Bank of America Points Rewards Program Review

Bank of America Points Rewards Review Summary

Bank of America Points Rewards is the 13th best credit card rewards program, according to WalletHub's latest comparison, receiving 83 points out of a possible 100. The Bank of America Points Rewards program features several popular credit cards, including the Bank of America® Travel Rewards credit card and the Bank of America® Premium Rewards® credit card. There are several redemption options, too, from travel to cash back to gift cards.

Bank of America Points Rewards Review Scorecard

#8 for Earning Policies
#23 for Redemption Policies
#1 for Rewards Value per Point
#13 for Eligibility & Transparency

Bank of America Points Rewards Credit Cards

Summary: Bank of America Points Rewards Scores by Review Category

How to Earn Bank of America Points Rewards

Category Rating: 90% (27/30)

You will earn at least one point in return for every dollar you spend with a Bank of American Points Rewards credit card. Choosing the right credit card and using it strategically can enable you to earn even more points, and there’s no limit on how many points you can earn.

Noteworthy Features:

• Points don’t expire: As long as your account is open and in good standing, your points never expire.

• Relationship rewards for banking/investment customers: Cardholders who are part of the Bank of America Preferred Rewards program earn 25% to 75% more points on every purchase.

Earning Restrictions to Watch Out For: Certain Bank of America Points Rewards credit cards, such as the Bank of America® Travel Rewards credit card, may offer bonus points on travel that are limited to purchases made through the Bank of America Travel Center.

How to Redeem Bank of America Points Rewards

Category Rating: 43% (9/20)

The best way to redeem Bank of America points is for travel because it offers significantly more value than the other options. Below, you can learn more about all the redemption options the Bank of America Points Rewards program offers.

Travel

You may be able to redeem your points to book new travel or to cover travel purchases made in the past 12 months, depending on the card.

Cash Back

Cash back redemption can take the form of a check, a statement credit or an electronic deposit to a bank account, though certain options may not be available on all cards.

Gift Cards

You can trade your Bank of America points for gift cards from a variety of popular retailers, such as Amazon, Target, Walmart, Macy’s and Home Depot.

Redemption Restrictions to Watch Out For:

• Minimum redemption amount: The minimum number of points needed to redeem is 2,500.
• No travel partners: Bank of America Points Rewards does not offer the ability to transfer points to other companies’ loyalty programs.

Bank of America Points Rewards Value

Category Rating: 100% (30/30)

Bank of America points are worth 0.6 cents to 1 cent each, and cards that participate in the rewards program offer different amounts of points for different types of purchases. This ranges from 1 to 3 points per $1 spent.

*Varies by card

Bank of America Points Rewards Eligibility & Transparency

Category Rating: 83% (17/20)

Not every Bank of America rewards credit card gets to participate in the Points Rewards program. Bank of America’s several cash back credit cards are in a separate program, for example.

Bank of America Points Rewards Credit Cards

• Bank of America® Travel Rewards credit card

• Bank of America® Premium Rewards® credit card

• Bank of America® Premium Rewards® Elite Credit Card
• Bank of America® Travel Rewards credit card for Students

Bank of America Points Rewards Credit Card Comparison

For more information, check out our editors’ latest picks for the best Bank of America credit cards by category.

5 Tips for Getting the Most Out of Bank of America Points Rewards

Following these tips could mean the difference between earning a free family vacation and only getting enough for a one-way flight: 

1. Pick the Right Card & Use it Wisely 
   Some Bank of America Points Rewards cards offer bonus points if you spend a certain amount within a few months of account opening. Others reward you more for purchases in certain spending categories. And some combine the two. Your job is to find a card that complements your particular needs.
   

2. Redeem regularly
   The whole point of earning credit card rewards is to enjoy the savings they provide. If you just leave your points sitting in your account unused, they won’t do you much good.
   

3. Pay your bill on time every month
   Your points won’t expire as long as your account remains open and in good standing. In other words, you have nothing to worry about if you pay your monthly bills on time.
   

4. Pay your bill in full every month
   Paying interest at a credit card’s regular APR will end up costing you more than rewards save you. Paying in full monthly allows you to avoid interest charges.
   

5. Redeem before closing your account
   You will lose any points left unredeemed when you close your account.

Bank of America Points Rewards vs. Bank of America Cash Back Rewards vs. Chase Ultimate Rewards

Bank of America Points Rewards Review Methodology

This review of Bank of America Points Rewards is based on the same methodology as WalletHub’s annual study on the Best Credit Card Rewards Programs. Editor’s ratings reflect the sum of each program’s scores across the study’s four major categories, adjusted to a 5-point scale to create a representative distribution of ratings. The four major categories considered were: Earning Policies, Redemption Policies, Rewards Value per $1 Spent and Eligibility & Transparency.

WalletHub calculated point values for Bank of America Points Rewards by comparing the dollar value of redemption items against the number of points needed for each.