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Bank of America Cuts Reward Programs

[Friday, October 4th, 2013]

Changes are coming for Bank of America customers who hold a Power Rewards account. Starting in October, Power Rewards cardholders will no longer be able to redeem their points for cruises, tours, merchandise or activities.

The rewards are being discontinued, but through the end of September, cardholders can still use points to get those cruises and other redemption options no longer offered after the change takes effect. A Bank of America spokesperson says that the rewards system is being simplified and improved, and that the discontinued items were the least popular among customers. A recent consumer survey showed that gift cards and hotel rewards were more desirable to cardholders.

People who want to redeem credit card rewards for cruises can still do so through Bank of America, with their co-branded Norwegian Cruise Line rewards credit card.

Power Rewards card takes a backseat to Cash and Travel Rewards cards

The Power Rewards cards are no longer offered to new cardholders. Instead, Bank of America has two new cards for customers that want to earn rewards: the Cash Rewards card and the Travel Rewards card. The Cash Rewards card gives a 1% cash back bonus on all purchases, as well as 2% back on groceries and 3% back on gasoline. The Travel Rewards card gives hotel rewards, among other travel-related redemption options.

Customers who do still have a Power Rewards card and earn points by spending money on the card can redeem those points for cash, gift cards, hotel stays and other rewards.

Redeeming rewards and managing accounts

Bank of America, the largest credit card issuer in America, has just re-designed their website and customer experience interface to make rewards redemption easier. On the site, customers can log in using their account information and manage their account via a secure web server.

Not only can customers see their current balance, pay their bill, and transfer funds online, they can find out their current rewards balance and redeem the rewards in a matter of clicks. Statement credits, gift cards, merchandise, hotel vouchers and frequent flyer miles are just a few of the many reward options Bank of America offers on their many different credit cards.

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