Bank of America launches new premium travel credit card

Bank of America has launched its own premium credit card to compete with Chase Sapphire Reserve, American Express Platinum Card and Capital One Venture X. The new Bank of America Premium Rewards Elite Credit Card offers a handful of travel and lifestyle benefits. life. but doesn’t pack as much of a punch in the awards department as its competitors.

Key points to remember

  • The Bank of America Premium Rewards Elite Credit Card is the first premium credit card offered by its card issuer.
  • The card offers a suite of luxury benefits to go along with its $550 annual fee.
  • However, the card isn’t quite on par with other premium cards when it comes to rewards, unless you’re a high net worth Bank of America or Merrill Lynch customer.

New Bank of America Premium Credit Card Details

After being dominated by the Platinum Card from American Express for a few decades, the premium credit card market has warmed up in recent years. Today, many major credit card companies offer one, with Bank of America being the latest.

The Bank of America Premium Rewards Elite credit card offers impressive benefits, but some omissions make it less attractive than its competitors, unless you are a member of the Bank of America Preferred Rewards program.

Here’s a quick breakdown of what the new map offers.

Awards

When you first get the card, you earn 50,000 bonus points after spending $3,000 or more on purchases within the first 90 days of account opening. You’ll also earn 2 unlimited points per dollar on travel and dining purchases and 1.5 points per dollar on everything else.

If you’re a Preferred Rewards customer, you could earn up to 75% more points on your purchases. To qualify, you need a combined three-month average balance of at least $20,000 in eligible Bank of America and Merrill Lynch accounts. If you have $20,000 or more, you’ll earn 25% more points with the card, $50,000 will earn you 50% more, and you’ll get 75% more points with $100,000 or more in assets.

You can use your points to get 20% off airfare when you book through the Bank of America Travel Center or Concierge. Alternatively, you can use your rewards to book car rentals and hotels, earn cash back, purchase gift cards, or book experiences or event tickets through the bank’s concierge.

A glaring omission here compared to other premium credit cards is the lack of transfer partners. With American Express, Chase, Citi and Capital One, you can get much more value by transferring your points to an airline or hotel rewards program than by redeeming them directly with the issuer of the card. map.

Benefits

Like other top credit cards, the Bank of America Premium Rewards Elite credit card really shines with its benefits:

  • Get up to $300 in airline incidental credits to use on preferred seat upgrades, ticket change or cancellation fees, checked baggage fees, in-flight entertainment, food expenses and beverages on board and airport lounge fees affiliated with eligible air carriers.
  • Receive up to $150 in annual statement credits for qualifying carpooling, food delivery, streaming service and fitness purchases.
  • Enjoy complimentary access to Priority Pass Select airport lounges.
  • Get a credit of up to $100 for TSA PreCheck or Global Entry application fees.

These benefits are similar to what some other premium cards offer, but the airline’s incidental credit isn’t as flexible as the $300 travel credit offered by the Sapphire Reserve. However, the $150 Lifestyle Credit should be easy to max out.

Keep in mind, though, that the card has an annual fee of $550, so you’ll need to get that much value or more each year to make it worth it.

Is the new Bank of America card worth it?

In general, the new Bank of America Premium Rewards Elite credit card does not compare well to other premium credit cards. It would be difficult for cardholders to offset the annual cost of the card from its benefits alone. And if you’re not a wealthy Bank of America or Merrill Lynch, the rewards program is a little disappointing, even with the 20% discount on flights booked with points. The lack of transfer partners is the most glaring shortcoming.

However, if you are a Bank of America Preferred Rewards customer, you could potentially get up to 3.5% back on travel and dining and up to 2.62% on everything else, which is impressive and , in conjunction with the 20% discount on airline tickets. , could be worth the annual fee.

Before considering the card, be sure to compare it with other premium travel credit cards to determine which will offer you the most value based on your spending and travel habits.

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