Bank Of America® Premium Rewards® Elite Credit Card

Name: Bank Of America® Premium Rewards® Elite Credit Card
Brand: Bank of America, National Association
Price: 389.69 USD
Availability: InStock

A $550-annual-fee cashback-and-points card from Bank of America, National Association, with airport lounge access and a $750 signup bonus.

Cash or points

Bank of America, National Association · VISA

Annual fee: $550
Purchase APR: 19.49–27.49%variable
Signup bonus: $750
Foreign transaction: None

Your NAV

Try your own numbers

Spending

Monthly spend$2,500

Enter what you spend per category each month. Anything left blank counts as $0.

GroceryDiningGasTravelEverything else

Lounge value / yrWhat airport lounge access is worth to you per year. Zero if you rarely fly. Rough anchors: • Never flies or never uses lounges: $0 • 1–3 visits/yr (occasional traveler): $100–$200 • 5–10 visits/yr (regular leisure + business): $300–$500 • 15+ visits/yr (frequent business traveler): $750–$1,500 • 25+ visits/yr (road warrior): $1,500+ A Priority Pass day pass costs $35–$50; premium third-party lounges run $50–$75. Pick a number that reflects what you'd actually pay if you had to buy each visit.$0 (not counted)

Revolving balance$0

Spending we calculated on

Monthly$2,500

Annual$30,000

What this card would give you

Cashback	$460
Statement credits	$480
Subtotal	$940

You'd earn $940 in value over the year.

What it would cost you

Annual fee	$550
Subtotal	$550

You'd pay $550 to hold the card.

Year 1 value$1,140

Ongoing / yr$390

Year 1 includes the $750 signup bonus.

Net Annual Value$390

Net: an estimated $390 ahead over the year at your profile.

Earn Rules

Travel	2.00%
Dining	2.00%
All Other	1.50%

Statement Credits

Each credit shown at full face value. The NAV math counts the total. What you actually use is your call.

up to $300 annually in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight servicesyearSource ↗	$300/yr
up to $150 annually for lifestyle conveniences including video streaming services, food delivery, fitness subscriptions and rideshare servicesyearSource ↗	$150/yr
up to $120 in statement credits for Global Entry or TSA PreCheck® application fees, every four yearsevery 4 years (amortized)Source ↗	$30/yr

Total credits / year we count

$480

The total counts each credit at face value, and only the ones reachable at this spending level.

Signup Bonus

75,000 online bonus points — a $750 value — after you make at least $5,000 in purchases in the first 90 days of account opening

Value: $750 · Spend $5,000 in 3 months

This bonus is counted in full in the card's Year 1 value, and only when your spend meets the requirement. It's excluded from the ongoing value.

Who This Card Makes Sense For

People who reliably pay their balance in full each month. The 27.49% APR would wipe out the card's other benefits within a single billing cycle of revolving.
People who will spend $1,667 a month for the next 3 months anyway. That clears the $5,000 required for the $750 bonus, which covers the $550 fee and then some in year one.
Travelers who will actually use the lounge access. Set what a visit is worth to you in the calculator above. It is counted as $0 until you do, so the $550 fee currently has to be covered by everything else.

Where This Came From

Annual fee“$550”
Source ↗
APR range“19.49% – 27.49%”
Source ↗

Wondering if this card pays off for your situation? Is the Bank Of America® Premium Rewards® Elite Credit Card worth it? →

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