How to Redeem Points Using the Bank of America Premium Rewards Card
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If you have the Bank of America Premium Rewards credit card, you have a few different options for redeeming your points. You can use them to book travel, to get cash back or to buy gift cards.
But how exactly do you go about redeeming them? Here’s a step-by-step guide showing how to use your Bank of America Premium Rewards points.
First, you’ll need to sign in to your Bank of America account, select your Premium Rewards credit card from the list of accounts and then click on the “Rewards” tab. That tab will show your total available points and provide an option to redeem them.
Clicking on “Redeem Points” brings you to a screen with three redemptions options — you can use your points for travel, cash or gift cards. There’s a 2,500-point minimum on all redemptions.
Bank of America doesn’t have any airline or hotel transfer partners, but the first redemption option — “Travel” — will allow you to use your points to directly book a flight, hotel or car rental. The redemption rate is 1 cent per point, just as it is with the other two choices, so you’ll get the same value for your points if you redeem this way.
However, you’ll probably be better off booking your travel another way. For instance, if you use an online travel agency (OTA) like Orbitz or Expedia, you can earn additional rewards from the OTA itself. Also, many OTAs appear on cash-back shopping portals, so you can double-dip on a booking and get even more cash back. Then if you still want to use your Premium Rewards points for the travel booking, just redeem them for a statement credit for the same amount and you’ll get the identical 1-cent redemption rate.
The same advice applies to gift card redemptions — you’ll get 1 cent per point, so you’re not losing any value by going this route. But there are generally better ways to buy gift cards with a discount or cash back, or you can just pay for purchases at merchants with a credit card and earn additional rewards that way.
That brings us to the most valuable option — cash! We love points and miles, but nothing is more flexible than cash, and the Premium Rewards card is one of the most powerful cash-earning cards out there, especially when you combine it with the Bank of America Preferred Rewards banking program.
So when you click on the “Cash” option, you’ll come to a screen that allows you to use points for a direct deposit into a Bank of America account, a 529 College Savings Plan or a statement credit to your Premium Rewards card. Click the “Redemption Options” pull-down menu and you’ll find your various Bank of America accounts listed, including the Premium Rewards card itself.
Once you’ve selected an account, you can enter the number of points you want to redeem. Bank of America will show the cash amount you’ll receive for those points and ask you to confirm your entry.
The final screen will show a confirmation that your redemption request has been submitted, along with all the details and a transaction ID number (which you should note just in case there are any issues). It can take up to five business days for the redemption to appear, so don’t panic if you don’t see it immediately.
You might have noticed that, along with the above process of making a single redemption (which Bank of America refers to as a “One-Time Redemption”), there’s a tab to the right that offers the opportunity to set up an Auto Redemption.
Turning on the Auto Redemption option will cause all the points you earn to be automatically redeemed as a statement credit or deposited into the account you’ve set at the end of each month, so long as you have at least 2,500 points to redeem. If you’d like to set your redemptions on auto-pilot, this is a great way to never have to think about it and just watch the cash build up each month.
As you can see, redemptions on the Premium Rewards credit card are pretty straightforward, so if you’re interested in a card with an easy way to use your points and a competitively low annual fee, you should strongly consider if it might belong in your wallet.
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This card from Bank of America gets really interesting if you have a BofA checking, savings or investment account. Depending on the value of your combined accounts you can potentially get as much as 3.5x points on travel/dining and 2.625x points on other purchases making it the richest consumer banking bonus out there.
- Receive 50,000 bonus points – a $500 value – after you make at least $3,000 in purchases in the first 90 days of account opening
- Earn unlimited 2 points for every $1 spent on travel and dining purchases and unlimited 1.5 points per $1 spent on all other purchases
- If you're a Bank of America Preferred Rewards member, you can earn 25%-75% more points on every purchase
- No limit to the points you can earn and your points don't expire
- Redeem for cash back as a statement credit, deposit into eligible Bank of America® accounts, credit to eligible Merrill Edge® and Merrill Lynch® accounts, or gift cards or purchases at the Bank of America Travel Center
- Get up to $200 in combined airline incidental and airport expedited screening statement credits + valuable travel insurance protections
- No Foreign Transaction Fees
- Low $95 annual fee