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News: Bank of America Is Catching Up On Premium Credit Cards -

Bank of America officially launched the new Premium Rewards Elite credit card in mid-November. That marked the bank's entry into the premium travel credit card space.

The Bank of America Premium Rewards Elite Credit Card may mostly appeal to existing Bank of America customers who participate in the Preferred Rewards program. However, anyone who can afford the card's high annual fee can apply for the Premium Rewards Elite card.

The Premium Rewards Elite card offers a suite of travel and lifestyle benefits:

- Annual $300 incidental travel and $150 lifestyle credits

- Up to $100 credit for Global Entry or TSA PreCheck (once every four years)

- Unlimited 2x points on travel and dining purchases and 1.5x points on all other purchases

- Preferred Rewards members can earn 3.5 points per dollar on travel and dining purchases and 2.62 points per dollar on all other purchases

- Complimentary Priority Pass Select membership

- Complimentary 24/7 full-service concierge

- Visa Infinite card benefits.

In addition to ongoing rewards, the card also comes with a welcome offer - new cardholders can earn 50,000 bonus points for spending $3,000 on purchases in the first 90 days of account opening. The bonus is worth $500, but if points are redeemed through the Bank of America Travel Center, it can be worth up to $600.

The Premium Rewards Elite card is not cheap ($550 annual fee) and does not allow points transfers to any loyalty programs like premium cards from Chase, Amex, Capital One or Citi do. However, the card has upscale perks that can offset the annual fee.

BofA is not the only bank that has recently entered the premium travel credit card space. Earlier this year, at the beginning of November, Capital One introduced a premium version of their family of Venture cards - the Capital One Venture X Rewards Credit Card.