trikotret

Nothing new yet. Each month we find out about other banks releasing premium cards. Come on bofa. Wake up 🙄

mikesyr18

Best bet would be with Merrill Edge.

It's called the Octave card, on American Express's network, it has a $950 annual fee.

Can't say with facts, but I believe Bank of America has the lineup they have because they don't want people churning their cards.

greglvnv

Does this one not count as a premium BofA card?
http://milecards.com/1588417741/merr...ards-possible/

trikotret

It doesn't count cause it's discontinued. You can't apply

bbd

Octave card is still there i am told, but invite only and have to qualify for it with 10 million in ML accounts

trikotret

I think this thread is really pointing out to premium cards like Chase reserve card and now other banks are offering. If I had 10 million bucks, I can care less about rewards lol

garykung

Let me put it this way - if BofA wanted to introduce a premium card, it would have done so already.

trikotret

They did consider it a few months ago

http://www.doctorofcredit.com/bank-america-survey-regarding-two-new-cards-bank-americard-premium-rewards-store-card/

mia

...and they have done so without success (see beginning of thread). Citi has learned, and JP Morgan is learning, it is very expensive to compete in this category. These products lose money for years until they build a large customer base -and- the novelty of the benefits wears off so that the utilization rate drops. Citi has retrenched three times. It will be interesting to see if JP Morgan has the patience to endure a decade of losses. I expect they will fold.

sdsearch

There is a card with transferable points to AS:
It's just that the bank that issues it (BMO/Harris) is even more iffy than BofA, in that it can't take applications for the card for more than one year out of every decade or so it seems:

jan_believes

My 2cents: I don't think so.

BOA seems to be enamored with high APRs, better known as "let's make money!" with what they offer now.

If it wasn't for their reputation, I think they would deserve to be considered predatory with regard to their 21% interest rates for some on their VISA cards.

mikesyr18

Not really sure what you're saying here.

My reward-less Citi Simplicity has a 24.24% APR, although it's 0% for the next 19 months and then will hit the shredder after the promo period is done, unless Citi offers me another 0% interest rate after. The lowest Citi will go with a standard non-promotional rate is 14.24%.

The highest APR on multiple Chase cards is 24.49%, while the lowest is 15.74%.

The Bank Americard (the "new" one) that replaced the BBR card has the lowest APR at 12.74% while their highest APR goes up to 23.74%.

Look at Wells Fargo - their maximum APR on their cards is 26.74%, ouch.

I would say Bank of America's APR's are actually lower than other big banks.

jan_believes

Well, there is a earlier post that discusses the high cost of competing and having the high cost of benefits with the "elite" cards. With that in mind and the lack of elite type BOA cards AND their high interest rates, it was my 2 cents that BOA, after working on their reputation after the mortgage "pen" debacle, would like to just MAKE the money simply with high rates.

My post was not pontificating on BOA, as in, "wow, they have higher rates than others!" I have been with them for years in various accounts and I see a pattern of higher and higher APRs. Sure, I have a 13% APR with them but they seem to like the bread crumb trap of variables over time.

I think they like the simple. Offer cards and make money on those APRs. My comment about being predatory was directed to their 20+% rates without offering ELITE benefit cards.

mia

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.

eajusa

Following the initial response to Chase's Sapphire Reserve, several banks are trying new premium cards at the risk of canabalizing one another. Citibank is holding steady with their Prestige with the devaluations they've put in place. Chase has the best ability to compete with Amex. Beyond these three, other banks will have very hard time keeping enough share of the premium card market. BOA is much more diversified than Amex. They are a full service bank. They are after folks of almost every socio-economic group. That's why they offer personal checking account bonuses of $300 and business checking account bonuses of $400, for example.