Bank of America Targets Wealthy with “Accolades” American Express Card
By Justin McHenry
Bank of America today launched the Accolades American Express Card, its first credit card exclusively targeting wealthy clients in its Premier Banking & Investments, The Private Bank of Bank of America and Family Wealth Advisors groups. These affluent customers each have at least $100,000 in deposits and investments with Bank of America, and the Accolades card is intended to reward them for fat spending.
Bank of America is offering both the expected and unexpected in its reward program: access to “experiences” such as cooking with top chefs, exclusive access to major events, travel offers and upgrades, including complimentary airline companion tickets, and access to a full-service concierge to do the heavy lifting for clients who wish to attend events, get restaurant reservations or just want someone else to think of a good birthday gift.
Another interesting perk is the ability to use rewards points for charitable contributions that are matched by Bank of America.
While the Accolades American Express Card carries a $295 annual fee, this is waived as long as cardholders remain eligible Bank of America customers via the previously mentioned deposit and investment groups.