The Bank of America Premium Rewards Elite Mastercard is a premium travel rewards credit card. Here’s a breakdown of how to apply:
1. Online Application (Most Common):
- Visit the Bank of America Website: Go to the Bank of America website and navigate to their credit card section. Search for the Premium Rewards Elite card.
- Click “Apply Now”: This button will take you to the secure online application.
- Provide Personal Information: You’ll need to provide details like your name, address, date of birth, Social Security number, and contact information.
- Provide Financial Information: Be ready to share your income, employment details, and other financial information. This is a premium card, so they will be looking for a strong financial profile.
- Review and Submit: Carefully review all the information you’ve entered for accuracy before submitting.
2. Phone Application:
- Call Bank of America: You can call their credit card application line. The number is usually found on their website.
- Speak to a Representative: A representative will guide you through the application process and ask for the same information as the online application.
3. In-Branch Application (Less Common for Premium Cards):
- Visit a Branch: While you could visit a Bank of America branch, applications for premium cards like this are often handled more efficiently online or via phone. Branches are generally more helpful for basic banking services.
Who Is the Bank of America® Premium Rewards® Elite Card Best For?
This card is a great fit for:
- Frequent travelers who can benefit from lounge access, TSA PreCheck credits, and airline credits.
- High-income earners looking for premium perks and willing to pay a $550 annual fee.
- Bank of America Preferred Rewards members with $100,000+ in assets who can boost their earning potential up to 75%.
- Luxury-focused cardholders who value lifestyle credits, concierge service, and premium insurance coverage.
- Individuals who spend heavily on travel and dining and want to earn maximum points in those categories.
It’s not recommended for those who carry a balance, as the interest rate is high, or for those who don’t travel often enough to make use of the card’s perks.
Frequently Asked Questions
What credit score do I need for the Premium Rewards Elite card?
A credit score of 720 or higher is generally recommended. Bank of America looks for applicants with excellent credit and a strong financial background.
Is the $550 annual fee worth it?
Yes — if you use the full $300 airline credit, the $150 lifestyle credit, and take advantage of the Priority Pass and travel protections. These benefits alone can easily offset the fee.
Can I upgrade from another Bank of America card?
Yes, existing Bank of America cardholders may be eligible for an upgrade. Contact customer support or check your online banking offers.
Does this card offer travel insurance?
Absolutely. It includes trip delay, baggage delay, lost luggage reimbursement, trip cancellation/interruption coverage, and more — making it an excellent choice for travelers.
Do points expire?
Points do not expire as long as your account remains open and in good standing.
Comparison With Other Premium Travel Cards
Here’s how the Bank of America Premium Rewards Elite stacks up against top competitors:
Vs. Chase Sapphire Reserve®
| Feature | Premium Rewards Elite | Chase Sapphire Reserve |
|---|---|---|
| Annual Fee | $550 | $550 |
| Travel Credit | $300 (airline-specific) | $300 (broad travel) |
| Lounge Access | Priority Pass Select | Priority Pass Select |
| Points on Travel & Dining | 2x | 3x |
| Preferred Member Boost | Up to 75% bonus | Not available |
| Concierge | Yes | Yes |
Verdict: Sapphire Reserve is better for flexible travel redemptions. BofA wins if you’re a Preferred Rewards client.
Vs. The Platinum Card® from American Express
| Feature | Premium Rewards Elite | Amex Platinum |
|---|---|---|
| Annual Fee | $550 | $695 |
| Lounge Access | Priority Pass only | Centurion, Delta, Priority Pass |
| Travel Credits | $300 airline + $150 lifestyle | $200 airline + others |
| Points on Travel | 2x | 5x (booked via Amex Travel) |
| Concierge | Yes | Yes |
Verdict: Amex Platinum has broader luxury perks and more lounges, but the Premium Rewards Elite offers great value with a lower annual fee and better for BofA clients.
Conclusion and Final Thoughts
The Bank of America Premium Rewards Elite Credit Card offers a compelling package for the right cardholder. With its robust travel benefits, especially the comprehensive Priority Pass membership, and valuable credits, it stands out in the premium credit card market.
For Bank of America customers, the card’s integration with the Preferred Rewards program can significantly enhance its value, making it a strong contender for those who can take advantage of its features. However, potential cardholders should carefully assess their travel habits and financial situation to determine if the card aligns with their needs.
Overall, the Premium Rewards Elite Card is a powerful tool for those who travel frequently and prefer a card that offers flexibility, robust travel benefits, and the potential for enhanced earnings. As with any financial product, it’s crucial to stay informed about changes in terms and benefits to ensure it continues to meet your expectations.
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