As I noted last week, our credit card number was stolen. The card in question was from FIA Card Services, the owners of the once-named Schwab 2% card (which I currently use as my "all other" card when I can't get a higher cash back rebate somewhere else.) They called me, we got the situation straightened out, and I followed up with some security steps. All looks to be fine now.
In the comments of that post as well as on some other posts and via email, I started hearing that people were getting letters for FIA Services saying that the card was switching to a Bank of America card. I hadn't received this letter, so I was wondering if the switch was for everyone or just for some customers. I thought I'd wait and see what happened with the new card the company was sending me to replace the stolen number on my old card. Surely if a change was imminent they would simply send me a Bank of America card now, right?
Well last Thursday I received my new card. It's a very cool looking BLACK card that simply says "Cash Rewards" on it. There's no mention of Bank of America or FIA Card Services except on the back, in small print, where it mentions FIA card services.
In that day's mail (yes, in the same set of mail that came with my new card), I received a letter from FIA Card Services. It was on Bank of America letterhead and read in part as follows:
We are writing to inform you that your FIA Card Services credit card ending in XXXX will soon be replaced by a new Bank of America credit card.
Soon, you will receive more details from Bank of America about your replacement credit card, as well as information on other products available to you -- including Bank of America checking and savings accounts and investment services through Merrill Edge.
So there you have it. There is a switch happening soon. Whether or not we'll still get the 2% is to be determined. There's a lot of speculation that the card will have reduced benefits. For now, I'll stay put, then decide what to do with the new card once I know details.
FYI, I've been experimenting lately with a few cards on my list of best cash back credit cards and I'll be sharing my results soon.
P.S. After I wrote this post (but before it went live on the site), I found this comment left by a reader over the weekend that adds another perspective to the conversation:
I called to talk to someone about the FIA card that was previously part of the Schwab 2% back card. Not a lot of info out there yet. Change to Bank of America should happen around December this year and will LOSE the 2% back on all purchases unless you go to a card with an annual fee. New card will have 1% back rewards with "extras." Whatever that means. So get big purchases in before they end it all!!
Might want to check out the FIA Fidelity 2% AMEX card, I think that was will be around for a while.
Posted by: Ginger | September 06, 2011 at 12:55 PM
If this card ends up losing its 2% benefits, there's also the fidelity card which currently offers the same thing. It is also run by Fia, so I wonder if it too will be cut.
Posted by: Shane | September 06, 2011 at 01:11 PM
I got "the letter" on Friday, seems identical to FMF's letter.
Does anyone know what will happen to FIA's "Shop Safe", temporary account number service? Do BofA cards usually offer something similar? I use that service a lot.
Posted by: KaseyD | September 06, 2011 at 01:27 PM
I don't think anyone knows what will happen for sure. A couple people have talked to FIA CSRs and supposedly the card will be changed to a "Privilege" program with 1/2/3 rewards (1% on everything, 2% on groceries, 3% on gas).
If the program is changed from 2% I will likely cancel my Schwab / FIA / BOA card and switch to the Fidelity VISA (1.5% on everything, 2% above 15k in spending). Or maybe the Fidelity Amex card (2% on everything).
FYI, FIA is a subsidiary of BOA.
Posted by: DanH | September 06, 2011 at 02:35 PM
I think they have also added foreign transaction fee.
Posted by: Rajs | September 06, 2011 at 09:12 PM
If 2% on everything goes away or the card goes 1/2/3, I guess this means the rebate party is over--maybe it's the credit card gods' way of telling me I need to simplify my life.
Probably won't get rid of it since it will be my only VISA card and some places still only take VISA/MC. But to simplify things, my two Amex cards (Blue and Costco) will become the workhorses since their benefits would equal or exceed any 1/2/3 offering.
Posted by: MelMoitzen | September 07, 2011 at 12:11 AM
It is unfortunate that their benefits seem to be going away. But on the flip side there are so many other programs out there that can save you money with lower interest rates and better rewards. Change isn't always a bad thing.
Posted by: Charley | September 07, 2011 at 12:54 AM
I got this letter yesterday and immediately called FIA. Guy I spoke to said that the 2% would be going away. He said there would be an option of the 1/2/3 card and a "preferred" card, though he didn't have the details on what that included. Mailers for the switch would be going out soon. Quite the bummer.
Posted by: CrunchBite | September 07, 2011 at 01:47 AM
The FIA CSR told me the new BofA card will go out November 4th. He was uncertain as to when the 2% cashback on my existing FIA card will end, but that the new BofA card will go to the 1/2/3% cashback. - Chip
Posted by: ChipsMoneyTips | September 07, 2011 at 02:42 PM
Be very careful if you decide to open a BOA checking/savings account. I have been very disappointed by the customer service--getting errors fixed is a month-long exercise requiring regular calls.
Posted by: Sarah N | September 07, 2011 at 04:44 PM
It was a nice run! I certainly "saved" a lot.
I got the notice in the mail today. The new BoA card is officially active on Nov. 1st. So, October 31st is the last day we all get 2% cash back.
The new card, as some have already pointed out, is a 1/2/3 card. 1% everything, 2% groceries, 3% gas.
I'm cancelling my card on October 31st and replacing with a Chase/Amex combo that FMF outlined earlier.
Leave it to BoA to ruin a good thing.
Posted by: tom | September 07, 2011 at 06:04 PM
Got my letter today. The 2% will go away on Nov 1. From then a new card with 1/2/3 as pointed by other people. Time to change cards.
Posted by: Rajs | September 08, 2011 at 09:03 PM
replacements:
6% grocery -- Blue cash prefered or 3% Blue cash everyday
3% gas -- Costco True earning
2% Restaurants -- costco True earning
2% travel -- costco True earning
for places not accepting AE, use Chase Freedom card they have 5% on different category every quarter
Posted by: Daniel | September 09, 2011 at 05:22 PM
I have a FIA card (just says world points on it) and it's a PITA to log in online to look at my statement. Has anyone else had this problem? I would switch cards, but it's a pretty good interest rate (6.99%) and I'm going to be applying for a mortgage soon (around 6 months) so I don't want to ding my credit score.
Posted by: Ryan | September 13, 2011 at 10:00 AM
I can't log into the FIA (formerly Schwab) card anymore off the FIA site (the schwabbankcreditcard.com site and its linkto) -
To be correct, I can log into it, but "there are no cards linked to this account." I don't recall having received the new card from BOA, and I surely have no idea how to get to the site to pay the stupid thing when it's due next week...
Awesome.
Posted by: Josh Stein | November 08, 2011 at 12:45 PM
Josh, Same deal with me..Looks like this changeover is a clusterscrew..moving on to the chase freedom card..
I really don't know how to pay my balance..LOL..You gotta be kidding me...geez..
Posted by: Brian Mellis | November 08, 2011 at 02:43 PM
Brian --
FYI, Josh emailed me and asked basically what he said above. Here's my response (in case anyone else stumbles on this post):
I think they will send you one last bill when it's all said and done (and you'll get one last credit for the rewards you're owed). At least that's what I'm expecting.
I haven't received the BoA card yet either and I even tried to cancel it (I have a post on this coming up tomorrow) and they told me it was already "in the system" and couldn't be canceled. Ugh.
Posted by: FMF | November 08, 2011 at 02:50 PM
bank of america is the devil
Posted by: john | November 09, 2011 at 05:32 PM
costco true earnings is good but you only get payouts once a year and its in the form or a costco check, however if you get $200 back you can just buy something for $10 and get $190 back in cash, airline (travel) cards are always a rip unless its a corporate thing that you expense. im going to look into the chase freedom card
Posted by: john | November 09, 2011 at 05:38 PM
I also lost access at FIA card services 11/8/11. Called FIA they transferred me to B of A who said new card on way. Lost 2% rewards however. (I am upset that I never got a letter stating new terms, only a changeover to B of A). I spend over 100k a month on the Schwab card, so it is a big deal and I really need time to prepare for the change. Class action anyone? ...Applied for Fidelity Amex (2% card) but Amex is not accepted as frequently as MC/Visa, so I am also applying for Sallie May 2% Visa (they will mail you checks). Program is a little less convenient than Schwab, but it will do the trick where Amex is not accepted.
Posted by: Steve | November 09, 2011 at 10:15 PM
Same situation with me. They switched the access and I can not access my current or previous statements. Do not know what will happen to the autopay. I can see a class action written all over this if bofa/fia do not get their act together soon.
Posted by: Neil | November 10, 2011 at 05:33 AM
we have to very careful if we are decided to open a BOA checking/savings account.
Posted by: Bonnie Smith | November 10, 2011 at 08:02 AM
Has anyone got there new card yet? When I called Sunday they claimed it was mailed on Friday, but called today and said it was mailed Monday, so who knows. I just want to be able to login to my account! I don't think I will be staying with BoA very long. I didn't like talking to a foreigner about my account either!
Posted by: Jason | November 10, 2011 at 09:29 AM
I also have lost all online access to the account information for my existing card. I can log in but "there are no cards registered under this account." I was told by phone that there will be no way for me to access my statement information online until a new card is issued some time between now and December. Meanwhile, they have agreed to send me some paper statements. It was quite a wake-up to realize how frightening it is suddenly not to be able to see one's credit card information online, particularly since I had fallen a few months behind in downloading and archiving old statements as PDFs -- oops.
Posted by: bill | November 12, 2011 at 12:17 PM
This is ridiculous and reckless switching the cards with out a plan and any consideration for the cardholders. My schwab card was my primary card. I am going to cancel the new bofa card as soon as I recieve it, get access to my statement and pay for it.
Posted by: Neil | November 13, 2011 at 01:03 AM
I also can't access my account at FIA. Did not receive the replacement BOA cc. I had set up autopay but that won't work anymore. Tried to call BOA Sunday night but their computer systems were down and was told to call back on Monday. Today I've been trying to call. Have been on hold for over 1 hour.... What a mess!!!!!!
Posted by: Jeannine | November 14, 2011 at 09:36 PM