Allegiant Air, Spirit Airlines and Sun Country Airlines purchases do not qualify.2 |
|---|---|
| Lifestyle Credit | $150 each calendar year. Qualifying rideshare, food delivery, video streaming service and fitness purchases at select merchants as determined by the bank; all such transactions must be paid with the card and must post under listed MCCs with the designated identifier. Allow 2-3 weeks for the credit to post.2 |
Other perks
| BofA Rewards credit card rewards bonus | BofA Rewards members (requires an eligible Bank of America checking account) receive a credit card rewards bonus of 10% (Member tier, no minimum balance), 25% (Preferred Plus, $30,000), 50% (Preferred Honors, $100,000) or 75% (Premier, $1,000,000) based on combined average balances in qualifying deposit and Merrill investment accounts. For cash rewards cards the bonus is applied after all base and bonus cash rewards are calculated; it does not apply to account opening bonuses or certain program bonus earn. Program Rules govern; BofA Rewards publishes a list of ineligible cards.4 |
|---|---|
| Preferred Rewards became BofA Rewards | On or about May 26, 2026, Bank of America Preferred Rewards became BofA Rewards; enrolled Preferred Rewards members were moved to the new program automatically. Enrollment in BofA Rewards opened May 27, 2026.8 |
| BofA Rewards tier balance requirements | Member: no minimum; Preferred Plus: $30,000; Preferred Honors: $100,000; Premier: $1,000,000 combined average balance.5 |
| Card promoted for BofA Rewards | The product page promotes the BofA Rewards rewards bonus for this card.1 |
| Visa Infinite Concierge | Complimentary 24/7 full-service concierge for travel, dining reservations, event tickets and more; cardholder pays for any goods or services arranged.1 |
| Visa Infinite Car Rental Benefits | VIP amenities, complimentary status upgrades and discounts with Avis, Hertz and National.1 |
Not listed for this card
The Bank of America pages and benefit terms we checked for the Premium Rewards Elite do not list these benefits:
- Travel and emergency assistance
- Cell phone protection
- Purchase protection
- Extended warranty
- Return protection
Some benefits come from the card network rather than the bank and are not always advertised. Your own Guide to Benefits, or the number on the back of the card, is the final word on what your account covers.
Sources
- 1 Bank of America, Bank of America Premium Rewards Elite credit card Checked Oct 10, 2026 · Back to text ↑
- 2
- 3 Bank of America, Bank of America Premium Rewards Elite Credit Card Benefits Checked Oct 10, 2026 · Back to text ↑
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- 5 Bank of America, BofA Rewards - Personalized Banking Benefits & Rewards Checked Oct 10, 2026 · Back to text ↑
- 6 Bank of America, Credit Card Account Information FAQ from Bank of America Checked Oct 10, 2026 · Back to text ↑
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- 8
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