How can I redeem my Bank of America Travel Rewards points?

Exactly how you redeem credit card reward points varies by credit card company, but most credit card users can redeem reward points online through their account summary page. Some credit card issuers also let you redeem rewards over the phone. Credit card reward points may be redeemable for cash back, travel purchases, gift cards, and more, depending on the card.… read full answer

Once you redeem your credit card reward points, they’ll be subtracted from your rewards balance immediately and your account will be credited within 1-3 weeks, if applicable. In some cases, reward points will expire if you do not use them by a certain time.

How to Redeem Credit Card Reward Points:

1. Log in to your online account and head to “Account Summary.” Specifics will vary by issuer, but your rewards will usually be featured on a main account page.
2. Click on “Rewards Balance.” The exact wording may differ depending on the issuer. Once you click on your rewards balance, you’ll be taken to a page with your total amount of unredeemed rewards, and information about your redemption options.
3. Select how you’d like to redeem your rewards. You may be able to redeem reward points for travel purchases, cash back in the form of a check or statement credit, merchandise, or gift cards, depending on the rewards card.
4. Redeem your rewards. Once you redeem your credit card reward points, the points will be deducted from your rewards balance immediately. If you’re redeeming for statement credits or covering past purchases, your account will usually be credited within a week. If you redeem your points for gift cards or merchandise, you can expect them to arrive in the mail within 2-3 weeks.

While many rewards cards will let you choose from multiple redemption options, you’ll usually get the most value with one in particular. For example, travel reward credit cards will often give you the most bang-for-your-buck when you redeem your points for travel purchases, and your rewards may be worth less if you redeem them for cash back or gift cards.

On average, credit card reward points are worth 1 cent each. Most major credit card issuers, like Chase, Capital One and American Express, advertise that your points will not expire as long as your account remains open. But you should check the exact terms and conditions of your specific credit card to make sure you don’t lose any rewards you’ve earned.

Bank of America rewards points are worth up to $0.01 (1 cent) per point, depending on which BofA rewards card you have and how you redeem the points.

For example, points from the BofA Travel Rewards Card are worth $0.01 each when redeemed for travel credits (1,000 points = $10). They’re worth $0.006 per point (1,000 points = $6) when redeemed for cash, and gift card redemption values vary.… read full answer

Meanwhile, all points earned with the BofA Premium Rewards Card are worth $0.01 per point.

Other points-earning BofA credit cards are co-branded with specific companies. The Amtrak Guest Rewards World Mastercard, the AAA Credit Card, and the Sonesta World Mastercard are a few of them. Many have different point-redemption values too.

For example, AAA Credit Card points are worth up to 40% more when redeemed for a AAA voucher, compared to other redemption methods like cash back and gift cards. However, you may have trouble finding out how much those cards’ rewards points are worth until you’re ready to redeem them. Many of them don’t have points value listed in their terms.

Finally, it’s worth noting that the redemption values of Bank of America rewards points are subject to change.

Travel credit cards work just like any other rewards credit card, but they prioritize travel in their rewards and other benefits. Travel credit cards usually reward cardholders more for making travel-related purchases than anything else, and their points/miles tend to be worth more when used to pay for travel. Plus, travel credit cards commonly offer features such as travel insurance, no foreign transaction fee, airport lounge access, and reimbursement for TSA PreCheck/Global Entry application fees.… read full answer

Travel rewards credit cards offer rewards in one of two currencies: miles or points. There isn’t much of a difference between the two, but miles are more frequently used in the context of airline rewards, while points are often associated with hotels. However, plenty of credit cards with points or miles don’t favor airfare or hotel reservations in particular – just travel purchases in general.

Overview of how travel credit cards work:

They often reward you more for travel. Travel purchases are usually going to be a lot more profitable rewards-wise than other types of purchases. For example, Chase Sapphire Preferred gives 2 points per dollar spent on travel and dining, and 1 point per dollar on other purchases. But this isn’t true for every card. Capital One Venture, for instance, gives 2 miles per dollar on all purchases.

Travel redemption is usually the best value. In most cases, you don’t have to spend your rewards on travel, but the credit cards companies give big incentives for you to do so. Take Chase Sapphire Preferred, for example. You get 25% more value from your points when you redeem them for travel, which turns the 60,000 points initial bonus into $1,000.

No foreign transaction fees. Very few travel cards will charge you extra for using your card abroad or with foreign merchants online. But you should check your cardholder agreement just to be sure.

There may be booking restrictions. Some travel cards, like Capital One Venture, pride themselves on rewarding you equally for any type of travel, no matter where you book it. But other cards, especially airline or hotel cards, may only give travel-specific rewards rates if you book directly through the issuer.

Your credit rating counts. Travel rewards cards are typically available only to people with good or excellent credit. You should shoot for a credit score of 700+ for cards that require good credit and 750+ for excellent credit.

You’ll often get travel insurance & more. Travel insurance is a big plus; cards like Chase Sapphire Preferred will cover you for trip cancellation, delays or accidents. Many travel credit cards still offer rental car insurance, too, though many regular credit cards have dropped that benefit. Some cards, like Chase Sapphire Reserve or Amex Gold, also give you a yearly credit toward airline or travel purchases. You may even get other perks like free airport lounge access and the ability to transfer your points or miles to hotel and airline loyalty programs.

So if you travel frequently, getting a travel credit card is a good idea. After all, if you’re going to take trips anyway, you might as well get rewarded for it. Some of your best choices are Capital One Venture for miles, Chase Sapphire Preferred for points, and Amex Platinum for luxury travel.