Update 6/5/23: New bonus 75,000
More details emerge on the rumored upcoming Bank of America premium credit card, it’s called the Premium Rewards Elite Visa Infinite card.
Premium Rewards Elite
- Signup bonus 75,000 points after spending $5,000
- $550 annual fee
- Up to $150 annually in statement credits for lifestyle conveniences, including streaming services, food delivery, fitness subscriptions and rideshare services. (applies to the following category codes: 4899,5399,5411,5422,5499,5691,5734,5815,5816,5817,5818,5921,5940,5964,5968,5969,5999,7032,7299,7372,7841,7997, and 7999)
- Up to $300 annually in Airline Incidental Statement Credits for qualifying purchases like seat upgrades, baggage fees, in-flight services and airline lounge fees.
- Up to $100 in statement credits for Global Entry or TSA PreCheck® application fees (every four years).
- Card earnings:
- 2 points for every dollar on travel and dining purchases
- 1.5 points per dollar on all other purchases
- Preferred Rewards members earn 25% – 75% more points on every purchase. This means clients could earn up to 3.5 points on travel and dining purchases, and up to 2.62 points on all other purchases, for every $1 they spend.
- Clients can redeem points for travel, cash back, a statement credit, distinctive experiences or gift cards.
- 20% savings on domestic and international airfare for any class when paying with points through the Bank of America Travel Center or concierge.
- That gives 25% additional value to the points. For top-tier Preferred Rewards members, this can potentially bring up the value of your points on travel/dining from 3.5 to 4.4 cents per point, and from 2.6 to 3.3 cents per point on all purchases (wow!)
- Free unlimited access to airport lounges worldwide with complimentary Priority Pass Select Membership. Update 10/21/22: they’ve now added the ability to gift three annual Priority Pass passes to others, register here.
- Private flying with NetJets – purchase or redeem points for flight time, complimentary upgrades and additional perks.
- Complimentary 24/7 full-service concierge to book travel, dinner reservations, event tickets and more.
- Numerous additional benefits provided by Visa® such as the Visa Infinite Luxury Hotel Collection and additional travel benefits.
- No foreign transaction fees.
- Return protection of $300 per item, up to $1,000 per cardholder per year.
- Extended warranty protection.
- Purchase protection of up to $10,000 in case of damage or theft of an item within 90 days of purchase.
Update History
- Update 12/20/22: Just bumping this post since it’s a good time to apply now and get the airline and entertainment credits for 2022 and then again in 2023 (and beyond…). If approved now, card would usually come within a few days. (ht milenomics)
- Update 2/26/22: Card is now officially live
herenew link - Update 12/9/21: Still no public link that I’m aware of. Some people have been getting their cards from earlier application links. I’ve added a few more details in the post below.
- Update 11/21/21: An application page has been found. Might make sense to wait for the official landing page to come online before applying though. (Hat tip to JonLuca) The terms indicate that the signup bonus is 50,000 points after $3,000 spend within 90 days.
Our Verdict
Seems like a souped up version of the Premium Rewards card: $200 more in airline incidental credits, $150 extra lifestyle credit, and a few other benefits. I like how they make the $150 lifestyle credits a bucket with a few options to make it useful for everyone.
Still, I don’t see it being worth the extra $455 higher annual fee for most people. That said, it makes sense for the first year when you get a signup bonus, plus you get the $300+$150 credits twice during the first year since the credits reset with the calendar year. It can also make sense for some people who value the 20% travel redemption discount.
Hat tip to u/AllHailMat
