cardtracker

I ran across this on another board and was wondering if anyone here has heard anything more on it. I also am querying my personal banker at BofA.
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GWIM, Card Services partner to offer Accolades™ American Express® card
03 Apr 2007


Global Wealth & Investment Management (GWIM) and Bank of America Card Services have partnered in the development and launch of the new Bank of America Accolades American Express card, the first Bank of America credit card product designed for GWIM’s affluent and wealthy clients. The Accolades Card will be broadly offered to GWIM clients in May.

“This is the first time the new Card Services organization has developed a card especially for another line of business. We expect that the success of the Accolades card will mark the beginning of a new generation of Bank of America credit card products that leverages integration opportunities across the enterprise,” said Bruce Hammonds, Card Services executive.

The Accolades card provides the highest level of service Bank of America can offer — superior rewards and unparalleled benefits. Clients with more than $100,000 in deposits and investments will be invited to apply, and the $295 annual fee will be waived so long as the client maintains a relationship with Bank of America.

Developed based on associate and client feedback, the Accolades card offers GWIM clients premium servicing and custom features that include elite travel discounts, complimentary access to select airport lounges, companion travel benefits, identity theft protection and dedicated concierge. For clients of The Private Bank and Family Wealth Advisors, the product offers the option of a branded card and access to a charity matching program.

“This innovative new product provides us with an opportunity to deepen existing client relationships and attract new relationships while showcasing the GWIM-branded client experience,” said Global Wealth & Investment Management Products Group President John Bahnken. “The features of this card align with GWIM’s goal to deliver a reliable, predictable high quality experience to every client that will become synonymous with our brand — what we stand for, what we’re known for, what makes us our clients’ first and repeated destination for trusted advice, comprehensive products and services, and strategic solutions.”

Bank of America executives, GWIM leadership and GWIM client-facing associates received an advance invitation to apply for the card so that they can experience the value and benefits of the card for themselves. GWIM client-facing associates have been encouraged to draw on their firsthand experience when they talk to their clients about why the Bank of America Accolades American Express card provides them with an ideal solution for their day-to-day and major purchasing requirements.

Kagehitokiri

so premier banking clients.

wonder what "elite travel discounts" means

ned

Exactly what do you get for giving them $100K?
Based on my experience with BoA it may not be worth it.

Kagehitokiri

$100K http://www.bankofamerica.com/premierbanking/
$1MM http://www.bankofamerica.com/privatebank/

bhd87

$100MM http://www.bankofamerica.com/reallyprivatebank

drbenz

or how about:
$50MM http://www.bankofamerica.com/family-wealth-advisors

brosnan6

My experience with BofA Premier Banking has been excellent (in fact, even when I was a regular customer they were excellent). At least with premier bank, they readily waive any fees that might happen to come across my accounts and have pulled a few strings within the credit card department as well.

But I digress, this isn't a banking forum

mia

In other words, this is the Bank of America version of the American Express product that Citi will call "Chairman".

cardtracker

Spoke with my BofA PB today and he confirmed the article details. Basically, the card launch will be in May, at first by invitation only, and you have to have at least $100K in deposits/investments with BofA to qualify.

I told him to send me the card benefit details when it launches. Since I have a Citi Chairman card, it will be interesting to see how this product compares to the Chairman when it re-launches as it is also supposed to be an Amex card. If the benefits are basically the same, there's no reason to pay Citi for something that can be had for free.

BTW, I agree with brosnan6's comments on BofA Premier Banking...the service is top notch and the main reason I stay with BofA.

Paolo01

I stay away from ANYTHING with the BofA name on it. IME they have suspect products and terrible customer service except when they can make money (ie credit cards for people with no identification at an exorbitant rate, yet no cards for people with ID and jobs for years.) If I could get rid of my last remaining BofA product I would except that the govt requires me to use it to pay for my travel expenses. That is criminal as well, but for another post at another time.

mia

How is this different from any other business?

Kibison

Yea, but do you get SPG Plat?

drbenz

I am not sure any company can, anymore. Correct me, if I am wrong.

Perhaps, if you have over $50MM + in investable assets, a few dozen nights at a St. Regis wouldn't be too much to ask for to get SPG Plat.

anaggie

I though I would start this thread to document Accolades Concierge Service which is provided by AXA Assistance which I have never heard of. Here is my first experience:

I called today to get the Companion ticket offer to see about buying a ticket to PVR (Peurto Vallarta) and this is what transpired:

1) I was on the phone with them for a total of 45mins

2) They gave me a price on Mexicana from DFW (not ELP) - PVR for a total of $2150 for the first person and then $170 for the second person in J. DFW is a valid city originating in the USA.

3) I did have my choice of flights, so I am guessing this are just full fare tickets

4) ticket fropm ELP-DFW on AA for 2 people cost $360 RT total....

So total cost on this ticket is $ 2680/ for me and my wife

I said thanks and hung up. I know that this is not a true test, but the guy on the phone sounded lost half the time. I am really not looking forward to putting their concierge to the test. So, I ended up buying tickets on Aeromexico from CJS-PVR for 550/pp in Y !!!

ADVICE FOR BOFA LURKERS -- you cannot just get a black card and then hope the big spenders come running....give them something to come to !!!

Jake256

Thanks for the interesting report, anaggie.

Since you've got Chairman Amex, why don't you try the same and compare?

Sorry about this off-topic question but the name AXA reminds me they are the roadside assistance service provider for Chairman Amex members... can I expect a certain quality or should I just call the number on my AAA plus card? any thoughts are appreciated.