BOA Power Rewards - phasing out 1.5% and 2% cash back

[quiznut1]

I realize this is a repost, but I feel this topic merits its own discussion...

I just called the Power Rewards Center at 1-888-434-2232, and they told me they will indeed be phasing out BOTH the 30,000 point reward (for $450 statement credit, 1.5% cash back), and the 50,000 point reward (for $1,000 statement credit, 2% cash back). She did not know when the phase out will occur, which is disappointing because I specifically asked her, "so, possibly by the end of this year?" She did not know.

Anyway, she said the highest cash back reward would be 20,000 points for a $200 statement credit, only 1% cash back. This officially makes this card not worth your time. It really is too bad. I am now not going to be applying for this card as I originally planned.

[TomfromCT]

I realize this is a repost, but I feel this topic merits its own discussion...

I just called the Power Rewards Center at 1-888-434-2232, and they told me they will indeed be phasing out BOTH the 30,000 point reward (for $450 statement credit, 1.5% cash back), and the 50,000 point reward (for $1,000 statement credit, 2% cash back). She did not know when the phase out will occur, which is disappointing because I specifically asked her, "so, possibly by the end of this year?" She did not know.

Anyway, she said the highest cash back reward would be 20,000 points for a $200 statement credit, only 1% cash back. This officially makes this card not worth your time. It really is too bad. I am now not going to be applying for this card as I originally planned.

This is a bummah.


I have had this cahd about a yeeah and I just made crossed 9500.oo in purchases, I was well on my way to that 2%er.


WTH.

[Board Monitor]

I was afraid this would happen. If you remember correctly, this was a fear I pointed out several months back. Fortunately, I only have a few thousand points on the card.

Lesson learned is to stick with the tried and true rebate cards!

[quiznut1]

Hi everyone,
I want to bring this issue back to the forefront because I have an update:

I called the BOA Power Rewards Center again, and to summ it up, here is what they told me:

- Every year/couple of years, there is a brand new Power Rewards catalog that is released, which shows the rewards that will be available for at least 1 year (Each Power Rewards catalog from 2001 to the present has lasted at least one year).
- Power Rewards has been around since 2001, and has undergone a few changes in the rewards in the catalog, however, cash rebates have remained the same since the beginning (point levels = cash back)
- The brand new Power Rewards catalog (The person I spoke with did not know when it would take effect. The soonest he said would be the start of next year, but it could be "years" according to him) does not list the 30,000 point reward for $450 cash back (1.5%), or the 50,000 point reward for $1,000 cash back (2%).
- Despite this, the person I spoke with told me that the 30,000 and 50,000 point rewards will remain in effect until at least the end of this year, with a possibility that they will not go away at all (despite the 30,000 and 50,000 point rewards not being in the new catalog). He finds no reason why the cash rebate levels would go away when they have remained unchanged for the last 5 years.

To summ it up, the 1.5% and 2% redemption levels are good at least till the end of this year. I am going to attempt to contact the people responsible for publishing the Power Rewards catalog as a whole. The Power Rewards center did not have a phone number for them, but I am going to try to call customer service and work my way up from there.

I'll keep ya'll posted!!!

[Board Monitor]

Thanks for the follow-up quiznut!

[TomfromCT]

You rock Quiz.

I hope that 2% rebate stays around for another 4 years though...

[quiznut1]

Hi everyone,

Wow, that was a quick turnaround. Well, bad news. This issue is definitely closed. Here is a summary of the transcript of my call to Power Rewards this evening:

Adam: Thank you for calling the Power Rewards center, my name is Adam, how can I help you today?

Justin: Hi Adam, my name is Justin, I have a question for you.

Adam: Yeah...

Justin: I am not a Power Rewards cardholder, and I'm interested in this card, however, I was reading in some online threads that you guys are phasing out the 30,000 and 50,000 point cash rebate rewards, is this true?

Adam: Yes, that is correct.

Justin: Okay, there was some confusion in the threads and some people thought it might stick around, some people (including myself thought it was going to be phased out), but this is good information to know. Approximately what time frame are they looking at phasing this out?

Adam: They've been talking about this for a while, possibly by October. We've already taken action by removing the rewards from the website (remember when that happened 6 months ago?), and for sure this will be complete by the end of this year as the new catalog comes out.

Justin: So, but, you do know for sure that this will be phased out? No doubt?

Adam: Yes sir.

Justin: And the highest rewards that will be available is 20,000 points for $200 cash?

Adam: Yes sir.

Justin: Some people were speaking of the 30,000 and 50,000 point rewards still being available, and that they will be available until the end of this year, is that true?

Adam: Yes, they will still be available until at least October, if not at the end of the year.

Justin: If you don't mind me asking, can you tell me where you got your information about the phase out of these rewards?

Adam: Umm....from Bank of America

Justin: Well, I mean, anyone specifically?

Adam: Well...the representatives...

Justin: Representatives? Like, customer service representatives?

Adam: Yeah.

Justin: And where did the customer service representatives get it from?

Adam: Well, I'm sure they got it higher up, just like a chain, it flowed down to us from the top.

Justin: Okay, thank you for your time sir, I appreciate it.

Anyway, one thing I noticed about the conversation was that Adam did not ask for my Power Rewards number at the beginning. Until then, every other Power Rewards representative asked for it. It shows me that he was determined to help me from the get go and was very confident when he gave his answers. Every other representative I spoke with hesitated when I asked them these same questions, having to talk to their supervisor or something.

Anyway, that's all she wrote. Scratch the Power Rewards card. No longer 2%, only 1% at the most by the year 2007. Real bummer.

[vasili1]

quiznut-I got off the phone w/them a few days ago and they are not canceling it....I think we are all making a mistake by calling and raising a inquiry about this.....let a sleeping dog lie......

[quiznut1]

quiznut-I got off the phone w/them a few days ago and they are not canceling it....I think we are all making a mistake by calling and raising a inquiry about this.....let a sleeping dog lie......

Thanks for your post vasili1, but I am pretty much going to ditch my original plans to apply for the BOA Power Rewards card. After talking to the representative, it's not a matter of if the phase out will occur, but when. The guy spoke plain English, which means he obviously knew what he was talking about. I hate to see it go, but it happens.

Anyway, I'm going to be applying for the Citi Diamond Preferred Rewards card in about a week. They have a promo going on right now (See This Thread) that if you apply by 9/15/06 under the offer code F1G7, you will receive 2 thank you points per dollar on every purchase for one year. You'll also receive a $100 gift card after the first purchase.

The Citi Diamond Preferred Rewards card is the equivalent of 2% cash back (for 1 year) except the points are best redeemed for gift cards (5,000 points = $50 gift card for a number of merchants), which is okay by me. I am thinking this card will have to do until they come out with another 2% card, or I find out in 2007 that by some miracle, the 2% cash back option for Power Rewards still exists. Another thing, I already have the Citi MtvU Visa, which earns thank you points, and after calling Citibank last night, I found out I can have both accounts hooked up to a single Thank You network account. This means that the points I'd earn from both cards can be combined to form a single total, so I'll get my rewards quicker. It looks like this is going to be the best option for me right now.