Bank of America
Bank of America Premium Rewards Elite
Annual Fee
$550
Sign-up Bonus
75,000 pts
Travel Credit
$300
Card data last reviewed 2026-05-22
Where It Wins, Where It Doesn't
Generated from the card's data against our full catalog, not editorial opinion.
- Credits worth about $430/yr at typical usage offset 78% of the fee
- Airport lounge access
- No foreign transaction fees
Is the $550 Fee Worth It?
Net annual value (rewards + credits at typical usage, minus the fee) at three reference spending profiles. Signup bonuses excluded.
Everyday
Groceries, gas, and dining out a few times a month ($24,000/yr)
+$258/yr
$378 rewards + $430 credits - $550 fee
Foodie
Heavy dining and delivery, lighter on travel ($26,000/yr)
+$321/yr
$441 rewards + $430 credits - $550 fee
Traveler
Several trips a year with flights and hotels ($28,000/yr)
+$384/yr
$504 rewards + $430 credits - $550 fee
Rewards by Category
Dining
2x
Grocery
1.5x
Gas
1.5x
Flights
2x
Hotels
2x
Other Travel
2x
Online Shopping
1.5x
Rideshare
2x
Streaming
1.5x
Amazon
1.5x
Costco
1.5x
Other
1.5x
Apple
1.5x
Cell Phone
1.5x
Fast Food
2x
Home Utilities
1.5x
Internet
1.5x
Walmart
1.5x
Point value: 1.0 cents per point
The Fine Print That Changes the Math
2X on travel and dining. 1.5X on other purchases. $300 annual airline incidental credit. $150 annual lifestyle credit (food delivery, rideshare, streaming, fitness). Up to $120 Global Entry/TSA PreCheck every 4 years. Four Priority Pass memberships. 20% savings when booking airfare with points. Preferred Rewards members earn 25-75% more.
- No foreign transaction fees
Benefits & Credits
Airport Lounge Access
Priority Pass or proprietary lounges
Airline Incidental Credit$300
We count this at 75% of face value (typical usage)
Lifestyle Credit (food delivery, rideshare, streaming, fitness)$150
We count this at 70% of face value (typical usage)
Four Priority Pass memberships$200
We count this at 50% of face value (typical usage)
Bank of America Premium Rewards Elite FAQ
What is the Bank of America Premium Rewards Elite annual fee?
The Bank of America Premium Rewards Elite has a $550 annual fee. Statement credits worth about $430/yr at typical usage reduce the effective cost.
What is the Bank of America Premium Rewards Elite signup bonus?
75,000 points for new cardholders meeting the minimum spend. Verified 2026-05-22. Check the issuer's site for the current offer.
What are the best spending categories for the Bank of America Premium Rewards Elite?
2x on flights, 2x on hotels, 2x on other travel. Everything else earns 1.5x.
Is the Bank of America Premium Rewards Elite worth the annual fee?
At a typical $24,000/yr spending profile, it nets about $258/yr after the fee. Your own spending mix decides it; run the numbers in the optimizer.
Does the Bank of America Premium Rewards Elite include airport lounge access?
Yes. Lounge access is included; the cash value depends on how often you fly.
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Sources & Verification
Card data last reviewed 2026-05-22.
Card details are for informational purposes only. Please verify current terms, rewards, and benefits on the issuer's website before applying. Links to issuers are direct; CardSavvy currently earns no commission from them.