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Offers for the Bank of America® Customized Cash Rewards credit card, Bank of America® Premium Rewards® credit card, Bank of America® Premium Rewards® Elite Credit Card, Bank of America® Travel Rewards credit card and Bank of America® Unlimited Cash Rewards credit card are not available through this site. Some offers may have expired. Please see our card marketplace for available offers
Bank of America offers numerous cash-back rewards-earning cards. In this post, we'll walk you through the simple process of redeeming your cash back earnings with Bank of America.
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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 (minimum of $25 or 2,500 points).
- Redeem for a personal check, which may take up to 14 days for delivery (minimum of $25 or 2,500 points).
And there are a few important things to know before you begin the process:
- 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 only in whole numbers. Any fractions of points you've earned will accumulate toward future redemptions.
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 image above shows how the redemption page appears 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 opens 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. You can also redeem for gift cards from various retailers and restaurants. Neither of these options is an ideal use of your cash back.
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, issued in the form of a personal check, or as a statement credit to your credit card. You must redeem a minimum of $25 or 2,500 points for a check or contribution to a qualifying 529 account. 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 instantly against your available balance, but the terms 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 Credit 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
$0
- 6% cash back for the first year in the category of your choice: gas and EV charging stations, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy purchase, or home improvement/furnishing purchases, then 3% after the first year of card membership*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
- * You'll earn 6% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
$95
- 2 points for every $1 spent on travel and dining purchases
- 1.5 points per $1 spent on all other purchases
$550
- 2 points for every dollar spent on travel and dining purchases
- 1.5 points per dollar on all other purchases
You can also 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 top benefits of this program is the bonus multiplier on all eligible Bank of America credit cards, which raises 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 lower: you'll earn only 0.6 cents per point in cash back, compared to 1 cent per point for travel redemptions.
Related: Bank of America Releases More Details on the Preferred Rewards Changes — What to Know
Bottom Line
Redeeming cash-back earned with Bank of America is a fairly standard process. Just select your preferred cashing-out method, then decide whether 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 selecting option 2.
- 6% cash back for the first year in the category of your choice: gas and EV charging stations, online shopping/cable/internet/phone plan/streaming, dining, travel, drug store/pharmacy purchase, or home improvement/furnishing purchases, then 3% after the first year of card membership*
- 2% cash back at grocery stores and wholesale clubs*
- 1% cash back on all other purchases
- * You'll earn 6% and 2% cash back on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%. After the 3% first-year bonus offer ends, you will earn 3% and 2% cash back on these purchases up to the quarterly maximum.
