posted: Jun. 28, 2013 @ 2:58p
This information affects the Bank Americard 1-2-3 card (ex-Schwab), I haven't checked if it affects other BoA rewards cards but it probably does.
Heads up! The Bank of America website says that they will be changing their redemption in July. They are removing the ability to redeem rewards to make mortgage payments, IRA/529 accounts contributions, charitable donations, and direct deposit to a non BoA or Merrill Lynch account. You can still get a check in the mail, which seems regressive to direct deposits.
It says that the rewards value and earning will remain the same. Hopefully they will retain the 10% bonus for redeeming to a BoA account. I reformatted their notice to make it readable and posted it below.
Important information about upcoming changes to cash rewards redemption:
Why are you making changes?
Please note, if you have created a nickname for one of your Saved Accounts, you will need to recreate it in the Profile and Preferences section of the new website.
How will I be able to track my rewards activity?