After backing off of the affinity and cobranded credit card market over the past few years, Bank of America Corp. is making comeback with its AAA Member Rewards Visa credit card.
Launched Tuesday, the card provides triple points on qualifying travel and AAA purchases, double points for gas, grocery and drug store purchases, and one point for every dollar spent on all other purchases, the bank says.
Gas, grocery and drugstore purchases account for about 12% of consumer spending, according to research by Auriemma Consulting Group. Megan Bramlette, director of knowledge management at Auriemma, said the share probably is more like 15% of spending for AAA cardholders, who likely travel more than the average consumer.
The AAA Member Rewards card also is one of the first recently launched cards not to focus on the premium market, Bramlette said. "AAA is not a membership that really has allegiances based on credit quality," she said. "For AAA members, this is a very attractive offer that's going to be really appealing to most members."
That the issuer is rolling out an affinity card with such as strong brand is an indication it is making a conservative comeback, Bramlette said.