Posted by William Charles on August 9, 2017
Credit Cards

Published on August 9th, 2017 | by William Charles

116

[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.



116 Responses to [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]

  1. SamSimon says:

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

  2. Justin says:

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

  3. Chuck says:

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

  4. Bz says:

    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

    • NinjaX says:

      u have no clue what ur talking about…

    • Bill says:

      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).

    • TJ says:

      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.

  5. larry says:

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

    • Jan B says:

      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.

  6. jnrfalcon says:

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

  7. Mike says:

    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

    • Rumored to be $95 AF with $100 travel credit.

    • Jonathan Chien says:

      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.

    • Jon Chang says:

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

  8. Lrdx says:

    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/ ?

  9. P says:

    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.

  10. John555 says:

    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.

    • Peter says:

      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.

  11. z-nut says:

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

  12. Paul says:

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

  13. Abey says:

    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.

    • NinjaX says:

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

      • Darv says:

        What space is that?

        • Charlie says:

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

          • Lrdx says:

            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.

          • NinjaX says:

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

    • MJ says:

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

      • Wesley says:

        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.

  14. 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.

  15. Dan says:

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

  16. Wong says:

    I hope they give us a 10% redemption bonus to a checking account with BofA like they do with the Cash Rewards card

    • hahaha says:

      Well, according to the article, this card will be eligible for Preferred Rewards, so up to a 75% bonus. That’s where these cards really shine.

  17. YRK says:

    How does the redeem for travel purchase works? Purchase eraser for travel or simple earning 2x points and simple cashback?

  18. hahaha says:

    I understand some of you may not be high rollers but if you pair this with the Cash Rewards card then for ongoing spend, you get 5.25% back on gas, 3.5% back on groceries, 3.5% back on wholesale clubs, 3.5% back on travel, 3.5% back on restaurants, and 2.625% back on everything else with no caps. Seems competitive to me.

  19. NinjaX says:

    wow. def a keeper card. nice work from BofA backing up the Travel Rewards card with a 2nd upgraded edition. premium was the perfect word honestly. for $95 and its rewards, you cant call it “Beast Mode Elite” by BofA. Also happy they are not competing against the CSR. we dont need that.

    $100 yearly travel credit + $100 Global Entry/TSA Pre credit handles the AF. then u have the same program as the travel card. so its BofA Venture or A+. very nice. its good to not have a new points scheme to join. we dont need another BS flexperks situation. fuk that.

    2x points on travel/dining is key. 1.5x points on everything else is no different than the travel card. this is also not a CSP competitor. no transfer points, but gives travel credit. CSP doesnt.

    also, for those who dont get it yet, chase is going to nuke their UR program. stop humping the CSR.

    • Kevin says:

      I agree. I don’t get all the hate (not necessarily in the comments here, yet, but reading the other posts/comments regarding the rumor on this card) with BofA in this community. Of course, I’m Platinum Honors, so that helps. This card seems like a good enhancement to the Travel Rewards card.

  20. Frankie says:

    Once this is launched, would be of strong interest to see a blog article that compares the premium cards across the major banks.

  21. If only this were to come out sooner, could get this and Merril+ same day.

  22. Charlie says:

    Hey William! This is a bit off topic, but speaking of upcoming new cards, do you have any updated information on the new NFCU More Rewards card that was announced in May for a fall 2017 release?

  23. Wallace says:

    I”ll apply for this in 4 years when my Global Entry from CSR expires.

  24. mec says:

    Does BofA allow sharing of points between the existing personal & business travel cards?

  25. Koppa says:

    They filed for the “Premium Rewards” trademark in 2015. What is taking them so long to release the card?

    PREMIUM REWARDS
    Goods and Services IC 035. US 100 101 102. G & S:
    Promoting the sale of credit card accounts and promoting the use of credit card services through the administration of a rewards program.

    Registration Number 4829250

  26. John says:

    Where does the blurb state that the same preferred platinum honors status of 1.75 per Preferred Rewards point will be applied to this card? That would be great, but is there any material from BofA supporting that out yet

  27. Darv says:

    Great to have more competition and this sounds like a great offer. Unfortunately I don’t think I’ll be approved for it anytime soon, won’t be trying. The whole “approved in error” status I’ve earned by churning too many of their cards. I suspect my wife is in the same boat but maybe she can try after January 1 or so. We’ll probably hit up their checking promotion later this year when we’re eligible again.

    If anybody gets approved for this card and you’ve had a lot of BofA cards in the past12-18 months (like 6 or more maybe), that would be good information to have. Lots of us here have pounded BofA pretty hard.

  28. E says:

    I could see myself applying for this in 4 years just to get the Global Entry credit, then downgrading or cancelling.

  29. Jeff says:

    Something doesn’t make sense here. Basically, someone will need to spend $10,800+ in dining and travel per year just to break even to a $95 annual fee compared to the normal Travel Rewards card with Platinum Honors. Without Preferred Rewards, it will be almost 20k.

    The math doesn’t add up.

    • Kevin says:

      Or just look at it like the $100 yearly travel credit covers the $95 annual fee so you’re now getting more back on dining and travel compared to the travel rewards card.

  30. David says:

    I still think the Alliant Credit Union cash signature credit card that gives you a 3% cash back on everything for the 1st year 2.5% cash back on everything thereafter, no foreign transaction fees, $59 annual fee is waived for first year, I think it is superior over the Chase sapphire preferred credit card and even this credit card.

      • Kevin says:

        I guess in general I can agree (I was going to say I disagree initially) but only because of the Preferred Rewards requirement. But if you’re Platinum Honors with BofA already anyway, the Alliant obviously isn’t better than this or the Travel Rewards card IMO.

    • Lrdx says:

      In 2 player mode (spouse) you can get 2x Discover It Miles and 2x Alliant Signature for a total of ~4 years’ of 3% cashback. It’s long enough that you might be able to restart the cycle and continue infinitely, but that’s also long enough for the whole market to change.

    • Jeff says:

      You also have to prove you make at LEAST 100k per year. They’ll request tax records and W2’s. If you make less than 100k a year in income, immediate reject.

  31. Gary says:

    Crap no AF card with 1.5% back. Could be worse. I guess worth the pull for $500. Hysterical that they call this premium, though.

  32. Andy says:

    As a top-tier rewards member with BoA I’ll be all over this card. Hopefully the extra travel kicker will apply to the bonus you already get by booking via their travel portal (powered by Orbitz) as with the standard card you are already getting 3 points per $1 (base amount) via that method.

  33. Kevin says:

    3x travel is the bar for premium card.
    This one is just a competitor for CSP, not CSR.
    Carrying CSR (travel) and boa travel (anything else) daily, I have no intention of applying for this card.

  34. Paul says:

    Are the points 1.5c each? If not, why get this card of one already has the travel rewards card? Same earn with preferred rewards.

  35. V says:

    wsj graphic shows the $100 travel credit:

    “$100 for airline incidentals, including baggage fee and flight drinks, excluding airfare”

    • JB says:

      Hmm. I hope the $100 yearly credit is for travel in general, I don’t travel by air enough to want a $100 credit against flight drinks / baggage fees, and I’d be surprised if they would complicate their rewards like this.

      May not be such a no-brainer for some of us if they do this.

    • Chuck says:

      Gosh, thanks for pointing out. I was reading on Fox and didn’t see the graphic. That’s an important piece of news.

  36. Marshall says:

    It’s not much better than the Travel rewards card that is free. You get 2x on Travel and dining but I already have a credit card that pays better than that on ravel and dining. So I’ll wait and see but so far I’d rather have the Free Travel Rewards or if I had to pay I’d just get the Capital One and get 2x on everything and only pay $59 AF.

  37. Rab says:

    I might be interested if they waive the 95 annual fee for the first year

  38. ZogzoG says:

    Why is everyone expecting GE and travel credits? The CSP doesn’t offer either and no one is complaining, I’d expect GE credit at most, no chance of a travel credit. Hopefully I’m wrong 🙂

  39. PedroNY says:

    Thank you for posting.

    So, $500 cash at a minimum, and probably can churn for a bit, not a bad deal.

    Cheers,

    PedroNY

  40. MarcoPolo says:

    So it’s more likely a CSP clone and not CSR clone.
    I would like the $100 travel credit to offset the AF

  41. Jags says:

    Let me get this straight, BOA is offering:

    $500 Sign up bonus
    2.625% CB unbonused spend
    3.5% CB travel/dining
    -$5/yr annual fee

    This will last long…

    • Chuck says:

      The 2.6 and 3.5 is only for Preferred Rewards members. Also, it’s a $95 annual fee.

      I expect it to last same as the Travel Rewards card since it helps them get loyal customers who move over real assets to the bank.

      • Jags says:

        If the $100 travel credit is relatively easy to get (I.e. It works on EZPass and therefore is worth its full value) then the effective annual fee is -$5.

        Also, since Merrill Edge generally offers nice transfer bonuses this could be an extra enticement to get someone to throw an IRA bone over to Merrill. I’ve considered it…no fees for 30 transactions a month is a great deal and reality is I only need like 4-8 transactions a month.

    • Thomas Edwards says:

      Travel Rewards PR has offered 2.625% unbonused spend since 2014, I’m sure they will keep it around.

  42. Jeremy says:

    They still have inferior insurance offerings compared to Chase & Citi. It may be ok to use for dining, but I can’t fathom using it for anything else.

  43. Robert says:

    Is it confirmed that the points can only be used for travel? Or can it be redeemed for cash?

  44. Eten says:

    Iron Triangle – Amex Platinum, Chase Sapphire Reserve & US bank Altitude

  45. John555 says:

    If only you could redeem for more than just travel this card would be great. I do notice how “travel” is not in the name…here’s to hoping you can redeem for straight statement credit.

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