Financial institution of America Premium Rewards Elite bank card overview
In case 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 accessible. Card ranking*: ⭐⭐⭐½
* Card ranking relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
Among the many common heavyweights on the earth of premium rewards playing cards, such because the Capital One Enterprise X Rewards Credit score Card and The Platinum Card® from American Specific, Financial institution of America has its contender — though its competitiveness comes with the caveat that to succeed in the cardboard’s full potential you must qualify for Financial institution of American Most popular Rewards. Extra about that under.
Unveiled in 2021, the Financial institution of America Premium Rewards Elite Credit score Card comes with an annual price of $550 and is designed for Financial institution of America’s high-net-worth purchasers. Nevertheless it’s not unique to that buyer base, and you do not want to have a relationship with the financial institution to use. Accepted candidates sometimes have a credit score rating of 670 or greater.
At first look, the brand new card looks as if a souped-up model of the longstanding Financial institution of America® Premium Rewards® bank card.
Nevertheless, the brand new card is perhaps price contemplating primarily based on its life-style credit and all-metal design. Here is what you must 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 supplied by the cardboard issuer.
Financial institution of America Premium Rewards Elite bank card execs and cons
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Financial institution of America Premium Rewards Elite bank card welcome bonus
New cardholders of the Premium Rewards Elite card earn 75,000 bonus factors after spending $5,000 on purchases within the first 90 days of account opening. These factors have a set worth of 1 cent every, which means that this bonus is price $750.
Financial institution of America has no printed restrictions that apply particularly to incomes welcome bonuses, however they do have the notorious 2/3/4 rule relating to card functions the place you possibly can solely get accredited for 2 Financial institution of America playing cards in a two-month interval, three playing cards in a 12-month interval and 4 playing cards in a 24-month interval.
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Financial institution of America Premium Rewards Elite bank card advantages
Most rewards playing cards with excessive annual charges supply perks that assist offset some (or all) of that yearly price. The Premium Rewards Elite card is not any completely different, with the next notable advantages:
- As much as $300 yearly in airline incidental assertion credit; this consists of purchases reminiscent of seat upgrades, baggage charges, and airline lounge charges however not airfare
- As much as $150 yearly in assertion credit for life-style comfort; this consists of streaming providers, meals supply, health subscriptions and ride-hailing providers
- As much as $100 in assertion credit for World Entry or TSA PreCheck utility charges (as soon as each 4 years)
Different advantages embody as much as 4 complimentary Precedence Move Choose Memberships, 20% financial savings on home or worldwide airfare for any class once you pay with factors, journey and buying protections and no international transaction charges.
This can be a respectable set of advantages for a card that comes with a $550 annual price, so long as you make the most of the entire credit supplied.
Associated: 9 worthwhile journey perks which you could get with a bank card
Incomes factors on the Financial institution of America Premium Rewards Elite bank card
With the Premium Rewards Elite card, you are incomes 2 factors per greenback spent on journey and eating and 1.5 factors per greenback on all the pieces else. The journey and eating classes are outlined broadly, just like the Chase Sapphire Reserve®, which means there are loads of bills that may qualify for double factors.
The true differentiator is with Financial institution of America’s Most popular Rewards program. Basically, if 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 cardholder | Most popular Rewards Gold (25% bonus) | Most popular Rewards Platinum (50% bonus) | Most popular Rewards Platinum Honors, Diamond or Diamond Honors (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 |
| Every part 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’s 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. In contrast to comparable playing cards, there aren’t any airline or lodge switch companions.
Factors may be redeemed for journey, money again, a press release credit score, experiences or reward playing cards at 1 cent apiece. As well as, factors may be redeemed for 20% financial savings on airfare for any class when paying with factors by means of the Financial institution of America Journey Middle or concierge. This brings your per-point worth for these redemptions to 1.2 cents.
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?
One of the best playing cards to check to the Premium Rewards Elite card are playing cards with related annual charges or advantages, reminiscent of the next playing cards:
- In case you like Chase: The Chase Sapphire Reserve, with a $550 annual price. The cardboard gives a $300 journey credit score yearly, which can be utilized towards any buy that codes as journey, together with however not restricted to airfare, lodges, rental automobiles, tolls, parking meters, prepare tickets or subway rides. The cardboard additionally earns 3 factors per greenback spent on broadly outlined classes for journey and eating. To be taught extra, learn our full assessment of the Chase Sapphire Reserve.
- In case you like Citi: The Citi Strata Premier℠ Card (see charges and costs) is available in with a decrease $95 annual price, which is offset by a $100 low cost on an eligible lodge keep of $500 or extra when booked by means of Citi Journey. The Strata Premier shines in its incomes charges of 10 factors per greenback spent on lodge, automotive rental and attraction bookings made by means of Citi Journey; 3 factors per greenback spent on air journey, different lodge purchases, eating places, supermarkets, gasoline stations and EV charging stations; and 1 level per greenback spent on all different purchases. To be taught extra, learn our full assessment of the Citi Strata Premier.
- In case you like American Specific: The Amex Platinum comes with a hefty $695 annual price (see charges and costs), although you possibly can recoup this price after which some in case you maximize the plethora of assertion credit and perks that include it. For many who journey typically, the cardboard earns a powerful 5 factors per greenback spent on airfare purchases made instantly with an airline or by means of AmexTravel.com (on the primary $500,000 in a calendar 12 months, then 1 level per greenback). As well as, cardmembers obtain advantages reminiscent of Gold Elite standing with Marriott Bonvoy and Hilton Honors (enrollment required). To be taught extra, learn our full assessment of the Amex Platinum.
For added choices, check out our picks for the greatest journey playing cards.
Associated: Why the Citi Strata Premier and Rewards+ playing cards are an awesome pair
Is the Financial institution of America Premium Rewards Elite bank card price it?
If switch companions aren’t a giant deal to you, you possibly can contemplate the Premium Rewards Elite card. In case you’re a Most popular Rewards member, then the cardboard turns into extra of a no brainer, as you may earn extra bonus factors throughout all classes. Nevertheless, in case you’re not using the assertion credit, then this card has little worth, and also you’re higher off with a mid-tier journey card.
Backside line
The Financial institution of America Premium Rewards Elite card appears to focus on current or incoming Most popular Rewards program purchasers by providing them a higher-priced product throughout the Financial institution of America ecosystem. The cardboard 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 individuals who financial institution with Financial institution of America and may make the most of its annual assertion credit.
Associated: Every part it’s best to learn about Financial institution of America’s Most popular Rewards program
For charges and costs of the Amex Platinum, click on right here.
