How Much Are Bank of America Rewards Points Worth?

The average value of Bank of America Rewards points varies between 0.6 cents to 1 cent per point, although Preferred Rewards members can earn even more value for their spending.

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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. For example, the points you earn through the Bank of America Premium Rewards Credit Card are worth 1 cent a piece, no matter how you redeem them. But with the Bank of America Travel Rewards Credit Card, each point is worth 1 cent 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 stand to benefit more as they move up the membership ladder.

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MoneyGeek’s Takeaways

rewards

One Bank of America Rewards point’s value typically varies from 0.6 cents to 1 cent.

points

Your choice of credit card and your redemption method can impact the value of your points.

preferences

You stand to receive bonus points based on your Preferred Rewards membership tier.

Some of the links on this page will take you to one of our partner's sites, where you can compare and apply for a selected credit card.

How Much Are Bank of America Rewards Points Worth?

Your Bank of America rewards points may be worth up to 1 cent each. So, for every 1,000 points you redeem, you may receive up to a $10 value. But ultimately, that value depends on the card you have and the redemption method you’ve chosen. For example, the Premium Rewards and Premium Rewards Elite cards offer a value of 1 cent per point across all redemption methods. However, if you redeem the points you earn through a Bank of America Travel Rewards Card for cash back, you will receive a value of 0.6 cents per point.

Bear in mind that Bank of America (BOA) cardholders who also maintain an eligible checking account with the bank may be able to enroll in the Preferred Rewards program, which has four membership tiers based on balance requirements. If you participate in this program, your tier can affect the number of points you earn. And while that doesn't directly impact the monetary value of each point you redeem, it can significantly impact the overall value you receive for your spending.

Value of BOA Rewards 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
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BEST OVERALL CREDIT CARD TO EARN REWARDS POINTS

The Bank of America Premium Rewards Credit Card is a great card for earning reward points. It offers 2X points per dollar on travel and dining purchases. You earn 1.5X points per dollar on all other purchases. If you spend $3,000 on purchases within the first 90 days, you get 50,000 bonus points. This card comes with a $95 annual fee.

Close on its heels, the no-annual-fee Bank of America Travel Rewards Credit Card offers 1.5X points per dollar on all purchases. It also offers 25,000 bonus points if you spend $1,000 on purchases within the first 90 days.

Which Credit Cards Earn Bank of America Rewards Points?


  • Bank of America® Travel Rewards credit card

    A no-annual-fee travel rewards card with a good spend-based welcome bonus offer


    • Good–ExcellentRecommended Credit
    • $0Annual Fee
    • 1.5 PointsRewards Rate

    Terms, rates and fees apply

  • Bank of America® Premium Rewards® credit card

    A great travel rewards card for people who don’t want to deal with blackout dates


    • Good–ExcellentRecommended Credit
    • $95Annual Fee
    • 1.5 – 2 PointsRewards Rate
    • 2xRewards Rate on Air Travel
    • 2xRewards Rate on Dining

  • Bank of America® Travel Rewards Credit Card for Students

    A great card for students who’re looking at earning travel rewards


    • None–GoodRecommended Credit
    • $0Annual Fee
    • 1.5 pointsRewards Rate

  • Bank of America® Business Advantage Travel Rewards World Mastercard® credit card

    A great no-annual-fee business rewards card with several added benefits


    • $0Annual Fee
    • 16.49% – 26.49% variableAPR
    • 9 billing cyclesAPR Offer Duration
    • 1.5–3 PointsRewards Rate
    • 3xRewards Rate on Air Travel

How Bank of America Rewards Points Compare to Other Credit Cards

The value you get for Bank of America rewards points is similar to what you may expect through rewards programs run by other popular credit card issuers. Remember that no matter which rewards program you’re part of, how much your points/miles are ultimately worth varies based on how you redeem them.

Value of Bank of America Points vs. Other Card Issuers: Reward Points
  • 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 vs. Other Card Issuers: 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

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.

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BEST CASH BACK CREDIT CARDS

The Bank of America Customized Cash Rewards Credit Card is the top pick from the cash back category. This no-annual-fee card offers a $200 cash rewards bonus if you spend $1,000 on purchases within the first 90 days. You earn 3% cash back on a category of your choice. Your options include travel, dining, gas, drugstores, online shopping and home improvement/furnishings. You get 2% cash back on wholesale club and grocery store purchases.

The 3% and 2% cash back you earn applies on combined spending of $2,500 across all bonus categories every quarter, after which you earn 1% cash back. All other purchases also come with 1% cash back. Preferred Rewards members may earn up to 75% more cash back on all purchases.

A 0% APR offer applies on purchases and balance transfers for the first 18 billing cycles.

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

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 vs. Other Card Issuers: 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
  • Citi
    1 cent per point

If you wish to use your points to make a flight or hotel bookings, 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.

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BEST TRAVEL CREDIT CARDS

The Bank of America Allegiant World Mastercard is an excellent travel card that's not linked to the Bank of America Rewards program. This co-branded card is linked to the Allegiant Air Allways Rewards program. It offers 3X points per dollar on all Allegiant purchases. You earn 2X points per dollar on eligible dining purchases and 1X points per dollar on all other purchases. If you spend $1,000 on purchases within the first 90 days, you get 15,000 bonus points. There are also no blackout dates or destination restrictions to worry about when you redeem your points. This card comes with a $59 annual fee.

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 make flight or hotel bookings through the Bank of America Travel Center. In this case, you'll get a value of 1 cent per point.

Bank of America vs. Other Card Issuers: 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

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 vs. Other Card Issuers: 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

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 & Maximize Points From Bank of America

Bank of America gives new cardholders an opportunity to earn bonus points by meeting its credit cards' spend-based requirements. For example, new Travel Rewards cardholders may earn 25,000 bonus points by spending $1,000 on purchases within the first 90 days. Other cards with spend-based welcome offers include the Premium Rewards Credit Card, the Premium Rewards Elite Credit Card and the Business Advantage Travel Rewards Credit Card.

You can also earn bonus points based on your Preferred Rewards membership tier.

Bear in mind that using Bank of America's co-branded travel credit cards doesn’t earn Bank of America Rewards points because they are linked to other rewards programs. Some of the Bank of America cards not linked to its own rewards program that may still offer good value include the Allegiant World Mastercard, the Alaska Airlines Visa Credit Card, and the Royal Caribbean Visa Signature Credit Card.

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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+. Depending on the merchant you select, you may earn up to 10% cash back.

Buying Points From Bank of America

The Bank of America rewards program does not give you the ability to buy points, as is also the case with the Capital One and Wells Fargo rewards programs. Examples of credit card rewards programs that let you purchase points include American Express Membership Rewards and Citi ThankYou Rewards. You may earn Bank of America rewards points either by using your Bank of America credit card, through the Preferred Rewards program or through BankAmeriDeals.

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.

Other Questions You May Have About Bank of America Rewards Points

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.

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About the Author


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Rajiv Baniwal has been writing about different financial topics for over 15 years. Meticulous in his research, he makes sure he provides accurate and up-to-date information. His areas of expertise include mortgages, personal loans, credit cards, insurance and international money transfers.


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*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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