Bank of America’s credit card rewards program is straightforward and simple. It may work for loyal Bank of America customers who want to earn and redeem cash back or travel rewards without a lot of hassle.
- How to earn Bank of America credit card rewards points
- Join the Preferred Rewards program to earn more rewards
- How to redeem Bank of America® credit card rewards points
How to earn Bank of America credit card rewards points
Bank of America offers several credit cards that can earn you rewards. And if you’re looking for rewards bonuses and other extra perks, you can also join Bank of America’s Preferred Rewards program. All three tiers in the program — Gold, Platinum and Platinum Honors — come with extras.
Join the Preferred Rewards program to earn more rewards
If you want to boost your rewards-earning potential on eligible cards by up to 75%, it may be worth considering joining Bank of America’s Preferred Rewards program. But to do so you’ll have to first qualify by having an eligible Bank of America checking account and have a minimum of $20,000 combined in qualifying Bank of America deposit accounts and/or Merrill investment accounts.
Here’s how the requirements and bonus rewards break down for each tier.
- Gold: $20,000 minimum 3-month combined average daily balance — 25% bonus rewards
- Platinum: $50,000 minimum 3-month combined average daily balance — 50% bonus rewards
- Platinum Honors: $100,000 minimum 3-month combined average daily balance — 75% bonus rewards
Although you’ll need to initiate enrollment in the program on your own, once you’re in, your balances will be checked monthly to see if you qualify for a higher tier. And don’t worry: Even if your balances fall below the $20,000 minimum, you’ll still get to stay in the program for a year after you enroll.
How to redeem Bank of America credit card rewards points
Redeeming Bank of America credit cards rewards points is fairly straightforward. But beyond maximizing your rewards-earning potential with the Preferred Rewards program bonuses, there’s very little cardholders can do to boost their point redemptions.
While each of the three cards has some variation between their redemption options, the value of points is the same for each card — 1 cent per point.
1. Redeem your points for cash
Certain cards let you redeem cash back as a statement credit against your balance on the card. You can also opt for a direct deposit into a Bank of America checking or savings account — or credits to eligible Merrill investment accounts.
2. Redeem your cash back rewards for an investment in education
If you’d instead prefer to invest the cash back that you earn in a 529 education savings account, some cards allow you to do so.
3. Redeem your travel rewards for statement credits
You may also be able to redeem your points against travel and dining purchases on your credit card statement. To use this benefit, simply log into your account and navigate to your rewards page to find redemption options.
What’s next?
The rewards program for Bank of America credit cards may be a good option for Bank of America loyalists, especially those who qualify for the points-boosting Preferred Rewards program. It may also be a good fit for people looking for an uncomplicated approach to earning and redeeming points for cash back or travel.