Bank of America Joins the Premium Rewards Card Game

Starting next month, Bank of America (NYSE: BAC) customers will no longer have to look elsewhere for a premium rewards card. The bank has announced that it will roll out its own offering in the popular credit card category in September, according to a report in The Wall Street Journal.

The card will charge a $95 annual fee. That may seem like a hefty price tag, but it's meaningfully below competitors like JPMorgan Chase (NYSE: JPM) and American Express (NYSE: AXP), which charge $450 and $550, respectively, for their analogous premium rewards cards.

Bank of America's Premium Rewards card offers the same litany of tiered rewards based on the type of purchase, giving cardholders the most points for money spent on travel and dining. But unlike these other cards, the exact size of the rewards will be conditioned on how much money customers have at the bank in checking, savings, and investment accounts.

Source: Fool.com