Bank of America is a Tier 2 military issuer. They waive fees — but only on cards priced above roughly $100. The $550 Premium Rewards Elite? Waived. The $95 Premium Rewards? Charged in full. The $75 Alaska Airlines Visa? Charged.
There’s no official BofA policy document that names “$100” as the threshold. It’s a community-documented pattern that’s held since late 2021. Could shift — but it’s held consistently for three years.
Why the Premium Rewards Elite is a quiet win
At $550/yr, it sits right at the waiver line. For active-duty holders getting $0 net cost:
- $300 airline incidental credit — baggage, seat upgrades, in-flight purchases.
- $150 lifestyle credit — ride-share, streaming, fitness.
- $100 airline incidental bonus credit (separate from the $300).
- 2.625% back on everything with Bank of America Preferred Rewards Platinum Honors status (another stack worth building if you bank with BofA).
- Priority Pass unlimited.
- No foreign transaction fees.
Credits alone beat the annual fee for most users. Cash back on top is pure margin.
How the waiver shows up on your statement
BofA’s mechanism is charge-then-refund. The $550 annual fee posts, and then within the same statement cycle (or the next one), you’ll see a reversal line labeled “MLA CREDIT” or similar. Don’t panic when you see the initial charge — the refund is coming.
If the refund doesn’t post within two billing cycles, email [email protected] with your orders or MLA certificate.
What BofA doesn’t waive
- Premium Rewards ($95) — below the threshold.
- Alaska Airlines Visa ($75) — below the threshold.
- Business cards — not covered under either statute.
If you want the $95 Premium Rewards benefits (2x dining, 1.5x everything), the fee applies to you.
The lifetime-waiver wrinkle
BofA uniquely advertises “select credit card fees waived for life after military service” — meaning once you qualify via SCRA or MLA, the waiver can persist into veteran status for qualifying products. This is distinctive among major issuers and worth confirming with a BofA military specialist before you separate.
Bottom line
If you’re already a BofA banking customer (particularly with Preferred Rewards tier), the Premium Rewards Elite is worth a slot. It’s Tier 2 because of the threshold, not because the waiver is weaker — once you clear the $100 bar, the waiver is reliable.
For broader context, see the Military Credit Card Stack guide.