Bank Of America's Special New Amex For Rich People

Do you have over $100,000 on deposit at Bank of America? If you do, you might qualify for a special new Amex just for Bank of America’s wealthy customers. Oh my, the perks are fat!

From the Boston Globe:

Gwenn Bezard , research director at Aite Group , a banking consulting firm in Boston, says: “If you’re high net-worth and a high spender, you will be better off using an American Express product because of the value of what’s out there.”

That’s because American Express charges merchants nearly 2.6 percent in fees for every dollar of transactions done with its cards, compared with less than 2 percent on average for Visa and MasterCard, Bezard said.

That adds up to extra revenue that American Express uses to fund perks that appeal to its wealthy cardholders, the same approach Bank of America is taking with its new card.

“This is just an opportunity for us to leverage the great capabilities of our credit card business to offer something for our most affluent clients,” said John Bahnken , president of the bank’s Global Wealth & Investment Management Products Group , which is based in Boston.

The card has lots of fun perks like private concierges who’ll get you concert tickets, special “fantasy vacations,” and if you spend “$250,000 on the card, you can take your points (worth $2,500) and give them to charity…and Bank of America will match your donation. Ain’t that sweet. —MEGHANN MARCO

Bank lavishes perks on new credit card [Boston Globe]
(Photo: tengaport)