What Are Bank Of America Points Worth?

Every Bank of America point is worth up to 1 cent, so for every 100 points that you earn, the maximum value you can redeem is for $1 back in rewards. This makes the entire earning structure very easy to understand for those that are confused by complicated rewards structures.

The only way to earn Bank of America points is by spending on a credit card issued by this bank. Bank of America offers many different credit cards that offer rewards and, depending on your spending habits, you can earn a good chunk of cash back from your everyday purchases.

The five cards that earn Preferred Rewards points are the Bank of America® Travel Rewards credit card, the Bank of America® Premium Rewards® credit card, the Bank of America® Premium Rewards® Elite credit card*, the Bank of America® Travel Rewards credit card for Students and the Bank of America® Travel Rewards Secured Credit Card*. These cards offer anywhere between 1.5 points per dollar on standard purchases to 2 points per dollar on all travel and dining purchases.

Categories include gas and EV charging stations, online shopping, cable, internet and phone providers, dining, travel, drug stores or home improvement and furnishings. The online shopping category is one of the most powerful, as many of the purchases you might be making will be via a company’s website.

While earning up to 3% cash back is a nice reward, that’s not the top tier of its rewards program. Bank of America offers a points multiplier for earned rewards for its banking and investment clients called Preferred Rewards.

Preferred Rewards comes with four elite tiers with each earning a bonus on credit card rewards:

• Gold tier: 25% bonus on earned rewards
• Platinum tier: 50% bonus on earned rewards
• Platinum Honors tier: 75% bonus on earned rewards
• Diamond tier: 75% bonus on earned rewards

If you’re using the Travel Rewards cards, you’ll earn between 1.875 points per dollar and 2.625 points per dollar spent. The Premium Rewards and Premium Rewards elite cards will earn between 1.875 points per dollar and 2.625 points per dollar spent on normal spend and 2.5 points and 3.5 points per dollar on travel and dining.

Since there is no difference in points earned between the Diamond and Platinum Honors tiers, you’ll max out at a 75% bonus on points earned. In order to achieve the Platinum Honors tier, you’ll need a combined three month average daily balance of $100,000 in your Bank of America and Merrill Lynch accounts.

Unlike many other banks, there are no airline or hotel transfer partners as part of the Bank of America Preferred Rewards program. This means that all of the rewards that you earn will only be redeemable for cash rewards.

Yes, in fact, aside from potential gift card redemptions, the only way to redeem your points is to turn them into cash. You can redeem your points on the mobile app, the website or by phone.

If you’re using the mobile device, log in to the Mobile Banking app and tap the “View My Rewards” link to see all the options available to you to redeem your rewards.

To check your credit card rewards balance and cash in or redeem your rewards points online, log in to Online Banking and select your credit card then select the Rewards tab.

If calling and talking to someone to help guide you is more your style, you can reach Bank of America by phone at 1-800-434-8313.

It should be noted that according to the Bank of America rewards website, rewards start at 2,500 points, so if you have fewer points than to redeem you’ll need to keep earning to make your redemption.

While Bank of America allows you the ability to redeem for cash back, many other banks offer competitive programs that allow you the same ability to get cash back but also have powerful travel rewards. As always, take a look at what is the best option for you before committing to one program.

Bank of America vs. Chase Ultimate Rewards

Chase Ultimate Rewards® is one of the most versatile and flexible rewards programs in the credit card space. Its most well known cards such as the Chase Sapphire Preferred® Card, Chase Sapphire Reserve®, and Chase Freedom Flex℠ all offer compelling alternatives to the Bank of America portfolio of credit cards.

Points earned via the Ultimate Rewards program can be redeemed for cash back just like the Rewards with Bank of America, but you’re also afforded 14 airline and hotel partners for which you can move your points and earn extra travel benefits.

United Airlines, Aeroplan and Hyatt are just some of the many partners that Chase partners with, and since your points move at a 1:1 ratio into these programs, the opportunity to earn flights and hotels with your points is endless.

Bank of America vs. American Express Membership Rewards

Another popular transferable currency is the American Express Membership Rewards program. American Express offers over a dozen travel partners with a 1:1 transfer ratio just like Chase Ultimate Rewards.

The cash-back proposition with American Express is slightly less than Bank of America, as many options for statement credits are slightly less than 1 cent each, so if you’re only looking for cash back, then the redemption options at Bank of America may be a better option for you. But if you’re even remotely considering using your points for flights and hotels, consider the Membership Rewards program as an option.

Bank of America vs. BILT Rewards

A relative newcomer to the points and miles game is the Bilt rewards program. The Bilt World Elite Mastercard® (see rates & fees) doesn’t come with an annual fee and has a simple earning structure. The card earns 1 point per dollar on rent payments without the transaction fee (on up to 100,000 points each calendar year), 3 points per dollar on dining, 2 points per dollar on travel (when booked through the Bilt Travel Portal or directly with an airline, hotel, car rental or cruise company), and 1 point per dollar on other purchases.

If you’re spending on Rent Day, the first of every month, you’ll earn double rewards on your purchases meaning 6 points on dining, 4 points on travel and 2 points everywhere else.

The points can be redeemed for statement credits at a half cent a piece, so using them for cash is a poor decision in comparison to the Bank of America program, but the true power of these points is with the travel partners. With over 15 airlines and hotels, including the new addition of Marriott Rewards, Bilt makes a compelling case to be in your wallet.

Bank of America’s card portfolio and its attached Rewards program only makes sense if you are able to keep a large balance with its bank and investment partner Merrill Lynch. By doing this you’ll receive multipliers of up to 75% and potential rewards earnings of up to 5.25% cash back. If you’re looking for flexibility in your rewards and the future potential to be able to move your rewards into travel programs, you should consider looking elsewhere.

To view rates and fees for Bilt World Elite Mastercard® please visit this page.