Bank of America Premium Rewards Elite Credit Card: strategies, tips, FAQs, and alternatives

The Bank of America Premium Rewards Elite Credit Card is a top-tier travel card built for those who spend big and expect more.

The Bank of America Premium Rewards Elite Credit Card is a heavy-hitter when it comes to maximizing travel benefits and flexible redemption. Designed for high spenders and Preferred Rewards members, this guide explores advanced tactics, essential FAQs, optimization hacks, and how it compares to top-tier competitors.

💡 Getting Started: Key Steps to Maximize the Card

1. Enroll in Preferred Rewards

If you have at least $20,000 across qualifying Bank of America accounts, you’re eligible for Preferred Rewards. Higher tiers yield up to 75% more points on every purchase. That turns your 2X travel/dining rewards into a 3.5X multiplier at the top tier.

2. Activate Your Credits Immediately

Take full advantage of the $550 credit bundle:

• $300 airline incidental credit — covers baggage fees, in-flight Wi-Fi, and seat upgrades
• $150 lifestyle credit — covers streaming services, food delivery, fitness, or rideshare subscriptions
• $100 Global Entry or TSA PreCheck — available once every 4 years

Activate early to maximize annual credit cycles.

3. Use the Card for High-Multiplier Categories

Apply the card to:

• Travel (airfare, hotel stays, car rentals): 2X points
• Dining (restaurants, cafes, delivery): 2X points
• Other spending: 1.5X points

Avoid using the card on low-yield expenses unless you’re working toward a bonus or redemption goal.

4. Redeem Points Strategically

Best value redemptions:

• Travel bookings via Bank of America Travel Center
• Statement credits and direct deposits into BoA/Merrill accounts

Avoid: merchandise and gift cards (often sub-1¢ per point value)

❓ Frequently Asked Questions (FAQs)

1. How do I qualify for Preferred Rewards?

You need a Bank of America checking account and $20,000+ in combined balances. Tier levels go up at $50K, $100K, and $1M+.

2. Are credits applied automatically?

Yes, but you must first opt in to benefits. Once active, eligible purchases will trigger credits within 2-4 weeks.

3. Is lounge access included?

No. Unlike the Amex Platinum or Sapphire Reserve, this card does not offer lounge access.

4. Does the card include travel protections?

Yes, including:

• Trip cancellation/interruption
• Trip delay
• Lost luggage
• Emergency assistance
• Roadside dispatch

5. Are there foreign transaction fees?

No — the card is 100% foreign transaction fee-free.

6. Can I transfer points to airline partners?

Unfortunately, point transfers are not supported.

7. Do points expire?

No. As long as your account is open and in good standing, your points never expire.

8. Can I combine points with other BoA cards?

Yes. You can pool points with other Bank of America credit cards that earn rewards.

9. What credit score is needed to qualify?

Typically, good to excellent credit (740+) is required.

10. Can I downgrade to avoid the annual fee?

Yes. Bank of America allows product changes to lower-tier cards without affecting your account age.

🎉 Expert-Level Hacks to Boost Value

1. Double-Dip Credits

Use your airline incidental credit in December, then again in January for a quick $600 value within 13 months.

2. Stack with Third-Party Deals

Book flights or hotels through sites offering extra points or cash back (e.g., Rakuten, airline portals), then pay with your Elite card.

3. Optimize Subscriptions

Use the $150 lifestyle credit for:

• Spotify Premium Family
• Peloton or Apple Fitness+
• Uber One
• Netflix, Hulu, Disney+ bundles

4. Avoid Redundant Purchases

Already have TSA PreCheck from another card? Use the $100 credit to gift enrollment to a friend or family member.

5. Use in Global Travel

Thanks to no foreign transaction fees, it’s an ideal primary card abroad.

📊 Alternatives to Compare

Card	Key Features	Annual Fee
Chase Sapphire Reserve	3X travel & dining, lounge access, Lyft perks	$550
Amex Platinum	5X flights, lounges, hotel credits, elite status	$695
Capital One Venture X	2X flat rate, lounge access, $300 travel credit	$395
Wells Fargo Autograph Journey	5X on select categories, travel protections	$95

The BoA Premium Rewards Elite is best for:

• Clients with significant BoA/Merrill holdings
• Users seeking credits over transfer partners
• Domestic and international travelers who value flexibility

🌪️ Drawbacks to Consider

• No lounge access (common at this tier)
• No transfer partners (limiting for airline rewards enthusiasts)
• High annual fee if you’re not maximizing all credits

📊 Is It Better Than the Base Premium Rewards Card?

Feature	Elite Version	Base Version
Annual Fee	$550	$95
Airline Credit	$300	$100
Lifestyle Credit	$150	None
TSA/GE Credit	Yes	Yes
Points Earn Rate	2X/1.5X	2X/1.5X
Preferred Rewards Boost	Yes (up to 75%)	Yes (up to 75%)

Upgrade to Elite if:

• You spend $30,000+ annually on travel/lifestyle
• You want richer protections and credits
• You qualify for Preferred Rewards Platinum tier or higher

🌿 Final Verdict: Who Should GeThis card is perfect for:

• High-income earners already banking with BoA
• Travelers wanting consistent value and elite-level protections
• Anyone spending heavily in travel/dining who can activate and use the statement credits

Not ideal for:

• Minimal spenders
• Loyalty-point chasers who prefer airline/hotel transfer programs
• Users who already have overlapping premium card benefits

✨ Tip: If you’re maximizing the credits and part of Preferred Rewards Platinum or above, this card can offer well over $1,000 in annual value.

👍 Final Thoughts

The Bank of America Premium Rewards Elite Credit Card isn’t just about prestige—it’s about practical value. With smart use, it becomes more than worth its $550 fee. Combine it with the BoA ecosystem, and it becomes a high-leverage tool for serious travelers and reward seekers.