Bank of America Premium Rewards Elite Card Increased 75,000 Points Signup Bonus ($750 Cash Bonus; $550 Annual Fee)

The Offer

Direct Link to offer

• Bank of America Premium Rewards Elite card is offering a signup bonus of 75,000 points (worth $750 cash) after you spend $5,000 on the new card.

Card Details

• $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!)
• Priority Pass Select Membership

See our full review on the Bank of America Elite Visa Infinite Card here.

Our Verdict

This 75,000 offer is a nice bump from the regular 50,000 points bonus which has been available since card launch in 2021. It does have a higher $5,000 spend requirement instead of the prior $3,000.

While the card does have a $550 annual fee that can potentially be offset with the $300 + $150 credits which will be able to be used twice during the first year. (I assume the $300 airline incidental credits could be used the same  as the regular Premium Rewards card for AA gift card, cheap Southwest fare, etc.) If you would value those $900 in credits to mostly offset the annual fee, this then becomes a nice cash signup bonus offer.

We’ll add this to our List of Best Current Credit Card Signup Bonuses. Check out these Things To Know About Bank of America Credit Cards before applying. At the same time, Bank of America has bumped up the signup bonus on their Premium Rewards card from 50k to 60k.

Hat tip to reader Munchys