Bank of America Travel Rewards credit card overview
The no-annual-fee Bank of America® Travel Rewards credit card has the potential to be a stable flat-rate card in case you are a member of the Bank of America Preferred Rewards® program. However, with out the Preferred Rewards incomes bonus, the card falls quick in comparison with different flat-rate playing cards in the marketplace. Card score*: ⭐⭐⭐
*Card score relies on the opinion of TPG’s editors and isn’t influenced by the card issuer.
For novices, factors and miles can appear daunting. For some folks new to incomes credit card rewards, the concept of transferring factors and looking for the very best redemptions may be thrilling but in addition nerve-wracking — if that is you, you are not alone.
Many novices quit on utilizing credit card rewards to pay for journey as a result of it appears too difficult.
That’s the place an choice just like the Bank of America Travel Rewards card comes into play. It has no annual payment, and we suggest candidates have a credit rating of 670 or larger to extend their possibilities of approval.
Points and miles execs will probably not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes fee and redemption course of gives a pleasant place to begin for novices.
Let’s dig into the card details so you possibly can resolve if it is best for you.
Bank of America Travel Rewards execs and cons
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Bank of America Travel Rewards welcome provide
New Bank of America Travel Rewards cardholders can earn 25,000 on-line bonus factors after spending $1,000 within the first 90 days of account opening.
These factors are redeemable at a flat fee of 1 cent per level towards journey or eating purchases, so this bonus is value $250 — a stable provide however considerably much less useful than what you may discover on different high journey playing cards.
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It’s not a flashy bonus, however it’s straightforward to earn because the minimal spending requirement is well attainable. And because the card has no annual payment, you are basically incomes rewards on purchases you’d usually make with none up-front price. This is the usual welcome bonus on the Bank of America Travel Rewards card.
When it involves eligibility, the Bank of America Travel Rewards card does have a 24-month restriction, although the details range from card to card. The wording for the Travel Rewards card states:
“This card may not be available to you if you currently have or have had the card in the preceding 24 month period.”
This means which you can get a second Travel Rewards card for those who beforehand held one; you simply have to make sure that a minimum of 24 months have handed because you closed your earlier Travel Rewards card account.
Related: The final information to credit card software restrictions
Bank of America Travel Rewards advantages
The actual profit of the Bank of America Travel Rewards is its simplicity. There aren’t any bonus classes, incomes caps or switch companions. For novices, that may be an effective way to begin a factors and miles journey.
As a cardholder, you may take pleasure in no overseas transaction charges once you swipe the card outdoors the U.S. Many no-annual-fee playing cards have overseas transaction charges, so it is a nice profit.
As anticipated with a no-annual-fee card, you will not get any luxurious perks. However, since it’s a Visa Signature card, you’ll nonetheless have entry to sure journey protections and advantages, together with zero fraud legal responsibility and roadside help.
Again, this is not an in depth record of advantages, however the ones you do get are respectable for a no-annual-fee card. Check your Travel Rewards Guide to Benefits for a complete record of each perk you may obtain by this card’s Visa Signature branding.
Related: Earn rewards without cost with these no-annual-fee credit card methods
Earning factors on the Bank of America Travel Rewards
The Bank of America Travel Rewards card has a easy incomes construction, however there’s greater than meets the attention.
For starters, you may earn 3 factors per greenback spent on journey purchases booked by the Bank of America Travel Center. You’ll additionally earn limitless 1.5 factors per greenback spent on each buy. There’s no yearly cap on rewards earned, and your factors will not expire for so long as your account is open.
This is a reasonably commonplace incomes fee for a no-annual-fee card, although you could find playing cards with extra aggressive reward buildings. However, the rewards construction turns into way more useful for those who qualify for the Bank of America Preferred Rewards program.
To enroll in Preferred Rewards, you may want an eligible Bank of America private checking account and a three-month common day by day steadiness of a minimum of $20,000 throughout your Bank of America and Merrill accounts.
There are 4 ranges of Preferred Rewards, and every comes with an incomes bonus on the Travel Rewards card.
| Preferred Rewards tier | Required mixed balances throughout accounts | Earning bonus | Minimum incomes fee |
|---|---|---|---|
| Standard | N/A | N/A | 1.5 factors per greenback spent |
| Gold | $20,000 | 25% | 1.875 factors per greenback spent |
| Platinum | $50,000 | 50% | 2.25 factors per greenback spent |
| Platinum Honors | $100,000 | 75% | 2.625 factors per greenback spent |
| Diamond | $1,000,000 to <$10,000,000 | 75% | 2.625 factors per greenback spent |
As you possibly can see, these with Platinum Honors and Diamond can earn a minimum of 2.625 factors per greenback spent on each buy, which is a powerful return for on a regular basis purchases.
Plus, you may obtain a financial savings account curiosity bonus, discounted banking and investing charges and discounted charges on auto loans and mortgages.
That stated, the incomes fee of 1.5 factors per greenback is lackluster for those who aren’t a Preferred Rewards member. Even Gold tier members can probably do higher with one other rewards card.
Related: Everything it’s best to find out about Bank of America’s Preferred Rewards program
Redeeming factors on the Bank of America Travel Rewards
Bank of America factors act extra like cash-back rewards since every level is value 1 cent. You can redeem factors as a press release credit for journey or eating purchases (beginning at a minimal of 2,500 factors).
When you make a purchase order, merely log in to your account and choose any qualifying transaction from the earlier 12 months.
Although journey fanatics might even see this as a drawback, novices may rejoice at this no-stress course of.
You haven’t got to consider maximizing reward redemptions or determining the most effective switch associate for reserving your journey, which generally is a headache for somebody in search of a easy, no-frills technique to earn and use their factors.
You may use your factors for a money reward — a verify or a deposit right into a qualifying Bank of America account. However, you may get a price of simply 0.6 cents per level this manner (2,500 factors = $15), so that you’re a lot better off utilizing them for journey or eating purchases.
Finally, you possibly can redeem your factors for present playing cards, although the precise worth varies by service provider.
Related: The greatest Bank of America credit playing cards
Which playing cards compete with the Bank of America Travel Rewards?
One of these could also be a greater match in order for you extra perks or a special incomes construction than what the Bank of America Travel Rewards card provides.
- If you need extra perks: The Bank of America® Premium Rewards® credit card is a mid-tier journey card with a $95 annual payment. It earns the identical 1.5 factors per greenback base fee because the Travel Rewards card, however you may additionally earn 2 factors per greenback on journey and eating purchases and get extra journey perks. To study extra, see our full evaluate of the Bank of America Premium Rewards card.
- If you need extra versatile rewards: The Capital One EnterpriseOne Rewards Credit Card earns 1.25 miles per greenback spent on on a regular basis purchases and 5 miles per greenback on accommodations and automotive leases booked by Capital One Travel. However, the card shines by supplying you with entry to the issuer’s 15-plus switch companions, together with British Airways, Turkish Airlines and Wyndham. To study extra, see our full evaluate of the Capital One EnterpriseOne Rewards.
- If you need much more money again: The Chase Freedom Unlimited® (see charges and costs) is one other nice no-annual-fee card choice. It provides 5% money again on journey booked by Chase Travel℠, 3% again at eating places and drugstores, 2% money again on Lyft rides by Sept. 30, 2027 and 1.5% again on all different purchases. To study extra, see our full evaluate of the Freedom Unlimited.
For further choices, take a look at our full record of the most effective cash-back credit playing cards.
Is the Bank of America Travel Rewards value it?
If you are in search of simplicity in incomes and redeeming factors, the no-annual-fee Bank of America Travel Rewards card could possibly be a superb choice, particularly for those who’re a Bank of America Preferred Rewards buyer. However, extra seasoned factors and miles vacationers will probably need a card with larger incomes charges and extra redemption choices.
Bottom line
The Bank of America Travel Rewards card provides a easy incomes fee and redemption choices many novices will respect. However, frequent vacationers who need higher incomes charges and the flexibleness of switch companions ought to think about different choices.
Apply right here: Bank of America Travel Rewards card
Related: 5 causes I really like the Chase Freedom Unlimited as a credit card newbie
