Bank of America Premium Rewards Elite Card Guide — Benefits & Rewards

Q: What luxury hotel benefits does the Elite card provide?

The card provides benefits at premium hotels such as late checkout, complimentary daily breakfast for two, and automatic room upgrades when available. Verify participating properties, availability, and booking requirements in the benefit guide.

Bank of America

Premium Rewards Elite

Last updated: June 20, 2026. This guide summarizes Bank of America public product and benefit pages; always verify current terms before applying, booking, or relying on coverage.

Core multipliers

2xTravel and dining (airlines, hotels, car rentals, restaurants, and other travel/dining-coded merchants, subject to Bank of America's category definitions).
1.5xAll other purchases.

Card snapshot

Annual fee$550

Rewards currencyPoints redeemable for cash, travel, and statement credits (no airline transfer partners)

Primary categoriesTravel and dining (2x base), all other purchases (1.5x base)

Credits$300 airline incidental per year; TSA PreCheck or Global Entry fee (once per 4 years)

Travel profilePriority Pass Select (up to 4 memberships), luxury hotel perks, Visa Infinite protections

What the card is built around

The Premium Rewards Elite is a premium travel card for BofA and Merrill relationship customers who need lounge access and a larger travel credit than the $95 card offers. The base earn structure is identical to the standard Premium Rewards (2x travel/dining, 1.5x everything else), so the case for upgrading rests on whether you can extract value from the $300 airline credit, the four Priority Pass memberships, and the luxury hotel benefits — and whether the Preferred Rewards boost applies to your account level.

Preferred Rewards boost

Effective rates at Platinum Honors

With a 75% Preferred Rewards boost (Platinum Honors tier, typically $100,000+ in combined balances), travel and dining earn becomes 3.5x and all other purchases earn 2.625x. These rates make the card competitive against other premium travel cards at the $400–$600 annual fee tier.

Without Preferred Rewards

Without a boost, 2x on travel/dining and 1.5x on everything else is a competitive base rate but not exceptional for a $550 card. The value case then depends primarily on credits and perks.

Tier thresholds

Verify current Preferred Rewards tier thresholds and any Diamond or Diamond Honors tiers that may exist at the time of application at bankofamerica.com/preferred-rewards.

Statement credits

Credit Structure Practical read

$300 Airline Incidental Credit Up to $300 per year in statement credits for airline incidental charges such as checked bag fees, seat upgrade fees, lounge day passes, and in-flight purchases. Does not cover airfare ticket purchases. Verify qualifying charge types and any annual reset structure in the benefit terms.

TSA PreCheck / Global Entry Credit Automatic statement credit reimbursing the application fee for TSA PreCheck ($85) or Global Entry ($100) when paid with the card. Available once every four years per the benefit terms.

Travel perks

Priority Pass Select

The card includes up to four complimentary Priority Pass Select memberships, providing access to 1,500+ airport lounges worldwide. Verify whether free visits are unlimited or capped per membership, and confirm enrollment steps, in the official benefit guide.

Luxury hotel benefits

Cardholders receive benefits at participating premium hotels, which may include late checkout, complimentary daily breakfast for two, and automatic room upgrades when available. Verify the participating property list, booking requirements, and available perks in the benefit guide.

Visa Infinite vs. Visa Signature

The Elite card carries Visa Infinite, which provides a higher level of travel protections and concierge access than the Visa Signature on the standard Premium Rewards. Verify specific Visa Infinite benefit terms as they apply to this card.

Insurance and protections

The Elite carries Visa Infinite travel and purchase protections. Verify coverage limits, covered reasons, deductibles, and claim processes in the official benefit guide before relying on any protection.

Benefit What it can cover Important limits

Trip Delay Reimbursement Can cover reasonable out-of-pocket expenses when a covered trip is delayed by a qualifying number of hours. Covered reasons, delay threshold, and per-trip cap defined in benefit terms.

Trip Cancellation / Interruption Reimburses pre-paid, non-refundable expenses for covered cancellation or interruption reasons when the fare is paid with the card. Covered reasons are defined in the benefit guide; not all cancellation reasons qualify.

Lost / Delayed Baggage Insurance Covers lost, damaged, or delayed baggage when the common carrier ticket is paid with the card. Coverage cap and delay threshold apply; verify checked and carry-on baggage coverage in benefit terms.

Auto Rental Collision Damage Waiver Coverage for damage to or theft of a rental vehicle when the full rental cost is paid with the card and the rental company's CDW is declined. Verify whether coverage is primary or secondary, and which vehicle types and countries are excluded.

Emergency Evacuation and Transportation May cover emergency medical evacuation or transportation when Visa Infinite benefit applies. Verify eligibility requirements, coverage caps, and required authorization in the benefit guide.

No Foreign Transaction Fees International purchases do not incur foreign transaction fees from Bank of America. Applies per the card's rates and fees terms.

What is not included

The Elite card does not offer transferable airline or hotel loyalty points — redemptions are cash back, travel portal bookings, statement credits, or gift cards at a fixed value. If you need transferable points to specific airline or hotel programs for premium cabin awards, compare with Amex Platinum, Chase Sapphire Reserve, or Capital One Venture X.

Fit checklist

You hold significant balances at BofA or Merrill and qualify for a Preferred Rewards tier that materially boosts earn rates.
You can use the $300 airline incidental credit annually, which reduces the effective fee to $250 before factoring in other perks.
You need lounge access for multiple cardholders and can use up to four Priority Pass Select memberships.
You value luxury hotel perks (breakfast, upgrades, late checkout) as part of your travel experience.
You are comfortable with fixed-value point redemptions and do not need airline transfer partners for award travel.

FAQ

BofA Premium Rewards Elite questions.

What is the annual fee for the BofA Premium Rewards Elite?

The Bank of America Premium Rewards Elite has a $550 annual fee. The card includes a $300 annual airline incidental credit and Priority Pass Select lounge access for up to four memberships, which can substantially offset the fee for frequent travelers.

How does the Priority Pass benefit work on the Elite card?

The card includes up to four complimentary Priority Pass Select memberships, providing access to more than 1,500 airport lounges worldwide. Verify whether the memberships cover unlimited free lounge visits or have per-visit fees, and confirm enrollment steps, in the official benefit guide at bankofamerica.com.

What luxury hotel benefits does the Elite card provide?

The card provides benefits at participating premium hotels including late checkout, complimentary daily breakfast for two, and automatic room upgrades when available. Verify the participating property list, booking requirements, and available perks in the benefit guide.

Does the Elite card's Preferred Rewards boost apply the same way as the standard Premium Rewards?

Yes. The same Preferred Rewards tiers apply: Gold (25%), Platinum (50%), and Platinum Honors (75%) boosts on all earn rates. At Platinum Honors, the 2x travel/dining rate becomes 3.5x and the 1.5x base rate becomes 2.625x.

Is the $300 airline credit on the Elite different from the $100 credit on the standard Premium Rewards?

Yes. The Elite card provides $300 annually in airline incidental credits (versus $100 on the standard Premium Rewards), covering charges such as checked bag fees, seat upgrades, lounge day passes, and in-flight purchases. Verify qualifying charge types in the benefit terms at bankofamerica.com.

Related guides

Continue researching Bank of America cards.

Sources

Bank of America Premium Rewards Elite card rewards and benefits guide.