According to a few reports, including this one, Bank of America will be phasing out the 1.5% and 2% cash back redemption tiers on its Power Rewards Visa card:

I just called the Power Rewards Center at 1-888-434-2232, and they told me they will indeed be phasing out BOTH the 30,000 point reward (for $450 statement credit, 1.5% cash back), and the 50,000 point reward (for $1,000 statement credit, 2% cash back). She did not know when the phase out will occur, which is disappointing because I specifically asked her, “so, possibly by the end of this year?” She did not know.

Anyway, she said the highest cash back reward would be 20,000 points for a $200 statement credit, only 1% cash back.

This is a real shame, as this used to be a great card for big spenders, where a true 2% cash back was possible. Then again, that it was such a great deal probably spelled its demise. It also underscores the recurring problem with points based programs–that they can be devalued at any time.

Current cardholders would be well advised to get to one of the higher tiers and cash out while the 1.5% and 2% redemption tiers are still available. Currently these redemption options are only available by calling a CSR.