Great Card If
- You want a card with a simple reward and redemption structure that also offers premium benefits such as airport lounge access
- You have status in the Bank of America Preferred Rewards program and can boost the number of rewards you earn with the card
Don’t Get If
- You want a card that offers access to airline and hotel transfer partners
- You’re not in the Bank of America Preferred Rewards program
Bank of America Premium Rewards Elite Card — Is It Worth It?
For those who are in the market for a premium travel rewards card that offers luxury perks, but without any headaches when it comes to redeeming your points, the Bank of America Premium Rewards Elite card would likely be well worth it for you.
It can be easy to scoff at the card at first when you see its $550 annual fee, but when you consider that it also offers $450 worth of annual statement credits, airport lounge access, Global Entry, Visa Infinite benefits, travel protections, and the ability to redeem your points for 20% more towards airfare, the value that most cardholders will receive from the card will far exceed the annual fee.
Further, the card is especially worth it for those who hold status in the Bank of America Preferred Rewards program, as they have the ability to boost the rewards they receive from the card by 25% all the way up to a whopping 75%!
Bank of America Premium Rewards Elite Card Top Benefits
Bank of America Preferred Rewards Point Boost
The best way to take your Bank of America Premium Rewards Elite card to the next level is by holding status in the Bank of America Preferred Rewards program. This is because doing so allows you to boost the number of points you earn with your card anywhere from 25% to 75% depending on your level within the program.
Here is a look at what you need to qualify for, and the credit card rewards boost you receive, at each status level:
SCROLL FOR MORE
| Status Level | Assets Required | Rewards Bonus | Increased Earnings |
| Gold | $20,000+ in assets | 25% rewards bonus |
|
| Platinum | $50,000+ in assets | 50% rewards bonus |
|
| Platinum Honors and Above | $100,000+ in assets | 75% rewards bonus |
|
Travel and Lifestyle Benefits
$300 Annual Airline Incidental Credit
Cardholders receive $300 each year in airline incidental statement credits to offset purchases made with airlines on expenses such as seat upgrades, baggage fees, inflight services, and airline lounge fees.
$150 Annual Lifestyle Credit
You’ll also receive a $150 credit each year towards lifestyle expenses such as streaming services, food delivery, fitness subscriptions, and rideshare services.
Priority Pass Lounge Access
With your card, you and up to 2 traveling companions can access over 1,400 Priority Pass airport lounges worldwide where you can enjoy free food and drinks, along with a spot to relax before your flight. This benefit is also extended to authorized users of the card.
20% Value Boost on Flight Redemptions
When you redeem your points towards any international or domestic airfare through the Bank of America Travel Center, you’ll receive a 20% bonus to their value, making your points worth 1.2 cents per point. This means that you could redeem 75,000 points towards $900 in airfare with any carrier!
Global Entry/TSA PreCheck Credit
While this benefit is offered on many cards, it can be a game-changer for those that don’t have it already. In comparing the 2, TSA PreCheck provides an expedited security experience at U.S. airports, while Global Entry helps you speed through customs when you return to the U.S. from abroad. That said, you’re best off opting for Global Entry as that membership includes TSA PreCheck as well, but TSA PreCheck alone does not include Global Entry.
Travel and Purchase Protections
The card also offers a plethora of travel and purchase protections to help keep you covered.
- Trip delay insurance provides coverage of up to $500 per ticket for you and family members for reasonable expenses if a covered trip is delayed for more than 6 hours
- Trip cancellation insurance provides coverage up to $2500 for non-refundable passenger fares if your trip is canceled or cut short by sickness or other covered situations
- Baggage delay insurance provides coverage of up to $100 per day (towards essential items such as clothing), for up to 5 days, when your bags are delayed for more than 6 hours
- Lost luggage insurance covers you for the cost of items, up to $3,000, in your luggage if it is lost or stolen due by the carrier
- Rental car insurance provides primary coverage for up to $75,000 towards damage to the rental car due to collision or theft
- Purchase protection provides coverage if an item purchased with the card is stolen or damaged within 90 days of purchase; you can receive coverage towards a repair or replacement for up to $10,000 per claim, and up to $50,000 per cardholder
- Extended warranty coverage doubles the time period of the manufacturers’ warranty, up to 1 additional year, for eligible items purchased with your card
- Return protection is offered if you’ve purchased an item up to 90 days ago and the retailer will not accept the return; you can receive coverage of up to $300 per eligible item and up to $1,000 annually
Best Ways To Earn and Redeem Your Bank of America Points
The best way to earn more points with your card is to use it for as many purchases as you can, especially since you’ll earn a minimum of 1.5x points per $1 on all purchases. However, if you really want to boost your earning potential then you will want to earn status in the Bank of America Preferred Rewards program, as this will help you earn 25% to 75% more points on all of your purchases.
When it comes to redeeming your points, the Bank of America rewards program is a fixed rewards program with all of your points being worth a set rate of 1 cent per point towards redemptions. However, Bank of America Premium Rewards Elite cardholders can redeem their points with a 20% bonus when redeeming for airfare through the Bank of America Travel Center — making this the best option when it comes to getting maximum value from your points!
Alternative Cards to the Bank of America Premium Rewards Elite Card
Chase Sapphire Reserve®
Chase Sapphire Reserve®
U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
A top player in the high-end premium travel credit card space that earns 3x points on travel and dining while offering top luxury perks.
Chase Sapphire Reserve®
A top player in the high-end premium travel credit card space that earns 3x points on travel and dining while offering top luxury perks.
Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's worth $1,125 when redeemed through Chase Travel℠.
75,000 points
$1,500
$550
22.49%-29.49% Variable
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Excellent (740-850)
If you’re looking for an all-around excellent travel rewards card, the Chase Sapphire Reserve®is one of the best options out there.
The card combines elite travel benefits and perks like airport lounge access, with excellent point earning and redemption options. Plus it offers top-notch travel insurance protections to keep you covered whether you’re at home or on the road.
Don’t forget the $300 annual travel credit which really helps to reduce the annual fee!
Pros
- 10x total points on hotels and car rentals when you purchase travel through Chase TravelSM immediately after the first $300 is spent on travel purchases annually
- 10x points on Lyft purchases March 31, 2025
- 10x points on Peloton equipment and accessory purchases over $250 through March 31, 2025
Cons
- $550annual fee
- Does not offer any sort of hotel elite status
Read Full Review
- Earn 75,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $1,125 toward travel when you redeem through Chase TravelSM.
- $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year.
- Earn 5x total points on flights and 10x total points on hotels and car rentals when you purchase travel through Chase TravelSMimmediately after the first $300 is spent on travel purchases annually. Earn 3x points on other travel and dining & 1 point per $1 spent on all other purchases
- Get 50% more value when you redeem your points for travel through Chase TravelSM. For example, 75,000 points are worth $1125 toward travel.
- 1:1 point transfer to leading airline and hotel loyalty programs
- Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority PassTMSelect and up to $100 application fee credit every four years for Global Entry, NEXUS, or TSA PreCheck®
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Member FDIC
Financial Snapshot
- APR: 22.49%-29.49% Variable
- Foreign Transaction Fees:$0
Rewards Center
Chase Ultimate Rewards
The Chase Sapphire Reserve card is another premium card that charges a $550 annual fee, but with it, you’ll earn 10x points on hotels and car rentals purchased through the Chase travel portal, 10x points per $1 on Chase Dining, 5x points per $1 on airfare purchased through the Chase travel portal, along with 3x points per $1 on all other travel and dining purchases worldwide.
The card also offers benefits such as a $300 annual travel credit, Priority Pass lounge access, travel and purchase coverage, and access to the Chase transfer partners. Your points are also worth 50% more towards travel purchases made through the Chase travel portal.
Capital One Venture X Rewards Credit Card
Capital One Venture X Rewards Credit Card
U.P. Rating
The rating for this card has been determined by our own industry experts who know the in's and out's of credit card products. Bonuses, rewards as well as rates and fees are all taken into account. Compensation from the issuer does not affect our rating. We only recommend products we either use ourselves or endorse.
The Capital One Venture X card is an excellent option for travelers looking for an all-in-one premium credit card.
Capital One Venture X Rewards Credit Card
The Capital One Venture X card is an excellent option for travelers looking for an all-in-one premium credit card.
Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel.
75,000 miles
$1,350
$395
19.99% - 29.99% (Variable)
Upgraded Points credit ranges are a variation of FICO®Score 8, one of many types of credit scores lenders may use when considering your credit cardapplication.
Excellent (740-840)
The Capital One Venture X Rewards Credit Card is the premium Capital One travel rewards card on the block.
Points and miles fans will be surprised to see that the Capital One Venture X card packs quite the punch when it comes to bookings made through Capital One, all while offering the lowest annual fee among premium credit cards.
Depending on your travel goals and preferences, the Capital One Venture X card could very well end up being your go-to card in your wallet.
Pros
- 10x miles per $1 on hotels and rental cars purchased through Capital One Travel
- 5x miles per $1 on flights purchased through Capital One Travel
- 2x miles per $1 on all other purchases
Cons
- $395 annual fee ()
- Does not offer bonus categories for flights or hotel purchases made directly with the airline or hotel group, the preferred booking method for those looking to earn elite status
Read Full Review
- Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening, equal to $750 in travel
- Receive a $300 annual credit for bookings through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options
- Get 10,000 bonus miles (equal to $100 towards travel) every year, starting on your first anniversary
- Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
- Earn unlimited 2X miles on all other purchases
- Unlimited complimentary access for you and two guests to 1,300+ lounges, including Capital One Lounges and the Partner Lounge Network
- Use your Venture X miles to easily cover travel expenses, including flights, hotels, rental cars and more—you can even transfer your miles to your choice of 15+ travel loyalty programs
- Elevate every hotel stay from the Premier or Lifestyle Collections with a suite of cardholder benefits, like an experience credit, room upgrades, and more
- Receive up to a $100 credit for Global Entry or TSA PreCheck®
Financial Snapshot
- APR: 19.99% - 29.99% (Variable)
- Foreign Transaction Fees:None
Rewards Center
Capital One Miles
The Capital One Venture X card has many overlapping benefits but charges a much lower annual fee of $395. It earns 10x miles per $1 on hotels and rental cars booked through Capital One Travel, 5x miles per $1 on flights booked through Capital One Travel, and 2x miles per $1 on all other purchases.
Further, it offers up to $300 annual travel credit towards purchases through Capital One Travel, 10,000 annual bonus miles, access to Priority Pass lounges, Plaza Premium Lounges, and Capital One Lounges, cell phone protection, and access to airline and hotel transfer partners.
The information regarding the Capital One Venture X Rewards Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
The information regarding the Bank of America® Premium Rewards® Elite Credit Card was independently collected by Upgraded Points and not provided nor reviewed by the issuer.
