1. Saturday, September 10, 2011 - 10:59 AM
UPDATE: According to letter from Bank of America dated Aug. 29, 2011 (took long enough to arrive!), "Your current cash rewards program is ending. The last qualifying purchases under your current program will be those that have a posting date on or before October 31, 2011. Your final cash rewards will be deposited into your elected account on or before November 7, 2011. And beginning in November 2011, you will begin earning cash rewards made with your BankAmericard Cash Rewards card." Actually, the new card isn't so bad. You earn 1% cash back on every new purchase, 2% on groceries, and 3% on gas. Quarterly maximum applies to bonus rewards on grocery and gas purchases (according to the small print, it's the first $1500 of combined net purchases made during each calendar quarter in the bonus categories). If the cash rewards are deposited into a Bank of America checking or savings account, there's also a 10% cash bonus. Admittedly, the new program isn't as attractive as the previous 2% cash back on everything, but at least it is competitive with other remaining cash rewards programs such as the Chase Freedom and Amex Blue Cash Everyday cards.
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