How Bank Of America Defines Travel
Bank of Americas luxury rewards card, the Bank of America® Premium Rewards® credit card defines travel quite broadly, offering an especially exhaustive list of redemption options for travel purchases, including the following:
- Buses and other commuter transportation
- Trailer parks, motor homes and RV rentals
- Tourist attractions like zoos, galleries and amusement parks
Bank Of America Travel Rewards Credit Card Vs Chase Sapphire Preferred Card
Verdict: A more rewarding travel rewards card
The Chase Sapphire Preferred® Card offers a much better welcome bonus, as well as better earning opportunities. Cardholders earn 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases and 1x points on everything else.
Another major benefit of this card is the fact that Chase Ultimate Rewards® points can be transferred to airline and hotel partners like British Airways, United MileagePlus, World of Hyatt and Marriott Bonvoy. A $95 annual fee applies.
How does it compare?
- Annual fee: $95
- Welcome bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®.
- Rewards earned/$1 spent: $0.025
- Other benefits: $50 hotel statement credit each account anniversary year, DashPass membership, up to $60 in Peloton credits
Excluded Reasons For Trip Cancellation Or Interruption
However, you wont be eligible for reimbursement if any of the following directly or indirectly cause the trip cancellation or interruption:
- A change in plans, financial circumstances and any business or contractual obligations.
- A preexisting condition or any other event that occurs or commences before the initial deposit date or booking date of the trip.
- Any loss due to the voluntary surrender of unused vouchers, tickets, credits, coupons or travel privileges available to you from the travel supplier before their expiration date.
- Travel after the 26th week of pregnancy, travel when any multiple pregnancy occurs before the initial deposit date or booking date of the trip or travel during any pregnancy associated with an assisted reproductive program.
- Any loss for any trip booked while on a waiting list for specified medical treatment.
- Any loss for a trip booked to obtain medical treatment.
- Disinclination to travel due to civil unrest.
- Failure of you or your traveling companion to obtain necessary visas, passports or requisite travel documents.
- Your commission or attempted commission of any illegal act.
- Your suicide, attempted suicide or intentionally self-inflicted injury.
- You being under the influence of any narcotic, legal recreational marijuana or other controlled substance at the time of a loss .
- Your disinclination to travel due to an epidemic or pandemic.
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Car Rental Collision Damage Waiver
The Car Rental Collision Damage Waiver or Loss Damage Waiver is coverage that reimburses you for damage to your rental car or theft of the car while the vehicle is in your custody.
It can also cover loss of use of the rental car, which car rental agencies can charge you if the vehicle is damaged or stolen.
Car rental companies require you to purchase CDW/LDW coverage before you take possession of the rental car, unless you have the coverage elsewhere.
Several credit cards provide CDW coverage at no extra charge, and if you have this coverage you can decline the expensive car rental company option.
Visa Signature Luxury Hotel Collection
The Bank of America Premium Rewards credit card is a Visa Signature card, which means youll receive benefits including access to the Visa Signature Luxury Hotel Collection. When you use your Bank of America Premium Rewards credit card to book a stay at a Visa Signature Luxury Hotel, youll receive benefits that include:
- Automatic room upgrade upon arrival, when available
- Complimentary in-room Wi-Fi, if available
- Complimentary breakfast for two guests
- $25 food or beverage credit
- VIP Guest status
- Late check-out upon request, when available
This is another one of my favorite benefits. If the hotels offered by my preferred hotel chain are too expensive or are super boring, the benefits I receive at Visa Signature Luxury Hotels makes it much easier to accept that Im not earning an elite night or points.
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General Tips For Filing A Cdw Coverage Claim
The first step when your rental car is in an accident or stolen is to .
Youll be asked some questions and sent a claim form to complete.
Be aware that when submitting a CDW claim, youll have deadlines to meet, documentation to gather, and a responsibility to follow up.
Hot Tip: Since most claims will be processed on a reimbursement basis, youll likely have plenty of incentive to get your claim processed quickly!
Bank Of America Credit Card Benefits And Perks
Modified date: Nov. 3, 2021
Bank of America offers a handful of rewards credit cards worth considering solely on the merits of the rewards you can earn. They offer strong cash back categories that many consumers will appreciate.
When you add in some of the unique benefits that Bank of America offers on some or all of their credit cards, it makes the decision to apply for one of their credit cards much easier. Here are some of the best Bank of America credit card benefits you should know about.
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Bank Of America Preferred Rewards Tiers And Earning Rates
As you can see, even if you dont have a balance over $100,000 in your Bank of America or Merrill account you can still earn either a 25% or 50% boost to your rewards rate.
When combined with some of the other benefits of this card, even a 1.9% earning rate makes this card stand out despite the fact some flat-rate rewards cards have a slightly higher rate.
Bank Of America Travel Rewards Credit Card One
This card offers a fairly generous bonus for eligible new card members. You receive 25,000 points when you make at least $1,000 in purchases within 90 days of opening your account. This bonus is worth $250 if taken as a travel statement credit.
While there are cards that offer two to three times that many points as a bonus, they typically require two to three times the spending of this cardthat is, $2,000 to $3,000 in the same three-month period. Also, those bigger-bonus cards often have an annual fee.
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When Does It Make Sense To Purchase Insurance From The Rental Company
If you do have coverage through your credit card or personal auto insurance, consider whether you want any additional insurance offered by the rental car company. You might opt for supplemental liability insurance if you arent protected by a personal policy. Or you might purchase personal effects insurance if you are worried about having items stolen from the rental car .
If your credit card or personal insurance policies provide adequate coverage, the additional expenses are probably not worthwhile. But if you do decide to purchase insurance from the rental company, be sure to ask about its terms and conditions. What is covered? Which drivers? Whats excluded?
Whatever your decision, its crucial to understand what you pay for and what youre ultimately responsible for when renting a car.
Is The Bank Of America Travel Rewards Credit Card For You
The Bank of America Travel Rewards Credit Card is likely best suited for occasional travelers who arent looking for luxury travel perks. The simple rewards system1.5 points per dollar on all purchasesmakes this a rewards card that eliminates headaches over figuring out the best ways to maximize the rewards. This card doesnt offer many enticing additional benefits, so consumers who want to dedicate rewards strictly to travel might consider this card.
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Capital One Venture Rewards Credit Card
The card comes with valuable travel protections, such as an auto rental damage waiver where you can be reimbursed in the case of theft or damage of your rental vehicle, as well as 24-hour travel assistance services in the event that you card is damaged or stolen while abroad in that case, Capital One can send you an emergency replacement and a cash advance.
Additionally, youll get travel accident insurance for a covered loss at no extra charge, and extended warranty protection at no charge on eligible items.
Not All Car Types Are Covered
If you stick to the standard categories of car rentals such as compact, intermediate and full size, your credit cards car rental policy should apply. However, most policies exclude specialty-class vehicles, including large passenger vans, pickup trucks, antique vehicles and motorcycles. In addition, many policies exclude leases and micro-leases. And most policies exclude rentals through person-to-person car-sharing companies such as Turo.
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What Counts As Travel
One smart technique for racking up reward points quickly is to have a few cards with different category bonuses, then orient your spending on those cards toward those categories. If you can remember to use the correct card when paying, your rewards can quickly multiply.
Travel tends to be a popular rewards category for card issuers because people who express interest in travel and spend money on traveling tend to be desirable customers for banks.
Of course, anytime a card offers a category bonus, theres always the question of what expenditures qualify in that category. The answer is not always clear, and individual issuers define purchase categories differently. Additionally, eligible purchases or redemptions may vary from card to card within the same issuer.
Heres a quick look at how different card issuers define the travel category on one or more of their cards:
Rewards Rates: Between Solid And Standout
Cardholders can earn base rewards rates of 2 points per dollar on travel and dining and 1.5 points per dollar on everything else there’s no limit on what you can earn. While there are cards that offer slightly bigger rewards, those are above-average rates.
Also, what qualifies for the travel and dining category is liberal and includes such potential everyday purchases as bus and taxi fare and tolls, along with such entertainment expenses as admission to zoos, circuses, and amusement parks. Points can be redeemed for a healthy 1 cent per point to book travel, deposit as cash back to a Bank of America or Merrill account, or buy gift cards. The card’s points rates are supercharged if you have at least $20,000 in a Bank of America bank account or Merrill investment account.
Under the bank’s Preferred Rewards program, a three-month average balance of $20,000 will earn you a 25% point bonus. The bonus rises to 50% if you maintain a $50,000 balance and to 75% if you have $100,000-plus in an account. B of A customers with substantial holdings will be hard-pressed to earn better points rewards with any other card.
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This Credit Card Is Right For You If:
The Bank of America® Travel Rewards credit card is best for occasional travelers looking for a good travel credit card with no annual fee. The intro bonus is one of the biggest in the no-annual-fee category and it’s also very well suited to existing Bank of America customers, especially if they are enrolled in one of the Preferred Rewards programs. You won’t find a no-annual-fee travel card that offers such a lucrative earnings rate for the highest Preferred Rewards tiers nor will you find many competing cards with such a long 0% Intro APR offer.
Follow Up With Additional Needed Documents
If the claim administrator asks for anything else, make sure to provide it right away. For example, they might request:
- Copy of your credit card statement showing that the rental was paid for with your qualifying credit card
- Repair estimates
If you have trouble getting the required documents, ask the claim administrator for help.
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Why You Might Want A Different Travel Rewards Card
If youre familiar with rewards programs, know which categories you spend your money and can plan accordingly to use different cards for every purchase, you might want to opt for a more elaborate card strategy that takes advantage of higher earning cards. A rate of 1.5 points per dollar spent is a decent rate, but its by no means the best offer out there.
That said, there are a few shortcomings the Bank of America Travel Rewards card has that makes it fall a little further down the list of best travel rewards cards.
Flexible Rewards Redemption Options On Certain Cards
Depending on the particular credit card you choose, you may have a few options to redeem the credit card rewards you earn. Here are a few highlights to consider.
The allows you to redeem your cash back for:
- Statement credits or deposits directly to your Bank of America checking or savings account or for credit to eligible accounts with Merrill
- Contributions to a qualifying 529 account with Merrill or for a check starting at $25
- Automatic redemptions into an eligible Bank of America or Merrill account starting at $25.
The redemption options are as follows:
- Travel statement credits starting at 2,500 points for a $25 credit
- Gift cards starting at 3,125 points for a $25 gift card
- Cash starting at 4,166 points for a $25 cash reward
The offers many ways to redeem your points including:
- Booking travel through the Bank of America Travel Center at a value of a penny per point
- Cash through direct deposit, 529 college savings plan or statement credit at a penny per point value
- Gift cards starting at a value of a penny per point
The lets you redeem your rewards as:
- Cash deposited into a Bank of America. checking or savings account
- Statement credit on your credit card
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Important Things To Know About Credit Card Rental Car Insurance In Costa Rica
You must check with your credit card company and the specific car rental agency youre working with for coverage details but there are some things that are generally true and important to know about using VISA, MasterCard or American Express.
Bank Of America Premium Rewards Credit Card Bonus
The bonus for this card is among the most generous you can get. Provided you spend $3,000 in your first 90 days with the card, youll earn 50,000 bonus points. Thats worth $500 and, like other rewards, can be used to offset charges to the card, book travel, deposit cash back to a Bank of America account, or buy gift cards.
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Select Bank Of America Credit Cards
The Bank of America Premium Rewards credit card provides reimbursement of up to $2,500 per person, per trip, for unused prepaid, nonrefundable travel expenses, including passenger fares, tours and hotels, if you have to cancel due to a covered reason. The card has a $95 annual fee, but youll earn 2 points for every dollar spent on travel and dining purchases and 1.5 points for every dollar spent on all other purchases. Plus, earn 2 points for every dollar spent on grocery store purchases now through Dec. 31. Check out our Bank of American Premium Rewards card review for more details.
What Type Of Coverage Does My Credit Card Cover For Rentals
When you go to pick up your rental car, youll need to decide on whether or not you want to pay for the rental companys collision damage waiver . The waiver takes the responsibility off your hands if any damages may incur while in your possession. If your credit card provides free CDW protection as a part of its rewards, you can save some money and avoid having to pay for the protection you already have.
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