The Bank of America Travel Rewards credit card is a popular option among travelers looking for a straightforward, no-fee travel rewards card. With its simple earning structure and flexible redemption options, this credit card caters to those who want to earn and redeem travel rewards without having to worry about complex point systems or specific booking requirements.
One of the key features of this credit card is its flat-rate rewards program, offering 1.5 points per dollar on every purchase. Moreover, Bank of America Preferred Rewards clients have the opportunity to earn an additional 25%-75% more rewards on every purchase, further enhancing its value for loyal customers. Additionally, the card comes with no foreign transaction fees, making it an ideal companion for international travel.
Overall, the Bank of America Travel Rewards credit card stands out for offering simple yet rewarding features without the burden of an annual fee. Its flexibility and additional benefits for Bank of America customers make it an appealing choice for travelers seeking a hassle-free rewards experience.
Overview of Bank of America Travel Rewards Credit Card
The Bank of America Travel Rewards Credit Card is a rewards card that caters to those who frequently travel. With its competitive rewards system and no annual fee, this credit card has become a popular choice for travelers.
- Rewards: With the Bank of America Travel Rewards Credit Card, earn unlimited 1.5 points for every $1 spent on all purchases, with no cap on the number of points you can earn.
- Signup Bonus: New cardholders can earn 25,000 online bonus points after making at least $1,000 in purchases within the first 90 days of account opening. These points can be redeemed for $250 worth of travel credits.
- Introductory APR: Enjoy a 0% introductory APR for the first 18 billing cycles for both purchases and balance transfers made within the first 60 days of opening an account. After the introductory period, the variable APR ranges from 17.74% to 27.74%.
- No Annual Fee: There is no annual fee associated with the Bank of America Travel Rewards Credit Card.
- Redeeming Points: Points can be redeemed for travel expenses, such as flights, hotels, and car rentals, through the Bank of America Travel Center or as a statement credit for travel purchases made with the card.
Eligibility and Application Process
To be eligible for the Bank of America Travel Rewards Credit Card, applicants should have a good to excellent credit score, typically ranging from 690 to 850. Applying for the card is quick and can be done online or over the phone by calling (800) 211-3740.
During the application process, you will need to provide personal information, including your Social Security number, employment details, income, and contact information. Once your application is submitted, expect to receive a decision within a few days.
Earning and Redeeming Rewards
The Bank of America Travel Rewards Credit Card allows you to earn a flat 1.5X points on all purchases, making it a straightforward rewards program. There is no annual fee for this card, which makes it an appealing option for those looking to maximize their rewards without facing additional costs.
For customers who are enrolled in the Bank of America Preferred Rewards program, it is possible to boost your rewards rate. Preferred Rewards members can earn a 25% to 75% bonus on all points earned, depending on the program qualification level. To achieve the entry level of the program, a balance of $20,000 is required.
The Bank of America Travel Rewards Credit Card offers various redemption options for its users. You can redeem your points for:
- Cash: Points can be redeemed for cash, offering flexibility.
- Statement credits: Use your points to offset your credit card balance.
- Gift cards: Get gift cards from a range of retailers, providing some versatility.
- Travel-related purchases: Points can be used directly for travel expenses.
Points are worth a fixed 1 cent per point, which means that it isn’t possible to get outsized redemptions. This simplicity may be appealing to some users, while others may prefer a rewards program with more complex redemption opportunities.
For customers who have a combination of a Bank of America Travel Rewards Credit Card and the Preferred Rewards program, the points earned can be maximized and redeemed for cash, statement credits, gift cards, or travel-related purchases, making the most out of the rewards program.
Travel Benefits and Features
Travel Credit and Insurance
The Bank of America Travel Rewards Credit Card offers an impressive range of benefits and features to cater to the needs of a frequent traveler. One of its valuable benefits is that there are no foreign transaction fees for any purchases made in a foreign currency. This feature saves a traveler’s money on conversion fees, making it an ideal choice for international trips.
In addition to its fee-saving feature, the card also comes with travel insurance which offers coverage for unforeseen circumstances, including rental cars. The provided insurance helps ensure peace of mind throughout the journey.
Global Entry and TSA PreCheck
For a smoother and hassle-free experience at the airport, the Bank of America Travel Rewards Credit Card does not specifically offer Global Entry or TSA PreCheck credit. However, the card’s reward points can be redeemed towards these services.
The card earns 1.5 points per dollar on all purchases, which can be redeemed for various travel-related expenses, including Global Entry and TSA PreCheck fees. With this flexible redemption option, users can save time and avoid long queues at the airport security.
Preferred Rewards Program
For customers who are part of the Bank of America Preferred Rewards program, the travel rewards potential can be even more impressive. Preferred Rewards clients have the opportunity to earn 25%-75% more cashback on every purchase. The increase in rewards is based on the program tiers, with higher tiers earning a greater percentage of bonus rewards.
Overall, the Bank of America Travel Rewards Credit Card offers a variety of features that are useful for travelers, whether flying abroad or domestically. The absence of foreign transaction fees, added insurance benefits, and the opportunity for increased rewards through the Preferred Rewards program make this card an appealing option for travel enthusiasts.
Bonus Offers and Welcome Incentives
The Bank of America Travel Rewards Credit Card offers a generous 25,000 bonus points as a welcome incentive to new cardholders. To qualify for this bonus, you must spend $1,000 on purchases within the first 90 days of opening your account. These points are redeemable at a flat rate of 1 cent per point towards travel or dining purchases, making the bonus worth $250.
In addition to the welcome bonus, this credit card has a 0% introductory APR on purchases for the first 12 billing cycles. After this introductory period, the card carries a variable APR of 17.99% to 27.99% on purchases and balance transfers, depending on your creditworthiness.
The rewards structure of the card allows you to earn unlimited 1.5 points for every $1 spent on all purchases. There is no annual fee for this credit card, making it an attractive choice for travelers and those looking for a simple and cost-effective rewards program.
As a cardholder, you can also benefit from Bank of America’s Preferred Rewards program if you are an existing customer. This allows you to earn up to 75% more points on your card purchases, depending on your banking relationship with Bank of America.
In summary, the Bank of America Travel Rewards Credit Card provides the following bonus offers and welcome incentives:
- 25,000 welcome bonus points after spending $1,000 within the first 90 days
- 0% introductory APR on purchases for the first 12 billing cycles
- Unlimited 1.5 points earned per $1 spent on all purchases
- No annual fee
Bank of America Preferred Rewards Program
The Bank of America Preferred Rewards program is designed to reward customers for banking with Bank of America and investing with Merrill. As a Preferred Rewards member, you can enjoy various benefits tailored to your banking, borrowing, and investment activities. The program also incentivizes customers to move their checking, savings, investment, and retirement accounts to Bank of America and Merrill.
Program Tiers and Benefits
The Preferred Rewards program offers three tiers: Gold, Platinum, and Platinum Honors. Each tier provides an increasing number of benefits and perks as the customer’s total assets with the bank and Merrill increase. Key tier benefits include:
- Gold: 25% rewards bonus on eligible credit cards, preferred interest rates on savings accounts, reduced mortgage origination fees, and no-fee banking services.
- Platinum: 50% rewards bonus on eligible credit cards, increased preferred interest rates on savings accounts, further reduced mortgage origination fees, and additional no-fee banking services.
- Platinum Honors: 75% rewards bonus on eligible credit cards, top-tier preferred interest rates on savings accounts, lowest mortgage origination fees, and the most extensive no-fee banking services.
Additional benefits include priority customer service access, discounts on stock and ETF trades, and increased loan interest rate discounts.
How to Qualify
To qualify for the Bank of America Preferred Rewards program, customers must meet the following combined balance requirements of their Bank of America and Merrill accounts:
- Gold: A combined balance of at least $20,000
- Platinum: A combined balance of at least $50,000
- Platinum Honors: A combined balance of at least $100,000
These combined balance requirements must be maintained for a minimum of three consecutive months before customers are eligible for the Preferred Rewards program. Once enrolled, the benefits will be automatically applied to all eligible accounts under the customer’s profile.
Comparing Bank of America Travel Rewards Credit Card with Competitors
Chase Sapphire Preferred Card
The Bank of America Travel Rewards card has a $0 annual fee, while the Chase Sapphire Preferred card charges a $95 annual fee. As for welcome bonuses, the Bank of America Travel Rewards card offers 25,000 bonus points after spending $1,000 on purchases within the first 90 days, while the Chase Sapphire Preferred Card gives new cardholders 60,000 bonus points after spending $4,000 within the first three months.
In terms of rewards, the Bank of America Travel Rewards card offers 1.5 points per dollar on all purchases, while the Chase Sapphire Preferred card offers 2 points per dollar on travel and dining and 1 point on other purchases. Moreover, Chase Ultimate Rewards points are more flexible as they can be transferred to airline and hotel partners or redeemed for travel at a higher value.
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card has a $95 annual fee, but it also offers a more generous welcome bonus of 60,000 miles after spending $3,000 within the first three months. It has a flat rewards rate of 2 miles per dollar on all purchases.
The main advantage of the Capital One Venture card over the Bank of America Travel Rewards card is the higher rewards rate and more flexible redemptions options through Capital One travel portal. However, if saving on annual fees is a priority, the Bank of America Travel Rewards card could be a better fit.
Bank of America Premium Rewards Credit Card
The Bank of America Premium Rewards Credit Card charges an annual fee of $95, but it offers a tiered rewards system that can be more valuable for certain categories. The cardholders earn 2 points per dollar on travel and dining and 1.5 points on all other purchases. The welcome bonus is also higher at 50,000 points after spending $3,000 within the first 90 days.
Compared to the Bank of America Travel Rewards card, the Premium Rewards card offers higher earnings on travel and dining, as well as extra benefits like a $100 airline incidental statement credit and a $100 TSA PreCheck or Global Entry fee credit. However, for no annual fee and a simple rewards structure, the Bank of America Travel Rewards card still holds its appeal.
Pros and Cons of Bank of America Travel Rewards Credit Card
The Bank of America Travel Rewards Credit Card has its share of advantages and disadvantages that potential cardholders should consider before applying. Here are some of the key pros and cons of this travel rewards credit card:
- No annual fee: The card comes with no-annual-fee, allowing cardholders to enjoy its benefits without worrying about extra costs.
- Rewards program: The card offers a simple rewards structure with uncapped rewards, allowing you to earn 1.5 points (roughly equal to 1.5% cash back) for every dollar spent on purchases.
- Bank of America Preferred Rewards clients: If you are a Preferred Rewards client, you can earn a 25%-75% bonus on every purchase, increasing your cashback potential.
- No foreign transaction fees: This feature can be particularly helpful for travelers who frequently make international purchases.
- Introductory 0% APR on balance transfers: The card offers an introductory 0% APR for balance transfers made within the first 60 days, applicable for the first 18 billing cycles.
- Lack of bonus categories: Unlike other travel rewards cards, the Bank of America Travel Rewards Credit Card does not have specific bonus categories for earning rewards at a higher rate.
- Variable APR: After the introductory period, the card charges a variable APR, which may be higher for cardholders with lower credit scores.
In summary, the Bank of America Travel Rewards Credit Card is a suitable option for those who value simplicity in their rewards program and want to avoid annual fees. However, if you’re looking for more extensive rewards, bonus categories, and additional perks, there may be other travel credit cards better suited to your needs.
Who Should Consider the Bank of America Travel Rewards Credit Card
The Bank of America Travel Rewards Credit Card is an ideal choice for occasional travelers who want a simple and straightforward rewards card. With no annual fee and no foreign transaction fees, this card offers great value for those who want to earn travel rewards without any added complications.
The unlimited 1.5 points per $1 spent on all purchases make this card perfect for everyday spending. There are no bonus categories to keep track of, so users can consistently earn rewards without worrying about which purchases yield the most points. This straightforward earning structure means that even less frequent travelers can benefit from the card and redeem their points for travel purchases, including flights, hotel stays, and more.
However, this card may not be suitable for travelers looking for luxury perks such as lounge access or premium travel benefits. The Bank of America Travel Rewards Credit Card focuses primarily on providing an easy-to-use rewards structure and does not include such features.
In addition, this card might not be the best choice for individuals who spend a significant amount on specific spending categories. Without bonus rewards for specific purchase areas, heavy spenders in those categories may be better served by a travel credit card with targeted bonus opportunities.
In conclusion, the Bank of America Travel Rewards Credit Card is an excellent option for occasional travelers seeking a no-fuss rewards card for everyday spending. With unlimited earning potential and versatile redemption options, this card offers solid value and simplicity for those who want to earn travel rewards without excessive complexity.
Frequently Asked Questions
Credit score requirement?
To qualify for the Bank of America Travel Rewards credit card, applicants typically need a good to excellent credit score. This means a credit score of at least 670 is generally needed, though higher scores can improve the likelihood of approval.
Highest credit limit?
The highest credit limit offered by Bank of America Travel Rewards credit card varies depending on the applicant’s creditworthiness, income, and financial situation. Some cardholders may receive limits in the thousands, while others could be offered a higher limit. Ultimately, the specific credit limit you’ll be granted depends on your individual circumstances and Bank of America’s evaluation.
Point limit on rewards?
The Bank of America Travel Rewards credit card does not have a limit on the number of points you can earn. Cardholders can benefit from uncapped rewards, making it a good choice for those who travel frequently or make significant purchases.
Travel Center benefits?
The Bank of America Travel Center offers a convenient way for cardholders to redeem points for travel-related expenses, such as flights, hotels, and rental cars. Points can be easily redeemed at a rate of 1 cent per point when booking through the Travel Center. Additionally, there are no blackout dates, ensuring flexibility when planning trips.
Rental car insurance coverage?
The Bank of America Travel Rewards credit card provides rental car insurance coverage in the form of a collision damage waiver (CDW). This coverage applies when you use your card to pay for the rental car and decline the rental agency’s CDW. The coverage is secondary, meaning it covers eligible damage not covered by your primary insurance policy.
Customer service quality?
Bank of America is known for its extensive customer service options, including phone support, live chat, and in-person assistance at local branches. While individual experiences may vary, the customer service provided by the bank is typically considered helpful and responsive. There are resources available online as well to assist with account management and answer frequently asked questions.