This type of card is not intended to attract new customers. It's a defensive product designed to be just "good enough" to keep BofA clients from moving their business to another bank that has a better card.
Especially given that there will not be an online application, and having to apply through Merrill implies that they may want some existing BofA or Merrill relationship. (Though I suppose they could also use the call in requirement as an opportunity to attempt to sell someone without an existing relationship to bring assets over.)