Bank of America recently announced a Premium Rewards card that is going to offer some great benefits for those who qualify. And if you don’t? Well, they’ll still pay you $5 to hold the card.
The new Premium Rewards card offers some upscale benefits with its $95 annual fee and is a step up from the free Travel Rewards card. You get a $100 airlines incidental statement credit each year (bag fees, upgrades, etc.), so you’ve already offset the annual fee. You also get a $100 credit toward TSA PreCheck or Global Entry, so you’ll save another few bucks there, as well.
In terms of rewards, the card pays okay, but not great. You earn two points per dollar spent on travel and dining, as well as 1.5 points per dollar elsewhere. Redeem at the rate of one point equals once cent.
The sign-up bonus is 50,000 points, or $500, after you spend $3,000 in the first 90 days.
Bank of America itself has a less well-known rewards program based on your balances with the bank, including any money you may have in a Merrill Edge or Merrill Lynch account. In addition to the usual free ATM charges and rate discounts/premiums, you get a bonus on your credit card spending, ranging from 25% (at $20,000 in assets) to 75% (at $100,000 in assets with the bank). What that means is that if you fall into the highest category, you earn 3.5 points per dollar on travel and dining expenses, as well as 2.625 points per dollar on all others.
If you have some money tied up at Bank of America, you may want to look into the card, since it immediately becomes your best everyday spend card.
Want to subscribe? Just enter your email in the box above (and to the right) and click on the confirmation. GMailers, check your Social or Promotions boxes!
Follow me on Twitter @FFMiles101 or share with the Facebook button below.
And finally, you can apply for credit cards through the Credit Cards for Charity link above. All card proceeds are donated to charity, so please do well by doing good!