The Bank Of America Travel Rewards Credit Card
When it comes to rewards programs, the Bank of America Travel Rewards credit card is a good choice for those who want something basic. Theres no need to worry about spending in certain categories to optimize your earnings with a constant payout of 1.5 points for $1 spent on all purchases.
In the event that you already have an account with Bank of America, the Preferred Rewards Travel Credit Card is an excellent choice. Even more points can be earned by Preferred Rewards members. If you want to get the most out of your travel rewards, even if you have to pay an annual fee, you may be better off with one of the best travel credit cards. Certain purchases might earn you more money with certain credit cards. With Preferred Rewards status, the Bank of America Travel Rewards card is a viable alternative. However.
How To Use The Bank Of America Travel Rewards Credit Card:
- Spend at least $1,000 in the first 90 days to earn the sign-up bonus.
- Put all your purchases on the card to take advantage of a generous flat rewards rate.
- Consider purchasing travel through the Bank of America Travel center to earn double points.
- If you are eligible, sign up for Preferred Rewards to boost your earning.
I Got The Card Now What
- Make timely payments. Pay your statement through your online account, where you can enroll in autopay.
- Avoid interest. After the close of each billing cycle, you have a grace period to pay your balance. If you do, you wont pay interest on your purchases.
- Avoid fees. Late and returned payments come with fees of up to $40. Balance transfers come with fees of either $10 or 3%, whichever is greater. Also, cash advances have a fee of $10 or 5%, whichever is greater.
- Contact customer service. If you have questions, contact customer service at 1-800-432-1000.
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Bank Of America Card Benefits
The Bank of America Premium Rewards card and Bank of America®Travel Rewards credit card come with car rental protections. Purchase protection perks. The Bank of America retail protection benefits also vary by card. Again, the best pick among the Bank of America card portfolio is the Bank of America Premium Rewards card.
Bank Of America Travel Center Rates Compared To Other Booking Sites
In general, the prices you can find on the Bank of America Travel Center are competitive with rates on other sides. For example, take this flight from Charlotte to Chicago.
Whether you book the trip through Bank of America, United or Priceline, itll cost you the same amount.
Though prices are not typically better than other sites, there is one case where booking through Bank of America makes more sense. If you have a Bank of America Travel Rewards or Business Advantage Travel Rewards card, you get a higher rewards rate on purchases made through the portal. To quickly rack up points to use toward your next trip, book on the Bank of America Travel Center.
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Who Is The Bank Of America Travel Rewards Credit Card For
Consider the Bank of America Travel Rewards if you want a credit card with no annual fee or foreign transaction fee that offers travel and dining statement credits as rewards.
This card is also a Visa Signature product that has near-universal acceptance.
All purchases earn a flat 1.5 points per $1. Even better, Bank of America Preferred Rewards members can make up to 75% more.
As this card doesnt have an annual fee, it can be an excellent option for casual travelers that dont travel enough to justify having a card with more benefits but also charges an annual fee.
Frequent travelers may also like this card as you can redeem your points for travel and dining statement credits on recent purchases. Unfortunately, many travel cards require you to redeem points for future travel which can be a frustration for some travelers.
|Benefits at a Glance|
|13.99% to 23.99% variable APRGreat Credit Score Required|
Bank Of America Travel Rewards Credit Card Exchange Rate
The Bank of America Travel Rewards credit card exchange rate is Visas exchange rate on the date you make an international purchase. Visa exchange rates change on a daily basis, and they update these rates each day on their website.change on a daily basis, and they update these rates each day on their website.
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Bank Of America Travel Rewards For Students Review
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The Bank of America Travel Rewards credit card for students offers unlimited travel rewards on every purchase, with no foreign transaction fee. A 0% introductory APR on purchases and no annual fee add to the card’s appeal for students who want to earn travel rewards while saving money.
You Cant Beat The Interest Rate Break
Another big benefit for new cardholders is that they get an interest rate break: you pay 0 percent on purchases for 12 billing cycles.Once that cycle is through, your APR would range from 16.74% 24.74% Variable APR.For the first 12 months, you get to rack up a ton of points without ever having to worry about interest adding up.
Now, this introductory rate doesnt apply to transferred balances, so be sure to keep that in mind.Your ongoing interest rate is going to depend on your credit rating.
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Who Should Get The Bank Of America Travel Rewards Credit Card
Individuals looking for a simple and straightforward rewards program will like the Bank of America Travel Rewards Credit Card. With fixed rewards of 1.5X points on all purchases everywhere, every time, theres no need to worry about spending in specific categories to maximize your rewards.
If youre already a Bank of America customer, this travel credit card is a sensible option especially if you qualify for their Preferred Rewards distinction. Preferred Rewards members can earn even more points.
If youre looking to maximize travel rewards or receive the best travel perks available, you might be better off with one of the best travel credit cards, even if it carries an annual fee. Some cards offer a higher earnings rate on certain purchases. Still, the Bank of America Travel Rewards card is a decent option, especially if you earn Preferred Rewards status.
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American Express Green Card
You cant mention travel rewards credit cards without including an American Express card, the American Express Green Card. Right now, you can earn 45,000 Membership Rewards points after spending $2,000 in the first six months of card membership. Earn 3X points per dollar spent at restaurants worldwide and on travel, which includes flights, hotels, transit, subway swipes, taxis and ridesharing services. This card also offers 1x point per dollar on all other purchases.
The Amex Green Card does have a higher annual fee, at $150, but it also features extensive perks like:
- $100 CLEAR® membership statement credit annually
- $100 statement credit for airport lounge access annually
- Trip delay insurance
Take An Interest Rate Break
New cardholders get an interest rate break: 0% intro APR for 15 billing cycles on purchases, and then the ongoing APR of 13.99%-23.99% Variable APR. You’ll be able to rack up points without worrying about the interest piling up, too.
You should be aware, though, that the introductory rate doesn’t apply to transferred balances. Your ongoing interest rate, depending on your credit rating, will apply to balance transfers, which also incur a fee of 3% of the transferred balance .
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Bank Of America Travel Rewards Compared To Similar Cards
Here are some of the alternative travel and cash rewards cards to this product.
Bank of America Premium Rewards:
The Bank of America Premium Rewards charges a $95 annual fee but offers several benefits that can be advantageous for frequent flyers.
You can earn 2x points on travel and dining purchases . All non-bonus purchases earn 1.5x points.
Preferred Rewards members can also earn up to 75% additional points on purchases.
Each point is worth 1 cent each for travel and cash redemptions with a $25 redemption minimum.
Capital One VentureOne:
The Capital One VentureOne doesnt charge an annual fee or foreign transaction fee. Purchases earn 1.25x miles but Capital One Travel purchases earn 5x miles.
Each point is worth 1 cent each for travel statement credits and there isnt a redemption minimum.
The cards signup bonus can also be easier to earn as you only need to spend $500 in the first 3 months. However, you only earn 20,000 points instead of 25,000.
Chase Freedom Unlimited®:
The Chase Freedom Unlimited markets itself as a cash rewards card but each point has the same $0.01 redemption value for cash, travel, and gift card rewards.
This card also earns at least 1.5 Ultimate Rewards per $1 on purchases and has no annual fee.
The purchase rewards categories include:
American Express Blue Cash Everyday:
Pay Yourself Back With A Travel Statement Credit
To redeem your points for the travel statement credit, you can select any travel purchases from the last 12 months. Youll need a minimum of 2,500 points to redeem, equating to $25 this means that each point is worth 1 cent each.
And you wont even have to cover the entire cost of the travel purchase instead, you can pay with a partial amount of points. There also isnt a limit on the number of points you can redeem, making this travel redemption option incredibly flexible and easy to understand.
Travel purchases encompass a broad range of categories, including:
|Airlines and air carriers|
|Amusement parks, carnivals, circuses and fortune tellers||Aquariums, dolphinariums, zoos and seaquariums||Boat leases and boat rentals||Other recreation services|
As you can see, travel isnt limited to airfare and lodging accommodations. Instead, you can use your Bank of America Travel Rewards points to pay yourself back in numerous ways. To complete this transaction, simply select the charge youd like to redeem your points for and enter the number of points you want to use, then send the travel credit request. If approved, youll receive a statement credit within three business days.
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Compare Pricing In The Travel Portal
Keep in mind that the Bank of America Travel Center lets you make travel bookings with over 200,000 hotels and resorts and more than 200 airlines, among other options. Since some Bank of America travel rewards credit cards let you redeem your points for statement credits or for travel booked through the Bank of America Travel Center, you should compare pricing with both.
Other Cards To Consider
While the Bank of America Travel Rewards Credit Card can be a good option for some travelers, it’s not the best credit card for everyone. If youre looking for a premium rewards credit card, the Chase Sapphire Preferred gives you more bang for your buck than the Bank of America Travel Rewards Card. A favorite among Chase fans, this card does carry a $95 annual fee, but new cardmembers can earn 60,000 points after spending $4,000 on purchases in the first 3 months. That’s $750 in travel rewards if you redeem through Chase Ultimate Rewards.
Read our full Chase Sapphire Preferred review.
Another solid alternative is the Discover it Miles Credit Card. Similar to the Bank of America card, this credit card offers 1.5X miles points per dollar spent and a $0 annual fee. However, Discover will match the miles you earn in the first year as a new cardmember. New cardholders also enjoy a 0% intro APR on purchases for the first 14 months ).
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Bonuses & Rewards Explained
Using the Bank of America Travel Rewards Credit Card lets you earn 1.5 points per purchase. These points do not expire for the life of the card. There are also bonus rewards available for new cardholders who spend $1,000 or more within the first 90 days of opening an account, as well as other bonuses that may be presented per special advertised promotions.
Cardholders earn 1.5 points on every purchase, including but not limited to groceries, gas, dining, entertainment, TV services, phone services, internet services, online shopping, hotels and air travel. The points do not expire.
New cardholders get 25,000 online bonus points if they spend at least $1,000 within 90 days after opening the account. The bonus points can be redeemed for a $250 statement credit toward travel or dining purchases.
New cardholders can enjoy a 0% introductory APR for the first 15 months. A variable APR applies thereafter.
Points can be redeemed in the form of a statement credit which the cardholder can use to offset qualifying travel and dining purchases.
Preferred Rewards Program
Individuals who enroll in the Preferred Rewards program can earn 25%75% more points. Membership is free. However, you need to have an active, eligible checking account and meet specific balance requirements.
Bank Of America Travel Rewards Credit Card Vs Capital One Ventureone Rewards Credit Card
Another option for those looking for a no-annual-fee travel rewards card with a simple earnings structure is the Capital One VentureOne card. It offers 5 miles per dollar on hotels and rental cars booked through Capital One Travel and 1.25 miles per dollar on every other purchasenot quite as much as standard earn rate on the Bank of America Travel Rewards Card.
However, the VentureOne does offer a number of additional perks that may be beneficial to travelers. The card also offers the ability to transfer miles to multiple Capital One partners at a potential increase in value.
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Join The Preferred Rewards Program To Earn More Rewards
If you want to boost your rewards-earning potential on eligible cards by up to 75%, it may be worth considering joining Bank of Americas Preferred Rewards program. But to do so youll have to first qualify by having an eligible Bank of America checking account and have a minimum of $20,000 combined in qualifying Bank of America deposit accounts and/or Merrill investment accounts.
Heres how the requirements and bonus rewards break down for each tier.
- Gold: $20,000 minimum 3-month combined average daily balance 25% bonus rewards
- Platinum: $50,000 minimum 3-month combined average daily balance 50% bonus rewards
- Platinum Honors: $100,000 minimum 3-month combined average daily balance 75% bonus rewards
Although youll need to initiate enrollment in the program on your own, once youre in, your balances will be checked monthly to see if you qualify for a higher tier. And dont worry: Even if your balances fall below the $20,000 minimum, youll still get to stay in the program for a year after you enroll.
How To Book A Trip Through The Bank Of America Travel Center
When you sign into your Bank of America credit card account, you can view all the ways you can redeem your points. To get to the Travel Center right from this page, just select Book now.
Through your account, youll be able to search for a flight, hotel or car rental just like you would with any third-party booking site.
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How It Compares To Similar Cards
The BoA Travel Rewards card shines in its simplicity however, other travel cards offer additional travel perks in which you might be interested.
Bank of America Travel Rewards Card vs. Capital One VentureOne
Like the Bank of America Travel Rewards card, the Capital One VentureOne card has no annual fee. Capital Ones signup bonus isnt quite as generous as BoAs, though, as Capital One provides just 20,000 bonus miles after $1,000 in spending within the first three months.
Capital One has a lower regular rewards rate, too, with customers earning 1.25 miles per every dollar spent versus 1.5 miles spent with Bank of America Travel Rewards card. However, frequent hotel guests will appreciate that the VentureOne provides 10 times the miles on purchases at thousands of hotels. This bonus is offered through 2020, and it makes the card a better option for those who travel often and stay in hotels when they do.
Capital One also provides auto rental insurance, travel accident insurance, and 24-hour travel assistance service, features which are lacking with the BoA travel card.
How To Maximize Your Rewards
Since this card has a flat rewards rate, the best ways to maximize rewards are qualifying for the initial bonus, then charging all purchases to the card going forward. To qualify for the 25,000 introductory bonus points, students would need to charge an average of $333 and change for the first three months. This could be fairly easy to do for a student who routinely pays for things like groceries, dining out, gas or entertainment.
Assuming a student spends that same amount, $333 per month, in an ongoing way they could annually accumulate 5,994 points in travel rewards. That would be the equivalent of $59.94 in travel statement credit.
Now, assume that same student instead charges $500 per month to their card on everyday purchases and travel. In that scenario, they’d earn 9,000 points per year or $90 in travel statement credit. This is based on the 1.5 points per dollar earnings rate. If a student were to charge $200 in travel purchases each month through the Bank of America Travel Center, they’d earn 7,200 points per year, which would be worth $72 in travel statement credits.
When it comes to redeeming points, do so to cover travel expenses. That way, you reap nearly twice the return of taking rewards in the form of cash, for which points are worth only $0.06 rather than a full cent you get for points you use for travel.
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