Bank of America® Premium Rewards® Elite

For existing Bank of America clients holding Preferred Rewards status, this card delivers impressive long-term value. Platinum Honors members earn 3.5x points on travel and dining alongside 2.625x points on all other purchases, creating one of the highest baseline earning structures available. Points can also be redeemed for airfare at a 20 percent discount through the Bank of America Travel Center, effectively increasing point value to 1.25 cents per point. Without Preferred Rewards status or significant annual spending, justifying the $550 annual fee is considerably harder. Non-members receive standard rates of 2x on travel and dining and 1.5x on non-category purchases, which fall behind competing premium cards. This card is best viewed as a powerhouse option specifically for loyal Bank of America banking and investment clients.