Would Bank of America ever come up with a "premium" card?
May 26, 2017, 9:50 am
#31
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1. Where did you get this information? My Citi APR is 9.99%, Chase is 16.74%, Bank of America rate is apparently 5.90% (not sure, dormant account).
2. Why does the APR matter? Anyone choosing cards for benefits or rewards should not carry a balance. If you need to borrow money, go to a credit union.
2. Why does the APR matter? Anyone choosing cards for benefits or rewards should not carry a balance. If you need to borrow money, go to a credit union.
The person I was quoted said Bank of America robbed people with their high APR's.
May 26, 2017, 10:25 am
#32
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I think this is a defensive strategy. US Bank (example) sees an uptick in payments from their customers' checking accounts to Chase or Citi, and they become concerned that Chase or Citi will poach their entire banking relationship. These second tier issuers aren't trying to use premium cards to attract customers, but rather to show their existing clients that there is "no need" to bank with Chase or Citi to get competitive card perqs. They do not have this concern when they see payments to American Express, and they do not aspire to issue cards (in volume) to customers who are not depositors.
Last edited by mia; May 26, 2017 at 10:33 am
Jun 13, 2017, 9:09 am
#33
Join Date: Jun 2008
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premium card rumor
Last edited by mia; Jun 13, 2017 at 10:07 am Reason: Repair link
Jun 13, 2017, 11:45 am
#34
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Bank of America already has an Amtrak co-branded card, why not implement that as a partner at a ratio of 1.5 BoA point to 1 Amtrak point?
BoA is also tight with MLB, why not be able to purchase MLB tickets, season tickets, or merchandise with your points?
Same idea goes for Alaska Airlines, Allegiant, Spirit, Virgin Atlantic, and their cruise partnerships.
Jun 13, 2017, 11:47 am
#35
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No transfer partners? Perhaps Bank of America should wake up and get some for both this potential card and the no annual fee version.
Bank of America already has an Amtrak co-branded card, why not implement that as a partner at a ratio of 1.5 BoA point to 1 Amtrak point?
BoA is also tight with MLB, why not be able to purchase MLB tickets, season tickets, or merchandise with your points?
Same idea goes for Alaska Airlines, Allegiant, Spirit, Virgin Atlantic, and their cruise partnerships.
Bank of America already has an Amtrak co-branded card, why not implement that as a partner at a ratio of 1.5 BoA point to 1 Amtrak point?
BoA is also tight with MLB, why not be able to purchase MLB tickets, season tickets, or merchandise with your points?
Same idea goes for Alaska Airlines, Allegiant, Spirit, Virgin Atlantic, and their cruise partnerships.
Jun 13, 2017, 3:38 pm
#36
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I have their Norwegian Cruise Line MasterCard which earns World Points. Not very exciting outside of 3 points per dollar for spend on NCL and can get either on-board credit or statement credit at 1 cent per point. They used to have a shopping portal which was quite good. Their deals on Gift cards is poor. You would think with a premium card, BOA could either improve World points or make transfer partners with the many companies they have co-branded cards with as noted in the above posts. I mean transfers to airlines, trains, and cruise lines would be slightly different from others who focus mainly on airlines and hotel chains. If any bank is going to compete with the two big players (Chase, Amex) then some differentiation would behoove them. Of course, Mia's point that banks don't want to lose depositors who are attracted to a competitor's card may be the only reason that BOA is mimicking other recent entrants to the premium card biz, such as, US Bank, etc.
Last edited by eajusa; Jun 13, 2017 at 9:17 pm
Jul 29, 2017, 11:58 am
#37
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I'm thinking of getting Merrill plus but may wait for this one
Jul 29, 2017, 3:25 pm
#38
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Jul 30, 2017, 10:40 pm
#39
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New rumor
Last edited by trikotret; Jul 31, 2017 at 8:54 am
Aug 9, 2017, 7:21 am
#40
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Apparently Bank of America has announced a new product:
http://news.morningstar.com/all/dow-...h-a-twist.aspx
There is also an article in the Wall Street Journal. Don't know if the content is the same:
https://www.wsj.com/articles/bofas-n...ist-1502271003
http://news.morningstar.com/all/dow-...h-a-twist.aspx
Rolling out in September, its Bank of America Premium Rewards credit card will have a $95 annual fee...
Bank of America's card will distribute two points to cardholders for every dollar they spend on travel and dining and 1.5 points per dollar spent on everything else, without caps on the number of points users can earn. In this, it is similar to more mass-market cards from J.P. Morgan and Citigroup Inc.
But Bank of America cardholders who have at least $20,000 at the bank in checking, savings or investment accounts will earn more.
Customers who have between $20,000 and less than $50,000 at the bank will receive 2.5 points per dollar spent on travel and dining and 1.875 points on everything else. Those with between $50,000 and less than $100,000 will earn 3 points and 2.25 points, respectively.
At its most generous, the card offers 3.5 points per dollar spent on travel and dining to cardholders with at least $100,000 at the bank and about 2.6 points per dollar spent on all other purchases. Customers must enroll in the bank's Preferred Rewards program to benefit.
The Premium Rewards card will also offer a sign-up bonus of 50,000 points to cardholders who spend $3,000 in the first three months from account opening -- one of the lowest spending thresholds among premium cards.
Bank of America's card will distribute two points to cardholders for every dollar they spend on travel and dining and 1.5 points per dollar spent on everything else, without caps on the number of points users can earn. In this, it is similar to more mass-market cards from J.P. Morgan and Citigroup Inc.
But Bank of America cardholders who have at least $20,000 at the bank in checking, savings or investment accounts will earn more.
Customers who have between $20,000 and less than $50,000 at the bank will receive 2.5 points per dollar spent on travel and dining and 1.875 points on everything else. Those with between $50,000 and less than $100,000 will earn 3 points and 2.25 points, respectively.
At its most generous, the card offers 3.5 points per dollar spent on travel and dining to cardholders with at least $100,000 at the bank and about 2.6 points per dollar spent on all other purchases. Customers must enroll in the bank's Preferred Rewards program to benefit.
The Premium Rewards card will also offer a sign-up bonus of 50,000 points to cardholders who spend $3,000 in the first three months from account opening -- one of the lowest spending thresholds among premium cards.
https://www.wsj.com/articles/bofas-n...ist-1502271003
Last edited by mia; Aug 9, 2017 at 9:33 am
Aug 9, 2017, 9:27 am
#41
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It's probably the rumor doc been reporting. Hopefully someone has a subscription and can report
Aug 9, 2017, 9:29 am
#42
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The author of the article which appears on Morningstar is the same as the author of the WSJ article.
Aug 9, 2017, 9:30 am
#43
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It's on Reddit. Dunno how to put a link lol. But it's in churning section
Aug 9, 2017, 9:41 am
#44
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Apparently Bank of America has announced a new product:
http://news.morningstar.com/all/dow-...h-a-twist.aspx
There is also an article in the Wall Street Journal. Don't know if the content is the same:
https://www.wsj.com/articles/bofas-n...ist-1502271003
http://news.morningstar.com/all/dow-...h-a-twist.aspx
There is also an article in the Wall Street Journal. Don't know if the content is the same:
https://www.wsj.com/articles/bofas-n...ist-1502271003
Edit - one thing the chart shows that I didn't read in the article is that the BOA card will come with $100 airline incidentals credit.
Aug 9, 2017, 9:43 am
#45
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Does the last paragraph of the article imply a minimum of Visa Signature if not Visa Infinite? Not that it particularly matters for most people just looking for rewards, of course.