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Bank of America Increased Offers

Bank of America may be the forgotten issuer a bit around these parts, which is because most of their cards are the cash back variety. That is especially true for their own non co-branded cards. They pitch them as travel & premium cards but there are no transfer partners or outsized value from their points. With BOA, it is all about the Benjamins! That isn't a bad thing in my book though. We all need cash while traveling to cover things like food, award flight taxes and fees, activities and everything in between. That is why I was happy to see some Bank of America increased offers roll out. Let's take a look at the details of these two new offers and discuss who they could make sense for.

Bank Of America Premium Rewards

The first card up is the Bank of America Premium Rewards. The new and improved offer terms are as follows:

  • Earn 60,000 points (worth $600) after spending $4,000 within the first 90 days
  • The $95 annual fee is NOT waived

This is an increase of $100 from the standard offer on the card.

Earning Structure

The card has a pretty pedestrian earning structure, that is unless you are a Bank of America Honors member:

  • 2% back on travel & dining
  • 1.5% back on everything else

If you have Bank of America Platinum Honors status you get a 75% increase on the earning rates increasing the cash back rate to 3.5% back on travel and dining. It would increase the rate on everyday earning to 2.62% as well, which is pretty tough to beat for non bonus spend. It takes a lot of money with BOA to qualify but it should be noted that Merrill Lynch retirement accounts qualify too.

Card Perks

The Bank of America Premium Rewards card comes with a couple of nice credits:

  • $100 airline incidental credits per calendar year (much like the Amex credits)
    • Since it is calendar year you get this twice within the first cardmember year
  • $100 TSA or Global Entry application fees credit every four years
Summary

All in all, if you grabbed this card it is good for a $600 cash bonus plus $200 in airline incidental credits in the first cardmember year. All of that for only a $95 annual fee. That is a pretty decent return in my book. Having said that, this is a great offered for the more seasoned miles and points people out there. People that left Chase 5/24 in their rearview mirror long ago.

Direct Link To Offer

Bank Of America Premium Rewards Elite

The other card that got a bump is the newest card in the BOA card lineup. Here are the offer details for the Bank of America Premium Rewards Elite:

  • Earn 75,000 points (worth $750) after spending $5,000 within the first 90 days
  • The $550 annual fee is NOT waived

The previous offer on this card was for 50,000 points or $500.

Earning Structure
  • 2% back on travel & dining
  • 1.5% back on everything else

I don't know why Bank of America decided to give both cards the exact same earning structure but here we are. Just like the Premium Rewards card, if you have top tier status with BOA then it can be a compelling everyday option at 2.62% back on non bonus spend.

Card Perks

Card perks is where the two cards differ, as they should with the Elite card's $550 annual fee. You get the following perks to help offset the yearly fee:

  • $300 in Airline Incidental Statement Credits for qualifying purchases such as seat upgrades, baggage fees, airline lounge fees and in-flight services
  • $150 in lifestyle conveniences credits including video streaming services, food delivery, fitness subscriptions and rideshare services
  • Receive up to $100 in statement credits for either Global Entry or TSA PreCheck® application fees, every four years
  • Save 20% on domestic or international airfare for any class when you pay with points
  • Enjoy free unlimited access to airport lounges and experiences worldwide with up to 4 complimentary Priority Pass™ Select Memberships

The nice thing about the airline incidental credit is some things like American Airlines gift cards purchased in $100 quantities work to trigger it. The credit is also per calendar year. That means you get $600 in airline incidental credits within the first cardmember year. If you waited until closer to the end of the year you could potentially triple dip the credit for $900. You would get one credit at the end of December, one starting January 1st and then one the following January 1st. You should have 30 days to downgrade or cancel when the annual fee posts, giving you until mid January to capture of all 3.

I am sure some unexpected things trigger the $150 lifestyle credits too. If you stick to a double dip of the airline incidental credit, and maximize the lifestyle credits with streaming or food delivery twice in the first cardmember year, then you are looking at $900 in value for a $550 annual fee. This is possible since the credits are based on calendar year and not cardmember year. Throw in the $750 welcome offer and now we're cooking with gas!

Direct Link To Offer

Bank of America Increased Offers: ToP Thoughts

While we like to focus on points earning cards and their welcome offers at ToP, there are costs that miles and points just can't cover. That is when a cash back type offer can come in handy. Especially when those offers are at all time highs. Having said that, these offers are not to be trifled with if you are still around Chase 5/24. Even if you just busted past it I would focus on Citi and Capital One before meandering down this road too.

For the rest of you in the back, the lol/24 crowd like myself, this is a pretty good deal. I think I just talked myself into my next application over here. Come on down Bank Of America Premium Rewards Elite!

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