Could this be your next ultimate travel ticket?

The Bank of America® Premium Rewards® Elite Credit Card is the ultimate for travelers who want the flexibility to redeem rewards for any airline or hotel. While she has a premium annual fee ($550), her annual credits and salon benefits can help offset that. In addition, customers with higher deposits and investments can earn up to 75% more points on every purchase.

You can earn a welcome bonus as a new cardholder, but you’ll have to rely on the rewards rate to continue earning. The Bank of America Premium Rewards Elite has elevated spending categories for travel and dining, making this card decent for travelers and foodies. You also have an above-average base earning rate if your usual spending doesn’t match the bonus categories.

You can earn even more as a Bank of America Preferred Rewards member, but you have to calculate whether earning 25% to 75% more on purchases is worth storing your money with the Bank of America Deposit Accounts and Merrill Investment Accounts available.

To qualify for the lowest level of the Preferred Rewards program, you need at least $20,000 in quarterly combined daily balances in these accounts. This would unlock a 25% points bonus on your card.

Points earned from Bank of America Premium Rewards Elite do not expire, so there is no need to redeem them immediately. Customers can redeem points for travel, cash back, statement credits, experiences or gift cards.

Remember, you’ll get 20% savings when you use your points to book domestic or international airline tickets.

Bank of America Premium Rewards Elite is packed with premium benefits and annual credits. Although the card has a large annual fee, these benefits help justify or offset the cost.

You can get up to $300 in statement credits each year for incidental airline expenses, such as seat upgrades, baggage fees, airport waiting fees and in-flight services. These credits do not apply to airline tickets.

This credit covers various lifestyle subscriptions and fees, such as video streaming services, fitness subscriptions, food delivery and ride sharing.

Charge the TSA PreCheck or Global Entry application fee to your card to get up to $100 back every four years.

This card includes free unlimited access to the airport’s network of Priority Pass lounges, where you can enjoy free drinks, food, WiFi and more, depending on the lounge. Cardholders get up to four free Priority Pass Select memberships, so you can share these benefits with your friends and family.

Bank of America Premium Rewards Elite is best suited for frequent travelers who can take advantage of the card’s annual credits, airport lounge access and travel protection. If you do not use your card credits for eligible purchases, the credits will expire without any benefits.

In addition, customers with higher deposit and investment balances will receive up to 75% more points on every purchase. These additional rewards for your spending can help you justify the card’s hefty annual fee and rack up a large amount of rewards.

• Up to $450 in annual credits toward eligible airline fees and lifestyle purchases

• Up to $100 TSA PreCheck or Global Entry refund every four years

• Up to four free Priority Pass Select memberships

• Earn up to 75% more rewards as a Preferred Rewards member

• No airline or hotel transportation partner limits the ability to maximize award value

• The high annual fee is difficult for some users to justify

• Limited bonus categories to earn additional points when purchasing

As a Visa Infinite Card, the Bank of America Premium Rewards Elite Credit Card can be used anywhere merchants accept Visa cards for payment. Visa and Mastercard are the dominant credit card processors in the US and abroad, so you should have no problem using this card while traveling domestically or internationally. The card also waives foreign transaction fees, making it a great choice for spending outside the US

• Online at

• Through the bank’s mobile application (, )

• Automatic recurring payments

• In person at approximately 3,700 Bank of America branches and 15,000 ATMs ()

• Call customer service at (800) 236-6497

• Send payments to PO Box 15019, Wilmington, DE 19850-5019

• Overnight Shipping Bank of America, Attn: Payment Processing, DE5-023-03-02, 900 Samoset Drive, Newark, DE 19713

While the Bank of America Premium Rewards Elite has many attractive features, it’s not the best card for every user. One of its main drawbacks as a luxury credit card is that there are no transfer partners available to maximize the value of your rewards. If it doesn’t seem like the right fit for you, consider these other travel credit cards.

Why we like it: While not a premium card, it’s one of the most popular travel credit cards for good reason. It has a low annual fee of $95, so there’s a lot less to worry about when you’re trying to recoup your cardmember cost each year. Plus, you can earn flexible Chase Ultimate Rewards points that can be transferred to more than 12 airline and hotel loyalty program partners.

Why we like it: earn flexible rewards that can be redeemed in a variety of ways, such as transfers to over 15 travel partners. The Venture X is also attractive because of its simple benefits that can easily help offset the annual fee each year. This includes a $300 annual travel credit for bookings made through Capital One Travel and 10,000 bonus miles each year starting on your first anniversary.

Why we like it: One of the most popular premium travel credit cards is . This card includes a $300 annual credit automatically applied to any eligible travel purchase, plus airport lounge access, premium travel protection and more. Its points have numerous redemption options, including transferring to more than 12 airline and hotel partners or getting 50% more value when booking travel through Chase Travel℠.

This article was edited by Ben Walker (CEPF, CFEI®)

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