You redeem points to reduce the price of an airline ticket. The number of points required depends on the current market price. So unless the ticket is already pretty cheap, you don't really get a free ticket. This is similar to Capital One Rewards. I guess it's also similar to the "choices" program from Chase. Also, each point is tagged with a 4-year expiration date, and there's a $35 booking fee.

https://disclosures.bankofamerica.co...OMM&env=prd#tc

Significant restrictions apply to air travel rewards, including 21-day advance booking, no layovers more than 4 hours are permitted, and Saturday night stay is required. Airline ticket can be booked a day before departure date when redeeming for the $150 off airline ticket at the 15,000 point redemption level and the $250 off airline ticket at the 25,000 point redemption level. Tickets are non-refundable, non-exchangeable, coach or first class. Maximum ticket value is calculated based upon 1.25% of the 30,000 point redemption level and 1.40% of the remaining redemption levels. (e.g. 30,000 redemption level permits a cardholder to obtain a maximum ticket amount of $375). A thirty-five dollar ($35) booking fee shall apply per airline ticket redeemed through the Program using Elite Rewards Points. Elite Rewards Points expire 4 years from the end of the quarter in which they are earned. Certificate/Card expiration dates vary by independent retailer. Elite Rewards Points and Certificates/Cards have no cash value under any circumstances and may not be used to pay your credit card balance. Taxes are the responsibility of individual Program participants. The terms of the Program may change at any time. Other restrictions apply; see the Guide to Rewards for details. The Guide to Rewards will arrive within 30 days of the account opening . The Program is void where prohibited by law. The Program (other than the credit card) is administered by Affinion Loyalty Group, Inc. Travel agency services are provided by Cendant Travel, Inc.