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Bank of America offers numerous cash-back rewards-earning cards. Cashing these rewards out is a fairly standard procedure. In this post, we'll walk you through how to redeem cash back with Bank of America so you know how to redeem your earnings.
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Options for Redeeming Your Bank of America Cash Back
There are multiple ways you can receive your cash-back earnings from your Bank of America cards:
- Redeem as a statement credit at any time, in any amount, to your credit card.
- Redeem for a deposit at any time, in any amount, to a Bank of America checking or savings account or to an eligible Merrill account.
- Set up automatic redemptions into an eligible Bank of America or Merrill account.
Redemptions require a minimum of $25 or 2500 points.
Important terms to know:
- All redemptions are final once processed.
- You will receive your electronic deposit within five business days.
- If the deposit is rejected for any reason, the redeemed rewards will be reinstated to your credit card account, and Bank of America will notify you at the email address on your account.
- Points are redeemable in whole numbers only. Any fractions of points you've earned will accumulate toward future redemptions.
- Additional program details can be found in the Program Rules.
How To Redeem Bank of America Cash Back
To redeem cash back earned with Bank of America, start by logging into your account. The screenshots below are from the desktop site. The app will have the same information and options.
First, select the account from which you want to redeem your cash back. Then, locate your rewards balance.
Click on “View/Redeem” under the rewards balance. This will open up the screens below. It may look a bit different, depending on which card you have.
The above image shows how the redemption page looks for the Bank of America® Premium Rewards® credit card. Below, you'll see how it looks for the Bank of America® Customized Cash Rewards credit card.
You will then select either “Redeem Points” or “Redeem Cash Rewards,” depending on which type of rewards your credit card earns. This takes you to another window with three options.
The travel option takes you to the Bank of America travel portal, where cash back can be redeemed at 1¢ per point on travel bookings. This is not an ideal use of your cash back. You also can redeem for gift cards from various retailers and restaurants. This can be useful, but it still isn't cold, hard cash.
To get your cash-back rewards in actual cash, select the cash option and click “Redeem.”
You'll see a new screen with two options: one-time redemption and auto redemption.
For a one-time redemption, you can redeem directly to any Bank of America checking or savings account, any eligible Merrill investment account, or as a statement credit to your credit card. You must redeem a minimum of $25 or 2,500 points. Select your preferred redemption option, enter the amount you wish to redeem, and then click “Redeem.”
For automatic redemptions, there's also a minimum redemption of $25 or 2,500 points. Auto redemptions occur at the end of the month. If your points balance meets the minimum required, all available points are redeemed, and the cash value is deposited into the account listed in your preferences.
You can redeem directly to any Bank of America checking or savings account or any Merrill investment account. By clicking on “Edit my preferences,” you can change the destination account for these redemptions.
Redemptions usually process to your available balance instantly, but the terms do say it can take up to five business days. Even if you have automatic redemptions enabled, you still can make one-time redemptions whenever you'd like.
Bank of America Cards That Earn Cash Back
So, how can you earn some of this cold, hard cash? Bank of America offers several credit cards that earn cash back. Each has different earning structures and categories, but clicking on the card's name will take you to our detailed review:
- Bank of America® Customized Cash Rewards credit card
- Bank of America® Unlimited Cash Rewards credit card
- Bank of America® Premium Rewards® credit card
- Bank of America® Premium Rewards® Elite Credit Card
You also can supercharge your cash-back earning rate with the Preferred Rewards program, which rewards you for holding more money in Bank of America and Merrill accounts. One of the best benefits of this program is the bonus multiplier on all eligible Bank of America credit cards, which effectively raise your earnings on all purchases. The more you have in your accounts, the more you earn.
It's also worth noting that you can redeem points earned on the Bank of America travel card for cash back. However, the redemption value is less than if you redeem points for travel—0.6 cents per point as cash back as opposed to 1 cent per point for travel redemptions.
Bottom Line
Redeeming cash-back earned with Bank of America is a fairly standard process. Just select your preferred method of cashing out, and then decide whether or not you want to automate the process. Cash out to a checking or savings account, as a statement credit to your credit card, or invest in your future. Any of these methods offers an optimum way to enjoy your hard-earned cash-back rewards.
If all else fails and you run into errors trying to redeem online or in the app, you can redeem your cash back by calling Bank of America at 800-434-8313, and then select option 2.
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