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BoA Debuts Luxury Credit Card With Credits

Bank of America is debuting a luxury credit card called the Bank of America Premium Rewards Elite Card, CNBC reported.

This card was released on November 22nd. Some of its features include an annual membership fee of $ 550, double points for travel and meals, and 1.5 times points for other eligible purchases, according to the report. There are also airline ancillary credits of $ 300 per year and lifestyle credits of $ 150 per year.

According to the report, cardholders can earn $ 500 or $ 600 worth of 50,000 points by spending $ 3,000 within 90 days of opening an account.

However, it’s not as good as the benefits of other cards, such as the City Premier Card’s annual membership fee of $ 95 and a welcome bonus. New cardholders are promised to spend $ 4,000 on the first 90 and earn 80,000 points worth $ 800. According to the report, the day.

The Chase Sapphire Reserve Card, on the other hand, comes with a welcome bonus of 50,000 points ($ 750 worth) if the cardholder spends $ 4,000 in the first 90 days after opening an account and then redeems it for a trip.

There are other issuers making luxury cards this year, such as Capital One issuing Capital One Venture X Rewards Credit Cards. According to the report, the card comes with a statement credit of up to $ 300 for bookings made through Capital One Travel and an anniversary bonus of 10,000 bonus miles per year.

Bank of America has also made some changes to its Preferred Rewards program, adding new tiers to deposit or investment accounts over $ 1 million and over $ 10 million, the report said. ..

In October, Bank of America launched an account verification fraud prevention service aimed at helping clients make electronic credit or debit payments. You can also check the status of your account and authenticate the owner.

read more: Bank of America announces account validation for corporate and public sector clients

David Kretz, Head of Global Payments at Bank of America, said companies need more insight into whether a person is who they say they are, as fraud has increased since the pandemic began.

The difference between account verification tools and other fraud prevention tools is that they can respond to client inquiries in near real time. It also helps prevent false payments to the wrong account number.


New PYMNTS data: Identity Authentication in the Digital Economy – December 2021

about:More than half of US consumers believe that biometrics are faster, more convenient, and more reliable than passwords and PINs. So why are less than 10% using them? PYMNTS worked with Mitek to survey more than 2,200 consumers, more clearly define this perception-use gap, and identify ways for businesses to drive use.

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