Bank of America Premium Rewards Elite Review (2026): One of the Most Underrated Premium Cards for Families
The Bank of America Premium Rewards Elite is one of the most misunderstood premium travel cards on the market.
It doesn’t get as much hype as the Amex Platinum or Chase Sapphire Reserve, largely because it doesn’t rely on airline transfer partners. But for the right type of traveler, especially families, this card can quietly outperform more popular options.
If you value:
Simple earning
Straightforward redemptions
Real, usable credits
And easy lounge access for multiple people
Then this card deserves serious consideration.
Bank of America Premium Rewards Elite at a Glance
Annual fee: $550
Rewards currency: Bank of America points
Card type: Premium travel card
Best for: Families, frequent travelers, Bank of America Preferred Rewards members
Not ideal for: People who only want airline transfer partners and don’t have other cards to fill that role
Welcome Bonus
The Bank of America Premium Rewards Elite typically offers a strong welcome bonus after meeting a minimum spending requirement.
Because offers can change, it’s best to check the current terms before applying. Historically, this bonus alone can be worth several hundred dollars toward travel or statement credits.
(View the Current Welcome Offer for the Premium Rewards Elite — non-affiliate link)
Earning Structure: Simple, Predictable, and Scalable
This card shines when it comes to easy earning.
Base Earning Rates
2 points per dollar on travel and dining
1.5 points per dollar on all other purchases
That’s the baseline, but the real power comes if you qualify for Bank of America Preferred Rewards.
With Preferred Rewards (Very Important)
If you have qualifying assets with Bank of America or Merrill, you can earn a 25%–75% bonus on all points earned.
At the highest tier:
Travel & dining = 3.5x
Everything else = 2.62x
That’s exceptionally strong for a card with no category tracking or activation required.
To qualify, you need a Bank of America personal checking account and a combined three-month average balance across eligible Bank of America and/or Merrill accounts. This can include checking or savings accounts, investment accounts, or IRAs held with Merrill. Depending on your balance, you earn a 25% to 75% bonus on all points earned with this card. At the highest tier (Platinum Honors), the base earning rates jump to 3.5x on travel and dining and 2.62x on all other purchases, turning this into one of the strongest flat-earning premium cards available — especially for households that already keep assets at Bank of America or Merrill.
What Are Bank of America Points Worth?
This is where people get confused — so let’s simplify it.
Bank of America points are fixed-value points, not transfer points.
Redemption Value
1 cent per point when redeemed for:
Travel purchases
Statement credits
Certain cash redemptions
That means:
75,000 points = ~$750
100,000 points = ~$1,000
No award charts. No transfer partners. No guesswork.
How to Use the Points (Real-World Friendly)
You can redeem your Bank of America points in a few flexible ways. The most common is using points to offset travel purchases — for example, flights, hotels, rental cars, cruises, and other travel charges you put on your card — by applying your points as a statement credit. You can also book travel through the Bank of America Travel Center and use points to cover all or part of the cost.
Outside of travel, points can be redeemed for cash back or statement credits, gift cards, or experiences. Because Bank of America does not offer transfer partners, this approach is simpler and more like a travel-cash hybrid than a traditional award chart redemption system — you pay what you want for a trip and then “erase” it with points.
Credits & Benefits: Where the Math Starts to Work
This is where the annual fee becomes much easier to justify.
Get up to $570 in automatic statement credits
Receive up to $120 in statement credits for Global Entry or TSA PreCheck® application fees, every four years
Annual Airline Incidental Credit — Up to $300
Receive up to $300 annually in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services. If you fly even semi-regularly, this is easy to use.
Lifestyle Credits — Up to $150
Receive up to $150 annually for lifestyle conveniences including video streaming services, food delivery, fitness subscriptions and rideshare services.
These credits are broad and far less restrictive than many competing cards.
Global Entry / TSA PreCheck Credit
Receive up to $120 in statement credits for Global Entry or TSA PreCheck application fees, every four years.
Priority Pass Lounge Access: The Family Superpower
This is where this card really stands out.
The Bank of America Premium Rewards Elite comes with FOUR Priority Pass memberships.
That’s a lot!
That means:
Four separate Priority Pass accounts
Each account holder can bring guests
You don’t need to juggle authorized user fees
You don’t need multiple premium cards
For families, this is chef’s kiss!
Instead of paying $195 per authorized user (Amex Platinum), or managing multiple high annual fee cards, you get lounge access for the whole family, multiple entry options across airports, and simple logistics. This alone can justify the card for frequent travelers with kids.
Other Travel Protections & Perks
The card also includes:
Trip delay and cancellation coverage
Baggage delay protection
Purchase protection
Extended warranty coverage
This is solid, practical coverage.
Who This Card Is Best For
This card is an excellent fit if you:
Travel as a family or group
Want easy lounge access for multiple people, especially families of 4 or more
Prefer simple redemptions over award charts
Spend heavily on travel and dining
Qualify for Bank of America Preferred Rewards
Who Might Want a Different Card
You may want to skip this card if:
You value airline transfer partners above all else
You enjoy maximizing outsized business-class redemptions
You don’t travel often enough to use the credits or the lounge access
In those cases, cards like the Amex Platinum or Chase Sapphire Reserve may be a better fit.
Final Verdict: Is the Bank of America Premium Rewards Elite Worth It?
The Bank of America Premium Rewards Elite is not flashy, and that’s exactly why it works.
For families and frequent travelers who value:
Simplicity
Predictable value
Strong everyday earning
And unmatched Priority Pass access
This card can be a quiet powerhouse. If you fully use the credits and take advantage of the lounge access, the $550 annual fee becomes very reasonable. And for some households, this card solves problems other premium cards complicate.
Sign up for the Bank of America Premium Rewards Elite - non-affiliate link
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