Last Updated: 07/28/2025
Bank of America® Premium Rewards® Elite Credit Card
Unaffiliated
in Credit Cards from Bank of America
Last Updated: 07/28/2025
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Highlights
Purchase APR (Variable APR)
20.74% - 28.74%(Verified 11/12/2024)
Balance Transfer APR (Variable APR)
20.74% - 28.74%(Verified 11/12/2024)
Credit Score Range
Starting at 720
Annual Fee
$550
Bank of America® Premium Rewards® Elite Credit Card Review
This is a store cashback credit card issued by Bank of America. If you're wondering whether Bank of America® Premium Rewards® Elite Credit Card is the right card for you, read on.
Key Takeaways
- 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.
- APR: This is not a great card for people who carry a balance. It has a variable regular purchase APR that ranges from 20.74% up to 28.74%.
- A 4% balance transfer fee. Bank of America® Premium Rewards® Elite Credit Card charges a fee of 4% on balance transfers. For example, a balance of $1,000 could cost $40 in transfer fees.
- No foreign transaction fee. This card does not charge a fee when you make a purchase that passes through a foreign bank, or is in a currency other than the U.S. dollar (USD), which makes it a great credit card to carry when traveling abroad.
- Airport Lounge Access. Benefits like airport lounge access can add luxury to your travel experience.
- Multiple credit card benefits. Includes generous credit card perks, such as Auto Rental Collision Damage Waiver, airline credit, access to a concierge, emergency support, extended warranty protection on purchases, identity theft protection, purchase security, travel accident insurance, travel assistance, trip cancellation and interruption protection, and fraud protection.
- Excellent credit required. You will have good approval odds if you have an excellent credit score.
Pros & Cons of Bank of America Premium Rewards Elite Credit Card
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Bank of America Premium Rewards Elite Credit Card FAQ
Does Bank of America Premium Rewards Elite Credit Card have a cash back or rewards program?
This is a cashback card. This means you earn a percentage of your purchases as cash back rewards.
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Travel | 2.5 x points - 3.5 x points | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Every Purchase | 1.5 x points - 2 x points (Earn unlimited 2 points for every dollar spent on travel and dining purchases and unlimited 1.5 points per dollar on all other purchases. There's no limit to the points you can earn, and points don't expire as long as the account remains open.) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Does Bank of America Premium Rewards Elite Credit Card have a signup bonus?
Yes. 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.
Does Bank of America Premium Rewards Elite Credit Card offer an annual loyalty bonus?
This card doesn't offer a cash loyalty bonus.What are the Bank of America Premium Rewards Elite Credit Card benefits?
Bank of America® Premium Rewards® Elite Credit Card provides the following benefits:
- Auto Rental Collision Damage Waiver
- Emergency Support
- Extended Warranty Protection
- Trip Cancellation Insurance
- Zero fraud liability
- Travel Accident Insurance
- Travel Assistance
- Reports to major credit bureaus
What are the relevant APRs for Bank of America Premium Rewards Elite Credit Card?
According to the Federal Reserve Board, the average regular APR for accounts that carry a balance (as of November 2024) is 22.80%. This card has lower than average regular APRs.Bank of America® Premium Rewards® Elite Credit Card has a variable purchase APR that ranges from 20.74% up to 28.74%. The card has a variable balance transfer APR that ranges from 20.74% up to 28.74%. It also has a variable cash advance APR that ranges from 23.74% up to 28.74%.
Note that late payments are subject to an APR of 29.99% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.Does Bank of America Premium Rewards Elite Credit Card have an intro APR offer on balance transfers?
No, it does not come with an intro APR offer for balance transfers.Does Bank of America Premium Rewards Elite Credit Card have an intro APR offer on new purchases?
This card does not offer an intro APR rate on new purchases.What are the fees for Bank of America Premium Rewards Elite Credit Card?
| Description | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign Currency Transaction Fee | 0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annual Fee | $550 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Late Fee Amount | Up to $40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash Advance Fee (%) | 4% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
This card charges an annual fee of $550.
Does Bank of America Premium Rewards Elite Credit Card have a foreign transaction fee?
This card does not charge foreign transaction fees. If you are a frequent traveler, avoiding foreign transaction fees can save you hundreds of dollars in fees when you travel out of the country.What is the customer service phone number for Bank of America Premium Rewards Elite Credit Card?
The customer service number for Bank of America Premium Rewards Elite Credit Card is (800) 932-2775.
What is the support contact email for Bank of America Premium Rewards Elite Credit Card?
The support contact email for Bank of America Premium Rewards Elite Credit Card is customerservicealert@bankofamerica.com.
What is the login page for Bank of America Premium Rewards Elite Credit Card?
You can access the login page of Bank of America Premium Rewards Elite Credit Card here.
How do people rate the customer service and user experience of Bank of America Premium Rewards Elite Credit Card?
We currently don't have sufficient reviews to provide a reliable SuperMoney community rating for this product.
Does Bank of America® Premium Rewards® Elite Credit Card report your account activity to credit bureaus?
Yes, Bank of America® Premium Rewards® Elite Credit Card reports to the following credit bureaus:
- Equifax
- Experian
- TransUnion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does Bank of America perform a hard credit pull?
Yes, Bank of America Premium Rewards Elite Credit Card performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
How to apply for Bank of America Premium Rewards Elite Credit Card
- Visit the website of Bank of America Premium Rewards Elite Credit Card.
- Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
- Check the information is accurate and submit your application.
If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.
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