Bank of America will soon launch its version of a perk heavy credit card. This premium rewards card will be shipped from September. It provides generous cash back benefits and better travel rewards. This card, however, will be limited to only a few cardholders. In the first glance, the benefits of the card are similar to other middle level credit cards offering near similar rewards.
The Bank of America premium cards have a few excellent features like the 50,000 points worth sign-up bonus. This is valued at $500. These points will be credited to your account if you spend about $3,000 through this card. You will have to spend this amount of money within initial three months after you receive the card. This plastic's annual fee comes to $95.
The card will give unlimited two points if you spend $1 on dining or travel. One and a half points are also given on $1 on other kinds of spends. The redemption rate is identical regardless of you choosing gift cards, cash back or travel cards. Every point has the value of one cent. The yearly $100 airline credit can be used for the baggage related fees, flight change fees or ordering food and drink while flying to the destination. A fee reimbursement of $100 will be provided at four year intervals for either the TSA Precheck or Global Entry.
The card has one value which puts it on a pedestal above similar plastics. This card can be invaluable for those who have pre-existing robust relationship with the Bank of America. In such cases, the card becomes a must have financial accessory. For people who have the eligible deposit accounts, like checking and savings accounts at Merrill Edge, Merrill Lynch or Bank of America accounts could earn approximately 2.6 percent as cash back on money spent on other things. For people who is eligible for this card, the earning potential from this piece of plastic is immense.
Bank of America has taken a leap of faith when formulating this particular premium rewards card. Cardholders can do much more than simply swiping and bill payments. According to Jason Gaughan, credit card executive, Bank of America, the bank wants to drive a number of new deposits. It also wants new customers to come in through this program. Based on the customer's asset amount, extra benefits will be unlocked for that customer.