Bank of America Cash Rewards never expire, allowing you to save up your points to finance a large purchase, when you want to redeem them. These cash back earnings can be redeemed in the form of a check, a statement credit, or they can be placed in a Bank of America savings or checking account.
Many cards force you to spend your cash back earnings within a certain period of time, which limits your flexibility. However, Bank of America does not force you to do this, allowing you to redeem your points when you want and in whatever quantities you want.
This is also different than Bank of America’s rewards points, which expire after five years. This can make the cash back system from Bank of America more rewarding than the points rewards system, since you can save up your earnings for longer with the cash rewards card.
These points can be redeemed online after you sign in to your online banking account. Bank of America makes redeeming cash back very simple as all you have to do is tell Bank of America you want to redeem your earnings and in what form you want your earnings, and you will quickly receive your earnings with no pesky fees.
Bank of America Cash Rewards Credit card
Bank of America’s premier cash rewards credit card is the Bank of America Cash Rewards Credit card. With this card, you will receive 3% cash back on a category of your choice, 2% cash back at grocery stores, and 1% cash back on all other purchases. You also receive a $200 cash back bonus once you spend $1,000 since account opening. Lastly, there is a lengthy 15-month 0% APR introductory period on all purchases and balance transfers, allowing you to transfer over your debt and make new purchases while avoiding large interest fees. All of these cash back rewards and other benefits come at no annual cost, making this an attractive card for anyone wanting cash back rewards.
Conclusion
Overall, Bank of America’s cash back earnings can be very rewarding because they never expire, unlike their rewards points. Thus, you can save your points and redeem them in a flexible manner, allowing you to finance a large purchase if that is what you want to do. Bank of America’s premier cash back credit card, the Bank of America Cash Rewards credit card, allows you to redeem your earnings online easily whenever you want, without worrying about your points expiring.
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