Redeeming your cash rewards is one of the best benefits of using a Bank of America credit card. Whether you’ve been earning rewards on gas, groceries, online shopping, or everyday purchases, the redemption process is simple and can be completed directly through the Bank of America app.
This guide walks you through the steps to redeem your cash rewards on Bank of America and deposit the money into your preferred account.
Access Your Credit Card Account
Start by opening the Bank of America app and navigating to your main account screen.
Scroll past your banking accounts until you reach the credit card section. If you have multiple credit cards, you’ll see all of them listed here. Select the card from which you want to redeem rewards.
Some cardholders rename their cards based on the year they opened them or the card’s primary purpose. This can make it easier to track rewards and spending across multiple accounts.
Review Your Rewards Balance
After opening the credit card account, you’ll see your current card balance near the top of the screen.
To find your rewards, scroll down to the bottom of the page until you see the Cash Rewards and Benefits section.
Here you’ll find:
- Your available rewards balance
- Current reward categories
- Reward percentages for eligible purchases
For example, a card may earn:
- 3% cash back on gas and EV charging
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
Reviewing these categories regularly can help you maximize your rewards over time.
How to Maximize Credit Card Rewards
Many Bank of America cardholders use different cards for different spending categories.
Instead of using a single card for every purchase, consider matching each card to the category where it earns the highest rewards. For example:
- Use one card primarily for gas purchases
- Use another for online shopping
- Use another for travel expenses
This strategy can help increase the amount of cash rewards you earn throughout the year.
Access the Rewards Redemption Center
Once you’ve located your rewards balance, tap the View Redeem button.
You’ll be taken to the redemption center, where several options are available:
- Auto redemption
- Pay with Rewards through Amazon or PayPal
- Cash redemption
- Statement credit
- Check by mail
If you want to transfer your rewards directly into a bank account, select the Redeem option.
Choose Where to Deposit Your Rewards
Next, Bank of America will display the accounts eligible to receive your rewards.
Available options may include:
- Checking accounts
- Cash Management Accounts (CMA)
- Statement credits
- Certain investment or education accounts
- A mailed personal check
For most users, depositing rewards directly into a checking account is the fastest and most convenient option.
Select your preferred account and tap OK to continue.
Redeem All or Part of Your Cash Back
After selecting a destination account, you’ll be asked how much you want to redeem.
You can choose to:
- Redeem your entire rewards balance
- Enter a custom redemption amount
Keep in mind that Bank of America requires a minimum rewards balance before redemption is available. The minimum redemption threshold is typically $25 in rewards.
If your rewards balance is below the required minimum, you’ll need to continue earning rewards before you can redeem them.
Confirm the Redemption Request
Before completing the redemption, you’ll see the program terms and conditions.
Take a moment to review the information, especially the fact that redemption requests cannot be canceled once submitted.
To finalize the request, Bank of America uses a confirmation screen where you drag the redemption amount toward the selected account.
Once confirmed, a green check mark appears showing:
- Redemption amount
- Destination account
- Transaction ID
This confirms that your redemption request has been successfully submitted.
Redemption Complete: What Happens Next?
After the redemption is confirmed, your cash rewards will be processed and sent to the account you selected.
In most cases, deposits are completed within approximately five business days.
Once the funds arrive, your cash back has officially been redeemed and is available for use.
Final Thoughts on Cash Rewards on Bank of America
Redeeming cash rewards on a Bank of America credit card is a quick process that only takes a few minutes. Simply select the credit card, access the rewards section, choose a redemption method, and confirm the transfer.
Regularly checking your rewards balance and using your cards strategically for bonus categories can help you maximize the value of your cash back and get the most from your Bank of America credit card.
