There are some great perks associated with this card in addition to the 40,000 bonus miles. Upon approval and annually, you will receive a $99 companion ticket that can be used on any published fare - even first class. This in itself can pay for the annual fee. Also upon approval, you will receive two Alaska Airlines Board Room lounge passes that can be used at select airports with an Alaska lounge presence.
A couple of caveats regarding this promotion to keep an eye out for:
- This offer was originally targeted via email to certain individuals. However, there was no individually specific offer code to enter, so it does look like it's open to everyone. Anecdotal evidence on Flyertalk suggests that that's the case as well.
- The annual fee is NOT waived for the first year. Bank of America has a habit of never waiving the annual fee, and in this case it is $75 per year for the Visa Signature card.
- In addition to the annual fee, Bank of America also has a bad habit of sometimes automatically downgrading an application to a lower-level card that offers significantly less benefits. For example, if I apply for the Visa Signature card, BofA may deem me "not qualified enough" for that card, but instead of an outright rejection, they will send me their Platinum Plus card, or even their Preferred card, which offers only 6,000 and 4,000 bonus miles, respectively. Definitely frustrating and not worth it in those cases. However, if you have excellent credit and high income, you should have no problem getting the Visa Signature card.
- Bank of America will hit two credit bureaus instead of just one. If you have been applying for a lot of credit cards lately, be aware of this.