BofA Points Program: How It Works and Its Value

The BofA Points Program is a rewards program offered by Bank of America, allowing cardholders to earn and redeem points for various rewards.

You can earn points on your Bank of America credit card by making purchases, paying bills, and using your debit card.

To redeem points, you'll need to log in to your Bank of America online account or mobile app.

Points can be redeemed for statement credits, gift cards, or other rewards, with a minimum redemption threshold of 2,500 points.

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BofA Points can be earned through the Bank of America Preferred Rewards program, which offers bonus rewards on credit card spending.

To earn these points, you need to keep a certain amount of money on deposit with the bank, with minimum account balance requirements that are high.

By taking advantage of the program's benefits, you can reap rewards that are extremely fruitful, making it worth moving some of your savings over.

The program offers different tiers of rewards, with higher tiers available to those who invest more.

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The Bank of America Preferred Rewards program is essentially a way to earn more rewards and perks by keeping a certain amount of money on deposit with the bank.

To be eligible for this program, you need to meet the minimum account balance requirements, which are quite high.

The program offers special banking discounts, bonus rewards on credit card spending, and other financial perks.

If you're willing to move some of your savings over to Bank of America, this program could be extremely fruitful.

The Bank of America Preferred Rewards program is a tiered system that offers increasing benefits based on the amount of money you keep on deposit with the bank.

To qualify, you need to meet certain account balance requirements, which are mentioned in Example 3 as being "high" but potentially very fruitful if you take advantage of the benefits.

As you invest more, you'll move up the tiers, unlocking more perks, such as special savings for private jet travel via jets.com and a complimentary year of StewardShip Perks from wine.com.

With Bank of America Preferred Rewards, you'll get special banking discounts and bonus rewards on credit card spending, making it a potentially lucrative program for Bank of America customers.

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If you're looking to earn more points with Bank of America, the key is to understand how the Preferred Rewards program works. You can earn up to a 75% bonus on your points by having a qualifying balance in your Bank of America account.

The bonus you receive depends on your account balance, which is averaged over the previous three months. To earn the highest bonus, you'll need to have at least $100,000 in your Bank of America account.

To maximize your earnings, consider pairing your Bank of America credit card with the Preferred Rewards program. You can earn up to 3.5 points per dollar on travel and dining purchases with the Bank of America Premium Rewards credit card, and up to 2.625 points per dollar on other purchases.

Here's a breakdown of the points earning structure for the Bank of America Premium Rewards credit card:

With the Bank of America Premium Rewards credit card, you can earn unlimited 2 points for every $1 spent on travel and dining purchases, and unlimited 1.5 points for every $1 spent on all other purchases.

To earn the 60,000 online bonus points, you'll need to spend $4,000 in the first 90 days of account opening. This bonus can be worth up to $600, deposited into your checking, savings, or investment account.

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You can earn 75% more rewards on eligible Bank of America rewards credit card spending with Platinum Honors tier benefits.

With Diamond Honors, you'll receive a 75% rewards bonus on all eligible Bank of America credit cards, making it a great option for those who desire cash-back.

Here are some benefits of the Platinum Honors tier:

You can earn a bonus when you redeem your earnings to a checking account or at the time of purchase with a points-earning card.

Bank of America-branded credit cards are eligible to receive the Preferred Rewards bonus, which is a game-changer for points and travel enthusiasts.

Some examples of eligible cards include the Bank of America Customized Cash Rewards credit card, Bank of America Travel Rewards credit card, and the Bank of America Premium Rewards credit card.

By using Bank of America Preferred Rewards, you can boost your cash back or points earnings by between 25%-75% depending on your member tier.

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Eligible Bank of America credit cards include the Bank of America Unlimited Cash Rewards card, the Bank of America Customized Cash Rewards card, and the Bank of America Travel Rewards credit card among others.

As a Diamond Honors member, you'd earn a 75% bonus on 3% cash back, translating to 5.25% cash back in a particular category.

You can boost your cash back or points earnings by 25%-75% depending on your member tier with Bank of America's Preferred Rewards program.

Platinum Honors members receive a rewards bonus of 75% on all eligible Bank of America credit cards, which can translate to 5.25% cash back on certain categories.

Eligible Bank of America credit cards include the Bank of America Unlimited Cash Rewards card, the Bank of America Customized Cash Rewards card, and the Bank of America Premium Rewards card, among others.

You can earn 3.5 points per dollar spent on travel and 2.625 points per dollar spent on all other purchases with the Bank of America Premium Rewards card.

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The Bank of America Premium Rewards card offers a 1 cent per point redemption value, making it one of the best ways to redeem points.

You can redeem points for travel using the Bank of America travel portal, but it's recommended to redeem points for cash back and pay for the travel purchase with the card instead.

Here are the eligible travel-related categories for redeeming points:

You can redeem your Bank of America points for gift cards, but it's not the best idea. Between 0.8 cents and 1 cent per point, it's still a decent value, but you can get a better deal by redeeming points to wipe charges off your statement.

The Bank of America Premium Rewards credit card offers a value of 1 cent per point on all gift card purchases, but even that can be beat. If you buy a gift card with your credit card and then erase the purchase later with points, you'll get a better deal.

Here's a breakdown of the gift card redemption options:

You can redeem points from the Bank of America Travel Rewards and the Bank of America Business Advantage Travel Rewards for gift cards, starting at 3,125 points for a $25 card. The value increases as the gift card amount increases, topping out at a $250 gift card for 25,000 points.

The Bank of America Premium Rewards credit card offers a value of 1 cent per point on all gift card purchases, starting at a $25 gift card for 2,500 points. However, this isn't the best option either.

Redeeming points for gift cards means you don't earn points on the purchase, which is a big drawback. It's better to buy a gift card with your credit card and then erase the purchase later with points.

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Redeeming BofA Points can be a great way to get some real value out of your Bank of America Premium Rewards Card. You can redeem points for cash back into your Bank of America deposit account or Merrill Lynch or 529 college savings account.

Each point is worth 1 cent toward cash back, so if you have 10,000 points, you can get $100 in cash back. This is a pretty straightforward way to earn some extra cash.

You can also redeem points for covering travel purchases or gift cards, but I recommend sticking to cash back. It's just easier and more flexible. Plus, you can't go wrong with cold, hard cash.

The earnings structure of the Premium Rewards Card is based on your tier within the Bank of America Preferred Rewards Program. Here's a breakdown of the earning rates for each tier:

To give you a better idea of the earning potential, let's say you have a Tier 2 – Platinum account and you spend $1,000 on travel and dining. You'll earn 3 points per dollar, which is 3,000 points. That's $30 in cash back, which is a nice little bonus.

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Signing up for the Bank of America Preferred Rewards program can significantly boost your credit card rewards earnings.

You can earn up to 3.5 points per dollar on travel and dining purchases with the Bank of America Premium Rewards card, depending on your tier in the Preferred Rewards program.

To maximize your earnings, you'll want to spend in categories that earn the most points, such as travel and dining.

Here's a breakdown of the earning structure for the Bank of America Premium Rewards card:

You can redeem points for cash back into your Bank of America deposit account or Merrill Lynch or 529 college savings account, with each point worth 1 cent.

To maximize your rewards earnings, aim to spend in categories that earn the most points and consider upgrading to higher tiers in the Preferred Rewards program.

The Bank of America Premium Rewards credit card offers a unique earning structure that's tied to your Bank of America and Merrill Lynch holdings. You'll earn 2 points for every $1 spent on travel and dining purchases, and 1.5 points for every $1 spent on all other purchases.

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To unlock even more rewards, you'll need to sign up for the Bank of America Preferred Rewards Program, which has five tiers based on your account balance: Regular Cardholder, Tier 1 – Gold ($20,000 – $50,000), Tier 2 – Platinum ($50,000 – $100,000), Tier 3 – Platinum Honors ($100,000 – 1,000,000), and Tier 3 – Diamond Honors ($1,000,000+).

Here's a breakdown of the earning rates for each tier:

Each point is worth 1 cent toward cash back into your Bank of America deposit account or Merrill Lynch or 529 college savings account.

You can earn 3 points per dollar spent on eligible business purchases made with your BofA Points Card.

Many common business expenses are eligible, including office supplies, equipment, and travel expenses.

Eligible business expenses are also subject to the terms and conditions of your BofA Points Card and the Bank of America Rewards program.

Some examples of eligible business expenses include gas stations, restaurants, and hotels.

Business purchases made at home improvement stores and office supply stores are also eligible.

You can earn points on business purchases made at many other types of businesses as well.

It's a good idea to review your BofA Points Card terms and conditions to see which specific businesses are eligible for points.

The Bank of America Premium Rewards card is a top-tier rewards card that offers excellent earning potential, especially for those with a significant banking relationship with Bank of America. You can earn unlimited 2 points for every $1 spent on travel and dining purchases, and 1.5 points for every $1 spent on all other purchases.

The card's earning structure is based on your tier within the Bank of America Preferred Rewards Program, which you need to sign up for separately. The program has five tiers, with each tier offering a higher earning rate.

Here's a breakdown of the earning rates for each tier:

Each point is worth 1 cent toward cash back into your Bank of America deposit account or Merrill Lynch or 529 college savings account.