How can I redeem my Bank of America cash rewards?

When you redeem cash rewards from Bank of America, it will take around three business days if you redeem for a statement credit. If you redeem for a direct deposit to a bank account, it will take within 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 1 (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. 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.

To maximize cash rewards from Bank of America, you should redeem for a direct deposit into a Bank of America checking or savings account. This is the only option in which you will be eligible for s 10% loyalty bonus. This also applies if you have a Merrill Lynch or Merrill Edge Cash Management account.

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 only redeem your Bank of America Travel Rewards for a statement credit, but you can use that credit to pay for flights, hotels, vacation packages, cruises, rental cars or baggage fees.

To set things in motion, sign in to your Bank of America account, select your Premium Rewards credit card from the list of accounts and then click on the “Rewards” tab. That tab will show your total available points and provide an option to redeem them.… read full answer

Another option is to redeem your points by phone. For this, call 800-432-1000.