Bank of America announced on Monday (Sept. 18) the rollout of its new Premium Rewards credit card that gives customers unlimited points that never expire.
In a press release announcing the news, the financial company said that in addition to unlimited points that have no expiration date, the card offers flexible rewards and premium travel benefits.
“We listened to our customers and designed this card to give them the flexibility to use their rewards points in the way that best suits their life priorities,” Jason Gaughan, credit card executive for Bank of America, said in a press release. “The card’s rewards become even richer when combined with our Preferred Rewards program, giving our clients more value across their relationship with us.”
With the new Premium Rewards credit card, customers earn two points for each dollar spent on travel and dining and 1.5 points for every dollar spent on any other purchases. For cardholders that enroll in its Preferred Rewards program, rewards points can increase by 25 to 75 percent on each purchase, translating into up to 3.5 points per dollar spent on travel and dining and 2.62 points per dollar on everything else, Bank of America said in the press release.
Other perks include varying choices for redemption, including cash back as a statement credit or deposit into eligible Bank of America or Merrill Lynch accounts. The rewards can also go for travel purchases, including air, car and hotel through the Bank of America Travel Center and for gift cards.
Bank of America isn’t the only financial company going after the travel market with a new credit card. Earlier this month, Bloomberg reported that American Express is gearing up to launch the Blue Delta SkyMiles credit card, which courts consumers who do not fall into the category of frequent travelers.
According to a report in Bloomberg, the travel card will give customers two frequent flyer miles per every dollar spent at restaurants in the U.S. and on Delta Air Lines purchases. Customers receive one mile for every dollar spent outside those two categories. Bloomberg noted there will be no annual fee associated with the credit card, which is rare for co-branded offerings.
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