Bank Of America Premium Rewards Elite Credit Limit – Chris is a reporter for Point Guy, covering the intersection of rewards credit cards and travel. For TPG, he wrote a wide range of stories, from in-depth features and reporting to transformative travel news, as they relate to loyalty, card benefits and consumer behavior.
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Bank Of America Premium Rewards Elite Credit Limit
2021 has been a hot year with several novel benefits, from new and redesigned Premium Rewards cards, products from big players like the Capital One Venture X Rewards Credit Card, to a revamped Platinum Card from American Express.
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Now, another manufacturer has joined the 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-net-worth and high-net-worth Bank of America customers. But it’s not exclusive to the customer base, and you don’t need to be affiliated with the bank to apply.
At first glance, the new card looks like a souped-up version of the Bank of America® Premium Rewards® credit card. For some, a new card is worth considering instead. From its lifestyle 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 is independently compiled by The Number Guy. The card details on this page have 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. This card isn’t cheap at $550 per year, but it has plenty of benefits to make up for it.
The Elite Rewards Card’s “Elite” logo represents a premium product, and it sits alongside Bank of America’s preferred rewards program (more on that below) because customers who participate in the program can increase their earnings. This card is therefore about an integrated ecosystem of financial products as opposed to creating a mass market, static credit card.
Bank customers, especially high net worth individuals, may benefit the most, but the card is open to the general public. However, in the crowded premium card industry, Bank of America’s offer isn’t for everyone.
Before you can see the benefits, there’s one thing you need to know. Unlike transferable points products from Chase, Amex, Capital One or Citi, you can’t exchange Bank of America points for any company’s frequent flyer or hotel loyalty program points. This is not a new limitation, but is particularly noticeable in premium premium products.
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Multi-year rewards cards help offset part (or all) of the annual rewards. The Elite Rewards Card is different and has the following notable benefits:
Earn 50,000 bonus points after spending $3,000 in the first 90 days of account opening. Each of these points has a fixed value of 1 percent, meaning the bonus is $500.
However, thanks to a 20% savings on airfare when you spend points at a Bank of America travel center, your reward points are worth $600. It’s far from the most lucrative award, but $600 can get you on the right track for airfare.
The real difference comes with Bank of America’s preferred rewards program. Basically, if you have enough credit at Bank of America, you’ll 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 currently five discount rewards (up from three) that you qualify for based on your daily balance. They are organized as follows:
Preferred Rewards members receive a 25%, 50% or 75% bonus on select Bank of America cards, including the new Elite Rewards card.
First, let’s address the obvious – and perhaps most frustrating – aspect of this card. It’s basically a slightly updated version of the Bank of America® Premium Rewards® Credit Card.
The non-branded rewards card has an annual fee of $95 and earns the same 2 points per dollar spent on travel and dining, plus an additional $1.50 on everything else. It also earns a discount for customers who do business with Bank of America. It’s a $100 airline accident statement credit with the same Global Check-in/TSA PreCheck statement above.
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The main difference between the two cards is the annual statement points offered by the Bank of America Elite Rewards Credit Card (but not the Bank of America Elite Rewards Card) — $300 in airline credit and $150 in business credit. In addition, Bank of America “brand” cards offer priority benefits and 20% off when redeeming the issuer’s travel points. It also offers some of the ultimate Visa Unlimited Travel Protection and an all-metal design.
However, the new card doesn’t stand out in other ways that make it a standout product, especially when considered in the context of Bank of America’s card lineup. I can’t help but feel the lack of originality – not only in the name of the card, but also in its overall utility.
Currently, the Elite Premium Rewards Card is available only at Bank of America branches, its call centers and through the bank’s wealth management advisors. You will not be able to apply for the card online until the end of February 2022.
Bank of America has mass appeal with its world-class premium travel cards.
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Instead, the Bank of America Premium Rewards Card appears to target current or upcoming Preferred Rewards program customers by offering premium products within the Bank of America ecosystem. The card is likely to be a popular player, especially considering that applications are limited to online channels until early next year and Bank of America has no airline or hotel transfer partners. As such, it’s still a solid card that can take advantage of annual write-off credits for banks with Bank of America.
Editorial Disclaimer: The opinions expressed here are solely those of the author and have not been reviewed, endorsed, or approved by any bank, credit card issuer, airline, or hotel chain. About a year ago, I wrote a post about the Bank of America Premium Rewards card on the so-called Retirement Planning Mistake with Credit Cards. In that post I explained that I wanted the 2.625% cash back on the Bank of America Premium Rewards card, but that I needed to activate my retirement Roth IRA account to earn that interest to have enough money in my Bank of America savings account. Merrill Edge (which was a good thing that made me take a closer look at my investments and what I needed to change). I thought I’d found my best card anywhere – another card on the market that’s been around for a long time. How surprised I was when I received a message a few days ago asking if my rewards card could be out of pocket in the near future.
Maybe it’s time to ditch your Premium Rewards card in favor of a new card with unlimited cash back.
Unannounced, Bank of America quietly introduced a new credit card last Thursday that was initially offered as a product to some people before it was announced yesterday. The Unlimited Cashback Rewards Card offers just 1.5% cash back on all purchases, but it’s worth noting that Bank of America’s Advance Rewards Program The Unlimited Cashback Rewards Card earns 2.625% cash back anywhere if you have the highest Bank of America Platinum Rewards level. done
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Note that to get this 2.625% interest rate, you need Platinum Honors status in Bank of America’s Advance Rewards program. It’s easier than it sounds at first: You need to have $100 million in each of your cash deposits.
Merrill Edge. Even investing for retirement can count (as mentioned above, we used Roth IRAs to qualify for the bonus), so if you need $100K, it’s probably easier than if you’ve been saving for retirement for a while. Look out for Merrill
An arm of a self-managed discount broker, it includes free trading in stocks and ETFs with no annual management fee. See this post for more: Bank of America Credit Cards: Amazing with Platinum Honor Status.
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