Is the Bank of America Premium Rewards Elite worth $550/yr?
The honest math on the Bank of America Premium Rewards Elite: which credits you'd actually use, what its points earn beyond a plain 2% card, and what its protections would cost to buy — against the $550 annual fee.
Bank of America · $550 annual fee · cash back
Earning rates
- 2x Travel — flights
- 2x Travel — hotels
- 2x Travel — everything else travel
- 2x Dining
- 1.5x Everything else
Statement credits (3)
- $300 Airline Incidental Credit — Up to $300 per calendar year back on airline incidentals — seat upgrades, checked bags, inflight food, airline lounge fees.
- $150 Lifestyle Credit — Up to $150 per calendar year in statement credits for rideshare, food delivery, video streaming, and fitness subscriptions.
- Global Entry / TSA PreCheck Credit — $120 application-fee credit once every 4 years (~$30/yr).
Protections and perks (15)
- Airport Lounge Access — Priority Pass Select membership — free access to 1,300+ airport lounges and experiences worldwide, with up to 4 complimentary memberships per account.
- Visa Infinite Luxury Hotel Collection & Relais & Châteaux — VIP status at Visa Infinite Luxury Hotel Collection and Relais & Châteaux properties: automatic room upgrade when available, complimentary daily breakfast for two, a $25 food/beverage credit per stay, and a best-available-rate guarantee.
- Avis / Hertz / National Elite Status & Discounts — Complimentary Avis President's Club (up to 30% off base rates, free weekend rentals), Hertz Gold Plus Rewards perks if you're already enrolled, and complimentary National Emerald Club Executive level (up to 25% off).
- Golf Benefit by Troon — $99 greens fees (plus up to 3 guests at the same rate) at 20+ private Troon Privé clubs, complimentary Platinum Troon Rewards status, and 20%+ off golf fees, merchandise, and lessons.
- Primary Rental Car Coverage — Primary collision/theft coverage up to the actual cash value of the rental, capped at $75,000 when new — decline the counter CDW.
- Trip Cancellation / Interruption — Up to $2,500 per covered trip in non-refundable passenger fares if a trip is cancelled or cut short by sickness or other covered reasons.
- Trip Delay Reimbursement — Up to $500 per purchased ticket for reasonable expenses when a covered trip is delayed more than 6 hours or requires an overnight stay.
- Baggage Delay Reimbursement — Up to $100 per day (up to 5 days) for essentials when checked bags are delayed more than 6 hours; supplemental to other insurance.
- Lost Luggage Reimbursement — Reimbursement for the difference between claimed value and the common carrier's payment when checked or carry-on bags are lost or misdirected.
- Emergency Evacuation & Repatriation of Remains — Up to $100,000 for medical evacuation expenses on a covered trip, plus up to $10,000 to return remains home if you or an immediate family member dies during the trip.
- Travel Accident Insurance — Accidental death or dismemberment coverage up to $1,000,000 while traveling on a common carrier when the fare is charged to the card.
- Purchase Security — New purchases covered 90 days against theft or damage, up to $10,000 per item and $50,000 per cardholder per year.
- Extended Warranty — Adds 1 year to eligible US manufacturer warranties of 3 years or less, up to $10,000 per claim and $50,000 per cardholder.
- Return Protection — Up to $300 per item ($1,000 per account per year) within 90 days if a store won't take back an eligible return.
- No Foreign Transaction Fees — No surcharge on purchases abroad.
Card data verified against Bank of America on 2026-08-22.
All cards · Compare cards · Find your card