BoA converting Amex to Visa - Not happy

[emoticon]

I didn't find a thread on this, but I imagine others received notice that their Bank of America Accelerated Rewards American Express is being converted to Unlimited Cash Rewards Visa Signature. I'm annoyed for several reasons. I won't have an Amex card any longer, I'll get a new card and number, I already have two Visa Signature cards, I'm fine with the cards I have and don't like people messing with my stuff, the change is not a benefit to me, and it just doesn't feel right. About half of why I'm not happy about it is the loss of Amex that I use to get discounts or cash back deals sometimes. It was rare but at least an option. I guess I'm just venting and wondering what others' takes on it are.

 

😠

[centex]

Why not get a real AXP product?  It makes no sense to settle for a licensed card...

[Sidewinder]

9 hours ago, emoticon said:

I'm just venting

 

Unlimited Cash Rewards gives you... uh, unlimited 1.5% cash back; but if having AmEx's imprimatur on your card is important to you, their Cash Magnet card offers the exact same unlimited benefit, also has no annual fee, and a $200 SUB for a $1,000 spend if you sign up now.

 

Which would solve the problem you describe.

 

 

 

 

(Vent schment.)

 

 

[racer7949]

9 hours ago, emoticon said:

I didn't find a thread on this, but I imagine others received notice that their Bank of America Accelerated Rewards American Express is being converted to Unlimited Cash Rewards Visa Signature. I'm annoyed for several reasons. I won't have an Amex card any longer, I'll get a new card and number, I already have two Visa Signature cards, I'm fine with the cards I have and don't like people messing with my stuff, the change is not a benefit to me, and it just doesn't feel right. About half of why I'm not happy about it is the loss of Amex that I use to get discounts or cash back deals sometimes. It was rare but at least an option. I guess I'm just venting and wondering what others' takes on it are.

 

😠

Interesting. The banks are cutting/consolidating all the products they have used to bring in higher end customers. I have a licensed Wells Fargo Propel World AMEX, at this point I'm just waiting to receive my cancelation letter. 

[Burgerwars]

I got the same notice. Many years ago Bank of America converted a Mastercard I had that they discontinued to this Amex card. Now it's becoming a Visa. I wonder if years from now it will be converted to something else. B of A can't make up their mind. 

 

I wouldn't be too concerned. Maybe they can offer you a product change to another Visa card if you don't like this one. If you want an Amex that will never can be converted to a non-Amex card, you'll need to get one directly from Amex.

Edited August 27, 2021 by Burgerwars

[Wander907]

Maybe could go after the whole Merrill Edge 75K thing to make it into a 2.6% back card?  I would consider that if I didint already have fidelity X3, TD, Ally brokerages, and I still may at some point.  That card only seems to have an edge if have some money sitting in bonds or index funds that dont mind transfering over.

[Burgerwars]

5 hours ago, Wander907 said:

Maybe could go after the whole Merrill Edge 75K thing to make it into a 2.6% back card?  I would consider that if I didint already have fidelity X3, TD, Ally brokerages, and I still may at some point.  That card only seems to have an edge if have some money sitting in bonds or index funds that dont mind transfering over.

 

I'm unsure what you mean by those brokerage accounts.

 

It's possible to earn the entire $695 annual fee back on Amex Platinum with about $30,000 in Morgan Stanley and $5,000 per month in ACH deposits. A bunch of hoops to jump through to get the card, that I wouldn't bother with (I don't need the card) but some do it.

 

https://dealspoints.com/amex-morgan-stanley-platinum/ 

Edited August 28, 2021 by Burgerwars

[Wander907]

5 hours ago, Burgerwars said:

 

I'm unsure what you mean by those brokerage accounts.

 

It's possible to earn the entire $695 annual fee back on Amex Platinum with about $30,000 in Morgan Stanley and $5,000 per month in ACH deposits. A bunch of hoops to jump through to get the card, that I wouldn't bother with (I don't need the card) but some do it.

 

https://dealspoints.com/amex-morgan-stanley-platinum/ 

Sorry was directing to OP. It looks like its a 100K thing for preferred rewards top benifits too, not 75K.  

https://www.bankofamerica.com/credit-cards/products/unlimited-cash-back-credit-card/

https://www.bankofamerica.com/preferred-rewards/#benefits

 

Saying if he kept the BOA visa he could have a universal 2.6% cash back card if he puts 100K in Merril Edge to get the BOA preffered rewards.

 

The other brokerage part was why I dont do it myself, its a pain at Tax time and I do some complicated stuff (for me complicated) with leaps so I really like using TD and some of the Fidelity stuff I wont change because its self directed 401K.  I may change Ally at some point.  Its just a lot of work.

 

 

Edited August 28, 2021 by Wander907