The Bank of America Corp (NYSE:BAC) Preferred Rewards program is a new premium rewards program from the company.

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Here are eight things you should know about it:

• There’s an annual fee of $95 in order to access the program, which is considerably cheaper than competitors that charge north of $500.
• Bank of America’s program will give two points to cardholders for every dollar they spend on travel and dining, as well as 1.5 points per dollar spent on everything else, with no limit on how many points they can earn.
• Those who have at least $20,000 at the bank in checking, savings or investment accounts will earn more as having between $20,000 and $50,000 will earn you 2.5 points per dollar spent on travel and dining, and 1.875 points on everything else.
• Having between $50,000 and $100,000 will get you three points and 2.25 points respectively.
• Those with $100,000 or more will get about 3.5 points on travel and dining, and 2.6 points per dollar on everything else.
• The Bank of America Preferred Rewards program offers a bonus of 50,000 points for those who spend $3,000 in the first three months of opening the account.
• The premium program is designed to compete against hotel and airline cards.
• The company is making the move in order to encourage its customers to spend more with its cards rather than competitors moving forward.

BAC stock fell 1% Wednesday.