I knew it was just a matter of time. After sacking the card a few months earlier, Bank of America came back with a new one: a Master Card instead of AMEX. Everything else including the bonus and other Terms and Conditions seems to remain the same, but…
This is what I read in T&C. I think this disclaimer was not there in a previous version, but I might be wrong. In any case, I don’t think that you, I, or anyone else would actually be hit by a taxman for getting this bonus, but I believe in making informed decisions. So I will let you know anyway.
The value of this reward may constitute taxable income to you. Bank of America may issue an Internal Revenue Service Form 1099 (or other appropriate form) to you that reflects the value of such reward. Please consult your tax advisor, as neither Bank of America, its affiliates, nor their employees provide tax advice.
Now, please do not get swept away by the 65,000 miles they are promising. What you’re really getting is 50K: 45K after meeting the $2,500 spend requirement within 3 months, and additional 5K after adding two authorized users. That’s easy. Other 15K miles are contingent upon spending god knows how much money on this card which I personally do not recommend.
The beauty of this card is that if you don’t want to use the bonus miles on Virign and their partners, you can transfer them to Hilton HHonors program at 1:2 ratio. That’s an awesome bonus because that will get you 107,500 Hilton HHonors points (after the spend), better than any original Hilton credit card in existence.
Please see the link here: Virgin Atlantic 50K Bonus Credit Card