Bogdan Roberts, Credit Cards Moderator
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.
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.
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