Bank of America Rewards Program Overview

By Zach SteinfeldUpdated July 2, 2017


MaxInsights offers a numerical analysis and recommendation of how to best use this reward system.

Points earned with Bank of America can typically be redeemed for approximately 1 cent per point though points can easily be redeemed for as little as 0.5 cents per point. Bank of America cardholders who redeem points into a Bank of America checking or savings account, as well as Preferred Rewards clients, however, can redeem points at a 10-75% premium.


Expected Value
  • MaxValue Travel (up to 1.6 cents per point)
  • MaxFlex Cash Rebates Over $250 (1 cent per point)
  • Expected Value 1 cent per point


Points earned with Bank of America can be redeemed through the credit card issuer’s program (“BankAmericard” or “World Points”) for travel, gift cards, cash back, special events, and more. The typical redemption rate is approximately 1 cent per point, though this rate varies widely, as points are often redeemed for as little as 0.5 cents per point. Bank of America cardholders who redeem points into a Bank of America checking or savings account receive a 10% premium on all points redeemed. Preferred Rewards clients, however, earn a 25-75% premium on top of the normal redemption rate:

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

What exactly are the points worth?

Points can generally be redeemed for 1 cent each, though many raw deals also exist within the program. At the same time, some great deals can be found when redeeming for travel. With that being said, the redemption value of points (typically 0.5 to 1.6 cents each) is boosted by 10% for Bank of America checking and savings account holders and 25-75% for Preferred Rewards Clients, in which case you can truly maximize the value of the program.

Redemption Examples

Redemption AlternativePointsPartner Conversion Rate (Cents Per Point)Value
Cash Rebate10,0000.5$50
Cash Rebate25,0001.0$250
Charity Donation10,0000.5$50
Charity Donation25,0001.0$250
Partner Gift Card10,0000.5$50
Partner Gift Card25,0001.0$250

*2x and 3x reward bonuses apply on up to only $2,500 in combined quarterly spend across the categories

More Redemption Examples

  • Cash Rebates Under $250
  • Merchandise
  • Charity Donations Under $250
  • Partner Gift Cards Under $250
  • Cash Rebates Over $250
  • Charity Donations Over $250
  • Partner Gift Cards Over $250
  • Travel

Cards with BoA Currency

  • Benjamin Franklin

    An investment in knowledge pays the best interest.

    Benjamin Franklin
  • Pablo Picasso

    Action is the foundational key to all success.

    Pablo Picasso
  • Abraham Lincoln

    Let no feeling of discouragement prey upon you, and in the end you are sure to succeed.

    Abraham Lincoln

Make Life More Rewarding.

MaxRewards helps you earn thousands in credit card rewards from your everyday spend.

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