Full guide to Bank of America’s BankAmeriDeals cash-back deals

Apr 15, 2020

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If you have a Bank of America credit or debit card or a Merrill Lynch credit card, you may be able to save cash and earn extra rewards through the BankAmeriDeals cash-back program. Similar to Amex Offers and Chase Offers, BankAmeriDeals has targeted offers that you can activate. Here’s what you should know about the program.

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What is BankAmeriDeals?

BankAmeriDeals are cash-back offers on eligible Bank of America credit and debit cards. The program is similar to Chase Offers and Amex Offers in that you select offers online or through the bank’s mobile app, use your eligible card at the specified merchant and then receive rewards. As with the Chase and Amex programs, these rewards are on top of the rewards you’d normally receive based on the merchant’s category.

Which cards provide access to BankAmeriDeals?

Most Bank of America debit and credit card accounts and Merrill Lynch credit cards are eligible for BankAmeriDeals. You can check the Preferences tab on the BankAmeriDeals page online or the Eligible Credit/Debit Cards button in BankAmeriDeals Settings in the Bank of America Mobile Banking App to see which of your cards are eligible for BankAmeriDeals. Certain cards, such as the following, are not eligible:

  • ATM-only cards
  • Credit Purchasing Card (P-Card), Travel/Corporate card, Fleet Card
  • Prepaid Payroll and Incentive Card
  • All healthcare account products — HSA/FSA Health Reimbursement/Flexible Spending
  • HELOC — Home equity line of credit accounts
  • Merrill Lynch CMA deferred debit cards
  • AAA credit cards

Note that although you will see deals for jointly owned credit card accounts on your BankAmeriDeals page, you will not see deals for credit card accounts for which you are an authorized user. It also may take up to 30 days for new accounts and replacement cards to become eligible for BankAmeriDeals.

Related reading: The best Bank of America credit cards

How to find BankAmeriDeals

You can see BankAmeriDeals when you log into your Bank of America account online by hovering over “Rewards & Deals” on the top drop-down menu and then clicking on “Cash back deals.” Or, you can go to the BankAmeriDeals tab on your Bank of America Mobile Banking app to view your deals.

Click the plus button to add deals to your account, or you can click “Hide” to hide the deal from your account. Once you’ve added a deal to your account, the deal’s status changes to “Ready to use” meaning you can shop or dine at the selected merchant using the activated deal.

What kinds of deals does BankAmeriDeals have?

You’ll receive deals from participating merchants based on places you’ve shopped with your eligible Bank of America accounts in the past. This means that you may not see any deals if you use your accounts infrequently.

Although many of us are stuck at home currently because of coronavirus concerns and shelter-in-place orders, you may be able to find some BankAmeriDeals that are relevant for home use. For example, one TPG staffer found a deal for Sun Basket meal delivery on her account.

Related reading: 4 ways credit cards can save you money

How to redeem BankAmeriDeals

Once you’ve added a BankAmeriDeal to your account and the deal shows that it is “Ready for use,” you can make a qualifying purchase with your eligible card before the deal expires to earn cash back.

The cash back will display as “Pending” on the Earned tab after your transaction posts and will be credited to your account within 30 days. You can view or change the account designated for your cash back by using the “Cash back account” section on the Preferences tab.

Related reading: The best credit cards for dining out, taking out and ordering in

What are BankAmeriDeal coins?

When you use BankAmeriDeals to earn cash back, you’ll also earn one coin per deal on transactions of at least $3. You may also be able to collect bonus coins periodically by completing limited-time tasks in the Available tab of your BankAmeriDeals console. When you collect a total of four coins, you’ll earn an additional cash-back award and move to the next level. For example, I can earn $5 of additional cash back and advance to the next level once I collect four coins.

As you earn more coins, the additional cash back you’ll receive is greater.

But your coins will expire and your level will reset every two months or so. Bank of America announces expiration dates well in advance, so you can plan ahead.

Related reading: Pros and cons of downgrading your credit cards right now

What to know about BankAmeriDeals

Read the details on each offer that you select. For example, most BankAmeriCard offers are only valid for one use but some can be used multiple times. Some offers require a minimum transaction amount or cap the cash rewards you can receive.

The amount posted to your account is the amount that matters in terms of earning cash back. This means that taxes and fees count toward any minimum purchase requirements. But this also means that if you pay for all or part of a purchase with a store credit, gift certificate or another payment type, you’ll only earn cash back on the part of the purchase made with your card.

You must complete the transaction directly with the eligible merchant to earn cash back. You may not receive cash back through BankAmeriDeals if your transaction is made by using an electronic wallet where the identity of the merchant is not passed to Bank of America as part of the transaction.

Related reading: Best no-annual-fee cash-back credit cards

How to maximize BankAmeriDeals

You’ll want to check your deals frequently to ensure you don’t miss out on one. You can opt to receive a text or email alert when new deals are available, as well as via your mobile app if you’ve downloaded it. To opt into alerts (or opt out of them), go to the Preferences tab online or to Alert Settings on the mobile app. Remember that you’ll still need to add deals to your account before you can use them.

You can also change your preferred zip code on the Preferences tab. If you make a change, you’ll keep your current available deals but deals for your new location will be added as they become available. And if you use the Mobile Banking app you can take advantage of the Near Me feature that lets you view nearby deals on a map.

BankAmeriDeals are stackable with online shopping portals as well as any rewards you may already earn on your card. So, you’ll want to use a shopping portal aggregator to find out which online portal (if any) offers the best return for your purchase. Then, add the BankAmeriDeal to your eligible card, click through the shopping portal and make the purchase with your eligible card to maximize your rewards.

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Featured photo by Wyatt Smith/The Points Guy.

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