Posted by William Charles on August 9, 2017
Credit Cards

Published on August 9th, 2017 | by William Charles

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[Update: Confirmed $95 AF + More Details] Bank of America Premium Rewards Credit Card – 50,000 Points, 2x On Travel & Dining & 1.5x On All Other Purchases [New Card, Not Available Yet]

Card has been officially launched, read more about this here.

(Update 8/9/17) WSJ ran a piece on the card today.  See more in this dedicated post.

A few details confirmed there:

  • 50k point signup bonus will have just $3k spend threshold
  • The annual fee will be $95
  • 1.5x everywhere and 2x on travel/dining; this stacks with Preferred Rewards
  • It will roll out in September
  • It will be a Visa card
  • Not yet confirmed: Global Entry and travel credits

 

Reader SR17 just posted the below picture that looks to be Bank of America’s new premium credit card ironically called ‘Premium Rewards’.

Key Points

  • Sign up bonus of 50,000 points
  • Card earns at the following rates:
    • 2x points per $1 spent on all travel and dining purchases
    • 1.5x points per $1 spent on all other purchases

Our Verdict

This matches up with what other people were predicting, if that’s the case I’d also expect the following:

  • $100 yearly travel credit
  • $100 Global Entry/TSA PreCheck
  • $95 annual fee

Pairing this with the Bank of America Preferred Rewards program would mean that it could earn up to 2.625x points on all purchases. This is the same as the current Travel Rewards card and apparently the points function the same as well (e.g must be redeemed against travel charges). It would also mean you’d be earning up to 3.5x points on restaurant and travel purchases. This would make it one of the best restaurant and every day credit cards when paired with the Preferred Rewards Platinum Honors status.

When it’s not paired with Preferred Rewards the card looks quite weak on the surface. At bare minimum it’ll be worth getting for the sign up bonus and then going from there based on whatever other benefits it might have. The reader that provided the image also confirmed a fall launch.



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To get 50,000 how much I need to spend….. will it be available for everyone, when?

Hey BoA I’m gonna pump and dump your shitty CSP doppelgänger

Big question here is what the travel credit will be, how much of the $450 annual fee will be offset.

$300 max. But since its BOA, they aren’t that generous in the first place.

It says $95AF above, so I’m assuming no travel credit?

this card is going to be like that us bank ailtiude whatever card. People get it for the bonus, then dump it. At least us bank was smart, they wouldn’t even let people get the bonus unless its legit purchases. Lol

u have no clue what ur talking about…

I think he made a very valid point. What is your problem with his comment?

he’s just a whiner. no need to pay attention to him.

If the card is as described above (a big “if”), it’s a no-brainer if you have any travel expenses since it will be free after the credit. I’d certainly apply for it, with or without the bonus (of course with the bonus it’s an amazing deal).

I purchased gift cards from Staples on my Altitude Reserve to meet min spending and it’s still open. You’re right that I haven’t used it since the bonus though.

i can’t get approved for boa and citi cards, but chase and amex loves me

That’s funny.

I can’t get Chase to love on the credit bonus side, despite my long banking affiliation with them, as 5/24 is the equivalent of persona non grata.

As far as I know, my inaugural date on BOA is 1989 and I tend to get what I request. Not that the credit side and the retail banking side actually claim relationship. But, hoping that my affiliation with THEM, gives access for this new premium card.

I won’t be paying that extra 0.5 point on travel and dining for $95

It’s not really exciting. You earn 0.5 points more for travel and dining but have to pay 95 annual fee for that. You would need to spend 19k on dining and travel categories to offset annual fee unless there’s a travel credit to offset the annual fee. Let the speculations begin. Lol

Jonathan Chien

No. It is 0.875 points more for travel and dining with $95 annual fee as a platinum honor membe . It means you need $10857 travel and dining to offset the $95 annual fee.

If there is a $100 yearly travel credit, it will offset $95 annul fee by the travel credit.

That’s not true, if you a preferred client the amount would jump up to 3.6% on travel and dining.

So there are two new BofA cards incoming?

This $95 AF card and the $450 AF card at https://www.doctorofcredit.com/rumor-bank-america-enter-premium-credit-card-market/ ?

Why is bank of america stuck with their 2x special categories and 1.5x everywhere for their rewards card that’s worth 1c per point? Now if they had the alaska card like this even if the annual fee was higher and no companion pass, I’d go for it and keep it.

because they are not stupid and dont want to cut $200MM in expenses next year…

BofA isn’t stupid? Ninja pally you don’t know them well.

Why 95 AF with 100 travel credit? Doesn’t seem to make much sense. Here’s to hoping their $450 AF card has 2x points per $1 and can be redeemed for cash without doing bogus travel purchases.

Since it’s for airline fees only (baggage, meals, drinks, etc.) I suspect most cardholders won’t get the full value out of it. So I imagine that’s their logic. Actually I recently got the First National Bank of Omaha Amex travel card (no longer available) which has an identical $100 airline fee credit with no annual fee! That one is really crazy, especially for a smaller bank.

What are the chances this will push Chase to sweeten up the CSP? Probably low…

Only worth it if the points are 1.5c each redeemed for travel.

Its very hard to get approved with BOA.
I have my first checking account and cc with them for over 10 years and they constantly decline my cc apps whike Chase Citi Amex mostly approve me.

well BofA plays in the same space as wells fargo and USB.

What space is that?

The space called “not willing to do what it takes to compete successfully with Amex, Chase, and Citi.”

And that might be a good decision for the bank, if it’s not going for market share just for profits. Preferred Rewards does a good job for people keeping their business with them.

We all know AmEx is having trouble keeping people spending on their cards.
Chase is trying to cut benefits.
I’m not even sure why is Citi on your list, as of last week, the premium card is a piece of bovine manure.

The signup bonuses don’t count, they all want to keep people long-term.

haha. u mean not willing to give shit out like candy?

BofA uses your deposit account info when considering apps for CC and that could count for or against you.

I would think all banks should start looking into doing this. It makes sense to mine useful data of past relationship to determine if one is a customer to keep or to avoid.

wow….almost same benefits of the TravElite card from FNBO…but with an annual fee….which gets me thinking the days may be numbered for the TravElite benefits.

cmon man. everyone knew the TE was a fluke. no way that shit will come back or stick around.

get $100 for $95 EVERY YEAR. That’s a keeper card for me.

shh… dont say that too loud. its good nobody gets this.

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