Hello there! Ready to unlock the value of your Bank of America rewards? You've earned them, and now it's time to enjoy the benefits. Whether you've been diligently swiping your card for everyday purchases or strategically accumulating points for a dream vacation, knowing how to redeem your rewards effectively is key. This comprehensive guide will walk you through every step, ensuring you get the most out of your hard-earned rewards.
Understanding Your Bank of America Rewards
Before we dive into the redemption process, it's helpful to understand the different types of rewards Bank of America offers. Generally, you'll encounter:
- Cash Back Rewards: These are typically earned on a percentage basis of your spending. For instance, a card might offer 1.5% cash back on all purchases or higher percentages in specific categories.
- Points Rewards: Many Bank of America credit cards, especially travel-focused ones like the Bank of America® Travel Rewards credit card or the Bank of America® Premium Rewards® credit card, accumulate points. These points can then be redeemed for various options.
The value of your rewards can often be enhanced if you're a member of the Bank of America Preferred Rewards® program. This program offers bonuses on your credit card rewards, ranging from 25% to 75% more cash back or points, depending on your tier (Gold, Platinum, Platinum Honors, Diamond, and Diamond Honors). This is a significant perk for those who maintain substantial balances across their Bank of America and Merrill accounts.
Step 1: Accessing Your Rewards Portal – Let's Get Started!
The very first thing you need to do is access your rewards information. This is your gateway to seeing how much you've accumulated and what redemption options are available to you.
Sub-heading 1.1: Online Banking - Your Primary Hub
The most common and often the most comprehensive way to manage your Bank of America rewards is through their Online Banking platform.
- Log In: Go to the official Bank of America website (
www.bankofamerica.com - Navigate to Rewards & Deals: Once logged in, look for a tab or section typically labeled "Rewards & Deals." This is your central point for all things rewards-related.
- Select Your Credit Card: If you have multiple Bank of America credit cards, you'll need to select the specific card whose rewards you wish to view and redeem. Look for a "Credit Cards" section and click on the relevant card.
- View Available Rewards: You'll usually see a prominent button or section indicating "Available Rewards" or "View details/redeem." Click on this to proceed. This will often open a separate rewards page, providing a detailed breakdown of your points or cash back.
Sub-heading 1.2: Mobile Banking App - Rewards on the Go
For quick checks and on-the-go redemptions, the Bank of America Mobile Banking app is incredibly convenient.
- Open and Log In: Launch the Bank of America Mobile Banking app on your smartphone and log in.
- Find My Rewards: Look for an option like "My Rewards" or a similar rewards-focused section within the app.
- Select Credit Card: Similar to online banking, you'll need to select the specific credit card to see its rewards.
- Tap View/Redeem: You'll then tap on "View/Redeem" to see your rewards summary and redemption options.
Remember: While the app offers great convenience, some redemption options might be exclusively available through the full Online Banking website.
Step 2: Choosing Your Redemption Path – Diverse Options Await!
Once you've accessed your rewards, you'll be presented with various redemption options. The exact choices might vary slightly depending on the specific Bank of America credit card you hold (cash back versus points-based cards) and the type of rewards you've earned.
Sub-heading 2.1: Cash Back Redemptions - Direct and Easy
For cash back rewards, the process is usually straightforward and highly popular.
- Direct Deposit: This is often the most preferred method. You can choose to have your cash back directly deposited into an eligible Bank of America checking or savings account. This is essentially like getting free money into your bank account!
- Statement Credit: You can also opt to apply your cash back as a statement credit to your credit card. This reduces your outstanding balance, effectively lowering your next payment. While convenient, it doesn't give you actual cash in hand.
- Credit to Merrill Accounts: If you have eligible Merrill accounts (including 529 college savings accounts), you might have the option to credit your cash back to these accounts, which can be a great way to boost your investments or savings goals.
- Amazon.com Purchases: For certain cards, you may be able to use your cash rewards to pay for eligible purchases when shopping on Amazon.com.
- PayPal: Similarly, some cards might allow you to redeem cash back when checking out with PayPal.
- Check: While less common for smaller amounts, you may also have the option to request a check for your cash back, often with a minimum redemption amount (e.g., $25).
- Automatic Redemption: Many cash back cards offer the option to set up automatic redemptions once a certain threshold is met (e.g., $25). This is a fantastic set-it-and-forget-it option if you prefer not to manually redeem your rewards.
Sub-heading 2.2: Points Redemptions - Travel, Gift Cards, and More!
If your Bank of America card earns points, your redemption options will be more varied.
- Travel Redemptions:
- Statement Credit for Travel Purchases: This is a very flexible option, especially for cards like the Bank of America® Travel Rewards card. You can book your travel (flights, hotels, rental cars, vacation rentals, even baggage fees and in-flight services) however you like, and then redeem your points for a statement credit to offset those travel purchases. This offers immense flexibility as you're not restricted to a specific travel portal.
- Bank of America Travel Center: Some cards allow you to book travel directly through the Bank of America Travel Center. This might offer special rates or bonuses for booking through their portal.
- Cash Back (as a Deposit or Statement Credit): Even with points-based cards, you typically have the option to convert your points into cash back, either as a direct deposit or a statement credit. The redemption rate here is often 1 cent per point.
- Gift Cards: A popular option for many, you can redeem your points for a wide array of gift cards from various retailers, restaurants, and entertainment providers.
- Contributions to Merrill Accounts: Similar to cash back, you can often apply points to eligible Merrill accounts, including 529 plans.
- Unique Experiences or Merchandise: Depending on your card and the program, you might find options for unique experiences or merchandise through a rewards catalog. These can sometimes offer less value per point, so always compare before redeeming.
Step 3: Executing Your Redemption - The Final Steps
Once you've decided on your preferred redemption method, it's time to finalize the process.
Sub-heading 3.1: For Online Banking Users
- Select Redemption Type: On the "Available Rewards" or "Redeem Points" page, select the specific redemption option you desire (e.g., "Get cash back," "Redeem for statement credit," "Book Travel").
- Choose Account/Amount:
- For Cash Back: If you're opting for a direct deposit, select the Bank of America checking or savings account where you want the funds to be deposited. You can usually choose to "Redeem all" or enter a specific amount.
- For Statement Credit: Simply confirm you want to apply the rewards as a statement credit to your credit card.
- For Travel Statement Credit: You'll typically identify eligible travel purchases on your statement and then apply the points to cover them.
- For Gift Cards: Select the desired gift card and the amount.
- Review and Confirm: Carefully review all the details of your redemption. Ensure the amount, the receiving account (if applicable), and the redemption type are correct.
- Complete Redemption: Click the "Complete Redemption" or "Confirm" button. You'll usually receive a confirmation message and potentially an email.
Sub-heading 3.2: For Mobile Banking App Users
- Select Redemption: On the "Rewards Summary" screen, tap on your chosen redemption method (e.g., "Redeem for cash").
- Specify Details:
- Cash: Select how you want to receive the cash (deposit to an eligible account or statement credit). Tap "Redeem all" or enter a specific amount.
- Other Redemptions: Follow the app's prompts to select gift cards, apply to travel, etc.
- Review and Swipe/Confirm: Review the details, and for many app redemptions, you might need to "drag the toggle down" or tap to confirm to complete the redemption.
- Confirmation: You'll see a confirmation screen, and a notification of your successful redemption.
Important Considerations and Tips
- Minimum Redemption Amounts: Be aware that some redemption options may have minimum redemption thresholds (e.g., you might need at least $25 in cash back or 2,500 points to redeem).
- Redemption Value: While many redemptions offer a consistent value (e.g., 1 cent per point for cash back or travel statement credits), always check the value before redeeming for gift cards or merchandise, as these can sometimes offer a lower value.
- Processing Time: Redemptions, especially direct deposits, can take a few business days to process and appear in your account or as a statement credit. Don't panic if it's not instant!
- Preferred Rewards Program: If you have significant assets with Bank of America and Merrill, exploring the Preferred Rewards program can significantly boost your earning potential and the value of your rewards. This program offers tiered benefits based on your combined average daily balance, leading to higher credit card rewards bonuses, interest rate boosts, and other perks.
- Expiration: Generally, Bank of America rewards do not expire as long as your account remains open and in good standing. However, it's always a good idea to confirm this for your specific card.
- Changing Categories (Customized Cash Rewards): If you have the Bank of America® Customized Cash Rewards credit card, remember you can change your 3% cash back category once a month through online or mobile banking. This allows you to maximize your earnings based on your spending habits.
10 Related FAQ Questions
How to check my Bank of America rewards balance?
You can easily check your Bank of America rewards balance by logging into your Online Banking account and navigating to the "Rewards & Deals" tab, or by using the Bank of America Mobile Banking app and looking for "My Rewards."
How to redeem Bank of America cash back rewards as a statement credit?
Log into Online Banking or the Mobile Banking app, go to your rewards section, select your cash back card, choose the "statement credit" option, and confirm the amount you wish to apply.
How to redeem Bank of America Travel Rewards for travel?
For the Bank of America® Travel Rewards credit card, you typically redeem points as a statement credit to cover eligible travel (and dining) purchases you've already made, offering great flexibility. You can also book through the Bank of America Travel Center.
How to redeem Bank of America rewards for gift cards?
Log into your Online Banking or Mobile Banking app, navigate to your rewards, and look for the option to redeem for "Gift Cards." You'll then be able to browse and select from available gift card options.
How to set up automatic redemption for Bank of America rewards?
Within your online banking rewards portal, or sometimes in the mobile app, you can often find an "Auto Redemption" option. Select this, choose your preferred deposit account (if applicable), and set the minimum redemption threshold.
How to contact Bank of America customer service about rewards?
You can contact Bank of America Credit Card Customer Service at 1.800.434.8313 (Mon-Fri 9 a.m.-9 p.m. ET) to inquire about your rewards.
How to maximize my Bank of America rewards earnings?
To maximize earnings, consider enrolling in the Bank of America Preferred Rewards® program if eligible, use your card for all eligible purchases, and for cards like the Customized Cash Rewards, actively change your bonus category to align with your highest spending.
How to know if my Bank of America rewards will expire?
Bank of America cash rewards and points generally do not expire as long as your account remains open and in good standing. However, always refer to your specific card's terms and conditions for definitive information.
How to redeem rewards to a Merrill account?
When redeeming cash back or points, you may see an option to credit your rewards to eligible Merrill accounts, including Merrill Lynch brokerage accounts or Merrill 529 College Savings Plans. Select this option and the specific Merrill account during the redemption process.
How to check the value of my Bank of America points?
For most Bank of America points-earning cards, points are valued at 1 cent per point when redeemed for cash back or travel statement credits. For other redemptions like gift cards or merchandise, the value might vary, so it's best to check the specific redemption rate before confirming.
