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Chase Freedom Flex vs Bank of America Premium Rewards Elite: Which Is Better In 2025?
July 1, 2025
Editor's Picks
- Chase Freedom Flex®: This card is ideal for maximizing cash back on rotating quarterly categories, as well as on travel booked through Chase, dining, and drugstore purchases.
- Bank of America® Premium Rewards® Elite: This premium card is best for frequent travelers who want to earn rewards on travel and dining while enjoying luxury perks like lounge access and annual statement credits.
Chase Freedom Flex® Breakdown
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Why We Like It
Here’s a closer look at what makes the Chase Freedom Flex® a standout choice.
- The card offers a powerful 5% cash back rate on rotating quarterly categories on up to $1,500 in combined purchases each quarter you activate, plus solid rewards on dining and drugstore purchases.
- With no annual fee, any cash back you earn is pure value added to your wallet.
- Maximizing the 5% rotating categories each quarter could net you up to $300 in cash back annually (publisher-formulated estimate).
Pros
- Features a dynamic rewards structure that combines high-earning rotating bonus categories with consistent rewards on everyday spending.
- Includes valuable cardholder protections like cell phone coverage, a standout benefit typically found on premium cards.
- Integrates with the Chase Ultimate Rewards® program, unlocking the potential to pool points with premium Chase cards for enhanced value.
Cons
- Bonus categories require manual activation each quarter, and the rotating nature of the categories may not always align with your spending habits.
- The card carries a foreign transaction fee, making it a poor choice for purchases outside the U.S.
- High-earning rewards are subject to quarterly spending caps, and eligibility can be impacted by Chase’s strict application rules.
Bank of America® Premium Rewards® Elite Breakdown
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Why We Like It
Here’s a closer look at why we’re fans of the Bank of America® Premium Rewards® Elite card.
- The card offers up to $450 in combined annual statement credits for airline incidentals and lifestyle purchases like food delivery and streaming services.
- Cardholders receive valuable travel benefits, including unlimited airport lounge access with a Priority Pass membership and a statement credit for Global Entry or TSA PreCheck.
- By maximizing the annual airline and lifestyle credits, you can offset a significant portion of the card's $550 annual fee each year (publisher-formulated estimate).
Pros
- Annual statement credits for airline incidentals and a variety of lifestyle purchases.
- Complimentary airport lounge access and a statement credit for Global Entry or TSA PreCheck.
- Boosted rewards for Bank of America Preferred Rewards® members and a broad definition of travel for earning points.
Cons
- The card lacks travel transfer partners, which limits redemption flexibility and potential value.
- It carries a high annual fee that may not be fully offset by credits every year.
- Maximizing rewards requires booking through the Bank of America® Travel Center, which may not appeal to all travelers.
Bank of America® Premium Rewards® Elite vs Chase Freedom Flex®
Categories
Deciding which is better, the Chase Freedom Flex® or the Bank of America® Premium Rewards® Elite, comes down to your personal spending habits and what you want from a credit card. These cards are built for very different consumers, from everyday spenders to luxury travelers.
- Chase Freedom Flex® is a top choice for no-fee card seekers. It’s a cash back card designed to maximize rewards on everyday spending and rotating categories.
- Bank of America® Premium Rewards® Elite is a premium travel credit card. This card is best suited for frequent travelers who value luxury perks and are invested in the Bank of America ecosystem.
Redemption
Chase Freedom Flex®: Rewards can be redeemed for straightforward cash back, or you can use your points for travel, gift cards, and more through the Chase Ultimate Rewards® portal.
Bank of America® Premium Rewards® Elite: Points are best used to cover travel and dining purchases, but can also be redeemed for cash back or gift cards. Cardholders can also receive statement credits for specific travel-related expenses.
Travel Perks
- Chase Freedom Flex®: As a cash back card, its travel perks are minimal. While travel can be booked through the Chase Ultimate Rewards® portal, the card includes a foreign transaction fee and does not offer airport lounge access.
- Bank of America® Premium Rewards® Elite: This premium card is designed for travel. It features no foreign transaction fees and includes a Priority Pass™ Select membership for airport lounge access. Cardholders also receive annual statement credits for airline incidentals and application fees for programs like TSA PreCheck® or Global Entry.
Compare Top Rated Credit Cards with Kudos
If you're still on the fence, a tool like Kudos can help you compare thousands of credit cards using its data-driven card explorer.
- Test drive credit cards: The platform’s ‘Test Drive’ feature lets you simulate potential earnings from different cards using your real spending data—all without a hard credit pull.
- Personalized recommendations: Receive card suggestions tailored to your unique spending history to maximize your rewards.
- Approval odds analysis: Get a detailed analysis of your approval odds for various cards based on your credit report.
- Welcome offer guarantee: If you find a better public welcome offer within three months of being approved for a card through Kudos, the platform will match it.
- Extra rewards: Earn additional rewards on top of your card’s earnings by shopping with Kudos Boost at your favorite stores.
- Financial dashboard: Manage all your credit cards, monitor your credit score, and track your spending and rewards in a single interface.
Who Should Choose the Chase Freedom Flex®?
The Chase Freedom Flex® is a great fit for savvy spenders who enjoy maximizing rewards by taking advantage of rotating 5% cash back categories each quarter. It's also ideal for those who frequently dine out or shop at drugstores, and for anyone looking to build a multi-card strategy like the Chase trifecta to pool Ultimate Rewards® points. With no annual fee and flexible redemption options, this cash back card is perfect for users who want high earning potential without a yearly cost.
Who Should Choose the Bank of America® Premium Rewards® Elite?
The Bank of America® Premium Rewards® Elite credit card is tailored for frequent travelers who are deeply integrated into the Bank of America® ecosystem, particularly Preferred Rewards members. This cardholder is someone who can maximize the value of the card's premium travel perks, like airport lounge access and hotel benefits, and significantly boost their earnings through the Preferred Rewards program. They are comfortable paying the $550 annual fee and booking travel through Bank of America's portal to unlock the card's full potential, as detailed in NerdWallet's review.
Alternatives to Consider
If our Chase Freedom Flex® vs Bank of America® Premium Rewards® Elite comparison leaves you feeling that neither card is the perfect match, there are several other excellent rewards cards to consider.
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Tips for Application Success
Before You Apply
- Check your credit score – Most premium cards require a good to excellent credit history for approval.
- Review issuer eligibility rules – Be aware of any specific application rules the card issuer may have.
- Have a redemption plan – Research the card’s rewards ecosystem to ensure it aligns with your goals.
Application Strategy
- Know the rules – Some issuers, like Chase, have strict rules regarding recent card openings.
- Leverage existing relationships – You may get better rewards with an issuer you already bank with.
- Time your application – Apply before a large planned purchase to help meet any welcome offer spending requirements.
Our Methodology
We evaluate nearly 3,000 credit cards across the U.S. market — far more than the ~150 cards commonly featured on sites that focus only on products tied to affiliate commissions. Our goal is to provide a comprehensive, unbiased view of the credit card landscape so you can make confident, data-driven decisions.
Our editorial team combines deep industry experience with rigorous verification standards. While our experts surface the most relevant recommendations in our guides, you can also explore the full dataset yourself through our card explorer tool, which includes thousands of cards — more than 95% of which do not provide us with commissions.
Frequently Asked Questions
Can I have both the Chase Freedom Flex and the Bank of America Premium Rewards Elite card?
Yes, you can hold credit cards from different issuers like Chase and Bank of America at the same time. Each bank will assess your application independently based on your credit profile and their specific approval criteria.
How does the Chase 5/24 rule impact applying for the Freedom Flex?
Under Chase's 5/24 rule, you will likely be denied for most of their cards, including the Freedom Flex, if you have opened five or more new credit cards with any bank in the past 24 months. It's a critical factor to consider before you apply for any Chase card.
What are Bank of America's Preferred Rewards tiers?
The Bank of America Preferred Rewards program boosts your credit card rewards based on the combined balance in your qualifying Bank of America and Merrill accounts. Reaching higher tiers can significantly increase the value you get from the Premium Rewards Elite card.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
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