I have an Elite Rewards credit card from Bank of America. They recently announced that the point rewards system is being phased out such that the last day points can be earned is October 31, 2010. There will be a period of time (about a month later) where the points can be redeemed before the system is completely phased out. I called the service center today to redeem my points for a gift card as I have move than 4, 500 points, which is worth roughly $45 and would have easily allowed me to purchase a $25 gift card. The agent told me that last night, the company changed their website eliminating all items valued below $100, thus effectively resulting in the loss of value for all account holders whose point balance is below 12, 000 because some items take more than 10, 000 points to get a $100 gift card. If I had 22, 000, I would still lose $100 worth of value because there would only be 10, 000 points left after I redeemed for a $100 gift card. Had I received some kind of warning, I could have redeemed my points for a $25 gift card weeks and even months earlier. The agent and her supervisor both apologized as they too did not receive any warning of this system change. I find it appalling that a company like Bank of America could make a change that significantly impacts a lot of people without warning and in effect took away the value that people had in their system. It's like showing up one day, and the bank closed your account without warning because you had less than $100 in your account. I can see a potential class action law suit brewing...