Bank of America Confirms Key Details about Upcoming Premium Card ($100 Airline Incidental Credit, $95 AF, & More)

Card has now been officially launched, you can read our full review here.

Bank of America will soon release a new premium version of their Travel Rewards card. We’ve written about it before, here’s an update with key details that were confirmed in this WSJ report. [If you don’t have a WSJ subscription, you can see it on Fox Business, though there is a graphic in the original article – pictured below – not shown on Fox. Use Facebook or Twitter to bypass paywall.]

  • $100 airline incidentals credit, including baggage fee and flight drinks (does not include airfare)
  • 50,000 points signup bonus will have $3,000 spend threshold
  • The annual fee will be $95
  • 1.5x everywhere and 2x on travel/dining; Preferred Rewards customers will get up to 2.6 everywhere and 3.5 on travel/dining
  • It will roll out in September
  • It will be a Visa card
  • BofA has told Business Insider that there will also be $100 Global Entry/TSA PreCheck credit

We reposted most of this info in a post earlier today, but I missed the $100 airline incidental point which shows in the graphic on WSJ. This credit is a critical component in deciding whether it’s worthwhile to get the card for the bonus. It remains to be seen exactly what will count for the airline incidental credit (gc, MPX, etc).

There’s no mention of a Global Entry credit, and for now I’m assuming it won’t have one.

Analysis

At this point, it seems we have most of the card details confirmed. My feeling is that Bank of America isn’t looking to compete with the other premium cards, they are more looking toward Preferred Rewards customers who keep other money with them. They don’t want existing clients with assets going elsewhere for their credit cards, and they are hoping to attract more clients with assets under the BofA umbrella since 2.6x everywhere and 3.5x on travel/dining are both nice rates, especially for a $95 annual fee card with no foreign transaction fees.

As far as keeping this card long term, it mostly makes sense for Preferred Rewards clients. Without any status, you’ll probably be better off with other cards. For those with top-tier Preferred Rewards card, it’s basically an improved version of the Travel Rewards card which earns an excellent 2.6x everywhere. The improvement here is the 3.5x on travel and dining.

If you value the travel incidental credit at somewhere close to it’s value, there isn’t much question that it’s worth keeping this card instead of using the no-fee Travel Rewards card. If you won’t use the incidental credit, you’re paying $95 for the extra .9x on travel and dining – you’ll have to crunch the numbers to see if that’s worthwhile for you. Bear in mind, travel and dining are heavily bonused categories with other banks, and 3.5x isn’t necessarily better than 3x Ultimate Rewards points on CSR, for example. So for a lot of people the fee won’t be worth it if you don’t value the airline incidental credit.

As far as getting this for the signup bonus, it’s basically worth $405 after discounting the $95 fee – there’s no mention of the fee being waived the first year. [The signup bonus on Travel Rewards does not get compounded the way it does on Cash Rewards cards.]

Depending how you value the $100 incidental credit and how strict they’ll be, you might be able to get an extra $100 value there or close to it. Without the extra $100, I view it as an okay bonus but not amazing. I like getting $500+ value from a new card. Many other people are happy signing up for a card which gives them $200+, and this will be well-worth it.
    Chuck
  • On August 14, 2017, 18:31

View Comments (74)

  • The Global Entry / TSA precheck addition really shouldn't impact anyone reading this site if they've already gotten one of the dozen other credit cards that offers that perk. That takes it out of the equation until it's time to renew in t years

  • That businessinsider.com is a sloppy website: "3 for travel/dining and 2.25 on all other purchases (More than $100,000 deposited)" (multiplier should be 1.75 not 1.5 in that case, so they miss a major feature of the card), but then they try to sell you their "The Credit Card Rewards Explainer" for $495!!

    • Yeah, I noticed that bad info too. I figured they maybe copied and pasted the middle tier info and forgot to edit it with the correct changes for $100k+. It makes me wonder about this $100 GE/TSA credit too. Haven't heard it from anyone else except for Business Insider.

  • With the GE credit, I probably would apply for this if rejected for CSR .
    Though dont see using after 1st year unless incidental are used.
    Are the bonus points also redeemed 1cpp for travel or could be for cashback?

      • I'm hoping it's at the beginning of the month, as I have an international trip planned for the end and I'd like to get this card before I leave! If anyone has any info on release date, please share. I've scoured the interwebs and haven't found anything this far.

  • Comment Update:

    Holy shit. this CC just got ridiculous...

    Not to mention the exposure to this game is getting more ridiculous everyday. Now BI + mainstream media outlets writing about new CC products.

  • Just to clarify: The signup bonus for the current Travel Rewards card is NOT impacted by Preferred Rewards status. Only the 123 cashback card will see an increase for members.

    • This is correct and could be edited in the article.

      Another thing that could (should?) be in the article is that if you book travel through BofA's travel portal (run by Orbitz), you get an additional 1.5% back. Therefore, if you're Platinum Honors status ($100k+), booking travel through BofA's travel portal would be 5% back. Unless of course BofA specifically excludes this card but I doubt it. This is not advertised by BofA much at all but it's real and it exists.

  • Besides the sign-up bonus I think there's no reason to be excited for this card. Travel Rewards is too similar; the only benefit is 3.5% CB on travel/dining best case, which is outclassed by the other premium cards.

  • It looks like everyone has the pros and cons of this card figured out. (I'd consider it a keeper, with PR Plat Hons, but I'm not sure I can use the restrictive $100 credit.)

    But a major point to add is that that BoA has become super strict in their approvals (I've hit a wall at 4 cards, with an "approved in error" and another HP denial.) I actually predict I would be denied, despite having PR Plat Hons, excellent credit, and using the BoA cards. I'm wary to apply, just to get another HP denial.

    • Are you saying you have tried to get more than 4 cards? I thought it was established among the community that BofA recently (within the last year?) implemented a max 4 card rule per person? Close one of your 4 cards and you should be good. Or PC one of them to a different one (of course, no bonus doing that, though).

      • I don't believe there's a simple max # cards rule. It's just that they seem to have gotten much stricter generally in about March this year. They obviously want to try not to get gamed, so it's not clear to me that closing relatively new cards would make them give out another card.

        • Yes, it has gotten much stricter. I got a Cash Rewards and Travel Rewards in May, then was turned down for an MLB card in June. I just tried reconsideration and was turned down again. I even lowered my credit limit on the two existing cards hoping for a better result. (Doh!)

          I long for the days when (rumor was) BoA would approve you for a dozen cards in a single day ... figured that free-for-all had to end but now it's getting downright ridiculous.

          • (added) Perhaps there is now a three month (at least) waiting period before being approved for an additional card - but the annoying thing is BoA won't confirm this, just like they have never confirmed a four card limit.

            I know that few here are fans of the Chase 5/24 rule, but at least they are up front about it.

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