Bank of America’s credit card rewards are managed through the BankAmericard Rewards portal. Rewards can be redeemed for cash back, gift cards and travel experiences.
Bank of America cards earn between one and three points per dollar spent. Depending on which card you use, bonus points may be offered in certain categories such as travel, gas or groceries.
If you choose to use your points as cash back rewards, they will be worth at least 1 cent each – or more if you qualify for Preferred Rewards. Travel rewards are issued as a statement credit for 1 cent per point, though some cobranded cards and cards with Premium Air Rewards use a different redemption model. Redemption values for gift cards, special events and other redemption options will vary. You can begin redeeming points with just 2,500 points in your account.
Current Bank of America customers can increase their cash back redemption by enrolling in the Preferred Rewards program. Preferred Rewards assigns customers to tiers with a 25%, 50% or 75% rewards bonus based on the total balance in their Bank of America accounts. For example, someone averaging over $100,000 in combined balances would be eligible to earn a 75% rewards bonus on cash back redemptions into a Bank of America checking or savings account. If you are eligible for the 75% rewards bonus, a $100 cash back rewards redemption would increase to $175.
Make sure to check the terms of your specific card for any details about the Preferred Rewards program or points expiration, as these differ depending on which Bank of America credit card you use.
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