You can use the rewards earned from your Bank of America Travel Rewards credit card to reimburse yourself for any travel or restaurant expenses at the rate of one cent per point. Additionally, you can redeem your points as cash back in the form of a statement credit. However, at one-half cent per point, the cash-back rate only offers half of the value. You can also redeem your rewards points for gift cards at varying values, depending on current promotions. Keep in mind that there is a minimum redemption of 2,500 points per transaction.