Bank of America has two credit card rewards programs, Bank of America Cash Back Rewards and Bank of America Points Rewards. These two Bank of America rewards programs feature different credit cards, reward currencies, earning rates and redemption options.
Bank of America Credit Card Rewards Program Overview
| Name | Overall Rating | Type of Rewards | Average Value Per $1 Spent |
| Bank of America Cash Back Rewards | 4.5/5 | Cash Back | 1 cent |
| Bank of America Points Rewards | 4/5 | Points | 0.85 cents |
Offers information was collected on Feb. 20, 2022, and is likely to have changed since.
Summary: Bank of America Rewards Program Scores by Review Category
| Category | Score |
|---|---|
| Earning Policies | 26/30 |
| Redemption Policies | 11/20 |
| Rewards Value per $1 Spent | 30/30 |
| Eligibility & Transparency | 17/20 |
| OVERALL | 84/100 |
How to Earn Bank of America Rewards
Category Rating: 88% (26/30)
The credit cards within each Bank of America rewards program offer different earning rates, though you will receive at least 1 point per $1 spent or 1% cash back on all purchases.
Earning Rates by Program
- Bank of America Points Rewards: 1 to 3 points per $1 spent, depending on the card
- Bank of America Cash Back Rewards: 1% to 3% cash back, depending on the card
Earning Restrictions
The Bank of America credit card rewards programs (and specific cards within those programs) may place restrictions on the rewards you can earn. For example, some Bank of America Cash Back Rewards cards limit the total dollar value of purchases eligible to earn bonus rewards each quarter. Purchases in those categories beyond the limit will earn 1% cash back.
On the other hand, certain cards in the Bank of America Points Rewards program may offer bonus points on travel that are limited to purchases made through the Bank of America Travel Center.
You can learn more by checking out WalletHub’s individual reviews of the rewards programs.
How to Redeem Bank of America Rewards
Category Rating: 56% (11/20)
The best way to redeem Bank of America rewards is for travel with Bank of America Points Rewards because that redemption option offers the greatest value. With Bank of America Cash Back Rewards, the only redemption option is cash back. Below, you can learn more about the redemption options for each program.
Cash Back
Both Bank of America Cash Back Rewards and Bank of America Points Rewards allow you to get cash back in the form of a check, a statement credit or a direct deposit to a bank account. Certain options may not be available on specific cards.
Travel
With Bank of America Points Rewards, 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.
Gift Cards
With Bank of America Points Rewards, you can trade your points for gift cards from a variety of popular retailers, such as Amazon, Target, Walmart, Macy’s and Home Depot.
Redemption Restrictions
- Limited redemption options with cash back program: Bank of America Cash Back Rewards does not provide a redemption option for travel or gift cards.
- Minimum redemption amount: Both programs have a minimum redemption amount. You need to have 2,500 points or $25 in cash back to start redeeming.
- No transfer partners: The Bank of America Cash Back Rewards and Bank of America Points Rewards programs do not allow you to transfer your rewards to any hotel or airline loyalty programs. Many other top rewards programs do offer this feature.
Bank of America Rewards Value
Category Rating: 100% (30/30)
- Bank of America Points Rewards: 0.85 cents per $1 spent
- Bank of America Cash Back Rewards: $1 in rewards = $1 USD cash back
| Redemption Option | Programs That Offer | Average Rewards Value |
| Cash Back | Bank of America Cash Back Rewards
Bank of America Points Rewards
|
Cash Back Rewards: $1 in rewards = $1 cash back
Points Rewards: 0.6 cents - 1 cent per point*
|
| Travel | Bank of America Points Rewards | 1 cent per point |
| Gift Cards | Bank of America Points Rewards | 0.8 cents - 1 cent per point* |
*Varies by card
Overall, Bank of America Cash Back Rewards program offers more rewards value per dollar spent. However, the best rewards program for you depends on your individual spending habits and what you want to redeem your rewards for.
Bank of America Eligibility & Transparency
Category Rating: 85% (17/20)
The Bank of America credit card rewards programs have different cards that participate in them. Choosing any of the cards in a program will subject you to the same basic rules.
Participating Cards by Bank of America Rewards Program
Miscellaneous Details
There are a few other key things that you should know about each of the Bank of America credit card rewards programs. You can find highlights below. For the full details, check out WalletHub’s individual reviews of the programs.
Key Things to Know About Bank of America Points Rewards
- Points never expire as long as your account stays open and in good standing.
- Cardholders who are part of the Bank of America Preferred Rewards program earn 25% to 75% more points on every purchase.
- There are good credit card options for light travelers, heavy spenders and students.
Key Things to Know About Bank of America Cash Back Rewards
- Your cash back never expires as long as the account stays open and in good standing.
- Cardholders who are part of the Bank of America Preferred Rewards program earn 25% to 75% more cash back on every purchase.
- There are good credit card options for the average consumer, students and people with bad credit.
Bank of America Rewards Programs vs. Other Popular Options
| Rewards Program | Overall Score |
| Bank of America Points Rewards | 83/100 |
| Bank of America Cash Back Rewards | 88/100 |
| Capital One Cash Back Rewards | 93/100 |
| Capital One Miles Rewards | 89/100 |
| Chase Ultimate Rewards | 86/100 |
| Citi ThankYou Rewards | 85/100 |
| Amex Blue Cash Reward Dollars | 81/100 |
Summary: Bank of America Rewards Program Ratings by Category
| Name | Overall Rating | Earning Policies Rating | Redemption Policies Rating | Rewards Value Per $1 Spent Rating | Eligibility & Transparency Rating |
| Bank of America Points Rewards | 83/100 | 27/30 | 9/20 | 30/30 | 17/20 |
| Bank of America Cash Back Rewards | 88/100 | 26/30 | 14/20 | 30/30 | 18/20 |
| Average Score | 84/100 | 26/30 | 11/20 | 30/30 | 17/20 |
Methodology
This review of the Bank of America credit card rewards programs is a compilation of data from WalletHub’s individual reviews of each program. These individual reviews are 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.
