How to Redeem Bank of America Premium Rewards Credit Card Points — Best Options (2026)
3 redemption options compared. Find the best value for your Bank of America Points.
Best Redemption Strategy
All redemption methods give 1 cpp. The real value comes from Preferred Rewards bonus on earning. If you have $100K+ with BofA/Merrill, you get 75% bonus on points earned — making this a 3.5% travel and 2.625% everywhere else card.
All Redemption Options
Cash Back / Statement Credit
Best ValueRedeem for cash back as a statement credit or deposit
Value per point: 1 cent
Travel Bookings
Best ValueBook travel through the Bank of America travel center
Value per point: 1 cent
Gift Cards
Redeem for gift cards from various retailers
Value per point: 1 cent
Redemption Portal
Open Bank of America Rewards Portal →Understanding Point Value
Points worth 1 cent each. Bank of America Preferred Rewards members can get 25-75% bonus on earning rates, boosting effective value to 1.25-1.75 cpp. Annual fee $95. $100 annual airline incidentals credit.
Frequently Asked Questions
What is the best way to redeem Bank of America Premium Rewards Credit Card points?
All redemption methods give 1 cpp. The real value comes from Preferred Rewards bonus on earning. If you have $100K+ with BofA/Merrill, you get 75% bonus on points earned — making this a 3.5% travel and 2.625% everywhere else card.
Can I convert Bank of America Premium Rewards Credit Card points to cash?
Yes, cashback redemption is available but typically offers lower value per point compared to other options.
Is there a minimum points requirement to redeem Bank of America Premium Rewards Credit Card points?
Minimum redemption requirements vary by option. Check the Bank of America rewards portal for specific minimums for each redemption type.
Do Bank of America Premium Rewards Credit Card points expire?
Points do not expire as long as your account is open.