Bank of America to Unveil Premium Rewards Card
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In September 2017, Bank of America® will jump on the premium card bandwagon when it introduces the Bank of America® Premium Rewards® credit card. The market for such products has exploded in recent years and includes such cards as the Chase Sapphire Reserve®, Citi Prestige® Card and The Platinum Card® from American Express.
The Bank of America® Premium Rewards® credit card will have an annual fee of $95 — much lower than any of the other cards mentioned above — and will earn 2 points per dollar spent on travel and dining and 1.5 points per dollar on all other purchases, with no limit to the number of points you can earn.
Cardholders who are already Bank of America® customers will reap more benefits through its Preferred Rewards program. Customers who have money in checking and savings accounts or investment accounts will earn extra points.
Amount in accounts
Points earned per dollar
Travel/dining: 2 All other spending: 1.5
$20,000 to $49,999
Travel/dining: 2.5 All other spending: 1.875
$50,000 to $99,999
Travel/dining: 3 All other spending: 2.25
$100,000 or more
Travel/dining: 3.5 All other spending: 2.625
The Bank of America® Premium Rewards® credit card card has a sign-up bonus of 50,000 points after you spend $3,000 in the first three months the account is open. This is a lower spending threshold than other cards in this market. Also like its counterparts, the Bank of America® Premium Rewards® credit card offers an annual travel credit to cover some expenses. At $100, the travel credit doesn’t match those offered by other premium cards, but it does offset the annual fee of $95.
Earning points is only half of the rewards equation; you need to know what the redemption values are to truly evaluate a card. Bank of America points can be redeemed for travel, cash and gift cards. The value of points redeemed for travel is not listed on the Bank of America® Rewards Program guidelines. For cash, 2,500 to 9,999 points redeem at $0.005 per point; 10,000 to 24,999 points redeem at $0.008, and 25,000 or more points redeem at $0.010. A minimum of 3,500 points is often required for a $25 gift card, although there are sometimes special offers from select retailers that will net a gift card in that amount for fewer points.
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