Bank of America, the second largest US bank, today introduced the American Express Accolades card for customers who keep between $100,000 and $3 million of deposits and investments. Citigroup is expected to introduce its own version in the coming weeks, which will be offered to certain Smith Barney brokerage customers. The new black cards represent the industry's latest efforts to attract affluent customers by offering lavish rewards programmes that offer exclusivity and incentives. MasterCard and Visa USA also recently introduced cards that are geared to this market. Designed to attract customers to its private bank and family wealth advisory division, Charlotte-based BoA said it would offer two tiers of service for Accolades cardholders. Both tiers will provide access to a "full-service concierge" who can arrange for event tickets, hotel and restaurant reservations, and travel. Cardholders who have more than $200,000 in BoA accounts will be offered identity theft prevention and recovery services and access to airport lounges. Customers in the higher-asset group may also redeem 250,000 points each year to make charitable donations, which will be matched by as much as $2,500 a year by the bank. The Accolades card is part of BoA’s strategy to retain customers of Charles Schwab US Trust unit, following its planned $3.3 billion purchase of the unit early in the third quarter. Bank of America became the largest US card issuer when it acquired MBNA last year. "We're striving to reward clients who make use of the full range of capabilities we offer," said John Bahnken, president of Bank of America's global wealth and investment management products group, in an interview. "This card is a relationship product, to strengthen and deepen (client) relationships." There is a $295 annual fee, but the bank said it will be waived for holders in its Family Wealth Advisors, Private Bank, or Premier Banking and Investment programmes. Mr Bahnken said the only people likely to incur the fee are customers who leave those programmes but want to keep the card.