Star FUNDSamentally Rating 4 Stars
Bank of America® Travel Rewards Card
ANNUAL FEE: $0
REWARDS RATES: 1.5x points
INTRO OFFER: 25,000 points
RECOMMENDED CREDIT SCORE: 690-850
(Good – Excellent)
At a Glance
| Bank of America Travel Rewards Card | |
| Annual Fee | – None |
| Sign up bonus | – Earn 25,000 online bonus points, a $250 travel or dining statement credit value, after making at least $1,000 in purchases in the first 90 days of account opening |
| Ongoing rewards | – 1.5x Points |
| Foreign transaction fee | – None |
| Intro APR | – 0% Introductory APR for the first 15 Statement Closing Dates following the opening of your account. |
| APR | – 18.24% to 28.24%, based on your creditworthiness, when you open your account. This APR will vary with the market based on the Prime Rate. |
| Value of points redeemed | – 1 cent per point |
| Balance transfer fee | – Either $5 or 5% of the amount of each transfer, whichever is greater. |
| Additional benefits | – If you’re a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases. |
Pros
- 1.5x points on all purchases
- No annual fee
- Generous rewards
- Sign up bonus
Cons
- Low sign up bonus
- No bonus rewards on travel purchases
Detailed overview
Considering a travel credit card to boost your adventures or upcoming trips? Bank of America® Travel Rewards card offers benefits without steep fees, earning 1.5X points on all purchases. While ideal for Preferred Rewards members, it’s a solid choice for all.
KEY TAKE AWAYS
– The Bank of America Travel Rewards credit card is often seen as an entry-level option in the realm of travel rewards cards. While it may not offer the extensive benefits of other travel credit cards, it still holds value for certain individuals.
– Members of the Bank of America Preferred Rewards program can maximize their benefits with enhanced earnings rates. Additionally, the card’s broad definition of “travel” allows cardholders to earn travel credits on a wider range of purchases beyond just airfare and hotels.
Bank of America® Travel Rewards credit card: Basics
Card type: Travel.
Annual fee: $0.
Sign-up bonus: 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – that can be a $250 statement credit toward travel purchases.
Rewards: 1.5 points per dollar spent.
Points are worth 1 cent apiece when redeemed for travel or restaurant purchases and a little over half a cent apiece for cash. Points can also be redeemed for gift cards at varying point values. Minimum redemption: 2,500 points for travel or cash.
Interest rate: 0% intro APR on Purchases for 15 billing cycles and 0% intro APR on Balance Transfers for 15 billing cycles for any balance transfers made in the first 60 days, and then the ongoing APR of 18.24%-28.24% Variable APR. (A 0% APR period is relatively rare on a travel card.)
Foreign transaction fees: None.
Benefits and perks
Multiple redemption options
- Statement credits in an eligible Bank of America or Merrill account. This could add up if you decide to use the card as an everyday spending card.
- Cash deposits in an eligible Bank of America or Merrill account. The best part is that your cash redemptions don’t lose value, as with some rewards credit cards.
- Travel credits for purchases up to 12 months after the date of purchase. However, there’s a redemption minimum of 2,500 points, which is equal to about $25.
- Statement credits for dining and takeout purchases. Bank of America considers this to be a pretty broad category, meaning that in addition to restaurants, you can possibly get statement credits for purchases from bars, lounges and nightclubs.
- Gift cards. This redemption option only gives your points a value of 0.6 cents apiece and has a redemption minimum of 3,125 points.
Boosted rewards rates with the Bank of America Preferred Rewards Program
Bank of America Preferred Rewards program boosts rewards by up to 75% for Travel Rewards cardholders. Maintain minimum balances in Bank of America or Merrill accounts to qualify. Tiers are based on combined balances in bank and investment accounts.
| Bank of America Preferred Rewards® Tier | Required Balance In Account | Bonus % |
| Gold | $20,000 to $49,999 | 25% |
| Platinum | $50,000 to $99,999 | 50% |
| Platinum Honors | $100,000 to $999,999 | 75% |
| Diamond | $1,000,000 to $9,999,999 | 75% |
| Diamond Honors | $10 million or more | 75% |
Visa Signature benefits
As a Visa Signature® card, the Bank of America Travel Rewards credit card also offers:
- Visa Signature® Concierge services
- Extended warranty coverage
- Access to roadside dispatch for emergency vehicle assistance
- Travel and emergency assistance
Is this card right for you?
The Bank of America Travel Rewards card may not rank as the top travel credit card choice. Opting for a card with higher travel rewards or a flat-rate cash back option like the Citi® Double Cash Card may be more beneficial. However, for those qualifying for Bank of America Preferred Rewards, the card could yield greater benefits. It’s also appealing for individuals seeking versatile travel rewards beyond airfare and hotels, or beginners in the travel rewards realm. Nonetheless, there may still be superior card options for elevating your travel experiences.
