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.
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.
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