Drob said: can't u just cover your rump and get both AMEX centurion and BOA Knock-off, double airport lounge coverage especially since one is free?The centurion card now comes with a $5,000 initiation fee and a $2,500 annual fee. It does come with a ton of benefits not available with the Accolades, which you would expect with this kind of fee. The Priority Pass that comes with it is EXACTLY the same as that of the Accolades, with the exception that you can bring in 2 people for free with the Centurion's version. So, this idea of "double airport lounge coverage" is pretty silly, since you'd just have the same program twice.
geo123 said: Another advantage of Priority Pass is that it gives you access to international independent lounges. So if you are flying to Vancouver, for instance, you can just use Plaza Premium Lounge. My wife and I will be flying to St. Lucia in a few weeks and will be able to use Lyanola lounge there.Just as a follow up to the above, these independent lounges located in international airports can really make an enormous difference in your travel experience. We flew back from St. Lucia last night and found that although St. Lucia itself is absolutely beautiful, its international airport is incredibly small, disorganized, poorly air-conditioned and just downright uncomfortable. It was packed with travelers, had no places to seat and was incredibly hot.
Instead of braving the crowds before the flight, my wife and I headed upstairs to the Lyanola lounge, which is the airport's only lounge. It was totally empty, well air-conditioned, had very comfortable couches, a great selection of hot and cold snacks and a well stocked bar with very helpful staff. It also had clean bathrooms, so we did not have to stand in line to use the pretty disgusting looking bathrooms in the public waiting area.
bmore23
New Member
posted: Dec. 1, 2007 @ 9:07a
I recently got this card and I am still a bit confused on how to sign up for Priority Pass? I think I believe I qualify for one according to the agreement, but when I visit Priority Pass' website, I'm not sure how to proceed. Can anyone point me in the right direction? Thanks.
I just received in today's mail an updated Priority Pass directory. Good thing, since I managed to lose my older copy. Among other things, the cover letter states that effective January 4, 2008, "...there will be a slight increase from $24 to $27 for all guests who accompany you to one of our lounges..."
theakson
New Member
posted: Dec. 23, 2007 @ 8:13p
we just got our accolades card from BOA and booked a trip with the concierge service to the bahamas. Does anyone know if the card has medical evacuation insurance built in or do we have to buy that seperately. Also is there a better email/ contact to the accolades card csr than the one on the back of the card?
CaptainAlias said: I'd like to confirm a few things:
So if I have > $200,000 with BoA, but I don't want to get the Accolades card, I'm still eligible for the
- PriorityPass Prestige Membership (which some have reported success in getting the fee waived for the wife) - Credit Monitoring service
What number do I call to get the PriorityPass Membership? Thanks very much in advance! I wish I knew about this earlier!
Those are benefits of the Accolades card. If you don't get the credit card even if you have $10 million with BOA your not going to get the benefits from the credit card.
dolmar said: Those are benefits of the Accolades card. If you don't get the credit card even if you have $10 million with BOA your not going to get the benefits from the credit card.
Is there a minimum balance that one has to charge to the card every year? Could you just get the card while maintaining the annual $200K threshold, with minimal purchases on the CC?
CaptainAlias said: dolmar said: Those are benefits of the Accolades card. If you don't get the credit card even if you have $10 million with BOA your not going to get the benefits from the credit card.
Is there a minimum balance that one has to charge to the card every year? Could you just get the card while maintaining the annual $200K threshold, with minimal purchases on the CC?
If you have $200k in assets with BOA, you can get the card for free and never use it and still get all the benefits of the cards.
glxpass
Senior Member - 5K
posted: Jan. 12, 2008 @ 3:11p
CaptainAlias said: dolmar said: Those are benefits of the Accolades card. If you don't get the credit card even if you have $10 million with BOA your not going to get the benefits from the credit card.
Is there a minimum balance that one has to charge to the card every year? Could you just get the card while maintaining the annual $200K threshold, with minimal purchases on the CC? It appears that you don't have to spend a minimum on the card. From my cover letter that came with the card documents, footnote 1:
With the Bank of America Accolades American Express Card, you qualify for additional benefits such as Priority Pass, Identity Theft Protection and Identity Theft Recovery if you spend a total of $30,000 (USD) during the calendar year, or have a total of $200,000 (USD) in deposits or investments with Bank of America.
I received my card in July 2007, and my letter states that I will have the enhanced benefits through 2008. After that point, the above spending or balance requirement will apply. It's unclear whether you need to maintain the $200K balance throughout the year, or to simply have that balance with Bank of America at the time of qualification.
RS4Rings
Back in Rehab
posted: Jan. 12, 2008 @ 3:23p
I had my card for a few months and never used once. Even without using I managed to get the CL up to $200k and now owe about $165k on it, At 1.90%
alright guys...never really post, but thanks to FW, I applied for BOA Accolades card this past 17th (friday)...it was a painless telephone call! By Monday, Accolades acct had shown up on BOA online statement showing the $295 charge and immediate $295 credit. I tried to register for PP online at their website, but they need actual cc#. My cc arrived on Tues, registered for PP and says PP card will arrve in 7-10 days. Credit limit is only $25k right now, but I'm sure I'll get it up soon! thanks FW!
glxpass
Senior Member - 5K
posted: Jan. 25, 2008 @ 3:02p
vandalaybay2 said: alright guys...never really post, but thanks to FW, I applied for BOA Accolades card this past 17th (friday)...it was a painless telephone call! By Monday, Accolades acct had shown up on BOA online statement showing the $295 charge and immediate $295 credit. I tried to register for PP online at their website, but they need actual cc#. My cc arrived on Tues, registered for PP and says PP card will arrve in 7-10 days. Credit limit is only $25k right now, but I'm sure I'll get it up soon! thanks FW!
Is it possible to request a new PB rep? The current one assigned to us is just terrible, and doesn't do anything.
vandalaybay2
New Member
posted: Feb. 15, 2008 @ 11:40a
should be able to get a new rep...for the amount of money you have on account with them. They are really supposed to make you life and finances easier. We have a great PB. He takes care of 90% of the stuff we need over the phone or email. When I do need to go into any branch for anything, I call him from the car (Ex. to get cashiers checks) and when I walk into a branch, someone will be waiting for me to help me. It's great! You almost never have to wait in line, or put you name down on that stupid pad.
Moosy
Senior Member
posted: Feb. 17, 2008 @ 7:37p
Two questions: 1) I talked to a premier rep who said he would add me to the premier list - can I see it online somewhere that he did?
2) I do not have 200k with BoA only 100k so do I get it right - I don't get free access to lounges with the black but an entrance at a discount. my rep was not clear on that.
thanks
glxpass
Senior Member - 5K
posted: Feb. 17, 2008 @ 9:58p
Moosy said: Two questions: 1) I talked to a premier rep who said he would add me to the premier list - can I see it online somewhere that he did?
2) I do not have 200k with BoA only 100k so do I get it right - I don't get free access to lounges with the black but an entrance at a discount. my rep was not clear on that.
thanks Sounds like you had better educate your Premier Banking Client Manager.
1) My Accounts Overview screen that shows when I sign in to Online Banking says in red letters at the top of that screen:
Welcome valued Premier Banking client
2) 100K will get you a free BoA Accolades American Express card (you should request it through your Premier Banking Client Manager), with its $295 annual fee charged and immediately credited on your statement. Regarding lounge access (Priority Pass), the following pertains:
With the Bank of America Accolades American Express Card, you qualify for additional benefits such as Priority Pass, Identity Theft Protection and Identity Theft Recovery if you spend a total of $30,000 (USD) during the calendar year, or have a total of $200,000 (USD) in deposits or investments with Bank of America.
When you apply for the card, the $200K requirement must be met. For subsequent annual renewals, the 30K canlendar year spend or the $200K requirement must be met. The Priority Pass USA membership, where you actually get a separate Priority Pass card, is a Prestige Membership (a $399/year value), where lounge visits for yourself are free, and $27 per guest.
If you don't have the Accolades AMEX card or if you have it but don't qualify for the additional benefits, there's no lounge benefit at all.
Moosy
Senior Member
posted: Feb. 17, 2008 @ 10:46p
Thanks glxpass. I will have to talk to my rep, without the airport access the card does not seem to have great value.
Moosy said: Thanks glxpass. I will have to talk to my rep, without the airport access the card does not seem to have great value.As we've discussed in this thread, although Priority Pass is a great benefit that many of us enjoy quite a bit, even the non-enhanced version of the Accolades also comes with a whole host of other benefits that you may or may not find valuable.
For instance, it offers buy one get one free airline tickets to all domestic destinations plus Canada with the base price of at least $339. As I've posted in this thread, Spirit Incentives, the company that runs this program for BOA, is a pain to deal with but in some circumstances it can save you money. For instance, I've been able to use the program to get 2 tickets to Canada over Christmas and saved several hundred dollars in the process. I could not, however, use the program to purchase even full fare unrestricted first class tickets to a number of Caribbean destinations over Thanksgiving, even though the tickets were available through the regular retail channels.
The card also gives you a number of decent hotel benefits, which, depending on your travel patterns, can be useful.
sethdallob
Senior Member - 1K
posted: Feb. 18, 2008 @ 3:36p
Just as an alternative, the Citi AMEX Platinum seems to have a better rewards program, much lower annual fee (for those of us without 100 or 200k in BofA, and gives Priority Pass access, and a whole lot more.
By the way, just to underscore our previous discussion on this subject, when it comes to lounge access, there is no clear winner between AMEX Platinum vs. Priority Pass that you get through BOA's Accolades.
AMEX Platinum only gives you access to Delta, NWA, Continental and American's lounges if you are flying with them. Priority Pass gives you access to ANY participating lounge regardless of the airline you are flying. This means, for instance, that if you are flying United and the closest lounge is that of Delta, you can use the lounge if you have PP (assuming that this particular lounge participates in PP) but not if you have AMEX Platinum. This gives PP a pretty significant advantage.
At the same time, you can have a situation that I ran into a month ago where I was flying American and American's lounge was right next to the gate. However, that particular lounge did not for whatever reason participate in PP's program, so my wife and I had to walk to the other side of the terminal to get to a participating lounge. AMEX Platinum would have given us access to that lounge, however.
PP also gives you access to many third party lounges that AMEX Platinum doesn't. This becomes important if you fly internationally. For instance, as I've posted above, my wife and I were in St. Lucia over Thanksgiving, which is a beautiful island with a horrendous airport. The entire airport only has one lounge, which is a third party one -- we accessed the lounge with our Priority Pass cards (no way to access it with AMEX Platinum) and absolutely loved luxiriating in a spacious, well airconditioned lounge with very nice snacks (much better than the domestic ones), complimentary drinks, comfortable seats, private bathrooms, etc... By contrast, the airport's general waiting area is incredibly crowded with plenty of people sitting on the floor, is poorly airconditioned and has long bathroom lines.
AMEX Platinum gives complimentary access not just to the primary cardmember but also to the 2 business companions OR to the entire family of the cardmember traveling with him/her, which obviously gives you an edge over BOA's version of Priority Pass, which only gives complimentary access to the cardholder but charges each additional person $27 regardless of the relationship. My wife and I have separate Priority Pass memberships, so we don't have to pay the fee when we travel together but I would guess that we are in the minority. It is still annoying if you are flying with business associates or friends, who can't access the lounge without you being charge the guest access fee.
Then there are airports, including some nice ones out there, that just don't have lounges. Vail's Eagle airport, for instance, simply does not have a single lounge, so your lounge access is a moot issue there. Considering the profile of the people flying through Eagle, I would've expected them to have quite a few lounges there! I suppose that the airport limitations are just some of the reasons that they have ads for private hangars hanging throughout the airport (too bad the Accolades won't give me complimentary access to charter flights though ). By the way, the Eagle airport is a bit odd in several respects -- last month, for instance, I didn't get upgraded until I sat down in my coach seat. To be fair, I am just a lowly silver medallion member but it was still a little odd to wait that long to issue the upgrade (I had given up on the upgrade at that point).
sethdallob said: Just as an alternative, the Citi AMEX Platinum seems to have a better rewards program, much lower annual fee (for those of us without 100 or 200k in BofA, and gives Priority Pass access, and a whole lot more.It only gives you access to the lowest version of Priority Pass (a $99 value). So, with this card you only get 3 lounge visits for free -- that's only enough for a round trip and a half. The Accolades' Priority Pass version is their highest version (a $399 value), which gives you unlimited lounge access.
By the way, even for those of us who don't fly all that much, unlimited lounge access has plenty of benefits. In theory, lounges do NOT have free in and out access, so if you leave the lounge and come back, unless you have unlimited lounge access, you can be charged for the re-entry. I've always been just waived through by the lounge attendants on the re-entry (and would not have cared if they wanted me to re-sign in, since I have BOA's unlimited version of PP) but they don't have to do that. There are a ton of reasons that you may need to leave and then re-enter the lounge -- your flight can be moved to another gate or even another terminal, necessitating you to switch lounges to be closer, you leave the lounge and go to the gate only to find that the flight has been unexpectedly delayed. If you are taking a delayed flight (and especially if you are using a lounge of a different airline), you may need to run out every so often to ensure that there is no last minute gate/time change, etc... So, the 3 lounge visits that you get with the Citi AMEX Platinum card are obviously better than nothing, but aren't exactly comparable to what you get with either AMEX Platinum or BOA.
As for the rewards, who cares? If you have cards with a better rewards structure, which aren't difficult to find, use those and use the cards that give you lounge access and other benefits only for those benefits.
For instance, I carry a Delta Platinum card, which gives me a free roundtrip ticket on Delta with a paid renewal plus lots of miles through various tricks -- so far, over the course of the past year and a half that I've had it I've paid a $90 renewal fee (had it reduced from a regular $135 fee) but got 50,000 miles (20,000 of them medallion qualification miles) and a roundtrip certificate. My wife and I will be using the certificate later this week to fly direct to Vail Eagle (yep, my second trip to Vail this year... well, the first trip was to Vail but this one is to Beaver Creek -- I gotta use up my Perfect 10 pass that I got for the year), which, even after the $20/ticket direct ticketing charge, saved us about $400. BOA Accolades free companion program would have also gotten us companion tickets for our dates (although at a higher price, since Spirit Incentives almost never gives you access to the best base fares out there) but would have forced us to make a connection, which we did not want to do. Since at this point I've milked the card for about all it is worth, I am getting ready to convert it to a different one.
geo123 said: AMEX Platinum gives complimentary access not just to the primary cardmember but also to the 2 business companions OR to the entire family of the cardmember traveling with him/her, which obviously gives you an edge over BOA's version of Priority Pass, which only gives complimentary access to the cardholder but charges each additional person $27 regardless of the relationship.
Really, I didn't know that AMEX Platinum gives access to the lounge for the primary cardmember and the entire family! Does the primary cardmember have to fly business to have that advantage, and does the ticket need to be purchased at full fare? Or could I get a ticket off say, Hotwire, for coach, and use the lounge?
glxpass
Senior Member - 5K
posted: Feb. 22, 2008 @ 3:41p
CaptainAlias said: geo123 said: AMEX Platinum gives complimentary access not just to the primary cardmember but also to the 2 business companions OR to the entire family of the cardmember traveling with him/her, which obviously gives you an edge over BOA's version of Priority Pass, which only gives complimentary access to the cardholder but charges each additional person $27 regardless of the relationship.
Really, I didn't know that AMEX Platinum gives access to the lounge for the primary cardmember and the entire family! Does the primary cardmember have to fly business to have that advantage, and does the ticket need to be purchased at full fare? Or could I get a ticket off say, Hotwire, for coach, and use the lounge? No, the primary cardmember doesn't have to fly business, nor does the ticket have to be purchased at full price. I thought I saw wording that said that the purchase had to be made with the Platinum card, but I'm not 100% sure about that. It doesn't. See below.
Edit: It appears that you needn't purchase the ticket with the Platinum Card; simply that it's the primary cardmember that's traveling, and that the name on the ticket must match the name on the card. Spouse and children up to age 21 or two guests may "enter the club as complimentary guests." And: "Complimentary access is specifically for the airport club that corresponds to the airline operating the flight..."
The quotes in the paragraph above are from my *personal* Platinum Card disclosures. It's quite possible that the wording in the business Platinum Card disclosures is slightly different. I don't know if that's the source of geo123's term "business companions."
DulacLancelot
New Member
posted: Feb. 24, 2008 @ 4:19p
anticorp said: What are the first 6 digits of this[Accolades] card. I wanted to compare the travel bennies to the entre.com AMEX website from citi. i was wondering this, too. there was a link posted to where one can see all the Accolades benefits for themselves (the card is not yet mentioned on BofA's website), but seeing those benefits can only be done if one has the first 6 digits of the card.
can someone post those digits? am i right to assume that those digits must be very common between Accolades cards and that they give up no personal information?
thanks.
vandalaybay2
New Member
posted: Mar. 16, 2008 @ 12:10a
Okay, just received my 1st issue of "360",(Accolades quarterly magazine). Basically a smaller version of Conde' Nast or Travel and Leisure magazines, with articles on the latest "hideaway" vacations or hippest clothing store in NYC, etc.
There is a 2nd page insert that is addressed to Premier Banking and Investment Clients that lists some of the latest offers:
Avis: Complimentary wknd rental day on next 3-day rental that includes Sat. night.
National: Complimentary 2 car-class upgrade with rental of a compact through intermediate car Enroll in Emerald Club fee-free ($50 value).
$100 gift card to restaurant.com and 15% off VIP tickets to Taste of the Nation dinners benefiting Share Our Strength.
A Tasteful Pursuit: AMEX Cardmembers will have the opportunity to interact with a guest chef an pre-bid on auction items when a ticket to Share our Strength Tasteful Puruit dinner is purchased in select cities.
Palm restaurant: Complimentary membership in the 837 Club, 100 bonus points and $25 gift certificate. Asiana Airlines: 25% off published unrestricted First Class fares or 20% off restricted Business Class fares.
Cathay Pacific: 20% off full published one way or rt Business Class fares
EOS Airlines: Complimentary companion ticket and 10% off purchase of round-trip J-class ticket Complimentary transfer via a UK premium car service and Dayroom access.
Mexicana Airlines: Complimentary upgrade to Business Class with purchase of Coach-Class ticket for travel from U.S. to Mexico.
Singapore Airlines: 20% off Economy Class fares to select cities.
Virgin Atlantic Airways: 10% off qualifying Premium Economy Fares. Sentient Jet Membership: 60% reduction to required membership deposit (a $150,000 savings), plus a $1500 flight time credit.
Atlantic Aviation Flight Services: Receive a $250 flight time credit
Sacks Group Yachting Professionals: Complimentary transfer, bottle of Veuve Clicquot, and specialty excursion or tour for two.
Preferred Golf Club: Complimentary round of golf based on a two-night stay at each of the 43 participating golf resorts.
Park Hyatt: Continental breakfast for two, each morning of your stay. Receive early check-in and later checkout. SLH Complimentary room upgrade when available, Complimentary breakfast, early check-in and later checkout.
Preferred Hotels: 20% to 50% off published room rate and special amenity at participating locations.
Summit Hotels: 20% to 50% off published room rate and special amenity at participating locations.
Venetian Hotel: $50 amenity credit each night of stay, plus room upgrade at check-in if available and 4pm checkout.
Intercontinental Hotels: Complimentary room upgrade and late checkout at participating locations.
Destination Hotels: Complimentary breakfast for two daily, lus and upgrade to next room category upon arrival.
Fairmont Hotels: Complimentary room upgrade for "Best Available" rate bookings, plus early check-in and late checkout at participating locations.
Regent Cruises: One-category upgrade or $200 per person shipboard credit when you book 2008 cruise of 7+.
Hurtigruten Cruises: Guaranteed one-category cabin upgrade when you book a cruise of 7+ days northbound, 6+ days southbound, or 12+days roundtrip.
Silversea Cruises: $100 onboard spending credit per person, up to $200 per suite on cruises of 7+ days
Canyon Ranch: $360 Spa, Sports or Integrative Wellness Service allowance at Tucson, AZ or Lenox, MA with 4+ night stay.
kgkg
Member
posted: Mar. 16, 2008 @ 1:07a
Is it available to all card members? I have not received the magazine.
ArbolLoco
Tired Member
posted: Mar. 16, 2008 @ 3:52a
vandalaybay2 said: Okay, just received my 1st issue of "360",(Accolades quarterly magazine). Basically a smaller version of Conde' Nast or Travel and Leisure magazines, with articles on the latest "hideaway" vacations or hippest clothing store in NYC, etc.
There is a 2nd page insert that is addressed to Premier Banking and Investment Clients that lists some of the latest offers:
Avis: Complimentary wknd rental day on next 3-day rental that includes Sat. night.
National: Complimentary 2 car-class upgrade with rental of a compact through intermediate car Enroll in Emerald Club fee-free ($50 value).
$100 gift card to restaurant.com and 15% off VIP tickets to Taste of the Nation dinners benefiting Share Our Strength.
A Tasteful Pursuit: AMEX Cardmembers will have the opportunity to interact with a guest chef an pre-bid on auction items when a ticket to Share our Strength Tasteful Puruit dinner is purchased in select cities.
Palm restaurant: Complimentary membership in the 837 Club, 100 bonus points and $25 gift certificate. Asiana Airlines: 25% off published unrestricted First Class fares or 20% off restricted Business Class fares.
Cathay Pacific: 20% off full published one way or rt Business Class fares
EOS Airlines: Complimentary companion ticket and 10% off purchase of round-trip J-class ticket Complimentary transfer via a UK premium car service and Dayroom access.
Mexicana Airlines: Complimentary upgrade to Business Class with purchase of Coach-Class ticket for travel from U.S. to Mexico.
Singapore Airlines: 20% off Economy Class fares to select cities.
Virgin Atlantic Airways: 10% off qualifying Premium Economy Fares. Sentient Jet Membership: 60% reduction to required membership deposit (a $150,000 savings), plus a $1500 flight time credit.
Atlantic Aviation Flight Services: Receive a $250 flight time credit
Sacks Group Yachting Professionals: Complimentary transfer, bottle of Veuve Clicquot, and specialty excursion or tour for two.
Preferred Golf Club: Complimentary round of golf based on a two-night stay at each of the 43 participating golf resorts.
Park Hyatt: Continental breakfast for two, each morning of your stay. Receive early check-in and later checkout. SLH Complimentary room upgrade when available, Complimentary breakfast, early check-in and later checkout.
Preferred Hotels: 20% to 50% off published room rate and special amenity at participating locations.
Summit Hotels: 20% to 50% off published room rate and special amenity at participating locations.
Venetian Hotel: $50 amenity credit each night of stay, plus room upgrade at check-in if available and 4pm checkout.
Intercontinental Hotels: Complimentary room upgrade and late checkout at participating locations.
Destination Hotels: Complimentary breakfast for two daily, lus and upgrade to next room category upon arrival.
Fairmont Hotels: Complimentary room upgrade for "Best Available" rate bookings, plus early check-in and late checkout at participating locations.
Regent Cruises: One-category upgrade or $200 per person shipboard credit when you book 2008 cruise of 7+.
Hurtigruten Cruises: Guaranteed one-category cabin upgrade when you book a cruise of 7+ days northbound, 6+ days southbound, or 12+days roundtrip.
Silversea Cruises: $100 onboard spending credit per person, up to $200 per suite on cruises of 7+ days
Canyon Ranch: $360 Spa, Sports or Integrative Wellness Service allowance at Tucson, AZ or Lenox, MA with 4+ night stay.those are some smoking hot deals, especially for someone like me who is constantly flying to East Asia. and the National rental upgrade is nice too... and I got a convention at the Venetian later this year...
ArbolLoco said: those are some smoking hot deals, especially for someone like me who is constantly flying to East Asia. and the National rental upgrade is nice too... and I got a convention at the Venetian later this year...These deals sound a lot better than they actually are. The way that these types of discount programs generally work is that the best deals out there are not eligible for these discounts. So, what you will often find is that the discounted deals are still much more expensive than the deals that you can find on your own without the discounts. Under some circumstances, these "discounts" can actually save you some money vis a vis non discounted deals but the savings will almost certainly be a lot lower than the advertised percentages. This is the reason that you don't see us discussing these discounts in this thread.
I can tell you, for instance, that I absolutely love the Preferred Hotels & Resorts group. The 20% to 50% savings that AMEX advertises there tend to be a joke though. On several occassions I have gotten quotes on both Secrets Rivera Maya (it has now been sold to the Excellence group and is no longer a part of the Preferred Hotels & Resorts group) and Secrets Capri and in each case the AMEX discounts were still making the final price SIGNIFICANTLY more expensive that the rate I could have easily gotten on my own by going through a travel agent. The same is true for Virgin Atlantic's discounts. As for the car discounts and upgrades, I don't know of anyone who actually pays for their club memberships -- there are plenty of ways to get a fee free membership to rental car clubs.
As a general rule, the only way to combine the best deals with various discounts is to have a card that makes you a member of the hotel and airline clubs. That's the reason that the much more expensive Centurion makes you a member of those clubs rather than give you access to gimmicky "discounts" that tend not to save you any money.
By the way, if you are not already a Premier customer with BOA, as I am assuming you are not, there is hardly a reason to become one at this point by depositing at least $100K per person there ($200K to qualify for enhanced benefits). BOA has eliminated its AAA account and the MFR that governs rates on the NEA account has gone down significantly, so you won't get great rates on your deposits. My wife and I still maintain our separate premier statuses because we have CD's locked in at 5.15% but once those mature, we'll probably end up moving a large chunk of it to other banks.
RS4Rings
Back in Rehab
posted: Mar. 16, 2008 @ 10:05a
I hope to maintain my Premier relationship, Have two large CDs that mature next month. Have moved my daughters CDs and my IRA CDs to BoA, Thats good for over $100k. Plus I will give my Rep a chance to see what they can offer when CD matures, Those CDs were higher than what they were offering and fairly competitive with what others were giving. Having a good relationship with them has been good, They even set me up with a good estate Lawyer and my investment guy came to the meeting when we worked on my trust.
glxpass
Senior Member - 5K
posted: Mar. 16, 2008 @ 10:53a
If I maintain a Premier Banking relationship with BoA, I doubt that it will be due to competitive savings products rates. Being Premier might get you an extra .25% in APY (if even that), but with the Federal Funds rate probably going to be cut at least .75% (if not more) this week, what exactly is that going to do for us?
I don't think BoA is going to be able to compete with smaller financial institutions who have the occasional (but increasingly rarer) CD specials that will defy the Federal Funds rate because they desperately want to increase their deposit levels for some reason or another. I don't think BoA will have any such motivation, but I could be wrong.
The main thing I will be asking myself is: Is the lower rate I'm getting at BoA worth the perks of being a Premier Banking client of theirs? And if I want to maintain the enhanced benefits of the BoA Accolades AMEX card, such as airport lounge access, then I need to either spend 30K for the year with the card (not going to happen) or have 200K in deposit accounts with BoA -- at least at the end of year.
I may very well just keep at least 10K but not much more at BoA for the Prima benefits (in CA), which include a free safe deposit box. I don't want to lose all the benefits of banking at BoA -- convenience being one of them -- but I don't want a substantially lesser amount of interest income by staying with them, either. We shall see what the spread is between BoA and other financial institutions.
EugeneV
Ancient Member
posted: Mar. 18, 2008 @ 10:12p
geo123 said: By the way, if you are not already a Premier customer with BOA, as I am assuming you are not, there is hardly a reason to become one at this point by depositing at least $100K per person there ($200K to qualify for enhanced benefits). What? I am about to move my IRAs from Fidelity (invested mainly in Fidelity/Spartan Funds) and qualify this way (after 2007 contribution). I would not keep more than 25K in BoFA NEA while I can 6% APR and FDIC insurance elsewhere, and even the 25K will be there only for a few weeks (until my limit buy orders fill). By holding IRA at BofA, I can get: Free Accolades card Free Advantage checking other Premier perks (safety deposit box, free checks, fee wavers, etc) By having Advantage checking I will also get monthly fee waved for Business checking. And by depositing 25K into NEA MMA (or their best deposit product at the time) for a short period yearly (mid-April, typically) I will get free trades for IRA contributions and re-balancing.
EugeneV said: What? I am about to move my IRAs from Fidelity (invested mainly in Fidelity/Spartan Funds) and qualify this way (after 2007 contribution). I would not keep more than 25K in BoFA NEA while I can 6% APR and FDIC insurance elsewhere, and even the 25K will be there only for a few weeks (until my limit buy orders fill). By holding IRA at BofA, I can get: Free Accolades card Free Advantage checking other Premier perks (safety deposit box, free checks, fee wavers, etc) By having Advantage checking I will also get monthly fee waved for Business checking. And by depositing 25K into NEA MMA (or their best deposit product at the time) for a short period yearly (mid-April, typically) I will get free trades for IRA contributions and re-balancing.
So, should I become Premier? I didn't think about that angle -- good point! At the same time, keep in mind that all the Premier relationship essentially does for you is give you a fee free Accolades card, which, depending on your situation and deposit amounts ($200K/person to qualify for enhanced benefits) may or may not be valuable (I have a suspicion that I do know your situation and that it would be quite valuable for you though ). All the other perks (fee waivers, free checking accounts, free checks, free safety deposit perks, free cashiers checks, etc...) are actually Advantage benefits, so you can get those with only a $10K/$15K (I think that the amount varies state to state) minimum balance.
EugeneV
Ancient Member
posted: Mar. 19, 2008 @ 8:32a
geo123 said: All the other perks (fee waivers, free checking accounts, free checks, free safety deposit perks, free cashiers checks, etc...) are actually Advantage benefits, so you can get those with only a $10K/$15K (I think that the amount varies state to state) minimum balance. But there is no minimum balance requirement for Premier customers (qualifying through brokerage), right?
EugeneV said: But there is no minimum balance requirement for Premier customers (qualifying through brokerage), right?I didn't realize this was the case, although I don't have my brokerage account with them. The "How Do I Qualify?" portion of their website says: "Premier Banking & Investments is generally available to clients with balances in designated deposits and investments totaling at least $100,000 with Bank of America and its affiliates." Does it say somewhere that brokerage customers don't have to maintain a minimum balance? If so, it could be quite interesting for a lot of people out there.
I just dug up the old Accolades official announcement, which says that you must have at least $200,000 in assets with BOA to qualify for the enhanced benefits (priority pass and identity monitoring). If you can get the basic version of the card by opening a brokerage account with BOA without a minimum balance, I am sure it would still appeal to quite a few people even if they can't get the enhanced benefits.
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