How Much Are Bank of America Rewards Points Worth?

The value of one Bank of America Rewards point ranges from 0.6 cents to 1 cent. But how much your points are ultimately worth depends on the Bank of America credit card you use and the redemption method you select. The Bank of America Travel Rewards Credit Card is worth 1 cent per point when redeemed for travel but only 0.6 cents when redeemed for cash back.

The overall value you get through the Bank of America Rewards program is on par with what you can expect through other credit card rewards programs. However, Preferred Rewards members benefit more as they move up the membership ladder.

The value of Bank of America rewards points can vary based on the type of credit card you have and how you choose to redeem your points. Generally, points may be worth up to 1 cent each. This means that 1,000 points could be equivalent to a $10 value. However, the exact value depends on specific factors:

• Type of Card: Different cards offer different point values. For instance, with the Premium Rewards and Premium Rewards Elite cards, points are valued at 1 cent each across all redemption methods. In contrast, if you redeem points from a Bank of America Travel Rewards Card for cash back, the value drops to 0.6 cents per point.

• Redemption Method: How you redeem your points (such as for travel, gift cards, or cash back) can affect their value.

• Preferred Rewards Program: If you are a Bank of America cardholder with an eligible checking account, enrolling in the Preferred Rewards program can impact your points. This program has four membership tiers based on your account balance. While your tier does not directly change the monetary value of each point, it can significantly affect the overall value you receive based on your spending due to the increased earning potential at higher tiers.

The value of Bank of America rewards points is comparable to those offered by other major credit card issuers. The worth of points or miles in any rewards program largely depends on your chosen redemption method.

How much Bank of America Rewards points are worth when you redeem them for cash back depends on the card you have. For example, the Bank of America Premium Rewards Card and the Premium Rewards Elite Card offer better value for cash back than the Bank of America Travel Rewards Card and the Business Advantage Travel Rewards Credit Card.

You can redeem the points you earn through a Premium Rewards Credit Card, a Premium Rewards Elite Credit Card or a Travel Rewards card as a deposit into an eligible Bank of America checking or savings account or as a credit to an eligible Merrill account (including a 529 account). You can also redeem your points as a statement credit to cover dining and travel purchases.

If you have the Premium Rewards Card or the Premium Rewards Elite Card, you can expect to get a value of 1 cent per point when redeeming points for gift cards. With the Travel Rewards Card, the value may drop to 0.6 cents depending on the gift card you select. Popular merchants on the list include Amazon.com, Best Buy, iTunes, Lowe’s, Home Depot, Nike and Walmart.

To redeem your points for gift cards, you need to log in to your Bank of America account and go to the rewards section. Select gift cards from the redemption methods on offer to view all your options. Choose the cards you wish to get and pay for them using points.

You may use your points to make airline, hotel or car rental bookings through the Bank of America Travel Center. Redeeming your points as a statement credit to cover travel charges on your card is also possible. In both cases, each Bank of America Rewards point’s value stands at 1 cent.

If you wish to use your points to make a flight or hotel booking, you need to log in to the Bank of America Travel Center. You can then choose from more than 200 airlines and over 200,000 hotels and resorts. If you want to redeem your points as a statement credit for travel purchases, you need to log in to the Bank of America website and head to the rewards section. Once you select the statement credit option, you can choose the eligible purchases you may cover.

The Bank of America Rewards program does not have any transfer partners. However, you can use your points to book flights or hotels through the Bank of America Travel Center. In this case, you'll get a value of 1 cent per point.

While transferring your points to an airline or a hotel partner is not an option, you may use your points to book flight tickets, hotel stays and car rentals through the Bank of America Travel Center.

Bank of America doesn't offer a way to use your points to make purchases directly. However, you can use your points to get gift cards from different merchants. You can also redeem the points you earn as cash back and then use the money to shop. In both cases, the card you have has a bearing on the value you get. For example, Travel Rewards cardholders get 0.6 cents per point when redeemed for cash back.

If you wish to redeem your points for gift cards that you can then use for shopping, you need to log in to your Bank of America account. Then, go to the rewards section and check the gift cards on offer.

Bank of America offers bonus points to new cardholders who meet spend-based requirements on certain credit cards. For instance, new Travel Rewards cardholders can earn 25,000 bonus points by spending $1,000 within the first 90 days. Other cards with similar offers include the Premium Rewards, Premium Rewards Elite, and the Business Advantage Travel Rewards Credit Cards.

Additionally, cardholders can earn extra points based on their Preferred Rewards membership tier.

It's important to note that Bank of America's co-branded travel credit cards, such as the Allegiant World Mastercard, the Alaska Airlines Visa Credit Card, and the Royal Caribbean Visa Signature Credit Card, don't earn Bank of America Rewards points, as they are linked to other rewards programs.

Cardholders with an eligible Bank of America credit or debit card may enroll in the BankAmeriDeals program. The BankAmeriDeals app enables you to earn cash back through various merchants when you make payments using your eligible credit or debit card. Merchants that have featured on this platform so far include CBS, Showtime, Fanatics, Under Armour and Walmart+. You may earn up to 10% cash back depending on the merchant you select.

Bank of America runs the Preferred Rewards program for its banking customers and those who invest with Merrill. The benefits you receive depend on your membership tier. Your membership tier is based on the three-month average combined balance in your Bank of America deposit and/or Merrill investment accounts.

• Gold: $20,000 to less than $50,000
• Platinum: $50,000 to less than $100,000
• Platinum Honors: $100,000 to less than $1 million
• Diamond: $1 million and more

Among the various Bank of America Rewards benefits, members stand to receive bonus points when they use their credit cards to make purchases.

• Gold: 25% bonus points
• Platinum: 50% bonus points
• Platinum Honors: 75% bonus points
• Diamond: 75% bonus points

Compared with rewards programs run by other credit card issuers, the Bank of America membership program offers fairly steady value across all its redemption methods, so you don't have to carry out extensive calculations to determine the worth of your points. However, the absence of any Bank of America Rewards transfer partners might be a drawback for some.

Looking at answers to other questions about how to redeem Bank of America Rewards points to get the best value might give you an indication of which method to choose.