Published on July 27th, 2017 | by William Charles112
Bank of America To Enter Premium Credit Card Market [Confirmed]
[Update 7/27/17: Reposting since we heard from a reliable source that BofA will be releasing a premium card. It’ll be a Visa Signature with a minimum credit line of $5,000. Roll out of the card is expected to be some time near the end of 2017. It’s also important to note that at this stage our reliable source has just confirmed a premium card will enter the market and not any of the benefits/fees/points structure listed below.]
Frequent Miler is reporting that Bank of America plans to enter the premium credit card market with a new card in September or October of 2017 to compete directly with the Chase Sapphire Reserve. This isn’t the first new card to enter the space with U.S. Bank launching the Altitude Reserve and UBS launching the Visa Infinite (American Express also made significant changes to their Platinum card in response).
Details are sparse regarding the new Bank of America card, but Frequent Miler is reporting the following:
- $450 annual fee
- Travel reimbursement (unknown amount)
- Points are worth 1.5¢ towards travel
- No transfer partners
To me that reads as a Chase Sapphire Reserve clone rather than a competing product (although significantly worse with no transfer partners). Bonus categories with Bank of America are somewhat interesting due to the preferred rewards program. I assume there will be some additional benefits (e.g lounge access and some kind of airline related benefit as well). Let’s hope for a nice big sign up bonus and travel reimbursement that operates on a calendar year. If you’re going to copy Chase, do it with a bang!