Chase Sapphire Reserve 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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Here’s a look at why we think the Bank of America® Premium Rewards® Elite is a compelling premium travel card.

• Cardholders receive up to $450 in annual statement credits, including up to $300 for airline incidentals and up to $150 for lifestyle purchases like food delivery and streaming services.
• Travelers can enjoy premium perks like complimentary Priority Pass airport lounge access and benefits at high-end hotels.
• The card’s annual credits can offset the $550 annual fee in the first year if you also use the up to $100 TSA PreCheck or Global Entry credit (publisher-formulated estimate).

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Pros

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• A generous welcome offer is available for new cardholders who meet an initial spending requirement.
• Bank of America Preferred Rewards® members can earn a rewards bonus on every purchase, significantly boosting their earning potential.
• The card includes a variety of travel protections, providing coverage for trip delays, cancellations, and baggage issues.

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Cons

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• A high annual fee may be difficult to offset for those who don’t take full advantage of the card’s specific credits and perks.
• Unlike many competing premium cards, points cannot be transferred to airline or hotel loyalty programs, which limits redemption flexibility.
• The card’s rewards-earning structure is identical to its less-expensive sister card, meaning the higher annual fee doesn’t come with a better earning rate.

Bank of America® Premium Rewards® Elite vs Chase Sapphire Reserve®

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Categories

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When it comes to premium travel cards, the debate over which is better, Chase Sapphire Reserve® or Bank of America® Premium Rewards® Elite, often comes down to how you travel and where your financial loyalties lie.

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• Chase Sapphire Reserve® This card is a top-tier option for frequent travelers who can take full advantage of its extensive travel benefits and rewards.
• Bank of America® Premium Rewards® Elite This premium travel credit card is designed for those seeking luxury perks and is especially valuable for consumers already within the Bank of America ecosystem.

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Redemption

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• Chase Sapphire Reserve®: Points can be redeemed for cash back and gift cards, but they hold more value when used for travel bookings through the Chase portal or transferred to airline and hotel partners.
• Bank of America® Premium Rewards® Elite: Cardholders can redeem points for statement credits, direct deposits, or travel, with the potential for increased point value for those enrolled in the Bank of America Preferred Rewards® program.

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Travel Perks

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• Chase Sapphire Reserve®: The card’s ecosystem is built around the Chase Ultimate Rewards® portal. It features a complimentary Priority Pass™ Select membership, which grants access to a wide network of airport lounges. Cardholders benefit from no foreign transaction fees on purchases made abroad and receive an annual travel credit along with a statement credit for either a Global Entry or TSA PreCheck application fee.
• Bank of America® Premium Rewards® Elite: This card operates through the Bank of America Travel Center. It also provides a Priority Pass™ Select membership for airport lounge access and charges no foreign transaction fees. The card includes an annual airline incidental statement credit and a credit to cover the application fee for Global Entry or TSA PreCheck.

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Compare Top Rated Credit Cards with Kudos

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To make an informed decision, you can use a tool like Kudos, a financial companion that helps you compare nearly 3,000 credit cards with its data-driven explorer.

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• A “Test Drive” feature that simulates your potential earnings with a new card by analyzing your actual transaction history, showing you a side-by-side comparison against your current cards.
• Detailed approval odds based on your credit report to help you apply with confidence.
• A welcome offer guarantee that matches any better public offer you find within three months of approval.
• The ability to unlock $100 in Kickstart+ Rewards when you add certain approved cards to your digital wallet.
• Personalized insights to help you track spending, monitor your credit score, and stay on top of card benefits.

Who Should Choose the Chase Sapphire Reserve®?

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The Chase Sapphire Reserve® is tailored for frequent travelers who spend significantly on dining and travel. This cardholder is someone who will fully utilize the $300 annual travel credit, take advantage of Priority Pass™ Select lounge access, and maximize value by transferring points to airline and hotel partners. It's important to note that points on travel are earned only after the first $300 is spent annually, as this amount goes toward the travel credit, a key detail from our full review.

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

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The Bank of America® Premium Rewards® Elite card is best suited for frequent travelers who are already part of the Bank of America ecosystem, particularly Preferred Rewards® members who can earn elevated rewards. Its ideal user values premium perks like airport lounge access, annual travel and lifestyle credits, and comprehensive travel protections. As detailed in a NerdWallet review, this card is a strong choice for those who prefer a simple redemption system, such as booking flights through the Bank of America Travel Center, rather than dealing with travel transfer partners.

Alternatives to Consider

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So, you've weighed the Chase Sapphire Reserve® vs Bank of America® Premium Rewards® Elite comparison and landed on 'neither.' Fortunately, the world of premium travel rewards cards extends far beyond these two contenders.

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Tips for Application Success

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Applying for a premium travel card is a big decision. To boost your chances of approval and ensure you get the most value from day one, follow these tips.

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Before You Apply:

• Check your credit score. Most premium travel cards, including the Chase Sapphire Reserve® Credit Card, require a good to excellent credit history for approval.
• Plan your spending. Welcome offers typically require you to meet a minimum spending threshold in the first few months. Make sure you can reach this target with your normal spending to avoid overspending.
• Know the ecosystem. Some cards, like the Bank of America® Premium Rewards Elite credit card, offer significant rewards boosts to existing bank customers. Research these loyalty perks and the card’s redemption options—like whether it has airline transfer partners—to ensure it aligns with your goals.

Application Strategy:

• Apply through a trusted source. Use a secure and reliable platform to ensure you’re seeing the best publicly available offer.
• Don’t settle for a lesser offer. Welcome offers can fluctuate. If you’re not seeing a strong offer, it can sometimes pay to be patient and check back later.
• Time your application strategically. If you have a large purchase on the horizon—like a vacation or home renovation—applying beforehand can help you meet the spending requirement for the welcome offer much faster.

Frequently Asked Questions

Which card has a higher annual fee, the Chase Sapphire Reserve® or the Bank of America® Premium Rewards® Elite?

Both the Chase Sapphire Reserve® and the Bank of America® Premium Rewards® Elite card carry a $550 annual fee. Your effective annual fee for each card will depend on how fully you utilize their respective statement credits and benefits.

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How do the travel credits differ between the Sapphire Reserve® and the Premium Rewards® Elite?

The Chase Sapphire Reserve® offers a flexible $300 Annual Travel Credit that automatically applies to a wide range of travel purchases. The Bank of America® Premium Rewards® Elite provides up to $300 in annual airline incidental statement credits for qualifying purchases like seat upgrades and baggage fees.

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Do both the Chase Sapphire Reserve® and Bank of America® Premium Rewards® Elite offer airport lounge access?

Yes, both cards provide a complimentary Priority Pass Select membership, which grants access to a global network of over 1,300 airport lounges and experiences.

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Can I transfer points to airline and hotel partners with both cards?

You can transfer points earned with the Chase Sapphire Reserve® to numerous airline and hotel loyalty programs, often at a 1:1 ratio. The Bank of America® Premium Rewards® Elite card does not offer the ability to transfer points to external travel partners.