This card is now live and available for sign ups, more information here.
[Update 7/27/17: Reposting since we heard from a reliable source that BofA will be releasing a premium card. It’ll be a Visa Signature with a minimum credit line of $5,000. Roll out of the card is expected to be some time near the end of 2017. It’s also important to note that at this stage our reliable source has just confirmed a premium card will enter the market and not any of the benefits/fees/points structure listed below.]
Frequent Miler is reporting that Bank of America plans to enter the premium credit card market with a new card in September or October of 2017 to compete directly with the Chase Sapphire Reserve. This isn’t the first new card to enter the space with U.S. Bank launching the Altitude Reserve and UBS launching the Visa Infinite (American Express also made significant changes to their Platinum card in response).
Details are sparse regarding the new Bank of America card, but Frequent Miler is reporting the following:
- $450 annual fee
- Travel reimbursement (unknown amount)
- Points are worth 1.5¢ towards travel
- No transfer partners
To me that reads as a Chase Sapphire Reserve clone rather than a competing product (although significantly worse with no transfer partners). Bonus categories with Bank of America are somewhat interesting due to the preferred rewards program. I assume there will be some additional benefits (e.g lounge access and some kind of airline related benefit as well). Let’s hope for a nice big sign up bonus and travel reimbursement that operates on a calendar year. If you’re going to copy Chase, do it with a bang!
Credit goes to Frequent Miler for this information. As always if you have any additional information or want to leak anything (doesn’t have to be Bank of America) get in touch with me!
I hope every bank clones the CSR – as long as they don’t have 5/24!
I’m a big fan of the “make your own travel purchase and get a statement” model. The value isn’t there for 2% cards to justify MS or lots of organic spending when compared with points transfer cards potentials but most cards working under that model have a 50-100 dollar fee or no fee.
If they have a few categories that earn at a higher rate this card could be interesting for some people. Most likely people with the full relationship modifier with BofA.
However, it could be the categories have caps that limit the potential or are in group like dining end entertainment that don’t lend themselves to serious points accumulation.
Fingers crossed for a good product.
There’s way too much duplication in the premium cc market already.
For existing CSR holders to even blink an eye at this card, it would have to offer everything that CSR doesn’t, i.e. things other than Global Entry credit, Priority Pass Select, etc.
Interesting. I am already at 3 BofA cards and was thinking of going ML. Hope this doesn’t affect the ML bonus offer.
Assuming the earning structure were identical to the CSR (i.e. 3x on dining) and they allowed a 1.5c valuation on ANY travel redemption (i.e. directly through the hotel or with an OTA of your choice) it would be interesting. That’s the one gripe I have about the CSR 1.5c valuation is that you have to book through Chase to get it and they rarely have the best prices.
if you think the power of UR is 1.5 cpp and have issues with the chase OTA then i feel sad for u.
It all depends on what type of travel you’re doing. I value domestic first class and often stay at hotels outside of peak times, so booking with an OTA or “cash” directly with the airline or hotel is the logical thing to do, especially since there is virtually no first saver availability with United. So feel sad all you want, not everyone uses points the same way you do.
No, please keep doing what you’re doing. The more people like you that exist, the less likely Chase will devalue the UR program for the rest of us.
haha…
Will the IT on their website enter 1996?
What’s confirmed with this card? Besides that a premium card is coming. Or is the old rumors confirmed that were discussed here months ago
nothing has been confirmed. just the rumor itself.
If they really want to differentiate, they should make the card out of wood.
Or fairy glitter
I approve this message.
Or even slime.
then u may have two woodies in your pocket. may get confused.
I would actually like this card to be either clear or hollow (e.g. metal frame but with holes). That should cut down on some of the weight.
Too bad no transfer partner’s. Alaska, Asiana, Amtrak and Virgin would have been solid.
Sooo.. what card will you get instead when your credit line turns out to be $4,999? 🙂
Good-ole BankAmericard which earns 0% on everything. Hurrah!