Chase Freedom Unlimited vs Bank of America Premium Rewards Elite: Which Is Better In 2025?

Bank of America® Premium Rewards® Elite Breakdown

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Why We Like It

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This section breaks down why we like the Bank of America® Premium Rewards® Elite card.

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• Cardholders can take advantage of up to $450 in annual statement credits for eligible airline incidental, rideshare, food delivery, and streaming service purchases.
• A complimentary Priority Pass membership provides unlimited access to more than 1,300 airport lounges worldwide.
• You can offset the entire $550 annual fee in the first year by using the card's annual credits and the up to $100 credit for TSA PreCheck or Global Entry (publisher-formulated estimate).

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Pros

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• Valuable annual statement credits that can be applied to travel and everyday lifestyle purchases.
• Complimentary Priority Pass airport lounge access and a statement credit for Global Entry or TSA PreCheck application fees.
• Significant rewards bonus on every purchase for eligible Bank of America Preferred Rewards® members.

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Cons

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• Lacks the ability to transfer points to airline and hotel partners, limiting high-value redemption opportunities.
• Travel redemptions are restricted to the Bank of America Travel Center, which may not be ideal for those who prefer booking directly with airlines or hotels.
• A steep annual fee that requires maximizing the card’s benefits to justify the cost.

Bank of America® Premium Rewards® Elite vs Chase Freedom Unlimited®

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Categories

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When deciding which is better, Chase Freedom Unlimited or Bank of America Premium Rewards Elite, it's essential to recognize that each card is designed for a different type of user and spending habit. The best choice ultimately depends on your personal financial goals and lifestyle.

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• Chase Freedom Unlimited®: This card is ideal for everyday spenders seeking consistent cash back on all purchases without the hassle of tracking rotating bonus categories. It's a strong option for those new to rewards or who value a straightforward earning structure.
• Bank of America® Premium Rewards® Elite credit card: Tailored for premium travelers, this card offers the most value to those who can leverage its luxury travel perks like airport lounge access and statement credits. It is especially beneficial for existing Bank of America customers who can earn enhanced rewards.

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Redemption

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Chase Freedom Unlimited®: Rewards are earned as points that can be redeemed for cash back, gift cards, or travel booked through the Chase portal. For added flexibility, these points can be transferred to a premium Chase travel card to potentially increase their value.

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Bank of America® Premium Rewards® Elite credit card: Points can be redeemed for cash, gift cards, or as a statement credit to cover travel and dining purchases. They can also be used to book travel directly through the Bank of America Travel Center.

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Travel Perks

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• Chase Freedom Unlimited®:
  • Its travel ecosystem is centered around the Chase travel portal for bookings.
  • Keep in mind that purchases made outside the U.S. will incur a foreign transaction fee.
  • Complimentary airport lounge access is not a feature of this card.
• Bank of America® Premium Rewards® Elite credit card:
  • Offers a more robust travel environment, including its own booking platform, the Bank of America Travel Center.
  • Travelers benefit from having no foreign transaction fees on international purchases.
  • Includes complimentary access to a network of airport lounges.
  • Provides annual statement credits that can offset qualifying travel and lifestyle purchases.

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Compare Top Rated Credit Cards with Kudos

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To make a data-driven decision, a tool like Kudos can be invaluable, as it evaluates nearly 3,000 credit cards to find the best match for your spending habits.

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• Use the 'Test Drive' feature to see exactly how much a new card would earn you based on your real transaction history, eliminating the guesswork.
• Receive a welcome offer guarantee, ensuring that if you find a better public offer within three months of approval, Kudos will match it.
• Get a detailed analysis of your approval odds for any card, calculated using your credit report.
• Unlock Kudos Boost rewards, which stack on top of your regular card earnings when you shop at participating stores.
• Access a suite of tools to monitor your transactions, track spending, and keep an eye on your credit score.
• Benefit from personalized card matching that analyzes your spending patterns to recommend the most lucrative options for you.

Who Should Choose the Chase Freedom Unlimited®?

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The Chase Freedom Unlimited® is an excellent choice for everyday spenders who prefer a no-fuss approach to earning rewards without the hassle of tracking rotating categories. It's particularly well-suited for those new to credit card rewards and for existing Chase customers who want to create a powerful points-earning strategy by pairing it with a premium card. As detailed in our comprehensive guide, this card delivers valuable purchase protections and travel benefits without an annual fee, making it a strong contender.

Who Should Choose the Bank of America® Premium Rewards® Elite?

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The Bank of America® Premium Rewards® Elite card is primarily designed for frequent travelers who are already embedded in the Bank of America ecosystem, particularly Preferred Rewards members. These users can maximize value by stacking the 25%-75% rewards bonus with luxury travel perks like airport lounge access and annual statement credits for incidentals and lifestyle purchases. While the $550 annual fee is steep, this premium travel card offers a straightforward way to earn and redeem rewards for those who prefer booking through the bank's portal over managing transfer partners.

Alternatives to Consider

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If this Chase Freedom Unlimited® vs. Bank of America® Premium Rewards® Elite comparison hasn't pointed you to the right card, other excellent options are available. Here are a few alternatives that might be a better fit for your wallet.

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Tips for Application Success

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Before You Apply

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• Check your credit score: Most premium cards require a good to excellent credit history for approval.
• Plan your spending: Make sure you can comfortably meet the spending requirement for the welcome offer.
• Have a redemption plan: Know how you plan to use your points, as some cards lack airline or hotel transfer partners.

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Application Strategy

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• Leverage issuer ecosystems: Some issuers offer enhanced rewards and benefits to their existing banking customers.
• Consider card pairings: Combining cards from the same issuer, such as with Chase, can often unlock greater value.
• Be strategic with applications: If you don't receive the best offer, some application methods allow you to decline without impacting your credit.

Our Methodology

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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.

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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

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What credit score do I need for the Chase Freedom Unlimited® or Bank of America® Premium Rewards® Elite card?

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While issuers don't publish exact credit score requirements, both cards generally require a good to excellent credit score, typically considered to be 670 or higher. Your approval odds also depend on other factors like your income and existing debt.

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Can I have both the Chase Freedom Unlimited® and the Bank of America® Premium Rewards® Elite card?

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Yes, you can absolutely hold cards from different issuers like Chase and Bank of America simultaneously. This can be a smart strategy to maximize rewards across different spending categories.

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Which card is better for beginners?

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With no annual fee and straightforward rewards, the Chase Freedom Unlimited® is generally considered the more beginner-friendly option. The Bank of America® Premium Rewards® Elite card is a premium product with a high annual fee best suited for those who can maximize its travel credits and benefits.

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How do the rewards programs for these cards differ?

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The Chase Freedom Unlimited® earns Chase Ultimate Rewards® points, which are flexible and can be transferred to travel partners, especially when paired with a premium Chase card. The Bank of America® Premium Rewards® Elite card earns points within Bank of America's program, which offers increased value for Preferred Rewards members.

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