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.



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116 Comments on "[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]"

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SamSimon
SamSimon

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

Justin
Justin

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

Chuck

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

Bz
Bz

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

Shawn
Shawn

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

Bz
Bz

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
NinjaX

u have no clue what ur talking about…

David
David

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

TYRONE
TYRONE

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

Bill
Bill

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
TJ

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.

larry
larry

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

Jan B
Jan B

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.

jnrfalcon
jnrfalcon

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

Mike
Mike

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
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.

Jon Chang
Jon Chang

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

Lrdx
Lrdx

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/ ?

P
P

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.

NinjaX
NinjaX

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

Darv
Darv

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

John555
John555

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
Peter

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.

z-nut
z-nut

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

Paul
Paul

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

Abey
Abey

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
NinjaX

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

Darv
Darv

What space is that?

Charlie
Charlie

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

Lrdx
Lrdx

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
NinjaX

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

MJ
MJ

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

Wesley
Wesley

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.

The Value Traveler

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.

NinjaX
NinjaX

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

Dan
Dan

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

NinjaX
NinjaX

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

Wong
Wong

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

hahaha
hahaha

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.

Wong
Wong

I see. From what I recall, the 3/2/1 card caps it based on a certain purchase amount. That would suck!

YRK
YRK

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

NinjaX
NinjaX

Barclay A+

hahaha
hahaha

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.

NinjaX
NinjaX

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
Kevin

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.

Frankie
Frankie

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

Kevin
Kevin

Agreed!

NinjaX
NinjaX
NinjaX
NinjaX
Yet Another Redditor

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

Charlie
Charlie

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?

Wallace
Wallace

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

mec
mec

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

Mike
Mike

Yes you can transfer between business and personal travel cards. As long as they both earn world points

Koppa
Koppa

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

John
John

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

Lrdx
Lrdx

Without Preferred bonuses this card would be strictly worse than any of the current cards..

Darv
Darv

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.

E
E

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

JR
JR

Did u read the story??

Jeff
Jeff

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
Kevin

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.

NinjaX
NinjaX

exactly. people are missing that piece. but u would have to value travel. not cashback.

David
David

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.

Lrdx
Lrdx

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
Jeff

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.

NinjaX
NinjaX

what? where do you get that?

Gary
Gary

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.

Andy
Andy

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.

Kevin
Kevin

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.

Paul
Paul

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.

Justin
Justin

The 50,000 points

Kevin
Kevin

and the 3.5% back on dining and travel, which is more than the 2.625% with the Travel Rewards card.

Paul
Paul

CSR has that beat with 4.5% travel redeem not to mention transfer partners.

Kevin
Kevin

Well which is it? Are we going to compare this card to the CSR or are we going to compare it to the CSP?

NinjaX
NinjaX

only n00bs use a CSR comparison to this card.

V
V

wsj graphic shows the $100 travel credit:

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

JB
JB

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

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

Marshall
Marshall

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.

Rab
Rab

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

ZogzoG
ZogzoG

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 🙂

PedroNY
PedroNY

Thank you for posting.

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

Cheers,

PedroNY

MarcoPolo
MarcoPolo

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

Jags
Jags

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

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
Jags

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
Thomas Edwards

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

Jeremy
Jeremy

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.

Robert
Robert

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

calwatch
calwatch

Cash redemptions are severely discounted.

Eten
Eten

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

NinjaX
NinjaX

there are many more metal cards than that so not sure what you mean.

Kevin
Kevin

Business Insider says that there will also be a $100 Application Credit for GE/TSA Precheck.

http://www.businessinsider.com/top-travel-reward-credit-cards-bank-of-america-vs-sapphire-reserve-2017-8/#1-bank-of-america-premium-rewards-1

Chuck

Good catch. I’ll repost with this addition.

John555
John555

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.

B
B

You can redeem for straight cash into a BofA account. Confirmed from an inside source.

B
B

Saw it on Reddit somewhere, can’t remember exactly. One of the daily threads.

Mike
Mike
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