- No transfer partners
- Some cards offer lackluster value for cash back/gift card redemption
- Some cards are very expensive
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
|Rewards Value per Point||30/30|
|Eligibility & Transparency||17/20|
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.
- 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.
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 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.
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.
Bank of America Points Rewards Redemption Value
|Redemption Options||Value of 1 point|
|Car rentals||1 cent|
|Other travel||1 cent|
|Check||0.6 cents - 1 cent*|
|Electronic deposit to Bank of America checking/savings account||0.6 cents - 1 cent*|
|Electronic deposit to Cash Management Account with Merrill||0.6 cents - 1 cent*|
|Average||0.6 cents - 1 cent*|
|Various gift cards||0.8 cents - 1 cent*|
|Average||0.8 cents - 1 cent*|
*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® Premium Rewards® Elite Credit Card
- Bank of America® Travel Rewards Credit Card for Students
Bank of America Points Rewards Credit Card Comparison
|Bank of America Credit Card||Annual Fee||Initial Bonus||Rewards Rate|
|Bank of America® Travel Rewards credit card||$0||25,000 points||1.5 points / $1|
|Bank of America® Premium Rewards® credit card||$95||50,000 points||1.5 - 2 points / $1|
|Bank of America® Premium Rewards® Elite Credit Card||$550||50,000 points||1.5 - 2 points / $1|
|Bank of America® Travel Rewards Credit Card for Students||$0||25,000 points||1.5 - 3 points / $1|
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:
- 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.
- 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.
- 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.
- 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.
- 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
|Category||Bank of America Points Rewards||Bank of America Cash Back Rewards||Chase Ultimate Rewards|
|Average Point/Point Value||0.85 cents||$1 in rewards = $1||1.07 cents|
|Redemption Options Rank||23||4||2|
|Notable Rewards Card||Bank of America® Premium Rewards® Elite Credit Card||Bank of America® Unlimited Cash Rewards credit card||Chase Freedom Unlimited®|
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.