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Bank of America points value: How much are they worth and how do I maximize their value?

  • Meghan Hunter

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    Bank of America offers several valuable credit cards, many focused on the travel audience, and some for anyone with a cash back focus. Plus, folks with a Preferred Rewards relationship with Bank of America can earn rewards at an improved rate (up to 3.5 points per dollar).

    But once you earn a bunch of points, how do you redeem them? This can often be the most challenging part of the points game. Just remember this:

    But is either worth your time? Let’s take a look at Bank of America points value.

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    Want to get the maximum Bank of America points value to use on your next trip? I’ll show you what they are worth and how to maximize them. (Photo by Kalamurzing/Shutterstock)

    Bank of America points value with redemption examples

    Knowing how to calculate and maximize the value of your points and miles can be complicated — you’ll need an understanding of the Bank of America travel rewards points value to squeeze the most out of them. So we’ll give you some examples!

    You can redeem your Bank of America points for things like cash back, a full gamut of travel categories, and gift cards. As mentioned above, you’ll have a points value of anywhere from 0.6 to 1 cent per point no matter which way you decide to redeem.

    What value can you get when redeeming your points for cash back?

    Quick answer: Between 0.6 cents and 1 cent per point

    You want to be careful before redeeming points for cash back because sometimes it will give you far less value than other options.

    Travel Rewards: The Bank of America® Travel Rewards credit card and the Bank of America® Business Advantage Travel Rewards World Mastercard® credit card allow for a $15 check or statement credit for 2,500 points – a value of 0.6 cents per point. You can do better.

    Premium Rewards: The Bank of America®️ Premium Rewards®️ credit card gives you a full 1 cent per point. You can redeem a minimum of 2,500 points for a $25 statement credit, or you can direct deposit to a Bank of America or Merrill banking account. This is the best way to redeem Premium Rewards.

    Cash back is a great option if you have the Bank of America Premium Rewards card, but not if you have the Bank of America Travel Rewards or the Bank of America Business Advantage Travel Rewards. (Photo by STILLFX/Shutterstock)

    What value can you get when redeeming your points for travel?

    Quick Answer: 1 cent per point

    Travel Rewards: For the Bank of America Travel Rewards and the Bank of America Business Advantage Travel Rewards, redeeming for travel is the best value you’ll get for your points.

    Also, the process of redeeming points for travel is as easy as it gets. You pay for travel as you normally would, using your credit card, and when the charge appears on your statement, you can erase the charge using “travel credits.” You’ll need 2,500 points to buy a $25 travel credit (1 cent per point). No need to plan ahead, book through a special portal or redeem anything in advance.

    Best of all, Bank of America has a wide definition of travel. Disney vacation? That can be expensive. Wipe part of that charge with travel credits. Who likes to pay for parking? Use travel credits. Need to rent a yacht? It’ll take a lot of points, but you can wipe that away with travel credits, too.

    In fact, you can apply travel credits to all of the following travel-related categories:

    Premium Rewards: For the Bank of America Premium Rewards credit card, you can also redeem your points for travel using the Bank of America travel portal. You’ll get 1 cent per point on a minimum redemption of 2,500 points — the same value as cashback. However, you’re better off redeeming your points for cash back and pay for the travel purchase with the card, earning 2 points per dollar.

    Bank of America’s broad definition of travel includes RV rentals. (Photo by Andrey Armyagov/Shutterstock)

    What value can you get when redeeming your points for gift cards?

    Quick answer: Between 0.8 cents and 1 cent per point, but this is a bad redemption choice

    Travel Rewards: You can redeem points from the Bank of America Travel Rewards and the Bank of America Business Advantage Travel Rewards for gift cards, as well. Gift cards start at 3,125 points for a $25 card (0.8 cents per point), and redemptions get more valuable as the gift card amount increases, topping out at a $250 gift card for 25,000 points (1 cent per point).

    Premium Rewards: The Bank of America Premium Rewards credit card provides a value of 1 cent per point on all gift card purchases, starting at a $25 gift card for 2,500 points.

    However, for both Travel Rewards and Premium Rewards, even if you get 1 cent per point on the purchase, you are better off redeeming your points to wipe charges off your statement. That’s because you don’t EARN points when redeeming for a gift card. It’s a better idea to just BUY a gift card with your credit card, and then erase the purchase later with points.

    You can redeem your Bank of America Travel Rewards points for gift cards, but you won’t get the best value that way. (Photo by Sorbis/Shutterstock)

    Miles vs. Cash calculator

    Try out our interactive miles vs. cash calculator if you’re unsure about using miles or paying cash for your next flight. Instead of trying to figure it out for yourself, the calculator does the math and determines if your redemption falls below the lowest acceptable miles value (according to our points valuations). Simply input the cost of the cash ticket you’re interested in, as well as the number of miles required for the flight. The recommended payment will then be indicated on the right side. 

    How to earn Bank of America points 

    CardType of rewards earnedWelcome bonusAnnual feeOngoing earnings
    Bank of America®️ Premium Rewards®️ credit card“Premium” rewards50,000 bonus points after spending $3,000 on purchases in the first 90 days of account opening. Terms apply.$95-2 points per $1 on travel and dining purchases-1.5 points per $1 on everything else-up to $100 airline incidental fee credit 
    Bank of America® Travel Rewards credit card“Travel” rewards25,000 bonus points after spending $1,000 on purchases in the first 90 days of account opening. Terms apply.none-1.5 points per $1 on all purchases
    Bank of America® Business Advantage Travel Rewards World Mastercard® credit card“Travel” rewards30,000 bonus points after spending $3,000 on purchases in the first 90 days of account opening. Terms apply.none-1.5 points per $1 on purchases-3 points per $1 on travel booked through the Bank of America Travel Center

    The information for Bank of America Premium Rewards, Bank of America Travel Rewards, and Bank of AMerica Business Advantage Travel Rewards has been collected independently by Million Mile Secrets. The card details on this page have not been reviewed or provided by the card issuer.

    Pairing these cards with Bank of America Preferred rewards

    If you’ve got a banking relationship with Bank of America, you could earn up to a 75% bonus when you swipe either the Bank of America Travel Rewards credit card or the Bank of America Premium Rewards credit card (business cards aren’t eligible for a bonus).

    The bonus you receive depends on the balance in your Bank of America account:

    That means if you’ve got $100,000 in your Bank of America account, you’ll earn 3.5 points per dollar when you use your Bank of America Premium Rewards for travel and dining (2 points per dollar + 75% bonus).

    Bank of America figures your account balance by averaging the combined balance of the previous three months. You can read the full details here.

    Bottom line 

    You can rack up a lot of points on Bank of America cards, especially if you have a Preferred Rewards relationship with the bank.

    It’s not difficult to receive a value of 1 cent per point with these cards. And they’re excellent for erasing purchases that lots of other cards won’t. Bank of America may just have the broadest travel category of all.

    Whether you choose a travel credit card like the Bank of America Travel Rewards or the Bank of America Business Advantage Travel Rewards or a premium rewards card like the Bank of America Premium Rewards, the points you earn will bring your vacation even closer to absolutely free.

    Editorial Note: We're the Million Mile Secrets team. And we're proud of our content, opinions and analysis, and of our reader's comments. These haven’t been reviewed, approved or endorsed by any of the airlines, hotels, or credit card issuers which we often write about. And that’s just how we like it! :)