After many years of using the Bank of America Premium Rewards card as my primary driver, I finally decided to close out the card and avoid the upcoming annual fee. The card’s main draw for me is the 2.62% on everyday spend with relationship status, and I’m getting that on the no-fee Unlimited Cash Rewards card.
Sure, there’s the $100/yr. travel benefit which can basically offset the $95 annual fee, and there’s the 1.5x on travel & dining along with some other perks, but I wasn’t getting enough value from that and decided it’s time to break up. (I’m also considering signing up for the Elite version of the Premium Rewards card near year-end for a potential triple-dip…)
First, I paid down the balance and cashed out all rewards on the Premium Rewards card. Then, I called in and easily reallocated most of the credit line over to my Unlimited Cash Rewards card. (There does not appear to have been any hard pull for me with the reallocation.) The BofA rep was surprised that the system allowed him to bring the credit line down under $5,000 on the premium card.
After giving a few days to let the payment settle and rewards cashout process, I called in to close out the card. I made sure to call in a few days before the annual fee posts since there’s no guarantee of getting a refund, even if you cancel soon-after it posts (though you often will get a refund). Luckily, a few weeks before the annual fee date, BofA send me a notice mail warning of an impending annual fee.
I did not ask for a retention offer, and the rep did not mention any offer.
The rep mentioned that instead of closing it out, we can product change to one of their no-fee cards and avoid the annual fee. I had somehow forgotten about product changing. She mentioned the Customized Cash Rewards card which earns 3%/5.25% on the category of your choice, up to $2,500 per quarter. And so instead of closing the Premium Rewards card, I opted to product change it to a Customized Cash Rewards card. I’ll choose the Online Shopping category and see if it turns out useful for me.
After completing the card conversion, the rep was easily able to reallocate $5,000 of the credit line from my Unlimited Cash Rewards back to the new Customized Cash Rewards card. The new credit line shows up immediately after logging back in. She mentioned that the card number might change, but the full card credit history will remain on my credit report with all of the years that the card has been open.
After completing the product change and reallocation, the rep mentioned that there’s a retention offer available for me. I was honestly confused given that she had already retained the card account. Apparently, once they saw me consider leaving they wanted to give me a spend offer to keep me happy.
The retention offer was to get $175 statement credit after spending $1,500 by December. Per the rep, the spend can be done on any single one of my BofA personal credit cards, but only on a card already open at this time. For me, that’s the Unlimited Cash Rewards card, the Travel Rewards card, and the Customized Cash Rewards card.
Easy win. I found this new kind of “retention” offer interesting. Hopefully I’ll have $1,500 of online shopping spend for my shiny new Customized Cash Rewards card which will trigger the $175 bonus, alongside the regular 5.25% earn rate.
View Comments (129)
Called the 866-866-2059 number mentioned by @guest_1932150 below, and they managed to convert an old UCR-->CCR. I've tried before (a while ago) at the regular number. Just said I was considering closing it, and I was wondering if it could be converted instead. No retention offer was mentioned but I didn't ask.
The rep did ask (very nicely) why I closed a checking account I'd had with them -- I told them it was a few years ago and I didn't remember -- and if I'd be interested in opening one again.
I called the regular number yesterday and was told no offers to PC. Called the Advanced Client Solutions team (mentioned by Gadget below) today and was told the same thing. My annual fee is due in about 40 days, so I will try again after the letter is generated. Interestingly, the Advanced Client Solutions rep told me they can waive the fee up to 60 days after it is applied (versus the 30 days which is in the annual fee letter P2 recently received). Don't know if I trust that though.
called to check for retention offer and got 175 credit for 1500 spend in 3 months
Called the number on the back of the card (800-421-2110) to close or product change today (banking holiday). I mentioned that I would like to review my options for conversion to get a card without an annual fee. Rep said they couldn't do that, implying that they could only close the card, and tried to transfer me to a different dept, but they were not available to do so. Rep said to call a different number, Mon-Fri 5AM-6PM Eastern (866-866-2059). Per somebody on Reddit, they are the "Advanced Client Solutions team".
Seems the moral of the story is... call during the "workday" and not holidays... if you want an "Advanced Solution".
I guess I could have moved the credit limit over to another card, but I assume I will be product changing, more than likely without a retention offer. 400 points ($4) in CC rewards will be lost.
Just used that number to PC, thanks 👍
Called 866-866-2059 today. Gave me the option of a no-annual fee travel card (which I quickly declined), CCR, or UCR. Went with CCR.
No mention of a retention offer. I didn't expect one, because I put a good of spend on my other BofA cards as is. This will be my 3rd CCR, & I have one UCR (formerly my BBR that BofA force-converted).
After getting the spend offer in 2023, I called after the AF posted in September. Was told the only offer on my account was a product change and that the fee would be refunded. Switched to customized cash.
I called September 3rd 2024 with annual fee posting on 8/31. I asked directly for retention line and had to be transferred. Then I was offered only a "retention" offer to lower my interest rate. I asked if I did a product change would there be any special offers, was told no. I cancelled the card.
Very interesting. Offer for $175 credit after $1,500 spend is still available. Interestingly enough after I accepted the offer, the rep asked if I wanted to product change to a no annual fee card! I said no at this point - but seems like you can still product change or just get the offer
interesting, i wasn't offered anything, did you ask to close your account intially?
anyone get a retention offer recently on this card?
Has anyone gotten the $175 retention offer multiple times (year 2, 3, etc.)?
Called in to close my Premium Rewards card. The rep went through with the closure then asked if I wanted to hear an offer for another card I have through BOA. Got the same $175 back on $1,500 spend retention offer on a card that had been dormant for awhile. A nice unexpected win with no product change required.