GP
ByGrace Pilling
Reviewed byBrett Holzhauer
Quality Verified
Updated: March 21, 2024
Advertising & Editorial Disclosure
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.
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How Much Are Bank of America Rewards Points Worth?
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.
Value of Bank of America Points Through Different Redemption Methods
Redemption Options | Value per Point |
|---|---|
Overall | 0.6 cents to 1 cent per point |
Cash Back | 0.6 cents per point with the Bank of America Travel Rewards Credit Card;1 cent per point with the Bank of America Premium Rewards Credit Card and the Bank of America Premium Rewards Elite Credit Card |
Gift Cards | 0.6 cents to 1 cent per point with the Bank of America Travel Rewards Credit Card;1 cent per point with the Bank of America Premium Rewards Credit Card and the Bank of America Premium Rewards Elite Credit Card |
Travel | 1 cent per point |
How Bank of America Rewards Points Compare to Other Credit Cards
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.
Bank of America Points Value vs. Others Cards
Credit Card Issuer | Average Value |
|---|---|
Bank of America | 0.6 cents to 1 cent per point |
American Express | 0.5 cents to 2 cents per point |
Chase | 1 cent to 1.5 cents per point |
Capital One | 0.5 cents to 1 cent per mile |
Citi | 0.5 cents to 1 cent per point |
Discover | 1 cent per point |
Wells Fargo | 1 cent per point |
How Much Are Bank of America Points Worth for Cash Back?
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.
Bank of America Points Value vs. Other Cards: Cash Back
Credit Card Issuer | Cash Back Value |
|---|---|
Bank of America | 0.6 cents per point with the Bank of America Travel Rewards Credit Card and the Business Advantage Travel Rewards Credit Card;1 cent per point with the Bank of America Premium Rewards Credit Card and the Bank of America Premium Rewards Elite Credit Card |
American Express | 0.6 cents per point |
Chase | 1 cent per point |
Capital One | 0.5 cents per mile |
Citi | 0.5 cents to 1 cent per point (depending on the card you have) |
Discover | 1 cent per mile |
Wells Fargo | 1 cent per point |
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.
How Much Are Bank of America Points Worth for Gift Cards?
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.
Bank of America vs. Other Card Issuers: Gift Cards
Credit Card Issuer | Average Value |
|---|---|
Bank of America | 0.6 cents to 1 cent per point |
American Express | 0.5 cents to 1 cent per point |
Chase | 1 cent per point, unless through a promotional offer |
Capital One | 1 cent per mile |
Citi | 1 cent per point, unless on sale |
Discover | Cannot redeem miles for gift cards |
Wells Fargo | 1 cent per point |
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.
How Much Are Bank of America Points Worth for Travel?
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.
Bank of America Points Value vs. Other Cards: Travel
Credit Card Issuer | Average Value |
|---|---|
Bank of America | 1 cent per point |
American Express | 0.5 cents to 1 cent per point |
Chase | 1 cent to 1.5 cents per point (depending on the card you have) |
Capital One | 1 cent per mile |
Discover | 1 cent per mile |
Citi | 1 cent per point |
Wells Fargo | 1 cent to 1.5 cents per point |
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.
How Much Are Bank of America Points Worth for Transfer Partners?
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.
Bank of America Points Value vs. Other Cards: Transfer Partners
Credit Card Issuer | Average Value |
|---|---|
Bank of America | No transfer partners |
American Express | 1 cent to 2 cents per point |
Chase | 1 cent to 2 cents per point |
Capital One | 1 cent to 2 cents per mile |
Citi | 1 cent to 2 cents per point |
Discover | Does not have transfer partners |
Wells Fargo | 1 cent to 2 cents per point (Only for the Bilt Mastercard) |
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.
How Much Are Bank of America Points Worth for Shopping?
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.
Bank of America Points Value vs. Other Cards: Shopping
Credit Card Issuer | Average Value |
|---|---|
Bank of America | 0.6 cents to 1 cent per point for gift cards |
American Express | 0.5 cents to 1 cent per point |
Chase | 1 cent per point |
Capital One | 0.8 cents per point |
Citi | 0.8 cents per point |
Discover | 1 cent per mile |
Wells Fargo | 1 cent per point |
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.
How to Earn and Maximize Points From Bank of America
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.
MONEYGEEK EXPERT TIP
Earning rewards is an outstanding way to use your expenses to your benefit. However, it’s vital to not spend more simply to earn more credit card rewards.
Additionally, if you’re earning Bank of America rewards, it’s worth considering moving your banking to BofA to maximize the amount of rewards you can earn.
— Brett Holzhauer, contributing expert for MoneyGeek
Earn Points Through Bank of America Partner Merchants
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.
About Bank of America Preferred Rewards
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.
HOW WE DETERMINED THE VALUE OF BANK OF AMERICA REWARDS POINTS
We have determined the average value of Bank of America reward points by accounting for how their worth changes based on different cards as well as all the redemption methods on offer.
Frequently Asked Questions
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.
Can I use my Bank of America points for someone else?
When it comes using your Bank of America Rewards points for others, you may use them to make flight and hotel bookings for anyone through the Bank of America Travel Center. Alternatively, you may use your Bank of America credit card to make a travel booking for someone else and then get a statement credit for your points to cover all or part of the cost.
Can I use my Bank of America points to buy something else?
Using your Bank of America points to make online or in-store purchases is not possible. However, you can use them to get gift cards from different merchants.
Can I convert my Bank of America Rewards points to cash?
Yes, converting your Bank of America points to cash is possible. If you have the Travel Rewards Card, you can redeem your points as an electronic deposit into an eligible Bank of America checking/savings account, as a credit into an eligible Merrill Cash Management Account or in the form of a check. If you have the Premium Rewards Credit Card or the Premium Rewards Elite Credit Card, you cannot opt for a check.
Are there any additional fees when transferring points to transfer partners?
Since you cannot transfer Bank of America Rewards points to any airline or hotel loyalty program, you don’t need to worry about transfer fees.
When do my Bank of America Rewards points expire?
If you’re wondering how to keep Bank of America Rewards points from expiring, all you need to do is keep your credit card account in good standing. You might forfeit your points if you or Bank of America closes your account for any reason.
Can I transfer my Bank of America Rewards points?
It’s not possible to transfer Bank of America Rewards points to an airline or hotel loyalty program or to anyone else.
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About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
sources
- Bank of America. "Travel Center." Accessed January 12, 2024.
- Bank of America. "Preferred Rewards." Accessed January 12, 2024.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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