Update 6/5/23: New bonus 75,000
More details emerge on the rumored upcoming Bank of America premium credit card, it’s called the Premium Rewards Elite Visa Infinite card.
Premium Rewards Elite
- Signup bonus 75,000 points after spending $5,000
- $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!)
- Free unlimited access to airport lounges worldwide with complimentary Priority Pass Select Membership. Update 10/21/22: they’ve now added the ability to gift three annual Priority Pass passes to others, register here.
- Private flying with NetJets – purchase or redeem points for flight time, complimentary upgrades and additional perks.
- Complimentary 24/7 full-service concierge to book travel, dinner reservations, event tickets and more.
- Numerous additional benefits provided by Visa® such as the Visa Infinite Luxury Hotel Collection and additional travel benefits.
- No foreign transaction fees.
- Return protection of $300 per item, up to $1,000 per cardholder per year.
- Extended warranty protection.
- Purchase protection of up to $10,000 in case of damage or theft of an item within 90 days of purchase.
Update History
- Update 12/20/22: Just bumping this post since it’s a good time to apply now and get the airline and entertainment credits for 2022 and then again in 2023 (and beyond…). If approved now, card would usually come within a few days. (ht milenomics)
- Update 2/26/22: Card is now officially live
herenew link - Update 12/9/21: Still no public link that I’m aware of. Some people have been getting their cards from earlier application links. I’ve added a few more details in the post below.
- Update 11/21/21: An application page has been found. Might make sense to wait for the official landing page to come online before applying though. (Hat tip to JonLuca) The terms indicate that the signup bonus is 50,000 points after $3,000 spend within 90 days.
Our Verdict
Seems like a souped up version of the Premium Rewards card: $200 more in airline incidental credits, $150 extra lifestyle credit, and a few other benefits. I like how they make the $150 lifestyle credits a bucket with a few options to make it useful for everyone.
Still, I don’t see it being worth the extra $455 higher annual fee for most people. That said, it makes sense for the first year when you get a signup bonus, plus you get the $300+$150 credits twice during the first year since the credits reset with the calendar year. It can also make sense for some people who value the 20% travel redemption discount.
Hat tip to u/AllHailMat
MCC reference for Lifetsyle credits:
• 5399 = Miscellaneous General Merchandise Stores
• 5411 = Grocery Stores, Supermarkets
• 5422 = Freezer and Locker Meat Provisioners
• 5499 = Miscellaneous Food Stores–Convenience Stores, Markets, Specialty Stores, and Vending Machines
• 5691 = Men’s and Women’s Clothing Stores
• 5734 = Computer Software Stores
• 5815 = Digital Goods: Books, Movies, Music
• 5816 = Digital Goods: Games
• 5817 = Digital Goods: Applications (Excludes Games)
• 5818 = Digital Goods: Large Digital Goods Merchant (V) / Digital Goods: Multi-Category (M)
• 5921 = Package Stores–Beer, Wine and Liquor
• 5940 = Bicycle Shops–Sales and Service
• 5964 = Direct Marketing–Catalog Merchants
• 5968 = Direct Marketing–Continuity/Subscription Merchants
• 5969 = Direct Marketing–Other Direct Marketers–Not Elsewhere Classified
• 5999 = Miscellaneous and Specialty Retail Stores
• 7032 = Sporting and Recreational Camps
• 7299 = Other Services–Not Elsewhere Classified
• 7372 = Computer Programming, Data Processing and Integrated System Design Services
• 7841 = DVD/Video Tape Rental Stores
• 7997 = Clubs–Country Clubs, Membership (Athletic, Recreation, Sports), Private Golf Courses
• 7999 = Recreation Services–Not Elsewhere Classified
5411 (supermarkets) and 5499 (“broad grocery” in my mind—works on farmers markets, and many online supplement and specialty food stores) are big categories for me. Even 5999 comes up pretty often. I’m kind of surprised to see these included. If they’re going by MCC alone, this should be easy to use.
As of 12/4/23, 5411 is no longer on the list.
I still see 5411 and 5999 on the list, was anyone able to trigger a supermarket credit?
Use Doordash and have groceries delivered. That’s what I did. Had coupons for Aldi.
Paramount Plus doesn’t work.
Dec 2023 – No go for monthly Gym membership fees at the local YMCA
YMCA worked for P1 in 2024. From prior research, it seems that each area may have it’s process for cards. Only way to see if it works is to give it a try.
Glad it worked as it’s better to offset current spending when possible. (No TV or food delivery here.)
(For P2 Triple dip we ended up loading Lyft cash since our YMCA charges on 1st of the month. I assumed signing up for a class or program might work but we haven’t tried that so far.)
how long does it take to get the annual fee refunded back? i close the card and paid the annual fee since it was due but haven’t gotten the annual fee refunded yet
Uber Cash, Lyft Cash, AA GCs, and United Travel Bank all still worked as of Dec 2024.
A nuanced DP: I upgraded a Customized Cash Rewards (CCR) to take advantage of the triple dip. A Lyft Cash charge made on my physical CCR card once the PC reflected in Online Banking did not receive the credit. Once I received the Elite card and used it for purchases, my credits posted normally.
I had trouble with Uber Cash not counting in November. Did you reload Uber Cash in the app, or do something different?
Ben
Yes, reloads were done in the Uber app – $25 increments.
I keep seeing reference to a ticker / meter that shows that you’ve used incidentals or lifestyle credit.
Where is it? I can’t find it on the website or App. Because of long post times, I’m trying to see that they look promising before I make repeat purchases / make alternative purchases.
Its only on the app. After clicking on the your Premium Rewards Elite card, scroll down to “Premium Rewards Elite Benefits”, click it, and you’ll see the two trackers.
It’s also on the website. On the credit card transaction / balance page, go to REWARDS tab, then REDEEM POINTS. In the new page look for the tab: Travel & Lifestyle Credits. You’ll see the tracker.
I am interested in getting this card with the triple dip. Do I need to apply on December 1?
I applied Dec 18. You can apply fairly late in the year provided you have time to receive card and make appropriate charges. They will expedite card if requested at no charge, but I’m not sure how close to the end of the year someone should try unless they are comfortable with double dip only if things don’t align.
Spotify shows up as “Home & Utilities: Cable/Satellite Services”, and doesn’t trigger the lifestyle credit.
Held the card for a year, no retention offer after contacting Customer Service once annual fee posted.
Anyone have DPs on getting a retention bonus/credit by threatening to cancel?
i got spend $1500 get $175 statement credit this year
Was that when you called to cancel?
Any ways to turn the 20% discount at the travel portal into anything other than flights? Eg. something like purchase and cancel to turn them into credits at airlines that can be spent on anything else? (like hotels, rental cars, transferable credits or cards, etc…)
PRE is my daily driver but I’m anticipating building up a balance that exceeds my flight usage and I’d love to still be able to capture some of that x1.25
So for the priority Pass memberships is there any ability to bring guests? I.e. I pick 3 other people to give the pass to, then that’s set in stone?
So, If I then travel with a different person, I can’t extend the benefit to them?
This is a still a huge benefit, but has some reduced flexibility for those that travel with lots of other people. (Or am I understanding correctly? No mention of guests I see listed anywhere.)
I just used the PP to bring in 1 guest multiple times during a trip
How fast does the actual credit come for airline and lifestyle? Do they pay within a few days? My annual fee posted 31 Dec and the due date is 14 Jan. I intend to cancel.
Bought 3x$100 AA on 02 January. No credit yet, 4 days later.