BofA Premium Rewards Elite | Still Worth It? (2023)

[@TheCreditFrog]

Check out my Unboxing video of this card! 👉 kzbin.info/www/bejne/enPKeYmcoMt6prM

[@SpencerJohnsonOfficial]

Every time you post one of these BofA videos, it makes me realize how powerful their setups really are if you're in that Platinum Honors program with them. You could realistically just use these cards and nothing else if you wanted to go for simplicity. Great review here Stan!

[@TheCreditFrog]

Thanks Spencer! It's totally true, my endgame setup consists of the BofA PR card, as many CCR cards as possible, and the Amex Platinum 🤣 - maybe the Brilliant or Aspire depending how they look at the time. The key is getting to Platinum Honors, but once there, the floodgates open up with all the 5.25% goodness!

[@SpencerJohnsonOfficial]

@@TheCreditFrog Yeah that sounds like a killer end game setup... It may be where I end up too, who knows!!

[@isao_the_2nd]

@@TheCreditFrog I think the PR elite credit card can still improve and compete with other high end cards, by adding more useful/easy to use statement credits and possibly reducing the annual fee

[@TheCreditFrog]

@@isao_the_2nd I agree, I think BofA should make this card a little more accessible to the typical user since it's a great card, but without the Preferred Rewards boost, it actually isn't that great. I think boosting the base multipliers so it's at least a little better than the Premium Rewards card would be a great start1

[@isao_the_2nd]

@@TheCreditFrog is it required to own a BofA checking/savings account in order to earn the 75% boost when applying for any of the BofA credit cards?

[@jpknowledge8852]

$1,000+ value in the first year is excellent. BOA doesn't get looked at enough. They have some really good options. Great video

[@TheCreditFrog]

Thanks JP! That’s for sure! BofA is incredibly underrated IMO. Appreciate it man!

[@MannyCovington]

I think that if you're in the Plat honors tier, the whole BofA setup makes a ton of sense!

[@TheCreditFrog]

So true Manny! Their cards are some of the best, but that Platinum Honors status has to be on the table first!

[@drrob001]

thanks for really breaking down the premium rewards elite credit card, great video as always. I don't have the Premium rewards elite card yet but hopefully in the near future

[@TheCreditFrog]

For sure Robert! Yes, hopefully you'll be able to get it soon and take advantage of the card and all it has to offer!

[@ChaseYokoyama]

Honestly I have not been giving BofA cards a lot of attention, but the credits on this card seem really appealing. Also not being tied down to 1 airline for the incidental fee credit is CLUTCH.

[@TheCreditFrog]

Totally agree Chase! When traveling and using multiple airlines, it's so nice to have an airline incidental bank that I can turn to where I know that I'll be able to use it on any airline! BofA is a hidden gem for sure 👍

[@MattWelterOfficial]

Having this as a Visa card + the fact that you are a Plat Honors member, like you said this Card seems like it could be a great backup option in that Restaurants category! Being able to use that airline incidental credit for multiple airlines is huge as well! Having the ability to downgrade that Elite Card even to a No-AF Card like the Customized Cash is huge as well, and actually might be a strategy that I use in the future! Definitely a good point about making sure to utilize your points before downgrading- totally fair strategy to keep the Card around for a while though! Seems like a cool repeatable process to get value similar to a strategy with the Chase Sapphire Bonuses refreshing every 4 years. Great video here Stan!

[@TheCreditFrog]

Thanks Matt! Yeah, I think that everyone is familiar with the Sapphire bonuses every 4 years, but it's cool that Bank of America only has a 2 year limit for their cards! I was also really pleased to hear about the potential downgrade options for this card since it's not often you hear about being able to downgrade a points-earning card down to a straight cash-back rewards earning card. I think that there's a lot of value of getting as many CCR cards as you can to maximize that choice category, and this card fits well into that strategy! I also like the flexibility of this airline incidental credit and being able to use it on multiple airlines since I'm used to Amex being so restrictive!

[@BonVoyageMiles]

I love when you cover BOA! My P2 just got approved for the Elite and I was added as an authorized user. We are excited to use the card and benefits. We are only Platinum but will Honor this month so that extra bonus will the travel redemption will be great. I chase United status so booking through the BOA portal w/1.25 redemption plus the miles on United as a Platinum FF is a great deal.

[@TheCreditFrog]

Thanks! Yeah I love talking about BofA cards! They are super powerful with PH and it’s awesome that you have the card now too! The airline bonus is also a nice benefit for those who can use it like yourself! Congrats on the new card!! 🎉🎉

[@BonVoyageMiles]

@@TheCreditFrog thanks Stan. We are excited for the double it on the PR and Elite credits in year 1. And yes the airline credit is very easy to use 🎉

[@DJOctober]

As "useless" was the number one answer on the poll recently posted about this card, I was looking forward to this video. Very informative video!

[@TheCreditFrog]

Haha! Yeah, this card certainly is for a specific audience, but if it makes sense in your setup, it can be a very powerful addition! I’m very much for this card and BofA’s ecosystem in general. Glad you enjoyed the video and got great value from it!

[@RemGb10]

Thanks for updating on the retention bonus attempt. I do not see the value with this card . Other than the 20% bonus with redemption, the effective annual fees is $100 more than the much more useful premium travel card... It's ridiculous that the sign up bonus and points earnings are exactly the same between these two cards with hugely varied annual fees. Unless the 20% for point redemption bonus is $100 or greater, Doesn't make financial sense to get this card.. maybe I will get it once to triple dip and then convert to customized cash..

[@TheCreditFrog]

Sure, no problem! I had you in mind when I was asking for a retention offer 😀, but yeah, they denied me for one. I think if you wanted to get this card, having it for 1 year and then downgrading it into a CCR is the best way to go, and pretty much anyone can get value from that situation if they can also realistically use the statement credits. Personally, it fits in my setup for now, but I'll eventually downgrade this into a CCR card and probably simultaneously apply for the Premium Rewards card, since, like you mentioned, they are almost exactly the same.

[@jimmyjames6492]

This CC is actually better than most people give it credit for (with or without Plat Honors). Thanks for the info + video!!!

[@TheCreditFrog]

I agree Jimmy! Of course! Glad you enjoyed it!!

[@LukesPointsandMiles]

Stan is out here livin like Ric Flair on Delta One! Whoooo!

[@TheCreditFrog]

Haha! Delta One was really nice. I definitely should look into flying with them more often!

[@LukesPointsandMiles]

@@TheCreditFrog I’m so sad I had to cancel my Detroit to amsterdam on delta one back in February. I really need that one back

[@TheCreditFrog]

@@LukesPointsandMiles There will be another opportunity. There always is!

[@BonVoyageMiles]

😂😂😂

[@LukesPointsandMiles]

@@BonVoyageMiles ha! Nope. Not unless I want to pay $1000!!!!

[@SledgeIncTeam]

Good info Stan. A platinum honors member could really benefit from this info and these cards. I tried to make it work with BOA a while back but after I pulled my money from there, the card wasn't worth it any longer

[@TheCreditFrog]

Thanks Sledge! Yeah, this card is only worth it if you banks with BofA. If not, there’s plenty of other cards out there to build that perfect setup 👍!

[@SledgeIncTeam]

@@TheCreditFrog If I ever go back to BOA I'm definitely going to look into it. I go thru bank accounts like I go thru credit cards. I'm surprised that I'm not on ChexSystems yet 😂. I Just canceled my Regions and Chase checking accounts today and I'm cancelling Citizens some time this week when I get my $300 out 😂😂

[@TheCreditFrog]

@@SledgeIncTeam A cash out man, I like it!

[@caribdude8151]

Nice! Glad you made this video! 👍

[@TheCreditFrog]

Of course! Glad you enjoyed it, and came right when you wanted it!

[@fluffzone6100]

I finally reached gold tier not that long ago. Can't wait to reach plat in the next few months. Gotta keep growing my business 🙏

[@TheCreditFrog]

Congrats!! 🎉 It’s awesome to grow your assets and get a more powerful credit card at the same time! Keep up the great work!

[@KevinJohnsonX]

Nice video, as usual. I don't tip before being served. Likewise, I don't like videos until I hear them fully. Friendly suggestion: have some outro time/music that gives time to like your videos. This vide is abruptly cut off and you deserve more likes! 🤞🏼👍🏼👍🏼

[@TheCreditFrog]

Hey, thanks Kevin! I really appreciate your support. Yeah, I should probably give more time for people to like the video - I'll think about that for the future! Glad you enjoyed the video!

[@markbeiser]

You can double dip the CCR card by also getting the Susan G Koman card, so I guess you could triple dip by downgrading the Elite card to a CCR.

[@TheCreditFrog]

You certainly can Mark, and that's an excellent strategy to get 3 CCR-type of cards to get 3-5.25% on those choice categories depending on your tier status within the BofA Preferred Rewards system!

[@jrjoogle]

Wow, great info Stan I may down grade and a year later opens new card🤔

[@TheCreditFrog]

Glad you found it helpful! Yes, downgrading this Elite card to the CCR, and getting the Premium Rewards card is such a power move!

[@LK_EBM]

The Platinum Honors tier and the elevated cashback is my end game. Great set up to have when you no longer want to dedicate so much time and energy in the "credit card game". Time is valuable.

[@TheCreditFrog]

Same with me! It’s true, it’s always a balance between time and money for sure. One thing I’m always thinking about is making sure to use points and not hoard them as hoarded points aren’t worth anything until they are spent!

[@linkzinvest]

I wish the points from different BofA cards all went into one bucket. This would be a game changer...the only setup needed.

[@TheCreditFrog]

That would be amazing for sure! I really like how Amex does it, and I think all other issuers should be similar to that model.

[@rhkplam]

Apply online approved within a minute. Credit limit $26000, how you think the credit limit is it OK?

[@TheCreditFrog]

Yeah man! 26k is a solid CL! Congrats on the new card Wilson!!

[@飛向宇宙-o1s]

Why doesn't Wells Fargo have high-end credit cards like Amex's Platinum Card or Capital One's Venture X? Big three bank like BOA and Chase they both have it

[@TheCreditFrog]

Good question! We’ll see what happens with the Autograph card this week! Not a premium card by any means but one step closer!

[@Family_isthe_key]

Love bofa vids ❤

[@TheCreditFrog]

Nice! Glad I could get one out for you! There aren’t that many.

[@TylerSmith21]

Do your authorized users also get the same elevated rewards as the main card holder? (Ex. If you’re on Platinum Honors, but they don’t have a BoA relationship, do their purchases also get the 2.625/3.5x rates?)

[@TheCreditFrog]

Yup, they sure do since the cards are linked to the primary account!

[@caribdude8151]

@@TheCreditFrog Interesting... That's nice to know!

[@TylerSmith21]

@@TheCreditFrog very cool, thank you Stan! Awesome videos btw

[@simonblanco6716]

This video is great! thank you

[@TheCreditFrog]

Of course! You're welcome!

[@meds-7923]

I would absolutely jump on this card. The only way I could get platinum honors is through a savings account but other savings account have much, much better interest rates over BOA. I do t have any need to open anything through ML

[@TheCreditFrog]

I think doing a savings for just Platinum Honors is a little much. Opening a self-directed brokerage with Merrill is the better way to go as it can act as a pseudo-retirement account while you invest in ETFs for the long term!

[@ilvbunnies]

Well, if you have $100K in cash that you don't want to invest but want it to be FDIC insured, you have the option to use Merrill's Preferred Deposit program. Alternatively, park the cash in one of Merrill's Institutional Money Market Funds.

[@mitchell.9632]

Good to know on the twenty four month thing on having multiple cards.

[@TheCreditFrog]

Absolutely Mitchell! It's very similar to the SUB limit on the Chase Sapphire cards, but the nice thing about BofA is that you can have multiple CCRs no problem, as long as you're willing to wait!

[@飛向宇宙-o1s]

question one: if i have one Customized Cash Rewards and one elite and then i want to downgrade the elite, i will get another Customized Cash Rewards. so i can have two Customized Cash Rewards is that correct? question 2: how did you make your Customized Cash Rewards on 10:56 with 5.25% gas and 3.5% costco? sorry, my English is not good

[@TheCreditFrog]

Hi! Let me answer your questions. For 1. Yes, if you downgrade the Elite, you can downgrade to a CCR and you'll be able to have 2 CCRs. For 2. If you are Platinum Honors Tier with BofA, you get a 75% boost to your credit card points so the 3% gas category becomes 5.25% and the 2% wholesale club category becomes 3.5%!

[@simonblanco6716]

why does the website shows Low $95 Annual Fee† No foreign transaction fees† , where do the $550 annual fee comes from? im confused

[@TheCreditFrog]

There's 2 cards that have similar names, but are different products. The Premium Rewards card is a $95 annual fee while the Premium Rewards ELITE card is $550

[@zero62422002]

Is there any rule that states one can only hold one of Premium Rewards and Elite like the Chase Sapphire cards do?

[@TheCreditFrog]

There is no such rule. You can have both the PR and PR Elite if you want!

[@sumeetagarwal6561]

if you opened this card every year and then downgraded it to a customized cash card, would they ever start closing your accounts with them for misuse?

[@TheCreditFrog]

I think if you did the downgrade after year 1, this shouldn’t be an issue. And you can downgrade to the CCR from the PR and TR cards as well!

[@daleahanson]

I’ve had this card for two years and my annual fee just came up. Trying to decide if I want to keep it or downgrade to the regular premium rewards. Do you currently still use yours?

[@TheCreditFrog]

Mine is coming up very soon! I'm probably going to PC to the CCR and get the regular PR instead. I like the 20% airline redemption bonus, but over the past several years, I noticed that I don't use that feature as often as I should!

[@kylemcclory7347]

How long did it take for your airlines incidental credit to hit after your bag purchase? I bought bags on Lufthansa 3 weeks ago haven't seen anything yet.

[@TheCreditFrog]

It takes about a week to post - it shouldn’t be that long! Did you buy the bag purchase separately from your ticket? If you did, I may call BofA CS and see what’s up. I think the T&Cs allow up to 8 weeks though so if it’s an international airline, maybe it just takes longer.

[@kylemcclory7347]

One more strike for Elite. Apparently not only do they not cover discount carriers but, they also don't cover international carriers. I don't see me keeping this card. What kind of a travel card is this? Not very infinite if you ask me.

[@TheCreditFrog]

@@kylemcclory7347 Oh dang, didn't know that they didn't cover international carriers! That's definitely a loss for sure. I'm also not a fan of how Southwest is no longer on their travel portal, although that may not be BofA's fault.

[@kylemcclory7347]

Definitely make sure you say that in your new videos. No international carriers! But she did say Southwest qualified for the credit. Either way I don't see me renewing in November, already put a reminder on the calendar to cancel first weekend in November. Guess ill just be a platinum honors with a bunch of 3% cards.😄

[@TheCreditFrog]

@@kylemcclory7347 Haha! Multiple CCRs is definitely a 300 IQ move! I would also consider downgrading to the standard PR card - much lower annual fee, but basically the same card without the travel benefits/redemptions. I'm debating between downgrading to CCR or PR next year, but haven't made up my mind yet.

[@mhoudek12]

Does 24 month rule on customized cash rewards card count for the vanilla version and special versions (Susan G komen)?

[@TheCreditFrog]

Nope! the CCR an the SGK CCR are considered to be two separate products!

[@GIbiapina]

Priority Pass Restaurants are included! 😉👊🏻

[@TheCreditFrog]

Yes! And this card has free AUs (just like the VX!)

[@rhkplam]

Can you tell me how to book air ticket and hotel through BOA Elite CARD benefit

[@TheCreditFrog]

Sure! It's pretty simple. Just go into your BofA PR Elite credit card in your BofA online account and then click Rewards. Then click Redeem Rewards. It will take you to a screen where you can book air travel, and when you click that button, it will take you to the BofA Travel Portal where you can book your flight as usual 👍!

[@rmc965]

But... Does the priority pass include restaurant access????

[@TheCreditFrog]

It should as a VISA Infinite, but I have not personally tested this out. There have been no announcements that it doesn’t work like on the C1VX

[@GIbiapina]

Fantastic!

[@TheCreditFrog]

Thank you so much!!

[@AugieCruz]

Does the United travel bank count as airline incidental credit?

[@TheCreditFrog]

I’m not sure since I’ve never done it personally, but it should!

[@AnthonyVenture]

No retention offer!! Boycott, let’s go back to Amex boys! That is an interesting downgrade path that’s possible with BOA. I like how you included the credits since yes, you can use both in the first year technically, and it’s a pretty powerful card! Even though I’ve watched your videos, only now am I just acknowledging the “lifestyle” Credit. Nice Stan!

[@TheCreditFrog]

Haha, I run a hybrid Amex/BofA setup. As you know, we need a backup VISA so cutting BofA out may not work out haha! Sadly, it's well known that BofA does not give out retention offers as much as Amex. Yes, the downgrade path is such a nice feature with this card - and of course, you shouldn't forget about the Lifestyle credit! It's exactly the same as the Amex instead it's an annual credit and renews every calendar year!

[@AnthonyVenture]

@@TheCreditFrog That credit alone makes me want it! I probably overlooked it, do you have a video where you talk about it in detail, limitations etc?

[@TheCreditFrog]

@@AnthonyVenture Yeah, the credit is incredibly flexible. My older video goes into a little more detail: kzbin.info/www/bejne/Z6DZo3ilfpdrY8k

[@mitchell.9632]

@@TheCreditFrog As far a I can tell they "flipped the switch off" and have not given retention offers for over a year now. They used to even give them on no annual fee cards and they had one of the best return for the money spent.

[@TheCreditFrog]

Oh man, that’s too bad! Hopefully they’ll offer retentions again soon!

[@amanuel6791]

thanks!

[@TheCreditFrog]

you're welcome!

[@mariaho4386]

Can anyone confirm if the priority pass lounge covers the airport restaurant credit like Sapphire?

[@TheCreditFrog]

It should but I haven’t tried this yet myself!

[@mariaho4386]

I can confirm it works! I’m sitting at BWI as I type this and the BofA black card got me a full $28 credit for my meal for free at the participating restaurant.. you do have to pay gratuity out of pocket. But remember to check priority pass app to see which restaurant at your particular airport accepts it.. if you use this benefit, then you can’t use the minute suites or lounge since you can only use one benefit per “flight” - I guess. Of note… there was a big sign at the hostess desk mentioning that Capital One Venture X and AMEX do not have this benefit so BofA Elite Black card for the WIN!

[@TheCreditFrog]

@@mariaho4386 That’s amazing to hear Maria! Thanks so much for providing this DP! I know that was a big question a lot of us had so I’m really happy to hear that this PP works at restaurants. Enjoy your trip!!

[@joshuakeoni]

How do you get 3.5% for Costco?

[@TheCreditFrog]

Bank of America Preferred Rewards Platinum Honors tier gives you a 75% boost on points. So with the BofA CCR card that gets 2% on wholesale clubs, the boost makes the multiplier 3.5%!

[@ItsMeCJ]

I better be first!

[@TheCreditFrog]

You win CJ! 🏆

[@shojus]

​@@TheCreditFrog He wins the ugly rose gold Amex card... 🤣

[@TheCreditFrog]

@@shojus One man’s trash is another man’s treasure 🌹⭐️

[@SledgeIncTeam]

I was 1st but didnt leave a comment

[@ItsMeCJ]

@@shojus wait a second, don’t disrespect Rose Gold in that way! Rose Gold is classy!

[@app1mxh]

Venture X is much cheaper

[@TheCreditFrog]

It is