Key Points

• Bank of America is converting the Free Spirit World Elite Mastercard into the Bank of America Customized Cash Rewards card following Spirit Airlines' shutdown.
• Cardholders keep their account number, APR, credit line, and no foreign transaction fee benefit, but lose airline miles earning going forward.
• No action is required to receive the new card, though you should update autopay details once your CVV and expiration date change.

Introduction

If you're holding a Free Spirit World Elite Mastercard, you finally have an answer about what happens next. Spirit Airlines ceased operations on May 2, 2026, and Bank of America has now confirmed that every Spirit Airlines credit card will convert into the Bank of America Customized Cash Rewards card. For cardholders who've spent months wondering whether their card would simply disappear, this is about as smooth a landing as you could ask for. Here's what's actually changing, what stays the same, and what you should do before the new card shows up in your mailbox.

What Happened

Bank of America issued the Free Spirit Travel More World Elite Mastercard, and with Spirit no longer operating, the airline-branded rewards structure had nowhere to go. Rather than canceling accounts outright, Bank of America is automatically converting every Free Spirit card into its Bank of America Customized Cash Rewards credit card. A replacement card is being mailed to affected cardholders, and the current card remains usable in the meantime. Your account number, APR, and credit line carry over untouched, and your existing balance and transaction history move with you automatically. Any Free Spirit points on your account, along with points earned on purchases posted after April 28, will convert into Bank of America cash-back rewards, though the exact conversion rate hasn't been published yet.

Why This Matters

This is a genuinely good outcome, and it's worth understanding why. The Bank of America Customized Cash Rewards card normally carries a 3% foreign transaction fee, but converted Spirit cardholders keep their fee-free international spending as a grandfathered perk. That's a real advantage over someone opening the card fresh today.

On the rewards side, you're trading airline miles for flexible cash back. The card earns 3% in a category you choose each month (gas, online shopping, dining, travel, drug stores, or home improvement), 2% at grocery stores and wholesale clubs, and 1% everywhere else, with the 3% and 2% tiers capped at a combined $2,500 in quarterly spending. Bank of America Preferred Rewards members can boost those rates by 10% to 75%. There's no annual fee, which mirrors what most cardholders were already paying on the Free Spirit card.

The tradeoff is obvious: you lose the ability to earn Free Spirit miles, since there's no airline left to redeem them with anyway. Cash back that lands directly in your account or as a statement credit is arguably more useful than miles for a defunct airline, but it's still a shift worth planning around if travel rewards were the reason you carried this card.

What You Should Do

You don't need to apply for anything or contact Bank of America to trigger this conversion. It's happening automatically. That said, a few practical steps will make the transition easier:

• Watch your mail for the new physical card and activate it promptly.
• Check whether your CVV or expiration date changed, since either could break automatic payments, subscriptions, or mobile wallet setups.
• Decide on your 3% bonus category once the new card arrives, since the default selection may not match your actual spending.
• Consider signing up for Bank of America Preferred Rewards if you bank with BofA or Merrill, since it can meaningfully boost your cash-back rate at no extra cost.

If you're weighing whether to keep this card long-term or replace it with something else, it's worth comparing it against other cash back credit cards on the market, particularly if your spending doesn't fit neatly into the Customized Cash Rewards categories.

FAQ

Do I need to apply for the new Bank of America card?
No. The conversion is automatic, and Bank of America will mail you a replacement card without any application required.

Will my credit score be affected by this conversion?
Your account number, credit line, and history all carry over, so this shouldn't trigger a new credit inquiry or reset your account age.

What happens to my Free Spirit miles?
Any miles on your account, plus points earned on transactions posted after April 28, convert into Bank of America cash-back rewards. The exact conversion formula hasn't been announced yet.

Conclusion

For Free Spirit cardholders left in limbo after Spirit's shutdown, this conversion closes the loop with minimal hassle and a genuinely useful replacement card. You're swapping airline miles for flexible cash back, keeping a fee-free foreign transaction perk most people would pay extra for, and doing none of the paperwork yourself. The main to-do is simple: watch your mailbox, update your payment details once the new card lands, and pick a bonus category that actually matches how you spend. This article contains affiliate links. If you apply through our links, we may earn a commission at no cost to you, which helps us continue sharing points and miles strategies with the community.