Do Bank of America Unlimited Cash Rewards credit card rewards expire?

Bank of America rewards do not expire as long as the account is open and in good standing. You will forfeit any rewards you have yet to redeem if you or Bank of America closes your account for any reason.

Although Bank of America rewards don't expire until the account is closed, it's still a good idea to redeem your rewards as often as possible. Just bear in mind that Bank of America will not allow you to earn or redeem any rewards whenever you're late making the minimum payments.... read full answer

Redeeming cash rewards from Bank of America takes up to 14 business days, depending on the redemption method. Redeeming cash rewards for a statement credit will take around three business days. If you redeem for a direct deposit to a bank account, it will take up to 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 cash rewards when you make purchases with a Bank of America cash rewards card. Rewards are only redeemable for cash back, either in the form of a statement credit, direct deposit, or personal check.

Here’s more info about the cash rewards redemption options 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, rewards 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. Check redemptions start at $25. 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.
• Automatic redemption: Will post to your designated Bank of America or Merrill account at the end of each calendar month, provided your rewards balance meets or exceeds $25.

You can redeem cash rewards from Bank of America through your online banking account, or by calling (800) 434-8313.

If you also have a Preferred Rewards membership on an eligible card, you’ll be able to maximize your cash rewards with an extra bonus of 25%, 50% or 75% for the Gold, Platinum and Platinum Honors tiers, respectively. So, on a $100 purchase that earns you 3% cash back ($3) you’ll actually earn $3.75, $4.50 or $5.25 depending on your Preferred Rewards tier. Your tier is based on your combined balances in your Bank of America deposit and/or Merrill investment accounts.

You can redeem your credit card rewards online, through the issuer’s mobile app, or over the phone, depending on the card. The most common credit card rewards redemption options include cash back, travel purchases, and gift cards.

Once you redeem your credit card rewards, they’ll be subtracted from your rewards balance immediately. If you wish to redeem your rewards for a statement credit, it will generally be credited to your account within 2-3 business days, depending on the card. In some cases, rewards will expire if you do not use them by a certain time.... read full answer

Types of Credit Card Rewards

• Points: Credit cards that offer points generally give at least 1 point per $1 spent on purchases. You can redeem points for hotel stays and other travel expenses, statement credits, gift cards, or merchandise, depending on the card. Points cards are sometimes affiliated with hotel chains.
  
  Credit card points are worth an average of 1 cent apiece, depending on the card and the redemption method.
• Miles: Credit cards with miles are travel oriented, often affiliated with a specific airline. Rewards typically start at 1 mile for every $1 you spend on purchases. Miles can be redeemed for airfare, other travel expenses, gift cards, cash, or merchandise. Cards co-branded with a particular airline may reward you with seat upgrades, early boarding on flights, free checked bags, and more.
  
  Miles are worth an average of 1 cent each. The value varies based on the airline or credit card rewards program as well as how the miles are redeemed.
• Cash Back: Credit cards with cash back rewards return a portion of each purchase cardholders make, usually at least 1%. You can redeem cash rewards as a check, direct deposit to your bank account or statement credit, depending on the card. Some cash back rewards can also be redeemed for gift cards and merchandise through the issuer’s online rewards portal.

How to Redeem Your Credit Card Rewards Online

1. Log in to your online account. Specifics will vary by issuer, but your rewards will usually be featured on a main account page.
2. Click on your rewards balance. Once you click on your rewards balance, you’ll be taken to a page with more information about your redemption options.
3. Select how you’d like to redeem your rewards. You may be able to redeem your rewards 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 rewards, the points, miles, or cash back 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 2-3 business days. If you redeem your rewards 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 rewards credit cards will often give you the most value when you redeem your rewards for travel purchases. Also, your rewards may be worth less if you redeem them for cash back or gift cards.

On average, credit card rewards are worth 1 cent per point or mile. Most major credit card issuers (like Chase, Capital One, and American Express) advertise that your rewards will not expire as long as your account remains open and in good standing. 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.