BofA Premium Rewards Elite Credit Card [2023.6 Update: 75,000-point all-time-high welcome bonus; $450 in annual credits; $550 annual fee]

【2023.6 Update】The welcome bonus has increased to 75,000 points, worth $750 in cash back. If you book airfare, you get a 20% discount, making it worth up to $935 in flights. Unfortunately, this premium card’s only travel perk is a PP card, with no hotel or airline-related benefits, which is a bit disappointing.

Bank of America Premium Rewards Elite Credit Card

Benefits

• $300 annual airline incidental credit: Each calendar year, airline incidental purchases made on this card can be reimbursed up to $300. According to the official terms, only seat fees, baggage fees, upgrade fees, and in-flight purchases are eligible; airfare is not. In practice, other charges that have reportedly been reimbursed include close-in booking fees on award tickets, taxes and fees, airline change fees, and AA gift cards. (Likely the same as the Premium card.)
• $150 annual Lifestyle credit: Each calendar year, you can receive up to $150 in statement credits for rideshare, food delivery, streaming service, and fitness purchases. Eligibility depends on the merchant’s MCC.
• 20% discount when redeeming points for airfare: Book airfare through BofA Travel and pay with points to receive a 20% discount, limited to the portion paid with points. For example, if a ticket costs $100, 4000 points can offset $50 of the purchase, and the remaining $50 will continue to be charged to the card.
• Priority Pass Select: You or an authorized user can be designated for membership, with access to lounges and guest privileges (guest allowance not yet confirmed).
• TSA Pre or Global Entry: Reimbursement for the application fee up to $100, once every four years
• Preferred Rewards bonus: If you have BofA Preferred Rewards status, your earning rates can receive an additional bonus. That means the 2x on dining and travel can become as high as 3.5x, and the 1.5x on all other purchases can become 2.65x.
  • Regular BofA Checking/Saving customers can receive an extra 10% rewards bonus
  • BofA Gold (Checking + investment accounts >$20,000) can receive an extra 25% rewards bonus
  • BofA Platinum (Checking + investment accounts >$50,000) can receive an extra 50% rewards bonus
  • BofA Platinum Honors (Checking + investment accounts >$100,000) can receive an extra 75% rewards bonus
  • For details, see: The most comprehensive guide to BofA Preferred Rewards benefits

BofA card benefits

• Free museum admission: On the first weekend of each month, BofA cardholders get free admission to many museums nationwide. You can add family members as authorized users so they can also enjoy free admission with their cards. For a list of participating museums by state, please click here
• BofA Deal: Offers 5%-15% cash back or fixed-amount cash back at various merchants. Good deals seen in the past include sears 15% cash back ($25 cap), nordstrom rack 15% cash back ($37.5 cap), and an extra $5 bonus for using any one BofA Deal. For details, see “Guide to Using BofA Deals”
• Free credit score: BofA credit cards now provide a free TransUnion credit score. See also: Comparison of free credit scores

My Take

This card has a $550 annual fee, but it offers a $300 airline incidental credit and a $150 Lifestyle credit. If you can fully use both, it is still quite worthwhile as a long-term keeper. The only downside is that the bonus earning rate is just 2x, which is a bit low. If you have top-tier BofA Platinum Honors status (Checking + investment accounts >$100,000), you can earn 3.5x on travel and dining and 2.65x on everyday spending. Combined with the 20% airfare redemption discount, that works out to an effective return of 4.37%/3.3%, making it a good fit for a one-card strategy.

How to Apply

• BOA application status check link, or call: (800) 732-9194
• 2/3/4 rule: at most 2 cards approved within 2 months, 3 within 12 months, and 4 within 24 months. However, BofA’s system is not very reliable, and sometimes a card may be approved at first but later shut down.
• The welcome bonus on the same card can only be received once every 24 months, and you need to make sure the card is closed before applying again>
• You need to be a Resident to apply for a BOA credit card online: when applying for a BofA credit card online, if you select Non resident alien, you will not be able to continue and must apply by phone. However, BofA’s definition of Resident alien is different from the IRS definition of Resident alien for tax purpose. No matter what immigration status you used to enter the US, if you have lived in the US for 183 days within the past two years, then select Resident Alien. If you just arrived in the US and cannot meet this requirement, follow the prompt on the online application page and call 1.800.932.2775 to apply.
• You can call the reconsideration line (888-593-6092) to speed up credit card approval or request a review of a denied application.
• More about applying for BofA credit cards

Application Link