Good afternoon everyone. In 2022, I applied for the Bank of America Business Advantage Unlimited Cash Rewards Credit Card. At the time, there was a $500 sign up bonus after spending $5,000 in 3 months. Unfortunately, the current sign up bonus is only $300 after spending $3,000 in 3 months (link). After receiving the bonus, I didn’t put any spend on the credit card since it only earns 1.5% cash back (I am using my US Bank Smartly Credit Card for 4% cash back everyone).
One of my unofficial New Year’s Resolutions is to reduce the number of credit cards I have (both with annual fees and without annual fees), so this credit card was on the chopping block. I called Bank of America on March 7 and asked to close the card. Without prompting, the rep said there were some retention offers available, including a $50 retention offer if I kept the credit card open. Sure, let’s keep the credit card open and I will gladly accept the $50 retention offer. There is no annual fee on the credit card and there was no spending requirement either. It doesn’t get much easier than that!
A few days later, the $50 retention offer posted to my account. Unfortunately, the retention offer posted in the Available Rewards section and not as a statement credit. I will show you how to find it and how to redeem the rewards for a statement credit or for a check in the mail.
To get started, sign into your Bank of America account, click on the CORP Account for the Business Advantage Unlimited Cash Rewards account, and select the CORP Account again.
Scroll down until you see the Cash Rewards & Benefits section, then click the View / Redeem button, and then click on the Activity tab.
You can see that the retention offer posted to my account on March 10, which is 3 days after calling Bank of America.
Back on the Summary tab, click the Redeem link and then select either a statement credit or a personal check. I didn’t want a statement credit since I would then need to spend $50 on the credit card, which would then earn rewards ($50 x 1.5% = $0.75 in rewards). I selected Personal Check and clicked the OK button.
There is a warning message that says the Personal Check will take up to 14 days, but that didn’t bother me, so I clicked the Continue with Personal Check link. You then have the ability to redeem your rewards for any amount up to $50. I clicked the Redeem All button and then clicked the OK button.
To confirm your request, slide the $50 blue circle down to the Personal Check circle. Congratulations, your redemption request is confirmed and your personal check will arrive within 14 business days.
On the activity tab, you can see that the $50 redemption is dated March 13 (tomorrow).
I will post an update below on when I receive the $50 check. If you have any questions about the retention offer or how to redeem your rewards, please leave a comment below. Have a great day everyone!