How much are Bank of America rewards points worth?

The easiest way you can redeem your Bank of America cash rewards is either online or through the mobile app. Alternatively, you can do it over the phone, by calling customer service at (800) 434-8313.

How to Redeem Your Bank of America Cash Rewards Online

1. Log in to your Bank of America credit card account.… read full answer
2. Select the “Rewards” tab.
3. Choose a redemption option.
4. Select the amount of cash back to redeem.
5. Submit your redemption request.

You can redeem your cash rewards for statement credit, direct deposit to a BofA/Merrill Lynch account, or a personal check. Cardholders must have a minimum of $25 in cash back earned in order to redeem, regardless of redemption method.

Using your Bank of America cash rewards for a statement credit is one of the simplest options. Once you have at least $25 in cash rewards, you can directly apply your rewards as a statement credit and the amount will be subtracted from your current balance.

To redeem your cash rewards for a direct deposit, you must have a Bank of America checking or savings account, or a Cash Management Account at Merrill Lynch. If you choose to redeem your rewards using the personal check option, you should expect to wait at least 14 days for the check to arrive by mail.

The best Bank of America credit card for rewards is the Bank of America Premium Rewards card. It has a signup bonus of 50,000 points for spending $3,000 in the first 90 days, and it gives 2 points for every dollar spent on travel and dining as well as 1.5 points on all other purchases. The Premium Rewards card also gives cardholders a $100 credit for TSA Precheck or Global Entry every four years, and an annual $100 credit to cover air travel incidentals. All of those rewards come at the price of a $95 annual fee.… read full answer

There are less expensive options too. The best Bank of America credit card for rewards and no annual fee is the Bank of America Cash Rewards credit card. It gives cardholders 3% cash back on gas or their choice of one of five popular categories and 2% back on groceries and wholesale club purchases. The 3% and 2% cash back is capped at the first $2,500 spent in those categories each quarter. All other purchases earn unlimited 1% cash back. The BofA Cash Rewards card’s signup bonus is $200 for spending $1,000 in the first 90 days.

Best Bank of America Credit Cards for Rewards:

- Bank of America Premium Rewards Credit Card: 1.5-2 points for every dollar spent. Signup bonus of 50,000 points for spending $3,000 in the first 90 days. $95 annual fee.

- Bank of America Cash Rewards Credit Card: 1-3% cash back on all purchases. Signup bonus of $200 for spending $1,000 in the first 90 days. $0 annual fee.

- Bank of America Travel Rewards Credit Card: 1.5 points for every dollar spent. Signup bonus of 25,000 points for spending $1,000 in the first 90 days. $0 annual fee.

- Bank of America Cash Rewards Credit Card for Students: 1-3% cash back on all purchases. Signup bonus of $200 for spending $1,000 in the first 90 days. $0 annual fee.

- Bank of America Travel Rewards Credit Card for Students: 3 points for every dollar spent at the Bank of America Travel Center and 1.5 points on all other purchases. Signup bonus of 25,000 points for spending $1,000 in the first 90 days. $0 annual fee.

All of these Bank of America rewards credit cards require good-to-excellent credit, except the student cards. Individuals with limited credit can be approved for the two Bank of America student credit cards, but they’ll also need to be students.

If you don’t have good credit and aren’t a student but want a Bank of America card, your best option is the BankAmericard Secured credit card. It doesn’t give any rewards, but applicants with bad credit can be approved.