The Bank of America® Premium Rewards® Elite Credit Card is a good credit card for high-spending frequent flyers with excellent credit who don’t want to commit to a single airline. It can be worth its $550 annual fee if you earn its initial bonus and take full advantage of its hundreds of dollars in annual credits. But if you don’t fly or spend all that much, you’re better off with a cheaper card. 

What I Like About the Bank of America® Premium Rewards® Elite Credit Card

Initial bonus worth $750

New cardholders can get 75,000 points after spending $5,000 in purchases in the first 90 days. Those bonus points are worth $750, more than cancelling out the cost of the first annual fee and making the card worthwhile for a year at least. 
 

Up to $450 in annual credits

The Bank of America® Premium Rewards® Elite Credit Card gives you up to:

• $300 in statement credits per year for airline incidentals, such as seat upgrade, lounge charges, baggage fees, and in-flight services. 
• $150 in statement credits per year for “lifestyle conveniences,” such as food delivery, streaming services, rideshare services, and fitness subscriptions.

You can also get up to $120 in statement credits every four years to cover the application fee for Global Entry or TSA PreCheck. 
 

Airport lounge access 

A lot of credit cards give you one complimentary Priority Pass airport lounge membership. The {{cc-name]} takes things to another level, giving you up to four memberships, provided that you are eligible. This allows your friends or authorized users to enjoy lounge benefits even when you’re not there.  
 

1.5 - 2 points per $1

The Bank of America® Premium Rewards® Elite Credit Card gives you 2 points per dollar spent on travel and dining purchases and 1.5 points per dollar on all other purchases. Those aren’t the most impressive rewards, especially given the annual fee you have to pay to get them, but they’re above average. 
 

Extra rewards for eligible banking/investing customers

If you have at least $20,000 in an eligible BofA bank account or Merril Edge investment account, you can join the Bank of America Preferred Rewards program and get 25% to 75% more rewards. That can turn this card’s rewards from a bit above average to very good. 

What I Don’t Like About the Bank of America® Premium Rewards® Elite Credit Card

$550 annual fee

The Bank of America® Premium Rewards® Elite Credit Card’s annual fee is about 20 times higher than the average credit card’s annual fee, according to WalletHub’s research. It’s definitely possible to break even, or even save money, after paying this fee, but it’s a high bar to meet year after year. If you aren’t sure you’ll earn all the card’s credits every year, you might save more money more easily with a different card. 
 

High APR

The APR is 19.74% to 27.74% (V), depending on your overall creditworthiness when you get approved. None of the options are attractive, though, so it doesn’t really matter what your exact APR ends up being. You should plan to pay this card’s bill in full every month to avoid interest charges entirely. It will be very difficult to get your money’s worth paying interest at its regular rate. 
 

Excellent credit required

You need a credit score of 750 or higher to have good odds of getting approved for the Bank of America® Premium Rewards® Elite Credit Card. You can check your credit score for free right here on WalletHub to gauge your chances. You can also check out our editors’ picks for the best credit cards for rewards if you want to explore more options.