According to reddit user HurryProfessional735 Bank of America plans to launch a new credit card called ‘Platinum Rewards Elite’ in November. The card itself will be ‘lifestyle focused’ and unclear if it will be available to all customers or only higher tiered members. In addition we got some more information regarding the new Preferred Rewards tiers:
- $1,000,000 – $10,000,000: Diamond
- $10,000,000+: Diamond Plus
Got a mailer today with the announcement of two new tiers (and my next new level):
The Preferred Rewards program is expanding! Preferred Rewards is the program that recognizes and thanks you for your relationship with Bank of Arerica. We are making changes to our program, including realigning our tiers and adding two new tiers to encompass the unique needs of our members. The new Diamond and Diamond Honors tiers are designed around lifestyle with enhanced premium experiences and benefits.
What to expect:
The new program tiers will launch in the coming months- more details of the benefits will follow, along with details on how to qualify. Also, these program changes will be visible within the Mobile and Online Banking experiences. Thank you for being a Preferred Rewards member.
The card will be Premium Rewards card but with a higher annual fee of $550.
$300 in travel credit
$150 in “lifestyle” credits
$100 for global entry
2 points for dining or travel
1.5 points for everything else.
PR 25-75% is available too.
Mathematically it doesn’t make much sense to get this over Premium Rewards.
So basically, I should go ahead and apply for Premium Rewards before BoA discontinues it in favor of this more expensive, but not actually better, version?
From an internal sources with Merrill. They’ll “most likely” be rolling out the Platinum Rewards Elite card to high net worth/merrill clients first, and then standard consumer clients later. I was informed that this card is not reserved for a specific net worth or preferred rewards tier, and will be available to everyone at a point in time.
Aside from that, I wasn’t able to get a straight answer on how the rollout will work. I’m assuming high net worth clients will receive their advertising/offers first before the card reaches the general public. I’ll be inquiring about the card myself in case application can be accepted if requested by non high net worth clients.
I did receive information on the annual fee, rewards and benefits and all I can say is that this card will a very big competitor for the AMEX Plat in terms of benefits and rewards (in my opinion). With risk to my position I’ll leave it at that…
Please tell me it won’t be an Amex Platinum-like “coupon book” card full of small credits for a litany of niche stores and obscure streaming services.
It won’t, there are statement credits, but thankfully they are straightforward and for services the majority of people actually use.
Any annual fee discounts for any of the Preferred Reward tiers?
I hope BoA takes this opportunity to straighten out their low/mid-tier travel rewards cards. BoA’s Travel Rewards card has “travel” in the name, but it only gives 1.5% cash back (plus Preferred Rewards bonus) on travel and, other than having no FTF, doesn’t really offer much in the way of travel benefits. The Premium Rewards card pays 2% cash back (plus PR bonus) on travel and has travel insurance and various travel-related credits that offset the annual fee. The Customized Cash Rewards card offers travel (and “online,” which may overlap travel) as a 3% cash back (plus PR bonus) category but imposes an FTF and doesn’t have any other travel-related bonuses. If I had to advise an occasional traveler about which card to get for travel, I wouldn’t know which one to suggest. It’s a mess, and I hope BoA straightens it out at some point.
Wonder if low-level “coal” could be rebranded as “pre-diamond” ?
Word on the street is the card offer $100k in credits. $100 back on each Pelton bike. Limited to 50k pelton bikes per cardholder each year.
No Resy, no way.
Just when I think they can’t come up with a dumber set of names than “gold,” “platinum,” and “platinum honors,” they add “diamond” and “diamond plus.”
how about “gold-pressed latinum”?
Bank of Ferenginar > Bank of America
So guys I would really appreciate it if you could comment in this. Would you go with city or Bank of America to be an Elite with ?
I keep my Roth IRA with Merrill Lynch to “passively” get BoA status. I see it as a way to get the CC multiplier bonus at no cost to myself. None of the other benefits are particularly interesting. Then again, the CC benefit is better than what I could get for keeping that money elsewhere.
This is exactly what I do as well. I also find their checking account useful given the number of ATMs they have near me and the fact that they give you free paper checks, the preferred rewards gets you account maintenance fee waivers for the account (went back to school so currently dont have direct deposit to waive)
Platinum and above also gives a free safe deposit box, which I like
As things stand right now:
If you:
-frequently travel internationally (especially to East Asia)
-value a concierge
-live close to a Citigold Client Center and plan on frequently using it for worksharing
-carry your own travel insurance or otherwise do not value credit card-based travel protections (trip delay, lost luggage, etc.) in exchange for slightly higher travel point reward yields
Citi is arguably better.
If you:
-do not travel internationally
-value rewards that are 1:1 convertible into cash
-value a well-organized investment platform that does not profit off of trade flow order
-value cards that have built-in travel protections in exchange for slightly lower travel point reward yields
-frequently shop at warehouse clubs or make large unbonused spend/flat cash purchases
BofA is arguably better.
This may change depending on whatever new benefits BofA decides to add or nerf after the refresh next month.
Their current Platinum perks are pretty decent. The Platinum Rewards card is possibly the best card out there for day to day use. Would need to see what they offer in Elite.
But Citi? Not sure why they’re in the conversation, I feel Chase would be a better comparison since Private Clients get perks.
I thought Citi has something like Citi Gold or something for Private Clients. Maybe I’m wrong :-/
Citigold gets credit for subscriptions, so that’s a nice benefit and reduction of annual fee for the Citi prestige card. The points are now redeemable 1:1 for most partners, so I think Citi is a good choice if you have over 200k to spare.
BoA is the easiest to get and had nice credit card boosts – they are good to have Merrill Edge IRAs with as they count for Preferred Rewards status (Chase doesn’t count IRAs for Chase private client).
I’m a Chase Private Client and if you want tangible perks, I would say to go to Citigold (e.g. Credit Card fee reduction, subscription credits).
There is almost no difference between Chase Sapphire Banking and Chase Private Client (especially since they cancelled the Arts and Culture program with an empty promise that there will be a replacement), so instead of storing 250k with Chase, I’d just put 75k there for Sapphire Banking and another 200k to Citi for Citigold (which is what I’m planning to do if Chase won’t come up with a perk).
There should be lead rewards at the bottom, uranium and plutonium rewards on the top. These are all highly sought metals…