Great news for Bank of America clients who are constantly after some great offers when it comes to traveling, as their bank just announced a new travel rewards credit card!
The Premium Rewards card will make its debut this September, according to a report from Business Insider, citing the Wall Street Journal, and it should be a serious competitor for the likes of JPMorgan Chase, American Express or Citibank.
Specifically, a lot of Bank of America’s competitors have improved their reward programs, so it was just a matter of time until this new card was introduced. But what makes it that special?
Keeping it short, the Premium Rewards card is expected to have a lower bonus, a lower minimum-spending threshold in order to earn the bonus and, finally, a lower annual fee.
The bigger your deposit, the better the rewards
However, the most important aspect cardholders will benefit from is the fact that the points they will earn directly correspond with the total amount they have at the bank. Basically, those who are enrolled in the Preferred Rewards program, are more likely to be rewarded by the bank, since they won’t leave Bank of American anytime soon.
“This system could help the card attract and incentivize lucrative customers without sacrificing mass appeal, ultimately broadening its user base,” said Jaime Toplin, from BI Intelligence.
Sounds like a great offer, if you ask us!
Going a bit into details, the Bank of America Premium Rewards card has a $95 annual fee and offers a sign-up bonus of 50,000 points. In order to be eligible for receiving this bonus, you must spend at least $3,000, though.
As for the points, you get 2 for travel or dining, as well as 1.5 for any other purchases, if you have less than $20,000 deposited. The amount of points keeps growing if you have more money deposited.
Finally, you also get $100 travel credit for airline expenses, like luggage fees, or $100 application credit, for TSA PreCheck or Global Entry.