Thanks to an anonymous source, we’ve finally gotten screenshots of the soon-to-be-released Bank of America premium card. The most important bit of news is that points are worth a flat 1¢ when redeemed as cash.
There are lots of interesting tidbits in these screenshots:
- Biggest news to me is that this card will earn cash back, not travel credits. “Points redemption value is 1% for all options (1 Point = $.01).” Either as a statement credit or a deposit into a BofA account.
For some this barely makes a difference, but for a lot of us it does, and this becomes another reason to choose the premium card over the Travel Rewards card. I wonder if it’ll be possible to transfer Travel Reward points to the premium card and cash them out that way. - $100 Global Entry Fee will be once every 4 years.
- $100 airline incidental credit will only work for domestic airlines, apparently.
- A bit more info here on where the $100 airline incidental credit can be used: seat upgrades, baggage fees, in-flight services, and airline lounge fees.
- Visa Signature Luxury Hotel Collection and Visa Signature Concierge. This isn’t my thing, but I think these are standard Visa Signature benefits?
- Travel insurance protections. We’ll have to wait for the full details to see how it compares.
- These screens seem clear that they are after the affluent, relationship customers with the new card.
- I don’t understand the math in their Chase vs. BofA comparison at the bottom. I think they mean to compare the Sapphire Preferred (not Reserve), but I still don’t get it. $1,000 is earning 2x and $4,000 is earning 1x. That’s 6,000 points which would amount to $75 in travel when booking at the 1.25% rate with Chase Travel, not $77.50.
Target release date on the card is still for mid-September (as per the anonymous source).
Here’s a roundup of all details we know about the card:
- Annual fee will be $95
- No foreign transaction fee
- $100 domestic airline incidentals credit, including seat upgrades, baggage fees, in-flight services, and airline lounge fees mid (does not include airfare)
- 50,000 points signup bonus with $3,000 spend threshold
- 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 mid-September
- It will be a Visa Signature card
- There will also be $100 Global Entry/TSA PreCheck credit once every four years
- Points can be redeemed for cash at $.01 per point
(Previous posts can be found and  here and here.)
The 18th makes sense since the Merrill+ card is being discontinued on the 18th or 19th.
Good luck everyone getting the card.
Can I apply for the Merrill+ card and this card on the same day then?
I’m also Preferred! Things are looking up! Thanks for all the additional DP’s!
Another data point. I just hung up with CS. She said to check their website on Sept 18 🙂
I’m a prefferred client too. I usually get my cards overnighted by request. At first they’ll say it’s 15 but then they’ll come back with a waiver
I’m Preferred Rewards with B of A. They told me to call after my application is approved and they will overnight me a card. Not sure how it would work for non / new customers since this is a benefit I enjoy for getting duplicate cards.
I just called their CC application line and she said it would probably be available on Sept 22nd. I will look tomorrow, hopefully 9/15 is the real deal. I am leaving to go overseas on the 22nd and really wanted this card for both my spouse and myself for the trip.
If anyone else hears about it being before the 22nd, please let me know!
Just called their line too; after a brief hold to look up some info, the specialist told me that applications for the card will be available beginning Monday, 9/18. Hallelujah!
Woot!! That would be awesome!
Now, does anyone have any data points about whether or not BOA would overnight a new card?
Just called again but no information other than “It’ll be available in September”
The waiting continues.
Any update of how soon this card will be available? I called cs a couple of times and both reps said they didn’t know when card is coming out. All they said was in Sept. They said to keep an eye on BofA site for release. One of the reps told me the check the site on Sept 15. Not sure if he slipped or just came out lol
Is this a 1% card or 1.5%? kinda of misleading, say’s 1.5% on everyday purchases but also say 1% redemption on all other option. what does “all other option mean”? is it the same as cb redemption?
The card earns 1.5 points (2 on dining and travel). Each point can be redeemed for $0.01 in cash. This is different from the existing Travel Rewards card, where points can only be redeemed for $0.01 when applied to travel purchases made with the card.
I wonder if there will be a minimum redemption like with the BofA Cash Rewards ($25 minimum to redeem cash back).