Credit Cards » Compare Credit Cards » Bank of America Premium Rewards vs. Elite: How They Compare?
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Bank of America Premium Rewards vs. Elite: How They Compare?

The BoFa Premium Rewards Elite offers better travel perks, but is it worth the difference in the annual fee? We don't think so. Here's why.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.

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Interest Rates Last Update: July 27, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
  • Article update: February 5, 2024
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.

See full bio
Interest Rates Last Update: July 27, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
  • Article update:February 5, 2024

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Bank of America offers two enticing credit card options that cater to diverse financial needs and preferences: the Bank of America Premium Rewards and the Bank of America Premium Rewards Elite Card.

While the names are quite similar, there is a significant difference between them – this comparison will help you determine which card aligns with your financial goals.

General Comparison: BofA Premium Rewards vs. Elite

While the BofA Premium Rewards elite card does come with a heftier annual fee, the bulk of this cost differential can be attributed to the additional travel perks it offers. These include priority pass lounge access, statement credits, and more.

When it comes to points rewards and welcome bonuses, both cards offer fairly similar terms and benefits.

Bank of America® Premium Rewards®

Bank of America® Premium Rewards® Elite
BoFa Premium Rewards
BoFa Premium Rewards Elite
Annual Fee
$95
$550
Rewards
Unlimited 2X points on travel and dining purchases. Unlimited 1.5X points on all other purchases
2 points for every dollar you spend on travel or dining purchases, with 1.5 points per dollar on all your other purchases
Welcome bonus
60,000 online bonus points for spending $4,000 on new purchases in the first 90 days of opening their card account.
75,000 bonus points if you spend $5,000 or more within 90 days of opening your account
0% Intro APR
N/A
N/A
Foreign Transaction Fee
$0
$0
Purchase APR
20.24% – 27.24% Variable
20.24% – 27.24%
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Read Review
Top Offers

Amex gold

Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

hilton honors card

Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

Marriot bonvoy bevy card art

Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

Amex gold
Rewards Plan:
1X – 4X 4X points at restaurants (including Uber Eats purchases in the U.S.) and U.S. supermarkets (up to $25,000 per year in purchases, then 1X points), 3X points on flights booked directly with airlines or on amextravel.com, 2X points on rental cars through amextravel.com and 1X points on all other purchases
Welcome Bonus:
60,000 points 60,000 Membership Rewards® Points after you spend $6,000 on eligible purchases on your new Card in your first 6 months of Card Membership. Plus, receive 20% back in statement credits on eligible purchases made at restaurants worldwide within the first 6 months of Card Membership, up to $100 back. Limited time offer. Offer ends 11/6/24.

hilton honors card
Rewards Plan:
3X – 7X 7X Hilton Honors Bonus Points for each dollar of eligible purchases charged directly with hotels and resorts within the Hilton portfolio, 5x points at U.S. restaurants (including takeout and delivery) U.S.supermarkets, U.S. gas stations and 3x points for each dollar on other eligible purchases
Welcome Bonus:
70,000 points 70,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 6 months of Card Membership

Marriot bonvoy bevy card art
Rewards Plan:
2x – 6x 6X points on purchases at hotels participating in Marriott Bonvoy, 4X points at restaurants worldwide (including takeout and delivery in the U.S.) and U.S. supermarkets (up to $15,000 in combined purchases per year, then 2X points), 2X points on all other purchases
Welcome Bonus:
85,000 points 85,000 Marriott Bonvoy bonus points after you use your new Card to make $5,000 in purchases within the first 6 months of Card Membership
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

Point Rewards Battle: A Side-by-Side Analysis

While the Elite card annual fee is much higher, both cards offer the same point rewards ratio.

Keep in mind that Bank of America doesn't offer access to airline or hotel transfer partners. However, the primary redemption option, labeled as “Travel,” enables you to utilize your accumulated points to directly book flights, hotels, or car rentals.

Bank of America® Premium Rewards®

Bank of America® Premium Rewards® Elite
Spend Per Category
BoFa Premium Rewards
BoFa Premium Rewards Elite
$15,000 – U.S Supermarkets
22,500 points
22,500 points
$5,000 – Restaurants
10,000 points
10,000 points
$5,000 – Airline
10,000 points
10,000 points
$5,000 – Hotels
10,000 points
10,000 points
$4,000 – Gas
6,000 points
6,000 points
Estimated Annual Value
58,500 points (About $585)
58,500 points (About $585)

BofA Premium Rewards vs. Elite: Compare Travel Benefits

Both cards offer additional benefits including:

  • Airline Incidental Statement Credits: Receive up to $100/$300 annually for eligible purchases like seat upgrades, baggage fees, in-flight services, and airline lounge fees, automatically applied to your card statement.
  • 25%-75% More Points: Bank of America Preferred Rewards® members earn 25%-75% more points on every purchase.
  • $100 TSA PreCheck® or Global Entry: Get up to $100 for TSA PreCheck® or Global Entry application fees every four years, providing a convenient way to streamline your airport security experience.
  • Balance Connect® for Overdraft Protection: Link your eligible Bank of America® checking account to your credit card to prevent declined purchases, returned checks, or other overdrafts with this optional service.
  • Concierge Service: Visa Signature® offers access to concierges who can assist with travel planning, provide restaurant recommendations, and make event reservations, enhancing your overall experience.
  • Visa Signature/Infinite Luxury Hotel Collection: Enjoy premium benefits with your Premium Rewards® card when booking through this exclusive hotel collection.
  • BoFa Partner Rewards: Collaborations with various merchants and service providers meant we could unlock exclusive perks and discounts simply by being Bank of America cardholders.
BoFa reward partners
BoFa reward partners (Screenshot from Bank Of America)

Benefits You'll Get Only With The Premium Rewards Card

The regular Premium Rewards credit card offers the following benefits:

  • $100 Airline Incidental Statement Credits: Receive up to $100 annually for eligible purchases like seat upgrades, baggage fees, in-flight services, and airline lounge fees, automatically applied to your card statement.
  • Visa Signature Luxury Hotel Collection: Enjoy premium benefits with your Premium Rewards® card when booking through this exclusive hotel collection.

Which Benefits You'll Get Only With The Elite Card?

The Elite credit card offers some unique, premium benefits for cardholders that you won't be able to get with the regular card:

  • $300 Airline Incidental Statement Credits: Receive up to $300 annually for qualifying purchases like seat upgrades, baggage fees, airline lounge fees, and in-flight services.

  • $150 Lifestyle Convenience Credits: Get up to $150 annually for lifestyle services such as video streaming, food delivery, fitness subscriptions, and rideshare services.

  • 20% Off Airfare with Points: Save 20% on domestic or international airfare for any class when you pay with points.

  • Priority Pass Lounge Access: Enjoy free, unlimited access to airport lounges and experiences worldwide with up to 4 complimentary Priority Pass™ Select Memberships.

  • 24/7 Concierge Service: Access a complimentary 24/7 Full-Service Concierge for assistance with travel bookings, dinner reservations, event tickets, and more.

  • Visa Infinite Car Rental Benefits: Receive VIP amenities, complimentary status upgrades, and discounts with car rental providers like Avis, Hertz, National, and Audi on demand.

  • Visa Infinite Luxury Hotel Collection: Enjoy premium hotel benefits including late checkouts, daily breakfast for two, automatic upgrades, and more (benefits may vary based on availability).

Which Insurance Benefits You'll Get On Both Cards?

  • Purchase Protection: Enjoy comprehensive coverage to protect your new purchases from damage or theft.

  • Extended Warranty Protection: Extend eligible U.S. manufacturer's warranties lasting three years or less by an additional year.

  • Travel Accident Insurance: Receive automatic coverage for eligible losses when you use your credit card to purchase travel fare.

  • 24-Hour Travel Assistance Services: Access emergency services, including immediate card replacement and cash advance in case of a lost or stolen credit card.

  • Auto Rental Collision Damage Waiver: Get primary coverage for theft and collision damage on most rental cars in the U.S. and abroad when declining the rental company's insurance, with reimbursement up to the vehicle's actual cash value.

  • Baggage Delay Insurance: Receive reimbursement of up to $100 per day for essential purchases like toiletries and clothing when your baggage is delayed by a passenger carrier for more than 6 hours, up to a total of 5 days.

  • Lost Luggage Reimbursement: Provides coverage of up to $3,000 per passenger for damaged or lost luggage checked or carried on during travel.

  • Trip Delay Reimbursement: Covers unreimbursed expenses, such as meals and lodging, up to $500 per ticket for common carrier travel delays exceeding 12 hours or requiring an overnight stay.

  • Trip Cancellation Reimbursement: Offers coverage for trip cancellations or shortening due to covered situations like illness.

  • Emergency Evacuation and Transportation Coverage: Ensures financial support for eligible medical services and transportation in case of injury or illness during a trip away from home for you and your immediate family.

  • Return Protection: Receive reimbursement for dissatisfactory eligible items purchased within 90 days when the retailer won't accept return

When You Might Prefer The BofA Premium Rewards Elite?

You might prefer the BofA Premium Rewards Card over the Elite Credit Card if:

  • Desire for Luxury Travel Benefits: If you prioritize premium travel experiences, such as exclusive airport lounge access, personalized travel assistance, and VIP amenities, the Elite card offers these luxury perks.

  • Visa Infinite Car Rental Benefits: If you frequently rent cars, the Elite card provides additional benefits, including VIP amenities, status upgrades, and discounts with car rental providers.

Top Offers

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers From Our Partners

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card
Rewards Plan:
Up to 3x miles 3 miles per $1 spent on United purchases immediately after earning your $125 annual United purchase credit, 2 miles on all other travel and select streaming services, 1 mile on all other purchases
Welcome Bonus:
60,000 miles 60,000 bonus miles + 500 Premier qualifying points (PQP) after you spend $4,000 on purchases in the first 3 months your account is open.
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.
Top Offers

amex platinum

Rewards Plan:
1X – 5X 5X points on up to $500,000 spent on directly-booked airfare and flights and prepaid hotels booked through American Express Travel (per calendar year), 2X points on prepaid car rentals through American Express Travel and 1X points on all other purchases
Welcome Bonus:
80,000 points 80,000 Membership Rewards® points after you spend $8,000 on purchases on your new Card in your first 6 months of Card Membership

amex brilliant

Rewards Plan:
2X – 6X 6 Marriott Bonvoy points for each dollar of eligible purchases at hotels participating in the Marriott Bonvoy™ program, 3 points at Worldwide restaurants and on flights booked directly with airlines and 2 points on all other eligible purchases
Welcome Bonus:
95,000 points 95,000 Marriott Bonvoy bonus points after you use your new Card to make $6,000 in purchases within the first 6 months of Card Membership

Amex Delta SkyMiles Platinum card

Rewards Plan:
1X – 3X 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants worldwide including takeout and delivery in the U.S., and at U.S. supermarkets and 1X Miles on all other eligible purchases
Welcome Bonus:
50,000 miles 50,000 bonus miles after you spend $3,000 in your first six months
Advertiser Disclosure
The product offers that appear on this site are from companies from which this website receives compensation.

When You Might Prefer The BofA Premium Rewards?

You might prefer the Elite Card if:

  • Lower Annual Fee: The Premium Rewards card typically has a lower annual fee, making it a more cost-effective choice for those who prefer a budget-friendly option while still enjoying valuable rewards and benefits.

  • Focus on Points Earning: If your primary goal is to maximize point, the BofA Premium Rewards card could be more appealing. It offers the same point rewards ratio as the Elite card, without the higher annual fee.

Compare The Alternatives

Whether you're seeking travel rewards, a straightforward cashback system, or specific perks tailored to your lifestyle, these alternatives have something for everyone.

Bank of America® travel rewards

capital-one-venture

Wells Fargo Autograph
Bank of America® Travel Rewards credit card
Capital One Venture Rewards Credit Card
Wells Fargo Autograph℠ Card
Annual Fee
$0
$95
$0
Rewards
1.5X 1.5 points for every $1 you spend on all purchases everywhere, every time and no expiration on points
2X – 5X 2X miles per dollar on every purchase, plus 5X miles on hotels and rental cars booked through Capital One Travel
1X – 3X 3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Also, earn 1X points on other purchases
Welcome bonus
25,000 points 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – which can be redeemed for a $250 statement credit toward travel purchases
75,000 miles
20,000 Points 20,000 bonus points when you spend $1,000 in purchases in the first 3 months
Foreign Transaction Fee
$0
$0
$0
Purchase APR
18.24% – 28.24% Variable APR will apply.
19.99% – 29.99% (Variable)
20.24% – 29.99% variable
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Compare BofA Premium Rewards Card

Chase Preferred card is the clear winner as it offers better travel rewards than the BofA Premium Rewards and variety of travel protections.

Bank of America Premium Rewards vs. Chase Sapphire Preferred

The BoFa Premium Rewards Elite offers better travel perks, but is it worth the difference in the annual fee? We don't think so. Here's why.

Bank of America Premium Rewards vs. Elite: How They Compare?

The BofA Premium Rewards is the winner when it comes to travel benefits, but there are cases when you'll prefer the BofA Travel Rewards.

Bank of America Premium Rewards vs. Travel Rewards: Comparison

Compare BofA Premium Rewards Elite Card

While both cards offer premium travel perks, the Chase Reserve is the winner as it provides better travel perks and more redemption options.

Bank of America Premium Rewards Elite vs. Chase Sapphire Reserve

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Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Credit Card Reviews Methodology

In order to determine the best possible credit cards, we look at things like fees, interest rates and rewards. We do this with companies that are associated with us as partners as well as other offerings. From there, we make a decision about what the best card is related to different categories and needs. We focus on interest rate cost & fees, especially the cost of carrying a balance, rewards – cards accumulate rewards in different currencies—points, miles, cash back—and their values vary widely usability – cards that accept a wide range of credit profiles and offer simple solutions for things like checking your credit score or contacting. We also consider customer reviews.

We look at cards related to good or excellent credit ratings that will then provide a range of different benefits and improvements for someone who has these scores. We also look at low fees when it comes to those who have lower credit scores.

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The Smart Investor (this website) is an independent financial website. The product offers that appear on this site are from companies from which this website may receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The Smart Investor does not include all companies or all offers available in the marketplace and cannot guarantee that any information provided is complete.

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