Bank of America Premium Rewards + Rakuten: Cash Value vs Bilt Points (October 2026)

Update Oct 15, 2026: Rakuten’s public page shows $350 as of Oct 15, 2026 (it changes often). Go by what your own account shows.

Right now you can get paid twice for one credit card application. Bank of America gives new Premium Rewards cardholders 60,000 bonus points after $4,000 in purchases in 90 days. Rakuten, the shopping portal, pays its own separate bonus when you click through Rakuten to apply and get approved. Some readers know it as the “Rakuten 425 deal.”

This guide values the stack two ways:

1. All cash. BofA points as a statement credit, Rakuten paid by PayPal or check.
2. Cash plus Bilt Points. BofA points as cash, but the Rakuten payout taken as Bilt Points for airline and hotel transfers.

Every number below was checked on the issuer’s or program’s own site on October 7, 2026, and Rakuten’s public bonus was rechecked on October 8, 2026. Portal bonuses change often, sometimes within days, so check again right before you apply.

I did this stack myself. On October 7, 2026, I applied for the Bank of America Premium Rewards card through Rakuten when my account was showing $425 Cash Back on top of BofA’s 60,000-point signup offer. I’m having the Rakuten payout sent as Bilt Points instead of cash, and because I’m Bilt Gold, I expect the full 42,500 Bilt Points.

The offer at a glance (checked October 7, 2026)

Item	Details	Source
Card	Bank of America® Premium Rewards® credit card (Visa Signature)	BofA card page
BofA welcome bonus	60,000 online bonus points after $4,000 in purchases within 90 days of account opening. BofA calls it “a $600 value.”	BofA card page and offer terms
When BofA bonus posts	“Within your next 1-2 billing cycles” after you qualify	BofA offer terms
Point value as cash	$0.01 per point (2,500 points = $25) for statement credit or deposit to an eligible BofA or Merrill account	BofA offer terms
Annual fee	$95, no foreign transaction fees	BofA card page and Rates & Fees
Everyday earn	2 points per $1 on travel and dining, 1.5 points per $1 on everything else	BofA offer terms
Credits	Up to $100 airline incidental credit each calendar year; up to $100 TSA PreCheck or Global Entry credit every four years	BofA card page
Rakuten bonus (public page)	$375 Cash Back (“was $125”), rechecked October 8, 2026 (it showed $400 on October 7)	Rakuten store page
Rakuten bonus I was offered	$425 Cash Back in my own Rakuten account when I applied	My account
Rakuten conditions	New, approved Premium Rewards customers who keep the account open at least 3 months after approval; one bonus per Rakuten account; U.S. residents only	Rakuten store page, Terms & Exclusions
Rakuten posting time	“Within a few months”	Rakuten store page
Rakuten payout dates	Feb 15, May 15, Aug 15, Nov 15 (Cash Back must be confirmed before the date)	Rakuten Bilt FAQ
Expiration	Neither BofA nor Rakuten listed an end date when checked	Both pages

About the “$425” number

When I applied, my Rakuten account showed $425 for this card. When we checked Rakuten’s public store page on October 7, 2026 (signed out, checked twice that evening), it showed $400. When we rechecked on October 8, 2026 (signed out, 10:36 AM ET), it had dropped to $375 (“was $125”). Doctor of Credit also reported $425 on October 6, 2026 and noted that some members were seeing $400 instead. Rakuten amounts can differ by account and can change without notice, so go by what your own account shows and screenshot it before you apply.

The math below uses $425, the amount I was offered. If your account shows $375, subtract $50 in cash, or 5,000 Bilt Points at Silver and above (2,500 at Blue). Note that $425 does not become 425 Bilt Points; the conversion is 50 or 100 points per dollar, explained below.

Viewpoint 1: the cash value

This is the simple version. Take everything as cash and ignore travel redemptions entirely.

BofA side

• 60,000 bonus points x $0.01 = $600 as a statement credit or bank deposit (BofA offer terms)
• Points from the $4,000 minimum spend: at least 6,000 points (1.5 per $1) = $60, up to 8,000 points ($80) if all of it were travel and dining
• Annual fee: minus $95

BofA Rewards boost. BofA’s relationship program (renamed from Preferred Rewards; BofA references enrollments “before May 26, 2026”) adds 10% (Member), 25% (Preferred Plus), 50% (Preferred Honors), or 75% (Premier) to points earned on everyday purchases. Tiers depend on combined balances at BofA and Merrill: no minimum for Member, $30,000 for Preferred Plus, $100,000 for Preferred Honors, $1,000,000 for Premier, and you need an open qualifying BofA checking account (BofA Rewards credit card page, checked October 7, 2026).

The important part: BofA says the boost is not applied to any account opening bonus. It only increases the points from your spending. On $4,000 of non-travel spend, that means:

BofA Rewards tier	Points on $4,000 at 1.5x	Cash value
Not enrolled	6,000	$60
Member (10%)	6,600	$66
Preferred Plus (25%)	7,500	$75
Preferred Honors (50%)	9,000	$90
Premier (75%)	10,500	$105

Rakuten side: $425 by PayPal or check (the amount I saw; the public page now shows $375).

Net first-year cash value (not enrolled in BofA Rewards):

$600 + $60 + $425 – $95 = $990

If you only count the two bonuses and the fee: $600 + $425 – $95 = $930. At the public page’s current $375, those become $940 and $880.

Anything you get from the airline incidental credit or the TSA PreCheck / Global Entry credit is extra. We left those out because they only count if you would have spent that money anyway.

I’m meeting the $4,000 through our normal household budget: the bills and everyday purchases we already pay each month, moved onto this card. I’m not buying anything extra to hit the minimum.

Viewpoint 2: the Rakuten payout as Bilt Points

Yes, Rakuten can pay you in Bilt Points

Rakuten lists Bilt Points as a payment method alongside PayPal, check, and (for eligible cardholders) Amex Membership Rewards (Rakuten: Choosing How You Get Paid, checked October 7, 2026). You link the two accounts from Bilt’s app or website, and the email addresses on both accounts must match (Rakuten Bilt FAQ). Rakuten bonuses, not just shopping Cash Back, are paid out this way: Bilt and Rakuten both say confirmed Cash Back on “purchases, bonuses and other rewards” is sent as Bilt Points.

The conversion rate depends on your Bilt status

Bilt’s support article (updated August 4, 2026, checked October 7, 2026) lists (Bilt x Rakuten):

Bilt status at payout	Bilt Points per $1 of Rakuten Cash Back	$425 Rakuten bonus (what I saw) becomes	$375 (public page, October 8) would become
Blue	50	21,250 points	18,750 points
Silver, Gold, Platinum	100	42,500 points	37,500 points

Three details matter here:

1. Status is measured on the payout date, not when you applied. Bilt says the rate depends on “your Elite Status at the time of your payout date,” and limited-time promotions can change it. Check the Rakuten tab in your Bilt account for your actual rate.
2. Rakuten points do not help you earn status. Bilt’s Rakuten program terms say Bilt Points deposited through Rakuten “will not count towards elite status” (Bilt Rakuten terms, updated October 31, 2025). Silver takes 50,000 qualifying points or $10,000 in Fast Track spend in a calendar year (see our Bilt Rewards guide).
3. The break-even point is simple. At 100 points per $1, each Bilt Point costs you 1 cent of cash you gave up. At 50 points per $1, each point costs you 2 cents. Bilt only beats cash if you redeem above 1 cent per point (Silver and up) or above 2 cents per point (Blue).

Timing vs the Hyatt change

World of Hyatt is still a 1:1 Bilt partner today, but Bilt’s Hyatt transfer page states: “The transfer ratio for World of Hyatt will change to 4:3 beginning January 1, 2027” (Bilt Hyatt transfer page, notice present when checked October 7, 2026).

Here is why that matters for this stack. Rakuten requires the card to stay open at least 3 months after approval and says the bonus posts “within a few months.” Payouts only go out on February 15, May 15, August 15, and November 15, and only for Cash Back confirmed before that date. If you apply in October 2026, our read is that the earliest realistic payout is February 15, 2027, after the Hyatt change. That is our estimate, not a Rakuten promise: Rakuten does not publish an exact confirmation date for card bonuses. I’ll update this post with my actual dates.

So plan on 4:3 for Hyatt. (My own 42,500 points fall in the Silver+ row below.) Transfers go in 1,000-point increments, so a few hundred points will be left over:

Bilt status	$425 payout in Bilt Points	Transferable (1,000s)	Hyatt points at 1:1 (through Dec 31, 2026)	Hyatt points at 4:3 (from Jan 1, 2027)
Silver+	42,500	42,000	42,000	31,500
Blue	21,250	21,000	21,000	15,750

Hyatt is not the only option. Bilt’s transfer partners list (support article updated September 23, 2026, checked October 7, 2026) includes 1:1 airline partners such as United MileagePlus, Atmos Rewards (Alaska and Hawaiian), Air France/KLM Flying Blue, Air Canada Aeroplan, British Airways, Turkish Airlines, and Southwest, plus hotel partners like Hilton, Marriott, and IHG at 1:1 (Bilt’s Transfer Partners). Transfers are final and go in 1,000-point increments.

A realistic cents-per-point range

Bilt does not publish a single value for its points; it says value “varies based on how you choose to redeem them” (Bilt support). So these are our assumptions, not Bilt figures:

• 1.0 cent: a so-so redemption. At Silver+, this is the same as taking cash.
• 1.5 cents: a decent airline or hotel transfer you planned ahead.
• 2.0 cents: a strong redemption you were going to book anyway, for example a hotel night where cash prices are high.

Rakuten payout as Bilt Points, valued at each assumption:

	1.0 cent	1.5 cents	2.0 cents
Silver+ (42,500 points)	$425	$637.50	$850
Blue (21,250 points)	$212.50	$318.75	$425
Cash instead	$425	$425	$425

My plan: I’m Bilt Gold, so at 100 points per $1 I expect the full 42,500 Bilt Points from the $425 bonus, as long as I’m still Gold on the payout date. I’m not planning to transfer right away. I’ll most likely hold the points for a Rent Day transfer bonus and move them when a partner I’d actually use is on promotion.

Saving points for a Rent Day transfer bonus

Rent Day is the 1st of each month. Besides double points for Bilt cardholders (capped at 1,000 bonus points a month), Bilt often runs transfer bonuses that day. Bilt’s own redemption FAQ tells members to “check the Bilt app regularly for special Rent Day transfer bonuses that can increase the value of your points even further” (Where can I redeem my Bilt Points?, checked October 7, 2026).

Here is how they have worked, based on Bilt’s published terms (checked October 7, 2026):

• Partners change month to month. The October 2026 Rent Day terms covered Hilton Honors and Amtrak Guest Rewards (October 2026 Rent Day terms). Nothing tells you in advance which partner, if any, will be on offer next month, so don’t count on a specific airline or hotel showing up.
• The bonus depends on your status at the moment you transfer. In October 2026, the Hilton bonus was 75% for Blue, 100% for Silver, 150% for Gold, and 175% to 200% for Platinum tiers; the Amtrak bonus ran from 25% (Blue) to 125% (Platinum Plus).
• The window is short. Both October bonuses (Amtrak and Hilton) ran from 12:00 am ET on October 1 to 11:59 pm PT that night, which is the same moment as 2:59 am ET on October 2. Bilt’s terms just wrote the end time in Pacific for Amtrak and in Eastern for Hilton.
• There are caps. Both October offers applied the bonus to a maximum of 100,000 Bilt Points per member, in 1,000-point increments.
• Bilt Cash can buy a higher tier. Bilt’s support page says you can use Bilt Cash to upgrade your Rent Day transfer bonus to the next status tier, for example a Gold member going from 75% to 100% (Bilt Cash support). October’s terms priced the buy-up at $400 of Bilt Cash.
• Transfers are still final. A bonus does not make a transfer reversible. Find the award first.

To put October in perspective only (it has already ended): a Gold member moving 42,000 Bilt Points under that month’s Hilton offer would have received 1 Hilton point per Bilt Point plus a 150% bonus, or 105,000 Hilton points. Whether that beats taking the cash depends on what those Hilton points would book for you. Future offers may be bigger, smaller, or for partners you don’t use.

For more on how Rent Day transfer bonuses work, every 2026 offer so far, and when holding points beats transferring, read Bilt Rent Day explained.

What about Amex Membership Rewards?

Rakuten also lets eligible American Express cardholders take Membership Rewards points at 10% Cash Back = 10X points, which works out to 100 points per $1 (Rakuten Amex page, checked October 7, 2026). But Rakuten also says: “Certain offers from U.S. credit card issuers may not be available to members who elect to receive Membership Rewards points instead of Cash Back.” For this bonus, set Rakuten to cash back or Bilt before you click through. Bilt also notes you cannot switch directly between Bilt and Membership Rewards; you have to switch to PayPal or check first (Bilt x Rakuten).

Side-by-side: cash only vs cash plus Bilt Points

Assumptions: $425 Rakuten bonus (what my account showed; Rakuten’s public page showed $375 on October 8, 2026, down from $400 on October 7); BofA points redeemed as cash at $0.01; $4,000 of non-travel spend at 1.5x with no BofA Rewards boost; $95 annual fee; credits not counted; Bilt values are our assumptions.

Scenario	BofA side (bonus + spend points – fee)	Rakuten side	First-year total
Cash only	$600 + $60 – $95 = $565	$425 cash	$990
Bilt Silver+ at 1.0 cent	$565	42,500 points = $425	$990
Bilt Silver+ at 1.5 cents	$565	42,500 points = $637.50	$1,202.50
Bilt Silver+ at 2.0 cents	$565	42,500 points = $850	$1,415
Bilt Blue at 1.0 cent	$565	21,250 points = $212.50	$777.50
Bilt Blue at 1.5 cents	$565	21,250 points = $318.75	$883.75
Bilt Blue at 2.0 cents	$565	21,250 points = $425	$990

If your account shows $375 instead (the public page as of October 8, 2026): cash only becomes $940, Silver+ gets 37,500 points, and Blue gets 18,750 points.

How to do it, step by step

Disclosure: Points Quest may earn a commission if you use some links below. Offers change; confirm on Rakuten’s and Bank of America’s sites before you apply.

1. Check you are eligible for the card. BofA’s terms say the card “may not be available to you if you currently have or have had the card in the preceding 24 month period.”
2. Set your Rakuten payment method first. Choose PayPal or check for cash, or link Bilt (matching emails) if you want Bilt Points. Avoid the Membership Rewards setting for this offer.
3. Sign in to Rakuten on a desktop browser with ad blockers, VPNs, and other coupon or cash back extensions turned off. Rakuten says these can block its tracking cookie (Why Didn’t I Earn Cash Back?). New to Rakuten? Rakuten offers new members a welcome bonus whose amount varies; its pages showed both a $10 bonus and a $20 bonus after $25 in spending on October 7, 2026. Read the terms on your own sign-up page.
4. Open the Premium Rewards store page on Rakuten and note the amount shown. Take a screenshot.
5. Click through to Bank of America from that page and apply in the same tab. Rakuten says to complete the transaction in the tab that opened from Rakuten and warns that idle sessions can deactivate Cash Back. Do not open BofA in a new window or come back later from a bookmark. Accept cookies on BofA’s site if asked.
6. Confirm the BofA page shows the 60,000-point online offer before you submit.
7. After approval, watch Rakuten’s Cash Back Activity for a pending entry. If nothing shows, Rakuten has a Missing Cash Back form.
8. Meet $4,000 in purchases within 90 days of account opening. Fees, cash advances, and balance transfers do not count, and returns are subtracted.
9. Keep the card open at least 3 months after approval for Rakuten, and do not close it before the BofA bonus posts.
10. Redeem the BofA points once they post (minimum 2,500 points). If you want Bilt Points, check your status and the conversion rate in the Bilt app before Rakuten’s next payout date.

I applied on October 7, 2026. As of that day, nothing has posted and nothing is pending in Rakuten yet, since I had only just applied. I’ll update this post when the Rakuten bonus shows as pending, when the 60,000 BofA points post, and when Rakuten pays out.

What to expect, roughly

• Day 0: apply through Rakuten.
• Within 90 days: reach $4,000 in purchases.
• 1 to 2 billing cycles after you qualify: 60,000 BofA points post (per BofA’s terms).
• 3+ months after approval: Rakuten’s minimum open period ends.
• Next Rakuten payout after confirmation: cash, or Bilt Points at your status rate on that date (Feb 15, May 15, Aug 15, or Nov 15).

Gotchas

1. The Rakuten amount is a moving target. Rakuten’s page shows the bonus was previously $125, and I saw $425 in my account while the public page showed $400; by October 8, 2026 the public page had dropped to $375. Screenshot what you see when you apply.
2. Tracking breaks easily. Same browser, same tab, cookies allowed, no ad blockers or other portal extensions. Rakuten’s help pages say each of these can cost you the bonus.
3. Don’t use the Membership Rewards setting. Rakuten says credit card offers may not be available to members paid in MR points.
4. Bilt Blue members get half. 50 points per $1 instead of 100, and Rakuten-paid points won’t lift your status.
5. Payouts are slow. Quarterly, and only after Cash Back confirms. Assume months, not weeks.
6. Hyatt goes to 4:3 on January 1, 2027. For an October 2026 application, the Bilt payout will very likely land after that.
7. The $95 fee is due in year one. BofA does not advertise a first-year waiver for this card.
8. BofA’s 24-month language. If you have had this card in the last 24 months, you may not be approved.
9. Other BofA application limits. Data points shared by applicants describe informal BofA limits such as “2/3/4” (new BofA cards per 2, 12, and 24 months) and “7/12” (recent cards from all banks). BofA does not publish these, and they are not in the card’s terms.
10. This card counts toward Chase 5/24. Chase does not publish its 5/24 rule, but it is widely reported to count new personal cards from any bank opened in the last 24 months. A BofA personal card shows up on your credit report like any other. If you still want Chase Sapphire or Freedom cards, read Why Chase Is Still a Great Place to Start before you add this one.
11. Taxes. BofA says the bonus value may be taxable income and it may issue a 1099. Ask a tax professional if you’re unsure.

Who this is best for

• Good fit: you can reach $4,000 in 90 days with spending you were going to do anyway, you are fine with a $95 fee for at least a year, and you would value about $990 in cash ($940 at $375).
• Best fit for the Bilt version: you already have Bilt Silver or higher (or will by the payout date) and have a specific transfer in mind that beats 1 cent per point.
• Probably skip: you are planning Chase applications soon and are at 3 or 4 new cards in 24 months, you have had this card in the last 24 months, or you would need to buy things you don’t need to hit the spend.

My experience

I applied for the Premium Rewards card through Rakuten on October 7, 2026 at $425. I’m meeting the spend with normal household bills, I’m sending the Rakuten payout to Bilt, and as a Bilt Gold member I expect 42,500 Bilt Points. I plan to hold them for a Rent Day transfer bonus rather than transferring right away. None of the bonuses have posted yet; I’ll update this post when the BofA points post, when Rakuten pays, and when I decide where the points go.

FAQ

Is the Rakuten bonus $375 or $425?

My account showed $425 when I applied. Rakuten’s public store page showed $400 on October 7, 2026 and $375 when rechecked on October 8, 2026. Go by what your own Rakuten account shows when you click through.

Does the BofA Rewards (Preferred Rewards) bonus increase the 60,000 points?

No. BofA says the boost is not applied to account opening bonuses. It only increases points from your purchases.

How much are 60,000 BofA points worth?

$600 as a statement credit or deposit, at $0.01 per point per BofA’s terms.

Can I get the Rakuten payout as Bilt Points?

Yes. Link Bilt and Rakuten (matching emails). Blue members get 50 Bilt Points per $1 and Silver, Gold, and Platinum members get 100, based on your status on the payout date. So $425 becomes 21,250 points at Blue or 42,500 points at Silver and above, not 425 points.

When will Rakuten pay?

Rakuten says the bonus posts “within a few months,” and it pays confirmed Cash Back on February 15, May 15, August 15, and November 15.

What to read next

New to Bilt? Start with our Bilt Rewards guide for status tiers, transfer partners, and the Hyatt change. Planning to hold Bilt Points for a transfer bonus? Read Bilt Rent Day explained. Weighing this card against Chase cards and 5/24? Read Why Chase Is Still a Great Place to Start. Our original deal alert is here.

The Points Quest

Points Quest is educational content only, not personalized financial advice. The Bank of America offer, fees, and terms; Rakuten’s bonus amount, conditions, and payout schedule; and Bilt’s conversion rates and transfer ratios were checked on bankofamerica.com, rakuten.com, bilt.com, and support.biltrewards.com on October 7, 2026 and can change at any time. Cents-per-point figures are Points Quest assumptions, not issuer values. Cash Back is provided by Rakuten, not Bank of America. Advertiser Disclosure