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More Details Confirmed! Can the New Bank of America Card Compete at the Top?

More Details Confirmed! Can the New Bank of America Card Compete at the Top?

Million Mile SecretsMore Details Confirmed! Can the New Bank of America Card Compete at the Top?Million Mile Secrets Team

We devote thousands of hours of research to help you get Big Travel with Small Money. You support us by signing-up for credit cards through partner links which earn us a commission. Here’s our full Advertising Policy.

Last week I gave you an update on the new premium travel rewards card from Bank of America.

And now, via Doctor of Credit, we have more confirmed details about the card!  It will be a Visa credit card with nice perks like a sign-up bonus worth $500 after meeting minimum spending requirements, and an annual $100 airline incidental fee credit.

More Details Confirmed Can The New Bank Of America Card Compete At The Top
Don’t Want to Worry About Available Award Seats? The Upcoming Bank of America Credit Card Might Be for You!

I’ll tell you everything we now know about this upcoming card!

More Details of Bank of Upcoming Premium Bank of America Card

Link:   Rumor: A New Premium Credit Card Arriving This Fall!

Link:   Update:   New Premium Travel Rewards Card from Bank of America Arriving this Fall

Bank of America plans to release a new top-notch travel card in September 2017, to compete with credit cards like the Citi Prestige, Chase Sapphire Reserve, and The Platinum Card® from American Express.  The card will be a Visa, and come with:

  • 50,000 bonus points after meeting a $3,000 minimum spending requirement (we don’t know the time frame yet)
  • 2 points per $1 on travel and dining (Preferred Rewards customers will get up to 3.5 points per $1)
  • 1.5 points per $1 on everything else (Preferred Rewards customers will get up to 2.6 points per $1)
  • $100 airline incidental fee credit for things like including baggage fees and in-flight purchases
  • $95 annual fee

These points do NOT transfer to airline or hotel partners.  Points are worth a flat 1 cent each.  So you don’t have to worry about blackout dates and available award seats.

Is This a Good Deal?

There is still plenty we don’t know about this card’s travel insurance, airline credit, and annual fee!

For example, we do NOT yet know if the card’s $95 annual fee will be waived the first year.  And it’s not yet clear how easy the $100 airline incidental credit will be to use.  Both of those details could be the deciding factor as to whether lots of folks will give this card a try!

That said, this card is a good deal if you are a Bank of America Preferred Rewards member, because you’ll get a bonus percentage with every purchase!  But you’ll need at least $100,000 in your Bank of America checking account to get the highest bonus.

More Details Confirmed Can The New Bank Of America Card Compete At The Top
You’ll Get Between a 25% and 75% Bonus Points As a Bank of America Preferred Rewards Member, Depending on How Much Money You Have in the Bank

As far as this card being competitive with other high-level credit cards, I don’t think it has enough features to steal customers away from folks who use cards like the Chase Sapphire Reserve and Citi Prestige.  These cards have much better benefits, like airport lounge access, super easy to use travel credits, and Global Entry reimbursement.

And its bonus categories are similar to other travel credit cards.  Even if you’re a Preferred Rewards member that earns 3.5 points per $1 on dining, you’re still only getting a return of 3.5 cents per $1.  The Chase Sapphire Reserve earns 3 Chase Ultimate Rewards points per $1, which is worth 4.5 cents when you redeem points for travel through the Chase Ultimate Rewards Travel Portal.  Or potentially even more when transferred to valuable Chase travel partners like Hyatt or Southwest.

The one thing this card DOES have going for it is the comparatively low $95 annual fee.  Most other high-level travel cards have annual fees of $450 or more.  So if you would use the $100 airline travel credit anyway, you might consider opening this card to see if it serves your travel plans, because the credit more than covers the annual fee!

Bottom Line

We have more details about the upcoming premium travel credit card from Bank of America!

Bank of America plans to launch the card in September 2017.  It will come with:

We don’t know all the details of this card yet, but we’ll let you know as soon as we hear more!

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Chase Sapphire Preferred® Card

Chase Sapphire Preferred® Card

  • Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
  • Chase Sapphire Preferred® named a 'Best Travel Credit Card' by MONEY® Magazine, 2016-2017
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
  • No foreign transaction fees
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Get 25% more value when you redeem for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel.
  • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

More Info

Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)

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I’ll pass. 1 cent per point doesn’t sound like terrific value. I’d rather just get the Citi Double Cash card and take the 2% cash back with no annual fee.

Derek (DebrianTravels.com)

I don’t really consider a card that offers only 1 cent per point/mile of value to be a good deal. Even looking at the value of points and miles as published by sites like the Points Guy, most currencies and loyalty program rewards are worth more than a penny per point. I just used 57,500 AA miles for a ticket that would have cost ~$7,000. At a penny per point, that ticket would have cost me 700,000 points! If I had 700,000 points in a card account that I could transfer, I could purchase 12 of the same ticket for the same balance.

Granted, I use my point for travel, so if someone wants to have flexibility to spend points at a penny each for products and services other than travel, maybe this is a good card. But unless I am a preferred customer with Bank of America, I can get similar return on my spend for cash with cards that are far less “premium” than this offering from Bank of America. While I welcome competition and would love to see an additional major flexible points currency, I don’t see this card as a competitive option for those serious about points and miles.

Good deal. I can’t find squat on AA flights w points. Every destination I have ever searched, the most I get is 0.5c per mile. In the past , I have redeemed close to 1-1.2c per mile , but last 12 mo have really ruined it for me.
0f note, I don’t bother with non direct flights or flights w long connections or flights at 6 am or arriving at 11 pm or something ridiculous just to get a saved award level.

Bank of America MERRILL+ card is much better deal, since it has a signup bonus of 50,000 points (valued $500-$1,000) with no annual fee (ever).

Scam and a shame if I read this right. Currently a preferred platinum card holder and do not pay any annual fee. Don’t fly either. So now I will have to give up 95 dollars. If read that right, companies plans, BAC, is plugging it to folks like me!?

This is a new card, you can’t have it now.