Bank of America is releasing a new Visa Infinite rewards card and details have leaked per Doctor of Credit. The card will be available to the public November 22.
For a $550 annual fee they’ll offer,
- $150 in statement credits for food delivery, fitness subscriptions, rideshare and streaming
- $300 airline incidental statement credits which will be similar to the Amex Platinum perk that’s limited to ancillary charges like seats, baggage, and lounge
- Global entry or PreCheck application fee credit every 4 years)
- 20% discount paying with points through BofA’s travel center
- 2x on travel and dining, 1.5x on everything else, plus Preferred Rewards bonus
- Priority Pass Select
It’s been 7 years since I first covered earning more on a Bank of America credit card when you deposit investable funds at the bank. Based on your account balances you earn a 25% – 75% bonus, so it’s possible to earn 3.5x on travel and dining and 2.625x on other purchases.
If you use the statement credits the net cost is $100 for a good travel rebate card whose points don’t transfer to miles. Earning 2.625 points per dollar on unbonused spend is good, and then those points go farther with the 20% discount on redemptions (using points for paid travel). Think of this as their Sapphire Reserve card without airline and hotel points transfers, but with better earn on unbonused spend. Applications will be through a financial advisor.
There’s not a ton to get truly excited about here in a new product – the core benefit is already available in a BofA card. It’s the Bank of America Premium Rewards card with add-on benefits, more or less. Here’s a primer on their card application rules.