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Cards

Bank of America rolls out premium credit card

Friday 11 August 2017 | 11:35 AM CET

Bank of America has become the latest financial institution to jump into the premium credit card arena.

The bank’s Premium Rewards card, available from September 2017, joins the card field that includes American Express Platinum, the Chase Sapphire Reserve and the Citi Prestige.

The new card offers a USD 95 annual fee and spending requirements to unlock bonus points. It also offers points that increase as the amount of money and investments you have with the bank.

The card starts by providing 2 points for each USD spent on travel and dining purchases, and 1.5 points for each USD spent on all other purchases. The points go up by 25% to 75% for people who have significant amounts banked or invested with the bank and are members of the Preferred Rewards program, which begins awards when you reach a balance of USD 20,000.

If you have USD 20,000 to USD 50,000 in qualifying combined balances and are a member of the rewards program, you will earn 2.5 points per USD spent on travel and dining and 1.875 points on everything else. For those in the program who hold USD 50,000 to USD 100,000, they will earn 3 points and 2.25 points, respectively. It tops out at 3.5 points and 2.6 points for those in the program with balances of USD 100,000 or more.

More: Link
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