Is anyone familiar with this "NEW" Card from BofA just announced? Has anyone been offered this card yet, or participated in the Pilot program?

http://biz.yahoo.com/rb/070611/banko...card.html?.v=1

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Bank of America creates credit card for wealthy
Monday June 11, 12:48 am ET

NEW YORK (Reuters) - Bank of America Corp. (NYSE:BAC - News) on Monday introduced a credit card designed for many of its wealthiest clients, in a bid to retain and win new business as banks ratchet up their pursuit of affluent customers.

The Bank of America American Express Accolades card is intended for customers who keep between $100,000 and $3 million of deposits and investments at the second-largest U.S. bank.

Holders may redeem points for such things as luxury vacations, cooking lessons with top chefs, and access to airport lounges, and may use "concierges" to track down hard-to-get concert tickets or dinner reservations. Customers may also redeem 250,000 points each year for a $2,500 charitable donation that the bank would match.

The Accolades card will carry an initial annual percentage rate of 12.24 percent, equal to 3.99 percentage points more than the prime rate. A 1.9 percent APR applies to balance transfers in the first year.

There is a $295 annual fee, but the bank said it will waive it for holders in its Family Wealth Advisors, Private Bank, or Premier Banking & Investment programs.

See thread on this at fatwallet.com: http://www.fatwallet.com/forums/mess...718143&start=0

Existing discussions found by using Search this Forum function with keyword "Accolades"...

http://flyertalk.com/forum/showthread.php?t=688779

http://flyertalk.com/forum/showthread.php?t=689078

This card is going to be a JOKE !!! as are all Worldpoint cards and programs from BofA....

Their banking service is good, but their creci division needs to catch up....

For travel there is no difference between World Points and TYP. Only difference between both programs rewards structure is how you earn points. Many TYP based cards earn more than 1 point per dollar either via flight points or EDS while all of BOA cards are now a flat 1 point per dollar spent thus making them non-competitive to Citi or Chase own internal programs.

Pretty much the only cards that still earn a straight 1:1 ratio are credit cards that give you airlines and even thoses give you bonus point opertunities today ie double points for all purchase via there own web page on AA,BA,CO,Delta,NWA,US Air, UAL etc and Delta and some of Amex membership rewards cards earn double points in EDS and Diners runs promo transfer offers all the time thus increasing your earning to a better than 1:1 ratio unlike BOA.

here is the BIG difference:

with my BofA VISA SIG -- the top of the line card... I am CAPPED at 90k points a year...

with Chairman -- UNLIMITED.....

it is a very simple decision....Worldpoints SUCK !!!

Are you sure about that 90k cap?

I hate bofa to begin with, they have repeatedly screwed me over throughout the years. Every time I leave them for another company, they buy the other company and I'm forced back in.

I'd like some federal regulation into this monopoly. This sucks.

I used to really like MBNA. Now bofa has me locked out of my accounts and I can't do anything except spend.

Guess I can call the US collect every day to check my balances

Idiots.

That is odd if you goto BOA web page and look at the terms of any of there cards there is no limit to amount of points you can earn. If you read the FAQ section under Worlds Point Tab on BOA own web page it states point expire in 5 years from time earned. There is no limit to how many points you can earn or redem in a given year.

So you must have the only "World Points" based credit card with limit. Yes old BOA card which did not use "World Points" which earned more than 1:1 ratio had point limit. But all thoses cards have been converted to "World Points" program who has no limit.

Just so you know I personal dislike World points just as much as TYP. I dislike both programs. But atleast I dont go around posting flase information to try to make a point.

I do not go around posting false info to make a point...if people found out, my point would not make any sense...but seriously, I have literature where it says 90k a yr...let me chjeck it again today when I go home for lunch...

I have not yet learned how to attach...and I am not allowed to either...

but my preferance is to TYP before worldpoints...either way....

I honestly dont understand why there is big disparity of redemption value within Worldpoint program from different cards.

I have a Schwab Visa which is a 1:1 earning ratio, but was 0% foreign exchange fee when it was MBNA card. (The sole reason I got it). Now it is like all other MBNA cards after BofA purchase, charging 3% foreign exchange fee effective 05/05/07.

However, on redemption level, $25 = 2500 pts when redeeming my Schwab Visa Worldpoints. The same Worldpoints under BofA cards, is $25=5000 pts - Hello?!

I also have Wachovia card that comes with the bank account as overdraft protection. It was with Worldpoint in the past but Wachovia broke off from that suckie program and now has its own reward program. I never use that card in the past, but may have to now when travel aboard, because it is one of the few cards that only charge 1% FX fee. (That is, if you dont want a CrapOne card).

Q: Is there a limit to the number of points I can earn?

A: No. You can continue to earn WorldPointsTM throughout the year, and carry them forward from one year to the next. WorldPointsTM expire five years from the end of the month in which they were earned.

I think this is because the card sponsor controls the redemption value. In other words, Schwab outsourced its credit card business to MBNA and then opted to use a customized version of Worldpoints rather than create a separate reward program. Merrill Lynch also outsouced to MBNA, but opted to create an entirely separate reward program.

Bank of America caps the value of airline redemptions...

Q: What if the requested ticket is over the maximum value allowed?

A: You may charge the difference to your WorldPointsTM account to earn additional points.

Citi does not...

If you are an eligible Citi� cardmember, you can also take advantage of our fixed flight option by calling a ThankYou Network Travel Specialist, toll-free. You will get a ticket on the date you want to travel - if a seat is available.

That contradicts the info posted in TYP redemtion thread on this board. Look last year around the holidays many people were told there ticket would cost more than 25K TYP. Btw BOA ticket limit is $750 which will pretty much covers flights all year long just like Citi program except durning the holiday sesson were a surchage would apply which Citi also enforced. And call up TYP there have a ticket value cap also which is why people were charged more for there tickets around the holiday.

With the above being said I still think Citi has a better program over BOA mainly because you can earn more than 1 point per dollar spent.

I do not recall this, but if you can point to some specific messages I am happy to be proven wrong...

http://flyertalk.com/forum/showthread.php?t=529921

What I do recall is that when Citi introduced the online booking option there were people who used it and redeemed more points because they did not understand the difference between the Fixed and Variable Flight options.