Bank of America has introduced a new credit card that offers cardholders unlimited points with no expiry date, flexible rewards as well as premium travel benefits.

The new card, known as Bank of America Premium Rewards Card, enables the card-members to earn two points for every dollar spent on travel and dining purchases and 1.5 points for each dollar spent on all other shopping.

Cardholders, who have enrolled in the bank’s Preferred Rewards programme, can reap more benefits, as rewards points can surges by 25% to 75% on each purchase.

Additionally, they get up to 3.5 points per dollar spent on travel and dining purchases and 2.62 points per dollar on everything else.

The reward points earned can be exchanged for cash back as a statement credit or deposit into eligible Bank of America or Merrill Lynch accounts, travel purchases (air, car and hotel) through the Bank of America Travel Center; or gift cards.

The redemption value of points is 1%, namely 2,500 points equals $25, whether for cash back, travel or gift cards.

Bank of America credit card executive Jason Gaughan said: “We listened to our customers and designed this card to give them the flexibility to use their rewards points in the way that best suits their life priorities.

“The card’s rewards become even richer when combined with our Preferred Rewards program – giving our clients more value across their relationship with us.”

Additional benefits available to cardholders include: up to $100 annual airline incidental statement credit for qualifying travel purchases, access to Visa’s Signature Luxury Hotel Collection, travel insurance protections and no foreign transaction fees.