Bank of Americaã‚â® Travel Rewards Credit Card Reviews
Snapshot
3.viii
Bottom line
The Bank of America Travel Rewards bill of fare is a flexible, no almanac fee alternative to travel cards that take a bit more elbow grease to maximize. Similarly to Capital Ane miles, its flat-charge per unit points on all purchases can be redeemed to encompass travel and dining purchases made up to a much more impressive 12 months prior, covering tourist attractions and other tertiary-party travel bookings that travel rewards typically tin can't go toward. However, since points tin can't be transferred to partner programs and at that place aren't whatsoever travel-specific benefits, the Travel Rewards carte is substantially a flat-charge per unit cash back card with more red tape.
Best for qualifying travel purchases
Bank of America® Travel Rewards credit card
Intro offering
25,000 points
Regular April
xiv.24% - 24.24% Variable APR on purchases and residual transfers
Recommended Credit Score
Skillful to Splendid (670 - 850)
Bank of America® Travel Rewards credit carte Overview
The Bank of America® Travel Rewards credit bill of fare is ideal for travelers who value versatility, or even occasional travelers that dine in more than than fly out. You'll exist able to earn generous apartment-rate rewards on all your purchases—not just travel expenses. And because this travel rewards credit card isn't tied to specific hotel or airline partners, yous tin volume your travel with any provider and receive a statement credit.
Depository financial institution of America credit cards also accept a looser definition of travel compared to cards from other issuers, allowing you lot to receive a statement credit for purchases at campgrounds, travel agencies, zoos, fine art galleries and more. If yous've shelved your travel plans for the moment though, yous can also redeem points for a statement credit toward dining purchases.
All the same, there aren't whatever travel-specific features to speak of, and your rewards can't exist used to direct book travel through an issuer portal or a transfer partner—which is probable to be a dealbreaker for quite a few cardholders. Unless you're a Preferred Rewards fellow member that needs an like shooting fish in a barrel to manage travel card, the standard Travel Rewards card essentially becomes a flat-rate cash back bill of fare with more advantage redemption crimson tape.
What are the advantages and disadvantages?
Pros
- No annual fee or foreign transaction fees.
- 0% intro APR on purchases for fifteen billing cycles (then fourteen.24% – 24.24% variable Apr ).
- Can boost your rewards rate past up to 75 percent as a Preferred Rewards member.
- Redeemed points can cover up to a 12-calendar month-one-time travel or dining buy.
Cons
- Introductory Apr doesn't employ to balance transfers
- Minimum redemption requirement of 2,500 points for travel or cash dorsum
- Better travel-related category coverage, simply the rewards are but valuable if y'all're a Preferred Rewards fellow member
A deeper look into the current card offer
Quick highlights
- Rewards rate: Unlimited 1.5 points per dollar on all purchases
- Welcome offer: 25,000 bonus points ($250 value toward travel purchases) if you brand $1,000 in purchases within ninety days of opening the account
- Annual fee: None
- Purchase intro April: 0% intro Apr for xv billing cycles for purchases
- Balance transfer intro APR: N/A
- Regular APR: fourteen.24% – 24.24% variable
Electric current welcome offer
Bank of America is currently offering 25,000 bonus points when y'all spend at least $one,000 in qualifying purchases inside 90 days of opening the business relationship. If you redeem these points for a statement credit, they'll be worth about $250 toward travel. Considering that this menu has no almanac fee, this is a generous welcome offer.
Compared to other no annual fee cards' sign-upwardly bonuses, its $250 value is slightly higher than the $200 value you meet on average. Keep in mind though that you lot may be spending double to qualify for that extra $50. Several cards like the Hunt Freedom Unlimited® offer a bonus worth up to $300 cash back- earn an extra 1.v% on everything yous buy (on up to $20,000 spent in the get-go year). That's 6.five% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
However, you'll probably spend at to the lowest degree $1,000 in your outset 90 days with your Banking company of America Travel Rewards card anyway, and so the higher spending requirement isn't a big deal.
Rewards rate
This bill of fare offers a high rewards rate on everyday purchases and travel booked through Bank of America, only these travel rewards piece of work a bit differently than typical bonus miles. Instead of using rewards to book travel, your Bank of America travel rewards go toward statement credits on travel or dining purchases—meaning this card works more than like a specialized cash dorsum credit bill of fare.
If y'all're a Preferred Rewards member, you can earn 25 percent to 75 pct more points on every purchase. That means you could earn upwards to 2.62 points for every $1 spent.
Here's a quick primer on how to earn and maximize your Bank of America travel rewards:
How you earn
The Banking concern of America Travel Rewards credit card allows you to earn unlimited 1.five points for every dollar you spend on all purchases. You lot can also earn 3 points per dollar on travel bookings and other purchases through the Bank of America Travel Heart (except insurance).
Notwithstanding, the Banking company of America Preferred Rewards program gives the Travel Rewards card an edge over similar competing cards, if you already accept an eligible account with Bank of America. Depending on which status tier your concord, you'll earn 25 to 75 percent bonus points on every purchase. That means Platinum Honors Preferred Rewards members can earn up to two.62X points on all purchases.
How to redeem
Yous tin redeem your points for gift cards, cash or a statement credit to embrace travel-related purchases. Even better, you can request a credit for your travel-related purchases up to 12 months afterward y'all brand them. That opens the door to exceptional deals that you might non get with other travel advantage programs, such as discount bookings through external travel websites. But keep in mind that there's a 2,500-point redemption minimum for travel credits and greenbacks and a 3,125-point minimum for gift cards. You can receive cash dorsum equally a check or straight deposit to an eligible checking or savings account with Bank of America or an eligible Merrill Greenbacks Management Account.
Perhaps one of the all-time aspects of the Bank of America Travel Rewards card'southward travel credit redemption is that it covers a broad range of purchase categories that may not usually qualify as travel or dining. For example, you tin get statement credits for admission tickets to art galleries and aquariums, purchases at bars and nightclubs or even eligible purchases with real estate agents. Some travel or dining-related expenses similar in-flight goods and services and duty-gratuitous airport purchases aren't eligible for statement credits, so here's a handy list of example categories that you can put travel credits toward:
Bank of America Travel Rewards carte du jour categories eligible for travel credits
| Eligible travel-related category examples | Eligible dining-related category examples |
|---|---|
|
|
How much are the rewards worth?
If you redeem your points for a travel statement credit, they're worth ane cent each, and then 25,000 points equal $250. Cash and gift cards usually give you less bang for your buck. When yous redeem for greenbacks, your points are simply worth 0.6 cents each (or $150 for every 25,000 points). The value of your points when you redeem gift cards varies by retailer.
Compared to Hunt and other issuers with traditional travel reward programs, you may become more bonus category flexibility simply you tin't transfer your points to travel partners at a higher value. Bank of America Travel Rewards card points are stuck at a 1 cent maximum value while Hunt Ultimate Rewards points can be worth upwards to 2 cents apiece with the correct transfer partner.
Other cardholder perks
The Banking concern of America Travel Rewards menu isn't a powerhouse for perks like other travel-oriented rewards credit cards. It offers bones features like gratis access to your credit score, overdraft protection and account alerts, plus at that place are a few actress benefits outside the Preferred Rewards programme that might be helpful during your travels.
Preferred Rewards
If you lot banking concern with Bank of America or invest with Merrill Edge, you may be able to join the Preferred Rewards plan, which gives you the chance to earn a higher rewards rate on your purchases. Plus, yous could receive other benefits similar boosted interest rates on savings accounts and reduced interest rates on your home equity and auto loans.
Depending on how much money you keep in your combined Banking concern of America and Merrill investment accounts, you could earn up to a 75 pct bonus on your credit card rewards. So if you accept a combined remainder of at least $100,000 and make a buy that earns 100 points, you could actually get up to 175 points every bit a Platinum Honors Preferred Rewards member.
Bank of America Preferred Rewards status tiers
- Gold (at to the lowest degree a $20,000 combined balance): 25 pct bonus rewards
- Platinum (at least a $l,000 combined balance): 50 percent bonus rewards
- Platinum Honors (at least a $100,000 combined balance): 75 percentage bonus rewards
BankAmeriDeals
Bank of America cardholders accept sectional access to BankAmeriDeals, the issuer's version of card-linked limited-time offer programs similar Amex Offers or Hunt Offers. Yous can log into your account and normally earn anywhere from 5 to 15 per centum extra cash back (upwards to a sure limit) at participating restaurants and other merchants afterwards activating the respective offer. BankAmeriDeals won't rake in big bucks, but the "coins" you get for regularly using the plan can help you obtain upgraded deals.
Visa Signature benefits
As a Visa credit card, your Depository financial institution of America Travel Rewards card has access to a portfolio of Visa Signature perks that tin come up in handy on the road. Contact your issuer to run across which features your card specifically carries, only you can await to receive standard benefits like:
- Purchase protection
- Extended warranty coverage
- Visa Signature concierge services
- Roadside Dispatch
- Lost luggage reimbursement
- Travel and emergency assistance
Museums On Us
If yous love planning day trips to popular museums, then this benefit is an underrated precious stone. Simply presenting your Bank of America debit or credit card and a valid photo ID will get you costless admission to 225-plus "cultural institutions" during the outset weekend of each month.
Rates and fees
One of the main benefits of the Depository financial institution of America Travel Rewards card is the lack of fees. There is no almanac fee and no strange transaction fees, which is corking news if you're planning to travel abroad. There's also a 0% introductory April on purchases for 15 billing cycles, which tin be helpful when financing a big purchase during the commencement twelvemonth. Fortunately, the regular variable APR is below the current boilerplate credit card interest rate at (14.24% – 24.24% variable APR), but you may be charged a penalization APR of up to 29.99% variable if you miss a payment.
Some other affair to consider is that this card isn't the best choice for remainder transfers with Bank of America. The intro APR doesn't employ to residual transfers, and y'all'll exist charged $ten or a 3 percent fee, whichever is greater, for each transfer yous make.
Banking concern of America too charges a late fee of up to (see terms for more details), a returned payment fee up to (meet terms) and a $10 or 3 percent fee on greenbacks advances, whichever is greater.
How the Banking company of America Travel Rewards credit card compares to other travel cards
Bank of America Travel Rewards vs. Capital One Venture Rewards Credit Card
The Bank of America Travel Rewards bill of fare is 1 of the all-time travel credit cards with no almanac fee if you value flexibility, but information technology doesn't operate like a traditional travel menu with bonus points or miles. Instead, it works like a apartment-charge per unit cash back card except your statement credits are restricted to travel and dining-related categories. If you don't travel frequently and "flexibility" means occasionally redeeming for cash rewards, you're probably amend off with a true apartment-rate greenbacks dorsum card like the Wells Fargo Active Cash℠ Menu or a flat-charge per unit travel card that tin can redeem for one:1 cash back at any amount like the Discover information technology® Miles. That way, you'll be able to earn up to 2 pct unlimited cash dorsum on all purchases. Still, a true travel carte du jour can besides offer similar versatility if you desire more travel-based perks.
The Capital One Venture Rewards Credit Card offers more than traditional travel card rewards simply keeps the streamlined experience. It offers a higher rewards charge per unit of an unlimited 2X miles on all qualifying purchases, up to a $100 credit for TSA Global Entry or TSA PreCheck awarding fees and the take a chance to earn a bigger welcome bonus. It too rewards actual hotel and rental motorcar travel purchases at a higher 5X rate if you book through the Capital One Travel portal.
On the flip side, the card charges a $95 annual fee, doesn't offer an introductory APR and has a much higher regular APR ( 16.24 pct to 24.24 percent variable) than the Bank of America Travel Rewards credit carte. The Venture also has a bit less redemption flexibility in the sense that you can't redeem miles to cover some outlier travel-oriented purchases similar tourist attraction tickets and dining expenses, but you can use your Capital 1 miles in the same statement credit-like style to cover eligible travel purchases made in the terminal 90 days.
To the Venture card'southward reward, its rewards tin can gain value with the right transfer partner, up to i.85 cents per mile co-ordinate to The Points Guy's latest estimation, which is already simpler than with nearly issuers since the majority of Capital I's partners have a 1:1 transfer rate. And then if you're willing to trade some elbow grease for more travel value, choosing the Venture menu is likely the wiser route.
Bank of America Travel Rewards vs. Bank of America® Premium Rewards® credit card
If you're on the fence nigh investing money into a card with an almanac fee but y'all'd benefit from the Depository financial institution of America Preferred Rewards program, you might desire to await into the Depository financial institution of America® Premium Rewards® credit card. It has the aforementioned $95 annual fee as the Venture card, but with higher reward rates and much better travel benefits than the standard Bank of America Travel Rewards menu.
Not simply will you get shopping safeguards like purchase and return protection, but you lot'll also get prized travel insurance typically found on peak-tier travel cards similar trip counterfoil/interruption protection, trip delay reimbursement, baggage delay and lost luggage reimbursement, auto rental standoff damage waiver coverage and even emergency evacuation and transportation coverage.
Although the 2X points on travel and dining are just a small upgrade (the advantage rates are lower than their counterparts on the Bank of America® Customized Greenbacks Rewards credit bill of fare) and the carte remains relatively frill-less, you're getting plenty for the price. In fact, frequent flyers can completely offset the annual fee without rewards spending via upwards to $100 in annual airline incidental statement credits and up to $100 Global Entry or TSA PreCheck application fee credits (applies every four years). Keep in heed that the incidental credits only comprehend costs like seat upgrades, baggage fees, airline lounge access and in-flight services rather than full general airfare, but savvy travelers will notice the Premium Rewards a much better bargain than the base Travel Rewards card.
Banking company of America® Travel Rewards credit menu
Apply at present
on Depository financial institution of America's secure site
Intro offer
25,000 points
Recommended credit
Good to Excellent(670 - 850)
Capital One Venture Rewards Credit Menu
Recommended credit
Practiced to Splendid(670 - 850)
Bank of America® Premium Rewards® credit card
Intro offer
50,000 points
Recommended credit
Proficient to Splendid(670 - 850)
Best cards to pair with the Bank of America Travel Rewards card
Since the Bank of America Travel Rewards bill of fare is a flat-rate card, the best cards to pair with it will reward the categories y'all spend the nigh in with higher reward rates. Your Travel Rewards menu points' best use is to cover the travel and dining purchases you make with it, so you'll want a carte du jour that covers your specialized spending exterior those 2 categories.
The Blue Cash Preferred® Menu from American Express could be i of the best cash back cards for the residue of your everyday spending. It earns 6 percent cash back at U.S. supermarkets (on upwardly to $half dozen,000 per year, then 1 percentage) and on select U.S. streaming services, iii per centum dorsum on transit and U.S. gas station purchases plus one percent on all other purchases. Granted, there is a $95 almanac fee, but it'due south $0 introductory annual fee for the first year and the sheer amount of cash back will more than than cover the entry toll.
The Banking company of America Travel Rewards card doesn't provide many travel benefits or rewards on some expenses like in-flight purchases, so it may likewise be worthwhile to await into a make-specific airline credit card that will make full in those gaps.
Bankrate's Accept: Is the Bank of America Travel Rewards credit menu worth it?
The no annual fee Bank of America Travel Rewards carte du jour is a skillful pick for frequent travelers who value flexibility and are Preferred Rewards members that already bank with Bank of America. The travel rewards statement credit you'll go after the fact means you won't have to deal with blackout dates or travel restrictions when redeeming, and you have the freedom to book through 3rd-party sites for ameliorate travel deals. You'll also be able to apply your points to cover a wide range of travel purchases from aquarium tickets to hotel stays, which aren't covered by similar redemption options from other issuers,
Still, there aren't any travel-specific perks or opportunities to transfer rewards, and so many cardholders looking for richer travel opportunities will find this card two-dimensional. Since your rewards are limited to travel or dining statement credit redemptions, a 2 percent apartment-charge per unit cash back carte may even be a better choice if you aren't a Preferred Rewards member.
Often Asked Questions
Source: https://www.bankrate.com/finance/credit-cards/reviews/bank-of-america-travel-rewards-credit-card/
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