Bank of America
Premium Rewards Elite
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Card review
Premium Rewards Elite
Bank of America
Last updated September 21, 2026· Rates, fees, and credits from WalletFlo's OneCard catalog (refreshed hourly). Verify current terms on the issuer site.
Annual fee
$550
Welcome bonus
See issuer
Est. net value
$439/yr
Credit score
Varies
Top earn rate
2x dining
Overview
How this card fits in your wallet — fees, value, and who it's built for.
The Premium Rewards Elite from Bank of America carries a $550 annual fee. On WalletFlo's typical spend profile, the OneCard engine estimates $407.40 in rewards plus $582.00 in credits and perks — $439.40 net per year before welcome bonuses.
Earning rates
Category bonuses from our catalog — verify current offers on the issuer site.
| Category | Rate |
|---|---|
| DiningDining | 2× |
| Everything elseAll Purchases | 1.5× |
Credits & benefits
Statement credits and perks we model in net-value calculations.
Credits
- Airline Incidental $300/yr
$300 annual statement credit on purchases such as seat upgrades, baggage fees, and airline lounge fees but not airfare.
- Lifestyle$150/yr
$150 annually in statement credits for lifestyle conveniences. This includes streaming services, food delivery, fitness subscriptions and ride-hailing services.
- Global Entry$100/yr
Get one $100 statement credit for Global Entry or one $85 statement credit for TSA Pre-Check every 4 years.
Benefits & perks
- Priority Pass$32/yr
Recieve Priority Pass Select, granting you access to a global network of 1300+ airport lounges for you and up to two guests.
- Private Flying
Private flying with NetJets: Purchase or redeem points for flight time and complimentary upgrades.
Is the annual fee worth it?
Quick breakeven from stated credits and perks — open the full tool to dig deeper.
Credits & perks vs fee
- Annual fee
- −$550
- Stated credits
- +$550
- Perks (est.)
- +$32
- Net after credits & perks
- $32
Verdict
Credits & perks offset the fee on paper
Only valuable if you'd use those credits anyway — rewards on spend can close any remaining gap.
WalletFlo calculator tools
Micro-tools for this card — each opens a dedicated calculator with your context pre-filled where possible.
Reward Calculator
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Side by Side Compare
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Is the Annual Fee Worth it?
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Points & Miles → $ Converter
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Awards vs Cash Calculator
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Transfer Partner Calculator
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Reward calculator
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Frequently asked questions
- What credit score do I need?
- Issuers generally look for good-to-excellent credit; exact thresholds vary.
- Is the annual fee worth it?
- See the annual fee analysis above, or open the full calculator to model credits and perks against $550 per year.