🇺🇸 Bank of America Points and BofA Rewards, Explained

BofA’s own credit-card points are worth a fixed 1 cent each. There are no transfer partners and no devaluation risk, but you also cannot redeem them for outsized value. Their real power is the BofA Rewards tier bonus, which can push the return as high as 2.625%–3.5%.

1. What BofA points are

Bank of America’s credit-card points system has one unusual trait: it has no formal brand name. Amex Membership Rewards, Chase Ultimate Rewards, and Citi ThankYou Points each have a trademark-style currency name. In BofA’s own wording it is just “points” — a welcome offer says “60,000 online bonus points,” and an earn rate says “earn 2 points per $1.” That is as plain as it gets.

The core feature is a fixed value: 1 point always equals 1 cent, and every redemption path pays the same rate. There is no “transfer to an airline and get 2 cents” play, and there is no devaluation risk.

• Three names that are easy to mix up

Note: Customized Cash Rewards and Unlimited Cash Rewards earn cash back on a separate system. They are not points.

2. BofA Rewards membership, in detail

This membership-tier program launched on May 27, 2026, and replaced the previous Preferred Rewards. It does not earn points. What it does is boost your whole BofA and Merrill relationship: a credit-card earn bonus, bank-fee waivers, and lifestyle benefits. Joining is free and there is no minimum balance. You only need an eligible BofA checking account.

There are four tiers. Which one you hold depends on your combined BofA deposit balance and Merrill investment balance.

BofA reviews balances once a month, and you move up automatically when you qualify. For the first 30 days after you join, the review is daily, so a fast upgrade is easier. A short dip in the balance is not a problem: your tier lasts until your anniversary. If the anniversary review finds you short, BofA notifies you and gives a 3-month grace period to top the balance back up before it drops you a tier.

What you get besides the earn bonus

• Subscription statement credits (Preferred Honors / Premier): pay an eligible monthly subscription with an eligible BofA debit card. Honors reimburses up to $8 a month, and Premier up to $15 a month.
• Fee waivers: Preferred Plus and above waive the checking and savings monthly fee, incoming wire fees, and non-BofA ATM withdrawal fees (Plus: once per statement cycle; Honors / Premier: unlimited). Premier also waives outgoing wire fees, the ATM international transaction fee, overdraft fees, the foreign-transaction fee on international debit purchases, and similar charges.
• Lifestyle benefits (Preferred Honors / Premier): premium offers, private events, and exclusive experiences.
• Other: a rate discount on a new auto loan, the My Credit tool for credit, fraud, and identity monitoring, and a higher mobile check-deposit limit.

In short, BofA Rewards is a “more money, more back” program. The more you keep at BofA and Merrill, the harder your cards earn, and the fewer bank fees you pay.

3. Which cards earn points

All four cards earn the same points, with the same value and the same redemption rules.

4. How you earn them

Welcome offers

• Premium Rewards: spend $4,000 in 90 days and earn 60,000 points (=$600)
• Travel Rewards: spend $1,000 in 90 days and earn 25,000 points (=$250)

The BofA Rewards tier bonus: where the real return comes from

The four BofA Rewards tiers apply directly to earning: Member 10%, Preferred Plus 25%, Preferred Honors 50%, Premier 75%. At the top, Premier on Premium Rewards is 3.5x on travel and dining and 2.625x on everything else. That is a flat 2.625% back, and 3.5% on travel and dining, one of the strongest no-category cash-back setups in the United States.

Two extra advantages

• The “travel” category is extremely wide. BofA’s travel category is one of the broadest in the industry. Besides flights, hotels, and rental cars, it includes museums, amusement parks, zoos, trains, buses, taxis, parking, and tolls, so the 2x covers a lot.
• No cap and no expiry: earning has no ceiling, and points never expire while the account stays open.

5. How you use them

The value is a fixed 1¢ per point, and every channel pays that rate:

The only way to get more than face value: Elite airfare booked through the BofA Travel Center is 20% off, which works out to about 1.25¢ per point. Nothing else gets these points above 1 cent.

⚠️ Two things to watch:

1. There are no transfer partners today. Points cannot move to any airline or hotel. That is the biggest difference from Ultimate Rewards and Membership Rewards.
2. Travel Rewards points may be worth less if you redeem them straight for cash (third-party reports put it around 0.6¢). To get the full 1¢, use a travel statement credit. Premium Rewards and Elite cash redemptions are the full 1¢.

6. Compared with Chase UR and Amex MR

7. Looking ahead: transfers to Atmos Rewards

On September 29, 2026, at its investor and media day, Alaska Airlines announced that starting in 2027, customers who hold an eligible BofA card product will be able to transfer points into Atmos Rewards. That would be the first transfer partner in the history of BofA points.

Section 2 of the post that records Alaska’s major mileage changes says: “In 2027, Bank of America cardholders will be able to transfer points into Atmos Rewards.”

As of this writing, the only official detail is the 2027 timeframe. Which cards qualify, the transfer ratio, and when during the year it launches have not been published. The most reasonable reading is that the points in question are the ones earned on Travel, Premium, and Elite, including the business version, because that is BofA’s only in-house points currency. Wait for the official rules. This article will be updated when they land.

8. Who it’s for

• People with a large balance at BofA or Merrill. After the tier bonus, this is one of the strongest set-and-forget cash-back setups in the United States. No annual-fee card matches 2.625% back.
• People who do not want to study transfers or worry about devaluation. The value is fixed, points do not expire, and the program is simple.
• Not a fit if you want to get 2¢ or more out of a point. At least not until the Atmos transfer rules are published.