You can redeem your Bank of America cash rewards in three ways: statement credit, direct deposit to a BofA/Merrill Lynch account, or personal check. Cardholders must have a minimum of $25 in cash back earned in order to redeem, regardless of redemption method.
Using your Bank of America cash rewards for a statement credit is one of the simplest options. Once you have at least $25 in cash rewards, you can directly apply your rewards as a statement credit and the amount will be subtracted from your current balance.
To redeem your cash rewards for a direct deposit, you must have a Bank of America checking or savings account, or a Cash Management Account at Merrill Lynch.If you choose to redeem your rewards using the personal check option, you should expect to wait at least 14 days for the check to arrive by mail.
Bank of America® Customized Cash Rewards credit card
Cash Rewards from Bank of America is a straightforward program in which cash back is your only redemption option. You can redeem points for a check, statement credit or direct deposit once you’ve reached 2,500 points. You’ll earn a 10% customer bonus when you redeem your rewards into a Bank of America checking or savings account. You must redeem rewards by direct deposit to receive the bonus.
How to redeem cash rewards from Bank of America:
Sign into your Online Banking account, select your Bank of America card, and click on the Rewards tab. If redeeming by phone, call (800) 434-8313. You will need to enter your account number and state that you’d like to redeem cash rewards.
Cash Rewards cards earn 3% per $1 spent on gas and 2% at grocery stores and wholesale clubs, up to $2,500 in combined purchases each quarter. You’ll also earn 1% on all other purchases.
Bank of America’s Preferred Rewards program will earn you even bigger bonuses when you redeem your rewards. When you enroll, you’ll receive a bump of up to 75% on your rewards, depending on your program tier.
Your Preferred Rewards tier is based on your combined balances in Bank of America bank accounts and investment accounts with Merrill Lynch. Platinum Honors Status earns you the 75% bonus, but you’ll need a 3-months average combined balance of $100,000 in order to get it.With a combined $20,000 to $50,000 balance, you’ll reach Gold Status and a 25% bonus on your rewards. Platinum Status nets a 50% rewards bonus with combined balances from $50,000 to $100,000.
It offers 3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases. In addition, you can earn $200 for spending $1,000 in the first 90 days.
It offers 3% cash back in a category of your choice, 2% at grocery stores and wholesale clubs (up to $2,500 spent on these categories combined per quarter), and 1% on all other purchases. In addition, you can earn $200 for spending $1,000 in the first 90 days.
It offers 3% cash back in a category of your choice, 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly in the 3% and 2% categories combined), and 1% back on all other purchases. It requires a security deposit of $200, at a minimum.
It offers 3% cash back on your choice of one out of six categories and 2% cash back on dining (for the first $50,000 combined in these 2 categories per year), as well as 1% back on all other purchases. In addition, you can earn $300 statement credit for spending $3,000 in the first 90 days.
As you can see, there are plenty of Bank of America cash rewards credit cards. And some cards are available for people with bad and limited credit, too. That’s pretty rare. So, make sure you know which credit card you qualify for before applying. You can check your credit score for free, right here on WalletHub.
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 cash rewards when you make purchases with a Bank of America cash rewards card. Rewards are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check.
Here’s more info about the cash rewards redemption options 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, rewards 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 Bank of America Customized Cash Rewards credit card gives cardholders 3% cash back in a category of your choice and 2% back at grocery stores and wholesale clubs (up to $2,500 spent quarterly), plus unlimited 1% cash back on all other purchases. The card also offers $200 for spending $1,000 in the first 90 days.
However, the most unique thing about this card is the choice it gives you for your top bonus rewards category.
The Bank of America Customized Cash Rewards credit card 3% category options are:
Home Improvement / Furnishings
More generally, the Bank of America Customized Cash Rewards credit card works like any other unsecured credit card, allowing cardholders to borrow money for purchases and pay off the balance later. As long as you avoid interest charges and fees, the rewards you earn from spending will help you save money.… read full answer
In addition, customers with a lot of money in BofA bank accounts or Merrill investment accounts may be eligible for Preferred Rewards, which can boost your credit card cash back by up to 75%. Once you’ve built up your cash back on the Bank of America Customized Cash Rewards credit card, you can redeem your rewards for a check, a statement credit, or a direct deposit to your bank account.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.