You earn U.S. Bank Altitude points by using your Bank Of America Rewards Credit Cards for your purchases. You can then redeem these points for cash back as a statement credit or into your eligible Bank of America or Merrill Lynch accounts including checking, savings and 529 or to purchase travel (air, car, and hotel) through the Bank of America Travel Center or redeem for gift cards. Each point redeemed is worth $0.01 (2,500 points = $25). I have redeemed and although not immediate, in my experience, the redemption takes place within 24 hours.
Read about earning Bank Of America Rewards Points here
