Current Welcome Bonus & Value
As of June 2026, the Premium Rewards Elite Card offers a welcome bonus of 75,000 points. This bonus is estimated to have a value of $200.
Minimum Spend to Earn It
To earn the 75,000-point welcome bonus, you must spend $5,000 on the new card. The terms specify this spend must be met after you receive the card.
Who's Eligible
To be eligible for the Premium Rewards Elite Card and its welcome bonus, consider the following criteria:
- Credit Score: A good credit score is generally required for approval.
- New Cardmember Only: This offer is for new cardmembers only. If you've had this specific card before, you may not be eligible for the bonus again.
- Bank of America Application Rules:
- BofA 2/3/4 Rule: Bank of America generally limits new card approvals to approximately 2 cards per 2 months, 3 cards per 12 months, and 4 cards per 24 months across their own products. This rule applies to Bank of America cards specifically.
- BofA 3/12 Rule: You may be denied if you have opened approximately 3 new credit cards (from any issuer, not just Bank of America) within the last 12 months. This is a significant hurdle for active churners.
Is It Worth It?
Evaluating the Premium Rewards Elite Card for its signup bonus requires a close look at its features against its costs:
Pros:
- No Foreign Transaction Fee: This card does not charge foreign transaction fees, making it a suitable option for international travel.
- Visa Infinite Benefits: As a Visa Infinite card, it typically comes with a suite of premium travel and lifestyle benefits, though specific details are not provided here.
Cons:
- High Annual Fee: The card carries a substantial $550 annual fee.
- High Minimum Spend: Earning the bonus requires a significant $5,000 spend.
- Low Estimated Bonus Value: The estimated value of $200 for 75,000 points, especially when considering the $550 annual fee and $5,000 minimum spend, might not present a compelling return for many churners focused solely on signup bonuses.
- Strict Application Rules: Bank of America's 2/3/4 and 3/12 rules can make eligibility challenging for those who frequently apply for new credit cards.
Given the high annual fee and minimum spend relative to the estimated bonus value, this card's appeal for pure signup bonus churning may be limited. Its value might be more apparent to those who can maximize its ongoing benefits and travel perks, rather than just the initial bonus.
How to Apply
To apply for the Premium Rewards Elite Card, visit the Bank of America website or a Bank of America branch. Ensure you meet the credit score and application eligibility criteria before applying. Always review the most current terms and conditions directly from the issuer.
Alternatives
If the Premium Rewards Elite Card doesn't align with your churning strategy, consider these related cards, which may offer different benefits or eligibility requirements: