Bank Of America Credit Card Approval Score – Chris was a reporter at The Points Guy, where he covered the intersection of credit card rewards and travel. At TPG, she wrote a wide range of stories, ranging from in-depth features and reports to trending travel news, as they relate to loyalty, card benefits and consumer behavior.

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Bank Of America Credit Card Approval Score

2021 has been a notable year for new and refreshed premium rewards cards, from product launches by established players like the Capital One Venture X Rewards Credit Card to American Express’s complete revamp of the Platinum Card with the addition of several new benefits.

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Now another issuer is joining that group with its latest product: the Bank of America® Premium Rewards® Elite Credit Card.

With an annual fee of $550, the card is aimed at high and ultra-high net worth Bank of America customers. But it’s not exclusive to that customer base, and you don’t have to be affiliated with the bank to apply.

At first glance, the new card looks like a revamped version of the long-running Bank of America® Premium Rewards® credit card. However, for some, the new card may be worth considering instead. From its lifestyle credits to its all-metal design, here’s what you need to know about the Bank of America® Premium Rewards® Elite Credit Card.

Bank of America Premium Rewards Elite Credit Card information has been independently collected by The Points Guy. The card information on this page has not been verified or provided by the card issuer.

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This is Bank of America’s first foray into the world of premium credit cards. The card isn’t cheap, at $550 a year, but it has some luxury benefits to make up for it.

The “Elite” designation on the Premium Reward Elite card indicates a premium product, positioned around Bank of America’s Preferred Rewards program (more on that below), as customers who participate in the program increase their potential earnings. This card is therefore more about having a cohesive ecosystem of financial products as opposed to creating a standalone mass market credit card.

While bank customers – especially those with higher net worth – are likely to benefit the most, the card is open to the general public. But in a crowded field of premium cards, Bank of America’s offering won’t be for everyone.

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Most rewards cards with high annual fees offer perks that help offset some (or all) of those annual fees. The Premium Rewards Elite Card is no different, with the following notable benefits:

You get 50,000 bonus points after you spend $3,000 on purchases in the first 90 days of account opening. These points have a fixed value of 1 cent each, meaning this bonus is worth $500.

Thanks to 20% savings on airfare when you pay for points through the Bank of America Travel Center, your bonus points can reach up to $600. This is far from the most lucrative bonus out there, but $600 can go a long way toward airfare.

The real difference is with Bank of America’s Preferred Rewards program. Essentially, if you have enough credit at Bank of America, you will be rewarded for using one of the bank’s credit cards. To be eligible for the program, you must have both of the following:

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There are now five levels of Preferred Rewards (up from three), which you qualify for based on your combined average daily balance. They are organized as follows:

Preferred Rewards members earn 25%, 50% or 75% bonuses on select Bank of America cards, including this new Premium Rewards Elite card.

First, let’s address the obvious—and possibly the most frustrating—aspect of this card. It’s essentially a slightly enhanced version of the Bank of America® Premium Rewards® Credit Card.

The non-elite rewards card has an annual fee of $95 per year and earns a similar 2 points per dollar on travel and dining, along with 1.5 points per dollar on everything else. It also qualifies for Preferred Rewards bonuses for customers who bank with Bank of America. It carries an airline emergency statement credit of up to $100 and comes with the same Global Entry/TSA PreCheck statement credit as the elite version.

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The main difference between the two cards is the annual statement credits offered by the Bank of America Premium Rewards Elite Credit Card (but not the Bank of America Premium Rewards Card) – up to $300 in random airline credit and up to $150 in credit lifestyle. In addition, the Bank of America “elite” card has a Priority Pass benefit and a 20% discount when redeeming points for airline tickets through the issuer’s travel portal. It also offers slightly more comprehensive Visa Infinite travel protection and a sleeker metal design.

However, the new elite card doesn’t stand out in other ways that make it a worthwhile standalone product, especially when considered in the context of Bank of America’s overall card lineup. I can’t help but notice the lack of originality – not only in the name of the card, but also in the overall benefits.

Currently, the Premium Rewards Elite card is only available at Bank of America stores, through its call center and through the bank’s wealth management advisor channels. You cannot apply online for the card until the end of February 2022.

Bank of America isn’t going to make a mass-market splash with its first hit in the world of premium travel cards.

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Instead, the Bank of America Premium Rewards Elite card appears to target existing or incoming Preferred Rewards customers by offering them a higher value product within the Bank of America ecosystem. It’s a card that’s likely to remain a niche player, especially given that apps remain limited to offline channels until early next year and the fact that Bank of America has no airline or hotel transfer partners. That said, it’s still a solid card for those who bank with Bank of America and can take advantage of their annual credits.

Disclaimer: The views expressed here are solely those of the author and not of a bank, credit card issuer, airline or hotel chain and have not been reviewed, approved or otherwise endorsed by any of these entities. A white circle with a black border surrounding an upward chevron. It indicates “click here to return to the top of the page”.

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Earn 2x points for every $1 you spend on travel and dining purchases. Earn 1.5x points for every $1 you spend on all other purchases.

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60,000 online bonus points after making at least $4,000 in purchases in the first 90 days of account opening

The Bank of America® Premium Rewards® Credit Card is ideal for people who want a travel credit card with benefits and premium benefits without a high annual fee.

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