You can redeem cash rewards from Bank of America either online or by phone. You’ll actually earn points for transactions made using a Bank of America cash rewards 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 1 (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 Cash Rewards card or one of its affiliated cards. Those are the Pink Ribbon, World Wildlife Fund, Major League Baseball, U.S. Pride or Cash Rewards student cards
- 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.