Maria Adams, Credit Cards Moderator
@m_adams
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
valorie_turner, Member
@valorie_turner
You can redeem cash rewards from Bank of America either online (https://www.bankofamerica.com/online-banking/sign-in/) or by phone at (800) 434-8313. You’ll actually earn points for transactions made using a Bank of America® Customized Cash Rewards credit card. But those points are valued at 1 cent each and will never expire as long as the account remains open.
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.
- You’ll earn cash back when you use the Bank of America Customized Cash Rewards credit card or one of its affiliated cards. Those are the Pink Ribbon™ Credit Card, World Wildlife Fund Credit Card, Major League Baseball® (MLB) Credit Card, or Bank of America® Customized Cash Rewards Credit Card for Students.
- 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.
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