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 redeem Bank of America travel rewards for a statement credit to cover travel purchases made in the past 12 months, for gift cards, or for cash back via paper check or a BofA deposit-account credit. You can redeem for travel or cash back once you’ve collected at least 2,500 points ($25 travel value or $15 in cash back). But you’ll need at least 3,125 points to redeem for gift cards. You can redeem your points by signing in to your online account at bankofamerica.com, logging into your account on the BofA mobile app, or calling (888) 268-7800.… read full answer

The Bank of America Travel Rewards card gives at least 1.5 points for every $1 you spend, so that can add up quickly. And if you travel frequently, you should have no trouble using the points. While you can’t actually use points to purchase travel directly, you can pay for travel purchases with the card through the Travel Center and earn 3 points per $1 spent. Two days later, you can redeem those points to count towards the travel purchase as long as you have at least 2,500 points.

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 like circuses, art galleries, amusement parks, tourist attractions, boat rentals, limousines, and zoos, along with your ordinary travel expenses like plane tickets and hotels. And unlike a lot of other credit cards, BofA counts VRBO and VacationRentals.com rentals in its travel category, which lets you use your points toward those purchases.

The BofA Travel Rewards Card also gives another way to earn more points. If you have at least $20,000 between a personal BofA checking account and/or qualifying Merrill accounts, you can qualify for one of BofA’s Preferred Rewards tiers. That means you can earn 25%-75% more rewards points per $1 spent on your credit card.