How can I redeem my Bank of America cash rewards?

Redeeming cash rewards from Bank of America takes up to 14 business days, depending on the redemption method. Redeeming cash rewards for a statement credit will take around three business days. If you redeem for a direct deposit to a bank account, it will take up to five business days. If you request a check, it will be mailed within 14 business days.… read full answer

Cash Rewards from Bank of America is a program in which you earn points when you make purchases with a Bank of America cash rewards card. Points are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check.

You can redeem cash rewards from Bank of America through your online banking account, or by calling (800)434-8313.

Here is what you should know to redeem cash rewards from Bank of America:

• Redeem for a statement credit: Will post to your account within three days of redemption. Statement credits will normally be applied to an existing balance with the highest APR. Statement credits do not affect your minimum payment due each month.
• Direct deposit to a checking or savings account: Will post to your requested account within five business days. Not limited to Bank of America checking or savings accounts. If your bank rejects the direct deposit, points will be returned to your account. Bank of America will notify you within 15 days of any rejected deposits.
• Request a personal check: Will be mailed First Class to the billing address on your account within 14 business days. Check redemptions start at $25. Multiple checks, if requested, will be mailed separately. Check will be payable only to the primary cardholder, not to joint or authorized users. Checks are valid for 90 days from the date issued. A check that expires will be voided, and you’ll receive a statement credit for the check amount within two billing periods.
• Automatic redemption: Will post to your designated Bank of America or Merrill account at the end of each calendar month, provided your rewards balance meets or exceeds $25.

If you also have a Preferred Rewards membership on an eligible card, you’ll be able to maximize your cash rewards with an extra bonus of 25%, 50% or 75% for the Gold, Platinum and Platinum Honors tiers, respectively. So, on a $100 purchase that earns you 3% cash back ($3) you’ll actually earn $3.75, $4.50 or $5.25 depending on your Preferred Rewards tier. Your tier is based on your combined balances in your Bank of America deposit and/or Merrill investment accounts.

The three cash rewards credit cards from Bank of America are the BofA Cash Rewards Card, the Business Advantage Cash Rewards Mastercard and the Cash Rewards Credit Card for Students. All BofA cash rewards cards offer an initial bonus for spending a certain amount of money in the first 90 days. The regular BofA Cash Rewards card gives $200 for spending $1,000. The student card also gives $200 for spending $1,000. And the business card offers $300 for spending $3,000. All three cards have $0 annual fees and 3% foreign transaction fees.… read full answer

The personal Cash Rewards card and Cash Rewards for Students card both give 3% back in a category of your choice and 2% cash back at grocery stores and wholesale clubs (up to $2,500 spent combined per quarter). The business card offers 3% cash back in a category of your choice and 2% on dining (up to $50,000 spent combined per year). All three cards provide 1% cash back on all purchases outside of the bonus categories.

All BofA cash rewards cards have introductory 0% APRs, too. You will need excellent credit to have decent approval odds for the BofA Cash Rewards card or the Business Advantage card. The Cash Rewards Card for Students requires only limited credit. But you’ll have to be enrolled in school to get it.

You can redeem Bank of America Travel Rewards points for a statement credit to cover travel purchases made in the past 12 months. BofA Travel Rewards points can also be used for gift cards or for cash back, via paper check or a Bank of America deposit-account credit. You can redeem your points by signing in to your account … read full answeronline or on the BofA mobile app, or by calling (888) 268-7800. The Bank of America Travel Rewards credit card gives at least 1.5 points per $1 spent on purchases, so that can add up quickly.

How to Redeem Bank of America Travel Rewards Points Online

1. Log in to your Bank of America account online.
2. Select the Bank of America Travel Rewards credit card.
3. Click on the “Rewards” tab.
4. Browse the rewards options and redeem your Travel Rewards points.

If you travel frequently, you should have no trouble redeeming your Bank of America Travel Rewards points. While you can’t actually use points to purchase travel directly, you can pay for a travel purchase with the card through the BofA Travel Center and earn 3 points per $1 spent. Two days later, you can redeem those points to count toward the travel purchase as long as you have at least 2,500 points ($25 travel value).

If you don’t want to wait, you can redeem immediately for cash back once you’ve collected at least 2,500 points ($15 cash back value). But you’ll need at least 3,125 points to use Travel Rewards points for gift cards.

One great thing about redeeming Bank of America Travel Rewards points for your travel purchases is BofA’s broad interpretation of what counts as a travel purchase. You can use points toward purchases at places like circuses, art galleries, amusement parks, tourist attractions, boat rental agencies, and zoos, along with your ordinary travel expenses like plane tickets and hotel reservations. And unlike a lot of other credit card companies, BofA counts Airbnb rentals in its travel category, which lets you use your points toward those purchases.