New Details on Bank of America’s New Premium Credit Card

It’s been rumored since June that Bank of America would be releasing its own premium credit card and it looks like details have finally emerged regarding the card. Via a screen shot found at DOC, the new “premium” credit card may include the following:

  • 50,000 point bonus (worth $500)
  • 2X on travel and dining
  • 1.5X on all other purchases

As described in DOC, if you’re a member of Bank of America Preferred Rewards Program, you might be able to earn more on these rewards making this card extremely rewarding. We’ll have to wait and see for confirmation on this.

It’s also predicted that the card will come with the following:

  • $100 annual travel credit
  • $100 Global Entry/TSA Pre-Check credit
  • $95 annual fee

Note that these details conflict with the earlier rumors of a card with a $450 annual fee and 1.5 cent per point redemption possibilities. I don’t think anybody knows for sure if this is going to be the only card or if there’s going to be two new cards. Perhaps we’ll see one card with a $95 annual fee and then another true premium card with something like a $450 annual fee. Interesting enough, this  rumored card is being marketed as the “Premium Rewards” credit card.

Nothing special

If these rumors are true and this is indeed the rumored Bank of America premium card, I’ll be a little let down. I was really hoping that Bank of America would follow suit from recents cards like the US Bank Altitude Reserve and offer something unique like a different type of bonus earning category or something similar.

As it stands, there’s nothing unique about this card. Having a $100 statement credit for a card with a $95 annual fee is different but not unheard of. The co-branded Citi Expedia+ Voyager credit card has the same set-up. 2X on dining and travel can be found on many cards, though it’s not always combined with 1.5X on all purchases so that’s a small step in the right direction.

Still, the Barclaycard Arrival Plus™ World Elite MasterCard® earns 2X on all purchases for points redeemed toward travel as does the Capital One® Venture® Rewards Credit Card, so you could find much better earning options if you’re just wanting to earn cash back towards travel expenses. Even the Citi® Double Cash Card would get you more with its 2X on everything and with no annual fee.

This card just screams “one and done” meaning that it could be a great sign-up bonus offer since it offers $500 in travel (which is actually pretty solid). We’ll just have to be on the lookout to see how the redemption structure works out for this card. Things like the minimum redemption amounts are very important for cards likes these as they can make a huge difference in how practical it is to use a credit card.

If you’re in the market for a Bank of America card I’d also suggest looking into the MERRILL+® Visa Signature® Card from Bank of America. That card comes with no annual fee and offers as much as $1,000 toward airfare (applications should still be available via telephone).

Final word

We are still at the rumor stage but if these are true it looks like we’ve got another solid $500 travel statement credit card but nothing new or exciting beyond that. For those in the Bank of America Preferred Rewards Program, however, this could be a very worthwhile card since your earnings could be among the best for certain categories. We’ll see how this plays out.

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