Bank of America Retention Offers + Data Points [2024]
Bank of America offers exciting bonuses for signing up for their credit cards, but what happens after the first year? Some of their cards – like the Premium Rewards Elite card – have hefty annual fees. This may make you question if your money is better used elsewhere.
Before you close your card, we recommend checking to see if Bank of America is willing to provide a retention offer for your account. Banks like Bank of America, CitiBank, and Chase often provide these bonuses to encourage you to keep your card open for another year. While the exact offer can vary, Bank of America will likely offer a statement credit.
Historical Bank of America Retention Offers
Bank of America usually offers a statement credit for keeping your card open another year if you have a premium card (with an annual fee).
Here are some historical Bank of America retention offers:
Alaska Airlines Visa Signature
The Alaska Airlines Visa Signature card is a co-branded credit card offered by Alaska Airlines in partnership with Bank of America. It allows cardholders to earn Alaska Airlines Mileage Plan miles along with perks like a companion fare each year, free checked bags on Alaska Airlines flights, and priority boarding.
- $175 statement credit after spending $1,500 in 3 months
Customized Cash Rewards
The Customized Cash Rewards card is a flexible cashback credit card issued by Bank of America. Cardholders can earn cash back on purchases made in categories of their choice, such as gas, dining, or groceries, with bonus rewards for Bank of America Preferred Rewards members.
- $175 statement credit after spending $1,500 in 3 months
Bank of America Premium Rewards
The Bank of America Premium Rewards card is a high-end travel credit card offering robust rewards and benefits. It allows cardholders to earn points on all purchases, with bonus points for travel and dining expenses. The card provides various perks, including an annual travel credit, airport lounge access, travel insurance, and no foreign transaction fees.
- $175 statement credit after spending $1,500 in 3 months
Closing Thoughts
It is always worth it to ask for a Bank of America retention offer. You will likely have luck getting a statement credit by spending a few minutes of your time on the phone. While Bank of America isn’t known to be as generous as American Express retention offers, they are available and don’t require much effort to obtain.
Have you received a retention offer from Bank of America? Leave a comment!
