What is the best way to use Bank of America points?

To redeem Bank of America rewards, sign in to your online account and select the “Rewards” tab, which will show the available cash back, points, or miles, along with the different redemption options. It’s also possible to redeem rewards through the Bank of America mobile app or by calling (800) 434-8313... read full answer and pressing 2. This line is available Monday to Friday, 9 a.m. to 9 p.m. ET.

Best Way to Redeem Bank of America Rewards

1. Sign in to your online account.
2. Click on the “Rewards” tab.
3. Choose your redemption option.
4. Select the number of points / the amount of cash back to redeem.
5. Submit your redemption request.

If you have a Bank of America credit card that offers rewards in the form of points, it’s a good idea to redeem often. Issuers have the power to devalue points (make them worth less) at any time, and some points expire after a certain amount of time.

Bank of America Rewards Redemption Options

Rewards redemption options depend on which Bank of America credit card you have. For example, if you have a Bank of America® Customized Cash Rewards credit card, you can redeem your rewards for a check, statement credit or direct deposit to your bank account.

On the other hand, points on a Bank of America® Travel Rewards credit card can be redeemed for statement credits toward travel purchases, as well as for cash back or gift cards.

Some cards might also let you redeem for other things, like charitable donations.

Bank of America Rewards Value

Just keep in mind that Bank of America rewards points may be worth different amounts toward different redemption options. Furthermore, depending on which Bank of America card you have, you may need to redeem a certain minimum amount of rewards at a time. For example, the typical minimum redemption amount is $25 or 2,500 points.

You should be able to see all of the fine print through your online account or the rewards program details that Bank of America sends after card approval.

Choosing between cash back rewards and travel rewards ultimately comes down to your spending preferences, the perks that specific cards offer, and how you plan to redeem rewards earnings. In general, people looking for flexible redemption options and rewards with clear values that can’t be changed by the card’s issuer should choose cash back rewards. But frequent travelers who enjoy perks such as free flights, airport lounge access, and hotel room upgrades have the chance to earn more total value from travel rewards.... read full answer

With travel rewards credit cards, the number of points or miles you’ll need to redeem for a free flight or hotel night, for instance, varies from issuer to issuer and card to card. Points/miles can also lose their value any time the card’s issuer decides to raise the number needed to get a certain dollar amount in redemption value. Cash back rewards, on the other hand, are easy to understand and will retain their value because they’re already expressed in terms of dollars and cents.

All told, cash back rewards are the better way to go for most people. However, there are a number of variables to consider on both sides. Not everyone always needs to choose between cash back and travel rewards, either. Having both a cash back credit card and a travel rewards card in your wallet can make sense in some situations.

Cash Back vs. Travel Rewards Credit Cards

When choosing between cash back and travel rewards, it’s important to be realistic in how you’re going to use the card. And whichever type of rewards you pick, make sure to pay your bill in full each month, or else you could end up spending more in fees and interest than the rewards are worth.

Bottom Line: Cash Back vs. Travel Rewards

• You should get a cash back credit card if you want to earn everyday rewards and enjoy straightforward, flexible redemption options.
• You should get a travel rewards credit card if you travel multiple times per year and are confident you’ll earn enough in rewards to cover the cost of the annual fee – without overspending.
• You should have both if you can manage more than one account responsibly and want the best collection of earning rates for your biggest spending categories. Just make sure you pay your balances in full each month.

As long as you use your credit cards responsibly, you have the potential to reap lucrative rewards on your everyday purchases. Just be sure to actually put those rewards to use. Rewards that go unredeemed defeat the purpose getting the card in the first place.

There are hundreds of Visa credit cards with rewards points, which individual credit card issuers give cardholders for making purchases and reaching certain milestones, but Visa does not have its own rewards points. Rewards are the responsibility of the banks and credit unions that issue credit cards, and Visa is not a credit card issuer.... read full answer

Visa still provides plenty of perks, just not points, miles or cash back for making credit card purchases. Cardholders can claim special Visa offers for savings on travel and shopping, for instance. Visa also is responsible for secondary credit card benefits such as rental car insurance, extended warranty protection, travel insurance and more.

When it comes to rewards points credit cards on the Visa network, the points that you can earn are worth about 1 cent each, on average. The exact value varies by rewards program and depends on what you redeem the points for. Typically, you can spend your Visa card’s rewards points for travel, merchandise through an issuer’s online shopping portal, cash, gift cards, charity donations and more. In some cases, Visa rewards points may be worth more with some redemption methods than others.

You can earn rewards points by making purchases with the right Visa credit card as well as by meeting the spending requirements for a bonus, referring a friend and more, depending on the card.