Bank of America Credit Card Rewards Redemption Changes

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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?

  • We are updating our website and how you redeem rewards so it’s simpler, easier and more secure.

    When will the changes occur?
  • July 2013

    Is how I earn cash rewards changing?

  • No. This change will not impact how you earn cash rewards. You’ll continue to earn cash rewards with every purchase.

    Is the value of my cash rewards changing?

  • No. This change will not impact the value of the rewards you earn. Sign in to review your Program Rules for details.

    Will I continue to access the cash rewards redemption website the same way?

  • Yes. You will continue to access the cash rewards redemption website through Bank of America® Online Banking or directly at the website address you currently you use.

    How will requesting redemptions change?

  • Fewer clicks and no manual account set up will be required. You will simply sign in with your Bank of America Online ID and,
  • Select how to receive rewards from a personalized list of your eligible options.
  • Enter an amount to redeem.
  • Submit your request.

    Are the ways I can receive my rewards changing?

    Yes, you will choose from the following popular options:

  • Have rewards deposited into your Bank of America® checking or savings account,

  • Merrill Edge® or Merrill Lynch CMA® account

  • Receive a statement credit on your credit card

  • Have a personal check mailed to you

    Redeeming cash rewards in the following ways will no longer be available after July 2013:

  • As payment to a mortgage account
  • As a contribution to an IRA or 529 account
  • For a charitable donation
  • As a deposit into any checking, savings or investment account from another bank

    Will I still be able to have my rewards electronically deposited to accounts I have with other banks?

  • No. Only Bank of America® checking or savings accounts, Merrill Edge® or Merrill Lynch CMA® accounts will be eligible to receive electronic deposits of rewards. And, you will also be able to receive your rewards as statement credit or a personal check.

    How do I know the information you have on file about me is safe and secure?

  • We're committed to keeping your personal and financial information safe and secure. Learn how we manage the privacy and security of your personal and account information online.

    Will I need to update my “Saved Accounts”?
  • No, you will no longer need to manually set up and manage “Saved Accounts”. When you securely sign in, all of your accounts eligible to receive redeemed rewards will automatically appear in your list of redemption options.

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?
  • In addition to the information already available in Online Banking, you’ll be able to conveniently track your cash rewards earnings and redemption activity directly within the cash rewards redemption website.

    I don’t see the answer to my question about the upcoming changes. How can I find out more?
  • If you have additional questions, please call the number found on the back of your cash rewards credit card to speak with a customer service representative.

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