The new Bank of America American Express Accolades card is aimed at clients who have investments between $100,000 and $3 million with the bank, Reuters revealed.
Furthermore, the new credit card offers attractive benefits with its rewards scheme. Cardholders will accumulate points on the card as they spend, which they can then exchange for rewards such as luxury vacations, cooking classes and concert tickets.
According to Reuters, this latest offering is expected to help the bank retain and win new business, as rivals such as Citigroup and Wachovia place greater emphasis on trying to attract the more affluent market.
The Accolades card will carry an annual percentage rate of 12.24% with a $295 annual fee. However, this will be waived for those in its Family Wealth Advisors, Private Bank, or Premier Banking & Investment programs, Reuters reported.
