Kudos has partnered with CardRatings and Red Ventures for our coverage of credit card products. Kudos, CardRatings, and Red Ventures may receive a commission from card issuers. Kudos may receive commission from card issuers. Some of the card offers that appear on Kudos are from advertisers and may impact how and where card products appear on the site. Kudos tries to include as many card companies and offers as we are aware of, including offers from issuers that don't pay us, but we may not cover all card companies or all available card offers. You don't have to use our links, but we're grateful when you do!
Amex Platinum vs Bank of America Premium Rewards Elite: Which Is Better?
July 1, 2025
The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.
Editor's Picks
- The Platinum Card® from American Express is best for frequent travelers who will use its airport lounge network, hotel credits and long list of statement credits. Terms Apply.
- The Bank of America® Premium Rewards® Elite Credit Card is a simpler premium card that earns points on travel and dining, with extra value for Bank of America banking and Merrill investing customers.
The Platinum Card® from American Express Breakdown
[[ SINGLE_CARD * {"id": "106", "isExpanded": "false", "bestForCategoryId": "15", "bestForText": "Luxury Travel", "headerHint": "Global Lounge Collection"} ]]
Why We Like It
The Platinum Card® earns 5X Membership Rewards® points on flights booked directly with airlines or through American Express Travel® (on up to $500,000 on these purchases per calendar year, then 1X), 5X on prepaid hotels booked on American Express Travel® and 1X on other purchases.
Its value comes mostly from benefits. These include the American Express Global Lounge Collection® (Centurion® Lounges, 10 Delta Sky Club® visits when flying on an eligible Delta flight, and Priority Pass™ membership with enrollment), plus Marriott Bonvoy® Gold Elite Status and Hilton Honors™ Gold Status. Some benefits require enrollment.
Pros
- Large lounge network: Access to more than 1,550 airport lounges through the Global Lounge Collection®, according to American Express.
- Hotel credit: Up to $300 back in statement credits semi-annually (up to $600 per year) on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel®. The Hotel Collection requires a minimum two-night stay.
- Statement credits: Credits include up to $200 per calendar year in airline incidental fees with one selected airline, $200 in Uber Cash ($15 a month plus $20 in December), up to $219 per year for CLEAR+®, and up to $25 a month in digital entertainment credits. Enrollment is required for some credits.
Cons
- High annual fee: The Platinum Card® has one of the highest annual fees on the market (see the card details above for the current amount), so it only pays off if you use a large share of its credits and benefits.
- Many moving parts: Most credits are monthly, quarterly or semi-annual, and several require enrollment.
- Low everyday earning: Purchases outside flights and prepaid hotels earn 1X.
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
Bank of America® Premium Rewards® Elite Breakdown
[[ SINGLE_CARD * {"id": "867", "isExpanded": "false", "bestForCategoryId": "15", "bestForText": "Frequent Travelers", "headerHint": "Airline Incidental Credit"} ]]
Why We Like It
The Bank of America® Premium Rewards® Elite has a $550 annual fee. It earns 2 points per dollar on travel and dining and 1.5 points per dollar on all other purchases, with no cap on points earned.
Members of Bank of America's BofA Rewards program, which replaced Preferred Rewards in May 2026, can earn a bonus of 10% to 75% on eligible credit card purchases depending on their tier.
Pros
- Up to $300 per year in airline incidental statement credits for things like seat upgrades, baggage fees and in-flight services.
- Up to $150 per year in lifestyle credits for streaming, food delivery, fitness subscriptions and rideshare.
- Unlimited airport lounge access worldwide with up to four complimentary Priority Pass™ Select memberships, a credit of up to $120 every four years for TSA PreCheck® or Global Entry, and no foreign transaction fees.
Cons
- Bank of America does not list airline or hotel transfer partners for this card.
- The best earning rates depend on having a Bank of America or Merrill relationship.
- The $550 annual fee is steep if you will not use the airline and lifestyle credits.
Bank of America® Premium Rewards® Elite vs The Platinum Card®
Categories
The choice depends on how often you travel and whether you already bank with Bank of America.
- The Platinum Card® from American Express: Built for frequent travelers who want lounge access, hotel status and luxury hotel benefits, and who will track many credits.
- Bank of America® Premium Rewards® Elite Credit Card: Better for people with Bank of America or Merrill balances who want simple earning, lounge access and fewer credits to manage.
Redemption
The Platinum Card® from American Express: Membership Rewards® points can be transferred to the 20 airline and hotel partners American Express lists, or used with Pay with Points on prepaid bookings through American Express Travel®. Terms Apply.
Bank of America® Premium Rewards® Elite Credit Card: Points can be redeemed for travel (including 20% off airfare paid with points), cash back into an eligible Bank of America or Merrill account or as a statement credit, gift cards and experiences through the concierge.
Travel Perks
- The Platinum Card® from American Express: The Global Lounge Collection®, hotel elite status, Fine Hotels + Resorts® benefits such as daily breakfast for two and a $100 property credit, and no foreign transaction fees. Terms Apply.
- Bank of America® Premium Rewards® Elite Credit Card: Up to four complimentary Priority Pass™ Select memberships, airline incidental credits and no foreign transaction fees.
Compare Cards With Kudos
To find the best card for how you spend, Kudos compares nearly 3,000 credit cards and gives you personalized recommendations.
- Test Drive: Test Drive simulates what a card would earn from your real transaction history, including net value after the annual fee, with no hard credit pull.
- Approval odds: See a detailed analysis of your chances of approval based on your credit report.
- Best card at checkout: The Kudos browser extension autofills the card in your wallet that earns the most on each online purchase.
- Kudos Boost: Earn extra rewards on top of your card rewards when you shop at participating stores.
Both issuers also run card-linked offers. Kudos Premium can automatically activate your American Express and Bank of America offers when you visit the issuer portals, then remind you at checkout, so offers on The Platinum Card® or the Premium Rewards® Elite don't go unused.
Who Should Choose The Platinum Card® from American Express?
The Platinum Card® fits travelers who are often in airports and book upscale hotels. It works best for people who will use the hotel, airline, Uber and entertainment credits each year, since those credits are what offset its annual fee, one of the highest on the market. See the card details above for the current amount. Our Platinum Card review goes deeper on each benefit. Terms Apply.
Who Should Choose the Bank of America® Premium Rewards® Elite?
The Bank of America® Premium Rewards® Elite is for travelers who already keep significant balances with Bank of America or Merrill. Higher BofA Rewards tiers raise the earning rate on every purchase, and the card keeps redemption simple without transfer partners to manage.
Alternatives to Consider
If neither premium card fits, consider a mid-tier rewards card. The Chase Sapphire Preferred® Card has a $95 annual fee and earns transferable points. The American Express® Gold Card earns 4X Membership Rewards® points at restaurants worldwide on up to $50,000 per calendar year (then 1X) and 4X at U.S. supermarkets on up to $25,000 per calendar year (then 1X). See the card details below for current fees. Terms Apply.
[[ COMPARE_CARD * {"ids": ["509", "118"], "bestCategoryIds": ["17", "18"], "bestForTexts": ["Flexible Travel Rewards", "Dining and Groceries"]} ]]
Terms apply to American Express benefits and offers. Enrollment may be required for select American Express benefits and offers. Visit americanexpress.com to learn more. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by Amex Assurance Company.
Tips for Application Success
Before You Apply
- Check your credit history, since premium cards generally require good to excellent credit.
- Plan how you will meet any welcome offer spending requirement without overspending.
- Review each issuer's eligibility rules and the card benefits to confirm the card fits how you travel.
Application Strategy
- Plan for enrollment: Many premium card credits require enrollment or activation after approval.
- Consider the bank relationship: Some cards offer higher rewards to existing banking and investing customers.
- Understand redemption: Check whether a card offers transfer partners or limits you to its own travel portal and cash options.
Our Methodology
We evaluate nearly 3,000 credit cards across the U.S. market, far more than the roughly 150 cards commonly featured on sites that focus only on products tied to affiliate commissions. Our goal is a complete, unbiased view of the credit card market so you can make confident, data-driven decisions.
Our editorial team checks card terms against issuer sources. You can also explore the full dataset yourself in our card explorer, which includes thousands of cards, more than 95% of which do not pay us commissions.
Frequently Asked Questions
How Do the Annual Fees Compare?
The Bank of America® Premium Rewards® Elite has a $550 annual fee. The Platinum Card® from American Express has one of the highest annual fees on the market; see the card details above for the current amount. Either card only makes sense if you will use enough of its credits and benefits to cover the cost.
Can I Transfer Points From Both Cards to Airline Partners?
Membership Rewards® points from The Platinum Card® can be transferred to American Express airline and hotel partners. Bank of America does not list transfer partners for the Premium Rewards® Elite, so its points are redeemed for travel, cash back, gift cards or experiences.
Is the Bank of America Premium Rewards Elite Worth It if I'm Not a Bank of America Customer?
It can be if you use the airline and lifestyle credits and lounge access, but you will earn at the base rate. The BofA Rewards bonus requires an eligible Bank of America relationship, so the card loses some of its edge without one.
Unlock your extra benefits when you become a Kudos member
Turn your online shopping into even more rewards
Join over 500,000 members simplifying their finances
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.
.webp)
