Financial institution of America Premium Rewards Elite bank card overview
Should you qualify for the Financial institution of America® Most popular Rewards® program, the Financial institution of America® Premium Rewards® Elite Credit score Card has the potential to be much more profitable to make use of for on a regular basis spending and journey. For many who favor transferable rewards, there are better-earning journey playing cards obtainable. Card ranking*: ⭐⭐⭐½
* Card ranking is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
Among the many traditional heavyweights on the planet of premium rewards playing cards, such because the Capital One Enterprise X Rewards Credit score Card and The Platinum Card® from American Categorical, Financial institution of America has its personal contender. Nevertheless, its competitiveness comes with a caveat: to succeed in the cardboard’s full potential, you have to qualify for the Financial institution of America Most popular Rewards program (extra on that beneath).
The Financial institution of America Premium Rewards Elite Credit score Card comes with an annual charge of $550 and is designed for Financial institution of America’s high-net-worth purchasers. But it surely’s not unique to that buyer base, and you don’t want to have a relationship with the financial institution to use. Authorised candidates sometimes have a credit score rating of 670 or increased.
At first look, the cardboard seems to be like a souped-up model of the longstanding Financial institution of America® Premium Rewards® bank card.
Based mostly on its life-style credit and all-metal design, this card is perhaps price contemplating as a substitute. Here is what you have to know in regards to the Financial institution of America Premium Rewards Elite bank card.
The knowledge for the Financial institution of America Premium Rewards Elite bank card has been collected independently by The Factors Man. The cardboard particulars on this web page haven’t been reviewed or offered by the cardboard issuer.
Financial institution of America Premium Rewards Elite bank card professionals and cons
| Execs | Cons |
|---|---|
|
|
Financial institution of America Premium Rewards Elite bank card welcome bonus
New Premium Rewards Elite cardholders can earn 75,000 bonus factors after spending $5,000 within the first 90 days of account opening. These factors have a hard and fast worth of 1 cent every, which means that this bonus is price $750. That is the usual provide for this card.
Financial institution of America has no revealed restrictions that apply particularly to incomes welcome bonuses, however they do have the notorious 2/3/4 rule concerning card functions.
Every day Publication
Reward your inbox with the TPG Every day publication
Be part of over 700,000 readers for breaking information, in-depth guides and unique offers from TPG’s consultants
Underneath this rule, you may solely get authorised for 2 Financial institution of America playing cards in a 30-day interval, three playing cards in a 12-month interval and 4 playing cards in a 24-month interval.
Associated: Greatest bank card welcome provides this month
Financial institution of America Premium Rewards Elite bank card advantages
Most rewards playing cards with excessive annual charges provide perks that assist offset some (or all) of that yearly price. The Premium Rewards Elite card isn’t any totally different, with the next notable advantages:
- As much as $300 yearly in airline incidental assertion credit; this consists of purchases similar to seat upgrades, baggage charges and airline lounge charges, however not airfare
- As much as $150 yearly in assertion credit for life-style conveniences; this consists of streaming companies, meals supply, health subscriptions and ride-hailing companies
- As much as $120 in assertion credit for International Entry or TSA PreCheck software charges (as soon as each 4 years)
Different advantages embrace as much as 4 complimentary Precedence Move Choose Memberships, 20% financial savings on home or worldwide airfare for any class if you pay with factors, journey and procuring protections and no overseas transaction charges.
By a Precedence Move Choose membership, you may get entry to over 1,700 airport lounges worldwide.
It is a respectable set of advantages for a card that comes with a $550 annual charge, so long as you make the most of the entire credit offered. The flexibleness of the Premium Rewards Elite’s life-style credit score is nice for anybody who spends in all kinds of classes all year long.
Associated: 9 precious journey perks that you would be able to get with a bank card
Incomes factors on the Financial institution of America Premium Rewards Elite bank card
With the Premium Rewards Elite, you may earn on the following charges:
The journey and eating classes are outlined broadly, which means there are a variety of bills that may qualify for double factors. The actual differentiator is with Financial institution of America’s Most popular Rewards program. Primarily, in case you have sufficient property with Financial institution of America, you are rewarded for utilizing one of many financial institution’s bank cards.
Most popular Rewards members earn a 25%, 50% or 75% rewards bonus on choose Financial institution of America playing cards, together with the Premium Rewards Elite card.
| Spend classes | Common cardholders | Most popular Rewards Gold members (25% bonus) | Most popular Rewards Platinum members (50% bonus) | Most popular Rewards Platinum Honors, Diamond or Diamond Honors members (75% bonus) |
|---|---|---|---|---|
| Journey and eating | 2 factors per greenback spent | 2.5 factors per greenback spent | 3 factors per greenback spent | 3.5 factors per greenback spent |
| All the things else | 1.5 factors per greenback spent | 1.875 factors per greenback spent | 2.25 factors per greenback spent | 2.625 factors per greenback spent |
Associated: Why it is best to get a fixed-rate rewards bank card
Redeeming factors on the Financial institution of America Premium Rewards Elite bank card
One of many largest drawbacks of the Premium Rewards Elite card is the restricted variety of redemption choices. Not like comparable playing cards, there aren’t any airline or lodge switch companions.
Factors could be redeemed for journey, a press release credit score, money again, reward playing cards or experiences at 1 cent apiece.
Do not forget that you may get 20% financial savings on airfare for any class when paying with factors by the Financial institution of America Journey Middle or concierge. This brings your per-point worth for these redemptions to 1.2 cents. That does not come near the worth you may get with transferable rewards, nevertheless it’s an enchancment.
Associated: Getting began with factors, miles and bank cards to journey
Which playing cards compete with the Financial institution of America Premium Rewards Elite bank card?
The most effective playing cards to check to the Premium Rewards Elite card are playing cards with related annual charges or advantages, similar to the next playing cards:
- Should you like Chase: The Chase Sapphire Reserve® (see charges and costs) is a good alternative. It is a premium journey card with an annual charge of $795, providing advantages like Precedence Move membership, as much as $500 lodge credit score (as much as $250 biannually in assertion credit, two-night minimal reserving), $300 journey assertion credit score and robust incomes classes. To study extra, learn our full overview of the Sapphire Reserve.
- Should you like Citi: The Citi Strata Premier® Card (see charges and costs) has a decrease $95 annual charge, which is offset by a $100 low cost on an eligible lodge keep of $500 or extra when booked by CitiTravel.com (excluding taxes and costs). The Strata Premier shines in its incomes charges of 10 factors per greenback spent on lodge, automotive rental and attraction bookings made by CitiTravel.com; 3 factors per greenback spent on air journey, different lodge purchases, eating places, supermarkets, gasoline stations and electrical car charging stations; and 1 level per greenback spent on all different purchases. To study extra, learn our full overview of the Citi Strata Premier.
- Should you like American Categorical: The Amex Platinum comes with a hefty $695 annual charge (see charges and costs), although you may recoup this price after which some in the event you maximize the plethora of assertion credit and perks that include it. For many who journey usually, the cardboard earns a powerful 5 factors per greenback spent on airfare purchases made instantly with an airline or by American Categorical Journey® (on the primary $500,000 in a calendar 12 months, then 1 level per greenback). As well as, cardmembers obtain advantages similar to Gold Elite standing with Marriott Bonvoy and Hilton Honors (enrollment is required; phrases apply). To study extra, learn our full overview of the Amex Platinum.
For extra choices, check out our picks for the very best journey playing cards.
Is the Financial institution of America Premium Rewards Elite bank card price it?
If switch companions aren’t a giant deal to you, the Premium Rewards Elite card could also be price it. Should you’re a Most popular Rewards member, then the cardboard turns into virtually a no brainer, as you may earn extra bonus factors throughout all classes. That mentioned, this card has little worth in the event you aren’t utilizing its assertion credit or aren’t a Most popular Rewards member. In that case, you are higher off with a mid-tier journey card.
Backside line
The Financial institution of America Premium Rewards Elite card targets current or incoming Most popular Rewards program purchasers by providing them a higher-priced product inside the Financial institution of America ecosystem.
This card will doubtless stay a distinct segment participant, particularly contemplating that Financial institution of America doesn’t have airline or lodge switch companions. That mentioned, it is nonetheless a stable card for many who financial institution with Financial institution of America and might reap the benefits of its annual assertion credit.
Associated: The 7 greatest stand-alone bank cards
For charges and costs of the Amex Platinum, click on (see right here).
