Mad respect for being one of the very few UA-camrs (shoutout to Credit Frog as well!) that actually does a deep dive on the Bank of America Premium Rewards Elite card.🍷This is by far the most comprehensive and accurate video out there.
Correct. This video wasn't about all cards w/ restaurant access though. Rather, it's focused on the 1 card with the best overall access. Given that the BOA Elite doesn't have the 4-8 cap, it's better 👍
@@MarkReese 0:10 apparently it's because Mastercard's no longer the payment network for the CapOne Business Venture X. But that's not surprising considering how capital one's perks keep on coming and going
I was hoping any suggestions how to use the airline incidental credit in a "special" way, like how we used to deal with the Amex incidental credits before. For example, purchasing air fare under $100 will trigger? I wonder how you used the $100 three times and it triggered please?
@@MarkReese Thank you Mark for the response. Did you purchase the AA gift card with a PC or on the phone? I purchase with my PC 8 days ago still didn't trigger. Thank you again.
Altitude Reserve is the only card I trust to keep the restaurant benefit due to the number of passes. Every other card is only a matter of time before it gets taken away. May be Citi Prestige too.
I have us bank altitude go card with the 4 x for the restaurant and I do believe it will stay that’s one of the highlights of that card which I have in my card portfolio.
19:40 It is important to note that among ultra-premium credit cards, the PRE's Avis President's Club status is actually the most valuable because 1) Avis DOES NOT status match in the USA, 2) You can take this Avis status and status match at National and Hertz (and other car rental agencies) to get the highest tier if you don't like Avis.
Everybody being upset over losing a benefit I literally never had an opportunity to use lol my base airport sucks for priority pass. Only option is delta really which has been nerfed.
This card is only worth it for the SUB and for the Bank of America customers who bank with them and have a lot of money. You're better off just getting something like the American Express Platinum or Chase Sapphire Reserve or one of the US Bank cards and just pay for the Priority Pass restaurant while you park your money in much better accounts that will give you a much better return.
A self directed brokerage account and Roth IRA will have the exact same rate of return, no matter where I park them... A self directed Merrill CMA Edge account also gives access to a broader range of institutional class money market funds than other institutions I looked at, with rather small minimum investment requirements. If you don't mind having to manage it a little, you can beat all of the HYSAs offered by others, and can mostly automate it. It is kinda nice having checking, brokerage, and other services all in the same account, with a deferred debit card to boot!
The points/rewards benefits on this card are weak compared to most other premium cards with similar annual fees. The Priority Pass benefit by itself is not enough for the high cost of the card IMO.
At least the travel and lifestyle credits can all be used on a single trip. Nice for those of us that only travel once a year, and don't want to worry about using up monthly credits to justify the AF... They have a broader range of what constitutes "Travel" for the enhanced category than most travel cards too.
Mark, it would be interesting if you could make a video comparing HSBC's revamped card offerings versus Bank of America's. Seems like HSBC has positioned its Premier and Elite cards to compete with Bank of America's Premium Rewards and Premium Rewards Elite, respectively.
Could you please answer this question? Seems like this is reversed from what everyone says. Credit Karma VantageScore 3 is 20 points lower than all 3 bureaus FICO 8. No delinquents pay on time 100% for 20-plus years. no Bankruptcy no adverse anything. 3 inquiries in last 2 years. Good credit mix
I don't have the formulas to calculate scores, so I can't comment on that. I see nothing to worry about. Credit Karma is something I use as a general gauge, not something to tell me my 'true' credit score.
@@MarkReese Thank you for the reply. I was concerned because my bank has it as the score they give customers. I'm interested in a HELOC to get rid of high-interest and it looked low to me if they use it.
Have you tried using United Travel Bank, purchasing Delta flights with a gift card covering part of the cost, or buying Southwest flights less than $100 each, to see if any of these trigger the airline incidental credit on this BoA card like they do on some other cards?
No. I rarely fly United or Delta, so those options aren't useful to me. Instead, I've done $100 eGift cards via AA. Those were reimbursed with no problem.
Thank you so much for the Bank of America credit card videos. I currently have the Bank of America Premium Rewards card and I am thinking about upgrading the Elite card. I feel like the rewards bonus from the Preferred Rewards program, the airline incidental and lifestyle credits and the 20 percent airfare savings program compensates for the lack of transfer partners. I have a quick question. Should I convert the Premium Rewards card to a Customized Rewards card after I get the Elite card?
BoA doesn't generally allow product changing a points card to cash back card. Easy enough to transfer the points from the Premium card to the Elite, then PC the Premium to the base no AF Travel card, and transfer most of the limit off of it.
@@MarkReese Thank you for discussing the Bank of America cards. A lot of other content providers only want to mention Amex or Chase. Continue the great work and look forward to the next video.
Correct. This video wasn't about all cards w/ restaurant access though. Rather, it's focused on (a) cards that are available to apply for and (b) the 1 card with the best overall access. Given that the BOA Elite doesn't have the 8-visit cap, it's better 👍
Once the total balance of all of your deposit and investment accounts with BoA and Merrill hits a 3 month average of $20000, you become eligible to enroll in the Preferred Rewards program. The tier you are in depends on the total, and will go up automatically as your account value passes the threshold for the next tier up.
@@MarkReese already meet the requirements of accounts in Merrill and boa, so how does boa know your accounts at Merrill? I for one will not list the account numbers of my Merrill accouts in the application, so the question goes how does this enrollment knows your Merrill fund accounts.
@@kevinacker9843 They know... I don't remember if I had to do anything for my BoA and Merrill accounts to all show on the accounts page when I log in to either BoA or Merrill's web sites, but I don't think I did. You can even select eligible Merrill accounts, including margin accounts, to balance connect to your BoA checking, from within the BoA page. I only keep $101 in my BoA checking, so I don't get "low balance" alerts every day, and run everything through my Merrill CMA Edge account.
@@kevinacker9843 - They would already know that. Merrill agreed to be acquired by BOA in 2008. You can enroll in the Preferred Rewards program on this page by scrolling down about halfway and clicking on the 'Log in to enroll' button: promotions.bankofamerica.com/preferredrewards/en
Any idea what my First Premier Bank card can get me.. After all it is the Platinum 😂… Only has a $300 limit but after my payment clears 5 days later I can use it all over again..
@@Josh-py9rq also even if you have that kind of net worth in cash, it makes 0 sense to keep it in a Bank of America account. There are so many better deals with High-Yield Savings Accounts and better brokerages you can put your money into and get a better return on.
Lol, yea I doubt BOA will get a influx of apps....outside of MIA airport and lax , almost the big ones have some sort of lounge , amex, chase or capital one...I used restaurant credit only at MIA and Jfk, when the lounges were super full....now Mia has nothing but amex ( Aa only ) and very very small Turkish lounge..(full 100% )
Mad respect for being one of the very few UA-camrs (shoutout to Credit Frog as well!) that actually does a deep dive on the Bank of America Premium Rewards Elite card.🍷This is by far the most comprehensive and accurate video out there.
Thank you! 💯
Only a matter of time US Bank or BoA gets rid of their PP perks.
Mark is an Underrated content creator. Always detailed, articulate, well researched, & presentations on point.
Thank you!
US Bank has 2 credit cards that have PP with a restaurant option. Sadly you are limited to either 4 or 8 visits depending on which card you have.
Reserve and Connect ?
Correct. This video wasn't about all cards w/ restaurant access though. Rather, it's focused on the 1 card with the best overall access. Given that the BOA Elite doesn't have the 4-8 cap, it's better 👍
@@ayman.ibrahim - Yes. And the Business Connect, too.
I'm waiting to see if the U.S. Bank Connect Card continues to have Priority Pass after the $95 fee goes away.
@@MarkReese 0:10 apparently it's because Mastercard's no longer the payment network for the CapOne Business Venture X. But that's not surprising considering how capital one's perks keep on coming and going
Never would've thought BOA would save the day...but here we are! 😄
BOA... I'm on the same boat as u bub 😄
Lol
Quick note: BofA has a preferred rewards tier above Diamond - Diamond Honors set at 10M+
Yep that's true 👍
Credit Cards rewards bonuses stop at the 100k tier though.
Very well organized and detailed content. 👍
I was hoping any suggestions how to use the airline incidental credit in a "special" way, like how we used to deal with the Amex incidental credits before. For example, purchasing air fare under $100 will trigger? I wonder how you used the $100 three times and it triggered please?
I purchased 3x eGift cards from American Airlines. That triggered the credit. Not sure about other airlines.
@@MarkReese Thank you Mark for the response. Did you purchase the AA gift card with a PC or on the phone? I purchase with my PC 8 days ago still didn't trigger. Thank you again.
@@SwanFJQ - I used my laptop.
Its great to hear about other options not talked about. 😊
Altitude Reserve is the only card I trust to keep the restaurant benefit due to the number of passes. Every other card is only a matter of time before it gets taken away. May be Citi Prestige too.
I have us bank altitude go card with the 4 x for the restaurant and I do believe it will stay that’s one of the highlights of that card which I have in my card portfolio.
If only their cash back card can earn points that then can be transferred over to the premium rewards elite…
Been A Min SInce I last Seen Some Of These Videos How Are YOU?
All well!
19:40 It is important to note that among ultra-premium credit cards, the PRE's Avis President's Club status is actually the most valuable because 1) Avis DOES NOT status match in the USA, 2) You can take this Avis status and status match at National and Hertz (and other car rental agencies) to get the highest tier if you don't like Avis.
Seems like a pretty solid card that doesn't get talked about much. Thanks for reviewing - great video!
Everybody being upset over losing a benefit I literally never had an opportunity to use lol my base airport sucks for priority pass. Only option is delta really which has been nerfed.
Thank you for sharing this! Great job Mark!
Thank you!
Hmm. Still weak. Competitive. But still weak for $550.
@@operating This.
This card is only worth it for the SUB and for the Bank of America customers who bank with them and have a lot of money. You're better off just getting something like the American Express Platinum or Chase Sapphire Reserve or one of the US Bank cards and just pay for the Priority Pass restaurant while you park your money in much better accounts that will give you a much better return.
A self directed brokerage account and Roth IRA will have the exact same rate of return, no matter where I park them...
A self directed Merrill CMA Edge account also gives access to a broader range of institutional class money market funds than other institutions I looked at, with rather small minimum investment requirements.
If you don't mind having to manage it a little, you can beat all of the HYSAs offered by others, and can mostly automate it.
It is kinda nice having checking, brokerage, and other services all in the same account, with a deferred debit card to boot!
I hate boa but i got this card and dont plan on dealing with them ever besides for this card
The points/rewards benefits on this card are weak compared to most other premium cards with similar annual fees. The Priority Pass benefit by itself is not enough for the high cost of the card IMO.
At least the travel and lifestyle credits can all be used on a single trip.
Nice for those of us that only travel once a year, and don't want to worry about using up monthly credits to justify the AF...
They have a broader range of what constitutes "Travel" for the enhanced category than most travel cards too.
Thanks for the info + video!
Mark, it would be interesting if you could make a video comparing HSBC's revamped card offerings versus Bank of America's. Seems like HSBC has positioned its Premier and Elite cards to compete with Bank of America's Premium Rewards and Premium Rewards Elite, respectively.
Perhaps someday!
LOL, you mean the HSBC Elite card that requires you to spend $8000 on the HSBC Travel Portal in order to recoup the $400 Travel Credit?
Could you please answer this question? Seems like this is reversed from what everyone says. Credit Karma VantageScore 3 is 20 points lower than all 3 bureaus FICO 8. No delinquents pay on time 100% for 20-plus years. no Bankruptcy no adverse anything. 3 inquiries in last 2 years. Good credit mix
I don't have the formulas to calculate scores, so I can't comment on that. I see nothing to worry about. Credit Karma is something I use as a general gauge, not something to tell me my 'true' credit score.
@@MarkReese Thank you for the reply. I was concerned because my bank has it as the score they give customers. I'm interested in a HELOC to get rid of high-interest and it looked low to me if they use it.
I’m willing to bet it’ll be removed eventually
Have you tried using United Travel Bank, purchasing Delta flights with a gift card covering part of the cost, or buying Southwest flights less than $100 each, to see if any of these trigger the airline incidental credit on this BoA card like they do on some other cards?
No. I rarely fly United or Delta, so those options aren't useful to me. Instead, I've done $100 eGift cards via AA. Those were reimbursed with no problem.
Hi mark
How did you get the incidental travel credit from American airlines
Did you buy gift cards from them??
I purchased $100 e-Gift cards.
@@MarkReesehi Mark. Would that work for United TravelBank also?
@@ericnguyen7554 - Not sure, I haven't tried it.
Hi mark
Will uber cash trigger the lifestyle credit??
@@javierpineda2951 - Yes it will.
Thank you so much,😮
Thank you so much for the Bank of America credit card videos. I currently have the Bank of America Premium Rewards card and I am thinking about upgrading the Elite card. I feel like the rewards bonus from the Preferred Rewards program, the airline incidental and lifestyle credits and the 20 percent airfare savings program compensates for the lack of transfer partners. I have a quick question. Should I convert the Premium Rewards card to a Customized Rewards card after I get the Elite card?
BoA doesn't generally allow product changing a points card to cash back card.
Easy enough to transfer the points from the Premium card to the Elite, then PC the Premium to the base no AF Travel card, and transfer most of the limit off of it.
You can product change it to the customized cash card. I did it.
@@davidhamilton6187 Nice! I've seen people say they were told they couldn't, but also some that did.
Doing a product change is up to you! Make the decision based on your spend habits / rewards preferences.
@@MarkReese Thank you for discussing the Bank of America cards. A lot of other content providers only want to mention Amex or Chase. Continue the great work and look forward to the next video.
Citi Prestige and USBAR also includes restaurants
Correct. This video wasn't about all cards w/ restaurant access though. Rather, it's focused on (a) cards that are available to apply for and (b) the 1 card with the best overall access. Given that the BOA Elite doesn't have the 8-visit cap, it's better 👍
@@MarkReese depends on how many times you visit per year.
What did you purchase for $100x3?
eGift cards from AA.
Is this the only credit card we are aware of that only issues a digital PP membership? Some lounges I recall only take physical PP cards.
As far as I'm aware.
Which lounges only take physical?
if only this was a biz card, this would have been perfect (not affecting 5/24 & tax deductible AF)
great info!
Very good video that seems to be a good card.
How does BOA know your accounts that you have, like platinum and above accounts.
Once the total balance of all of your deposit and investment accounts with BoA and Merrill hits a 3 month average of $20000, you become eligible to enroll in the Preferred Rewards program. The tier you are in depends on the total, and will go up automatically as your account value passes the threshold for the next tier up.
You need to meet the requirement first prior to being accepted into the program.
@@MarkReese already meet the requirements of accounts in Merrill and boa, so how does boa know your accounts at Merrill?
I for one will not list the account numbers of my Merrill accouts in the application, so the question goes how does this enrollment knows your Merrill fund accounts.
@@kevinacker9843 They know...
I don't remember if I had to do anything for my BoA and Merrill accounts to all show on the accounts page when I log in to either BoA or Merrill's web sites, but I don't think I did.
You can even select eligible Merrill accounts, including margin accounts, to balance connect to your BoA checking, from within the BoA page.
I only keep $101 in my BoA checking, so I don't get "low balance" alerts every day, and run everything through my Merrill CMA Edge account.
@@kevinacker9843 - They would already know that. Merrill agreed to be acquired by BOA in 2008. You can enroll in the Preferred Rewards program on this page by scrolling down about halfway and clicking on the 'Log in to enroll' button: promotions.bankofamerica.com/preferredrewards/en
Kool 💙 💯
Any idea what my First Premier Bank card can get me.. After all it is the Platinum 😂… Only has a $300 limit but after my payment clears 5 days later I can use it all over again..
A credit builder for the future of solid premium cards with excellent rewards and solid travel value!
What about the credit one platinum reserve black elite diamond card
Hi
Hey!
Valid year round? Isn’t every credit card valid year round?
Yes, I just said that for clarity since people have asked me what happens when their membership cards expire.
I seriously dislike BOA so im out.
Sounds like the Ritz Carlton card is for you then
😂😂😂 man is about businesses I can’t blame you they are awful
@@Josh-py9rq also even if you have that kind of net worth in cash, it makes 0 sense to keep it in a Bank of America account. There are so many better deals with High-Yield Savings Accounts and better brokerages you can put your money into and get a better return on.
👍
Chase preferred is by far the best average car anyone can get.
I enjoy driving my Chase preferred on the freeway as well
@@jollama 🙃
It's a great card for sure, but not if you want lounge access.
👍🏻
😮
Welp…thanks for ruining it for the people with the card…now, it’ll be gone in a year…thank you, sir
😬
Lol, yea I doubt BOA will get a influx of apps....outside of MIA airport and lax , almost the big ones have some sort of lounge , amex, chase or capital one...I used restaurant credit only at MIA and Jfk, when the lounges were super full....now Mia has nothing but amex ( Aa only ) and very very small Turkish lounge..(full 100% )
Im searching how to get a platinum bonvoy with amex platinum
The Amex Platinum Card will not provide Marriott Bonvoy Platinum Elite Status. Gotta get the Bonvoy Brilliant Card for that.
👍 great job😮