Score a $175 Statement Credit from Bank of America Without an Annual Fee

If you've got a Bank of America credit card sitting in your wallet, now's a smart time to see if they'll pay you to keep it. Over the past few days, lots of cardholders have been snagging a $175 statement credit just by asking to close their account through the app or website. The best part? You don't even need a card with an annual fee to qualify.

How to Unlock This Offer

You don't need to call anyone—this whole thing can be done through Bank of America's virtual assistant, Erica. Just log into your account on the mobile app or desktop site. On the app, you'll see a search bar at the top that says 'Hi, I'm Erica. May I help?' Go ahead and type something like 'close card' or 'cancel card' there. It'll walk you through several screens, and if you're eligible, a retention offer will pop up.

On a computer, the process is similar. Head to 'Information & Services' and then click 'Close credit card account' under 'Manage Your Account.' Follow the prompts, and you might just see that $175 credit waiting for you. Just keep in mind that business cards might have slightly different steps.

• Use the Bank of America app or desktop site—no phone call needed.
• Type 'close card' or 'cancel card' to Erica chatbot.
• Follow screens until you see the retention offer (may take several steps).
• For desktop: go to Information & Services > Close credit card account.

What You Get and Why It's a Sweet Deal

Once you accept, you'll need to spend $1,500 on that card within 90 days. After that, a $175 statement credit lands on your account. That's an 11.67% return on your spending, on top of whatever cash back or points you normally earn. For example, if you have the Customized Cash Rewards card set to 3% on online shopping, you'd effectively earn 14.67% back on that $1,500. Not bad for a card that costs you nothing to hold.

This is especially valuable because it's a retention bonus on a no-annual-fee card. Typically, banks reserve these offers for premium cards with hefty fees, so seeing $175 on a free card is unusual and worth jumping on.

A Few Things to Watch Out For

First, Bank of America might only hand out one retention offer per cardholder at a time. So if you have multiple cards, pick the one you'd most like to get a spending bonus on first. After that, you can try for others, but don't be surprised if the second attempt doesn't work.

Second, don't worry about accidentally closing your account. The final step gives you a clear warning before anything permanent happens. Just read each screen carefully, and you'll be fine. The buttons might say 'Confirm' or 'Continue,' but you'll have a chance to back out before any closure occurs.

Lastly, this offer might not last forever. With so many people trying it, Bank of America could dial back the bonus or remove the online chat option entirely. So if you're interested, don't wait too long.

• Only one retention offer per cardholder at a time—choose your card wisely.
• The final step warns you before closing the account; read carefully.
• Offer may be reduced or removed soon due to high demand.

Bottom Line

• Request a retention bonus via Bank of America's Erica chatbot by typing 'close card' or 'cancel card'.
• You'll get a $175 statement credit after spending $1,500 in 90 days.
• Works on no-annual-fee cards, giving up to 14.67% effective cash back.
• Act quickly—this offer may not stick around for long.

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