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Let's discuss the downgrade options for Bank of America cards.
Downgrade Rules for Bank of America Credit Cards
- Same Family: Bank of America allows downgrades across different card families. You can downgrade any Bank of America card to another, including product changes from co-branded cards (e.g., Alaska, Virgin Atlantic) to Bank of America-branded cards (e.g., Cash Rewards, Travel Rewards).
- Personal to Business: You can only downgrade personal cards to other personal cards. Business cards cannot be downgraded, though most do not carry an annual fee.
- Rewards: You will not lose any rewards when downgrading a Bank of America credit card.
- Timeframe: Bank of America cards can be downgraded at any time, even within the first 12 months.
- Credit Score: Downgrading a credit card will not negatively affect your credit score.
- Annual Fee Refund: Officially, refunds for annual fees are handled on a case-by-case basis, depending on your relationship with the bank. However, in practice, Bank of America typically refunds the annual fee if you downgrade or close the card within 30-45 days.
Downgrade Options for Bank of America Credit Cards
Here’s a comprehensive list of downgrade options for various Bank of America cards:
- Alaska Airlines Visa Signature Card ($75):
- Downgrade to: Bank of America® Customized Cash Rewards Credit Card ($0), Bank of America® Travel Rewards Credit Card ($0), Bank of America® Unlimited Cash Rewards Credit Card ($0).
- Amtrak Guest Rewards World Mastercard ($79):
- Downgrade to: Bank of America® Customized Cash Rewards Credit Card ($0), Bank of America® Travel Rewards Credit Card ($0), Bank of America® Unlimited Cash Rewards Credit Card ($0).
- Air France KLM World Elite Mastercard ($89):
- Downgrade to: Bank of America® Customized Cash Rewards Credit Card ($0), Bank of America® Travel Rewards Credit Card ($0), Bank of America® Unlimited Cash Rewards Credit Card ($0).
- Bank of America® Premium Rewards® Credit Card ($95):
- Downgrade to: Bank of America® Customized Cash Rewards Credit Card ($0), Bank of America® Travel Rewards Credit Card ($0), Bank of America® Unlimited Cash Rewards Credit Card ($0).
- Allegiant World Mastercard ($59):
- Downgrade to: Bank of America® Customized Cash Rewards Credit Card ($0), Bank of America® Travel Rewards Credit Card ($0), Bank of America® Unlimited Cash Rewards Credit Card ($0).
- Sonesta World Mastercard ($75):
- Downgrade to: Bank of America® Customized Cash Rewards Credit Card ($0), Bank of America® Travel Rewards Credit Card ($0), Bank of America® Unlimited Cash Rewards Credit Card ($0).
- Virgin Atlantic World Elite Mastercard ($90):
- Downgrade to: Bank of America® Customized Cash Rewards Credit Card ($0), Bank of America® Travel Rewards Credit Card ($0), Bank of America® Unlimited Cash Rewards Credit Card ($0).
- Free Spirit® Travel More World Elite Mastercard® ($79):
- Downgrade to: Bank of America® Customized Cash Rewards Credit Card ($0), Bank of America® Travel Rewards Credit Card ($0), Bank of America® Unlimited Cash Rewards Credit Card ($0).
- Alaska Airline Business ($50):
- No downgrade options are available, but closing the card will not affect your credit score as it does not appear on your credit report.
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