Bank Of America Credit Card Change - HEADS UP

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Excerpts from a letter in the afternoon mail:

In August you will be receiving a BankAmericard Cash Rewards credit card to replace your current BankAmericard Privileges credit card, which is being discontinued....  You will no longer earn 3x points, which you've been able to redeem for rewards...  Also there will be no expiration on rewards and no changing categories, so you won’t have to enroll for quarterly bonus offers.  Your last quarterly bonus offer will end on 6/30/15.  With your new card, you’ll simply earn cash back:  1% cash back on purchases, 2% cash back at grocery stores, 3% cash back on gas, automatically.  Grocery store and gas bonus rewards apply to the first $1500 in combined purchases in these categories each quarter.     The 50% customer bonus on your discontinued card will be replaced with a 10% customer bonus every time you redeem your cash back into a Bank of America checking or savings account or eligible Merrill Lynch Cash management Account. …  You will not lose any of the points accumulated.  Before you receive your new card, all point will be redeemed for you as cash back as a one time automatic conversion or points and will include a 50% bonus from bank of America.  This cash back will be applied as a credit on your August account statement.  

Note:  the Privileges card replaced the one formerly associated with Charles Schwab, which provided 2% cashback on all purchases.

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