Bank of America Introduces a New Premium Travel Card With Airport Lounge Access and $450 in Annual Statement Credits

This new premium travel credit card offers $450 in annual statement credits.

As card issuers aim to meet the needs of consumers, additional rewards credit cards continue to be introduced. Many of these cards include helpful perks, and consumers can earn rewards by using them in their daily life. There's no shortage of premium travel cards, and there's now another one available. Bank of America recently announced a premium travel card called the Bank of America® Premium Rewards® Elite credit card.

Using a travel rewards card is an excellent way to level up your travel experience. With the right card perks, you may be able to make your trip less costly, more efficient, and less stressful. Plus, you can earn valuable rewards for your spending. And who doesn't like that?

Here's what you need to know about the Bank of America® Premium Rewards® Elite credit card

Bank of America's recently launched premium rewards card, the Bank of America® Premium Rewards® Elite credit card, charges a $550 annual fee and includes lifestyle and travel benefits. This card doesn't charge foreign transaction fees. Like other premium travel cards, it offers valuable statement credits that help alleviate the high yearly fee and comes with other attractive benefits.

Here are some of the top features of this new credit card:

• Earn a sign-up bonus of 50,000 points after spending $3,000 or more in purchases within the first 90 days of account ownership
• Earn 2 points per $1 on dining and travel purchases and 1.5 points per $1 on other purchases with unlimited earning and no spending caps
• Bank of America Preferred Rewards members earn 25% to 75% more rewards on their purchases, depending on their rewards membership level
• Points can be redeemed in many ways, including travel, experiences, cash back, gift cards, or statement credit
• Priority Pass Select membership to access eligible airport lounges
• $150 annual lifestyle credits for purchases like food delivery, streaming services, fitness subscriptions, and ride-share services
• $300 annual travel incidental credits for additional fees like seat upgrades and baggage fees (doesn't cover airfare costs)
• Up to $100 statement credit for TSA PreCheck or Global Entry application fees, available once every four years
• 20% savings on airfare when redeeming points for airfare through the Bank of America Travel Center

At this time, the card is not available online. You'll need to visit a Bank of America branch or contact the company to apply. An online application will be available in 2022.

Is this a good travel credit card?

You may be wondering if this is the right travel card for you. It's worth noting that this travel card doesn't have transfer partners like many other cards. You won't be able to transfer your points to airline or hotel loyalty programs.

But this may be a worthwhile credit card if you're a member of the Bank of America Preferred Rewards program since you'll be able to earn points at a higher rewards rate.

Points are worth $0.01 each. One way to increase the value of your points is to use your points for air travel through the Bank of America Travel Center. You'll get a 20% savings on airfare when you do this. By doing this, you could maximize the value of the card's bonus offer. Instead of the 50,000 points being worth $500, they would be worth $600.

This card has a costly annual fee. But the yearly travel incidental and lifestyle credits make the card's annual fee more worthwhile. You'll need to decide if the perks make sense based on your personal needs. If you're not a Preferred Rewards member, other premium travel credit cards, like the Chase Sapphire Reserve® earn rewards at a higher rate.

If you're in the market for a new card and you like to travel, you may want to consider a travel rewards card. If you're unsure which card is the best fit for you, take a look at our list of the best travel rewards credit cards.