Bank of America Corp (NYSE:BAC) announced a new relationship to launch the Allegiant World MasterCard® issued by Bank of America. The new card is available effective immediately.
This is Allegiant’s first credit card program, and it will allow cardholders to earn three points per dollar on Allegiant purchases, two points per dollar on qualifying dining purchases, and one point per dollar on all other purchases. Points always keep their full value and can be redeemed at Allegiant.com for flights, hotel stays and car rentals.
“We at Allegiant are very proud to launch our first-ever co-branded credit card, the Allegiant World MasterCard® issued by Bank of America,” said Brian Davis, Allegiant vice president of marketing. “Offering a credit card with Allegiant rewards our passengers and creates more opportunities for them to travel just by using their card for everyday purchases. It’s the most important customer-facing initiative we have undertaken in many years.”
The Allegiant World MasterCard offers great protection at chip-enabled merchant terminals with EMV chip technology and many benefits, including:
- Three points per $1 spent on Allegiant purchases
- Two points per $1 spent on qualifying dining purchases
- One point per $1 spent on all other purchases
- 15,000 bonus points after spending at least $1,000 in purchases within 90 days of account opening
- Buy one, Get one airfare
- No blackout dates or restrictions
- See Allegiant.com for details
- Priority boarding and one free beverage onboard every Allegiant flight when a customer shows their Allegiant credit card
“Allegiant is committed to providing outstanding value, and we’re pleased to partner with them on this new co-brand card that delivers attractive benefits, making travel easier than ever for consumers,” said Michael Simpson, affinity and co-brand card executive at Bank of America. “Partnerships like the one with Allegiant remain an important part of our growth strategy, and ensure we are making connections and providing loyal clients with card programs that make their financial lives better.” (Original Source)
Shares of Bank of America closed last Friday at $16.00, up $0.02 or 0.13%. BAC has a 1-year high of $18.09 and a 1-year low of $10.99. The stock’s 50-day moving average is $14.93 and its 200-day moving average is $13.97.
On the ratings front, BAC has been the subject of a number of recent research reports. In a report issued on August 30, Standard & Poor’s analyst Erik Oja reiterated a Buy rating on BAC, with a price target of $18, which represents a potential upside of 12.5% from where the stock is currently trading. Separately, on August 25, Goldman Sachs’ Richard Ramsden reiterated a Buy rating on the stock and has a price target of $17.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Erik Oja and Richard Ramsden have a total average return of 6.5% and 0.0% respectively. Oja has a success rate of 64.0% and is ranked #1161 out of 4147 analysts, while Ramsden has a success rate of 62% and is ranked #2753.
The street is mostly Bullish on BAC stock. Out of 21 analysts who cover the stock, 17 suggest a Buy rating and 4 recommend to Hold the stock. The 12-month average price target assigned to the stock is $17.97, which represents a potential upside of 12.3% from where the stock is currently trading.