New Premium Card from Bank of America Coming Soon
Bank of America Premium Rewards Elite Visa Infinite Card
Bank of America is joining the ranks of credit card issuers that have a premium product. American Express, Chase, US Bank and Capital One all have cards with annual fees ranging from $395 for the Venture X to $695 for Amex Platinum.
Now the new Bank of America Premium Rewards Elite Visa Infinite Card is expected to launch this month, and will set you back $550 every year. There’s no official release just yet, but we have information about the welcome bonus, benefits and earning rates for this new product from Bank of America. Check out all the details below.
Signup Bonus
- Earn 50,000 bonus points if you use your new Bank of America Premium Rewards Elite Visa Infinite Card to make eligible purchases totaling at least $3,000 (exclusive of any fees, including the annual fee, returns and adjustments) within 90 days of the account open date.
- Annual Fee: $550 (not waived)
- Application Link (HT: JonLuca)
As I mentioned above, the card has not officially launched yet. The signup bonus is mentioned in the terms of the application link. It’s best to wait until the official release to apply in my opinion.
Earning Rates
Here’s the earning structure for this card:
- 2X points on travel and dining purchases
- Dining includes Restaurants, including Fast Food, and Drinking Establishments, such as Bars or Taverns.
- Travel includes: airlines, hotels, motels, timeshares, trailer parks, motor home and recreational vehicle rentals, campgrounds, car rental agencies, truck and trailer rental, cruise lines, travel agencies, tour operators and real estate agents, operators of passenger trains, buses, taxis, limousines, ferries, boat rentals, parking lots and garages, tolls and bridge fees, tourist attractions and exhibits like art galleries, amusement parks, carnivals, circuses, aquariums, zoos and the like.
- 1.5X points per dollar on all other purchases
Preferred Rewards members earn can earn a bonus of 25% to 75% on every purchase. This means that you can get up to 3.5X points on travel and dining purchases, and up to 2.62X points on all other purchases.
You can redeem points for travel, cash back, a statement credit, distinctive experiences or gift cards.
More Perks Benefits
The Bank of America Premium Rewards Elite Visa Infinite Card gives you more credit and benefits besides the bonus and the points you get for all your purchases.
Airline Incidental Statement Credit
You are eligible for a statement credit of up to $300 each calendar year if you make qualifying airline incidental fee transactions. To qualify, you must use your Premium Rewards® Elite credit card to pay all airline incidental fee transactions. Allow 2-3 weeks from qualifying for the statement credit to post to your account.
Qualifying transactions are those purchases made on domestic-originated flights on certain U.S.-domestic airline carriers that include: preferred seating upgrades, ticket change/cancellation fees, checked baggage fees, in-flight entertainment, onboard food and beverage charges, and airport lounge fees affiliated with eligible airline carriers. Airline ticket purchases, mileage point purchases, mileage point transfer fees, gift cards, duty-free purchases, award tickets and fees incurred with airline alliance partners do not qualify. Airline incidental fee transactions must be separate from airline ticket charges.
Lifestyle Credit
You are eligible for a statement credit of up to $150 each calendar year if you make qualifying rideshare, food delivery, streaming service and fitness transactions at select merchants. To qualify, you must use your Premium Rewards Elite credit card to pay all rideshare, food delivery, streaming service and fitness transactions. Allow 2-3 weeks from qualifying for the statement credit to post to your account.
Eligible rideshare, food delivery, streaming service and fitness transactions that qualify for the Lifestyle Statement Credit must appear under one of the following MCCs and contain the designated identifier: 4899, 5399, 5411, 5422, 5499, 5691, 5734, 5815, 5816, 5817, 5818, 5921, 5940, 5964, 5968, 5969, 5999, 7032, 7299, 7372, 7841, 7997, and 7999.
Air Savings Program
Receive 20% off the cost of airfare when redeeming points through the Bank of America Travel Center. To be eligible for the 20% discount, must book airfare itinerary online at bankofamerica.com or through the Premium Rewards Elite concierge service using the Bank of America Travel booking system. Only the portion of the airfare’s cost paid for with points is eligible for the discount.
Priority Pass Select
Through the Priority Pass Select program, enrolled Bank of America Premium Rewards® Elite Visa Infinite® cardholders will receive 12-month Priority Pass Select membership to access airport VIP lounges worldwide currently participating in the Priority Pass Select program with their accompanying guests, regardless of their choice of airline, class of ticket or membership in an airline lounge program.
Provided you meet the issuer-determined eligibility requirements, Bank of America will allow enrollment of one Premium Rewards Elite Visa Infinite cardholder (including authorized users) as a member in the Priority Pass Select program, without charge of a membership fee. The owner of the Premium Rewards Elite Visa Infinite account will determine which cardholder will be enrolled as a member in the Priority Pass Select program. As a Premium Rewards Elite Visa Infinite cardholder, you and your guest(s) can enjoy complimentary lounge visits.
Airport Security Statement Credit
You are entitled to up to $100 in statement credits per account every four years in connection with the TSA Pre✓® or Global Entry program when you use your Premium Rewards® Elite credit card to pay the application fee(s). Statement credits, not to exceed a total of $100, will be applied in the order that the qualifying transactions posted to your account. Allow 2-3 weeks from qualifying, for the statement credit to post to your account.
Additional Benefits
- Concierge
- Visa Infinite benefits.
- No Foreign Transaction Fees
Guru’s Wrap-up
The new Bank of America Premium Rewards Elite Visa Infinite Card comes with several credits such as $300 for airline incidental fees, $150 for rideshares, food delivery, streaming and fitness, and $100 for TSA PreCheck or Global Entry. Those add up to $550 which is the same as the annual fee. But I doubt most people would assign face value to those credits.
The card also offer complimentary Priority Pass Select membership, 20% off the cost of airfare when redeeming points through the Bank of America Travel Center and as high as 3.5X and 2.62X on purchases for Preferred Rewards members.
The signup bonus is pretty low for a premium card launch. You get 50,000 points for spending $3,000. The card has not officially launched yet. So there might be some minor changes to the listed benefits and hopefully the signup bonus as well.
Let me know what you think!
HT: Doctor of Credit
