The Bank of America® Travel Rewards® Credit Card offers a simple and straightforward rewards system for travelers, with a focus on earning unlimited 1.5x points on every purchase. This credit card appeals to those who value flexibility and ease of use when it comes to earning and redeeming travel rewards.
Along with its uncomplicated reward structure, the Bank of America® Travel Rewards® Credit Card comes with a variety of perks including no annual fee, no foreign transaction fees, and a generous signup bonus for new cardholders. Additionally, Bank of America customers with eligible accounts can benefit from a rewards bonus, making this card an appealing choice for those who already bank with this institution.
Card Overview
The Bank of America® Travel Rewards® Credit Card is a versatile travel rewards card that offers a straightforward rewards structure. This card is particularly appealing to those who prefer a simple approach to earning and redeeming points.
Cardholders earn unlimited 1.5 points per dollar spent on all purchases, with no categories to track or spending limits to worry about. These points can be redeemed for travel, statement credits, gift cards, and more.
As a Visa Signature card, the Bank of America® Travel Rewards® Credit Card offers a range of additional benefits for cardholders. These perks may include:
- No foreign transaction fees
- Travel accident insurance
- Auto rental collision damage waiver
- Extended warranty protection on eligible purchases
- And more
To make the most of your rewards, Bank of America® Preferred Rewards® clients can enjoy bonus points ranging from 25% to 75%, depending on their banking relationship with Bank of America®. This means that, for some cardholders, the 1.5 points per dollar could be worth as much as 2.62 points per dollar, providing even greater value for their spending.
Overall, this card is a great choice for those who do not want to deal with complicated reward programs and category restrictions but still want to earn valuable points for their travel spending.
Rewards Program
The Bank of America® Travel Rewards® Credit Card offers a simple and straightforward rewards program. Cardholders earn unlimited 1.5 points per dollar spent on all purchases, with no categories or spending caps to worry about. This makes it an ideal choice for those who want a hassle-free rewards structure.
Points can be redeemed for travel-related expenses, such as flights, hotels, car rentals, and vacation packages. One unique feature of this card is that it allows you to book travel without any blackout dates or restrictions, providing greater flexibility in planning your trips.
In addition to the base earn rate of 1.5 points, Bank of America also offers a bonus for Preferred Rewards members. Depending on your tier in the program, you can earn a 25%, 50%, or 75% bonus on your points earned. This can boost your rewards rate up to 2.62 points per dollar spent for those in the highest tier, making the card even more valuable.
Here is a breakdown of the Preferred Rewards tiers:
| Tier | Combined Bank of America & Merrill Balance | Points Bonus |
|---|---|---|
| Gold | $20,000 – $49,999 | 25% bonus |
| Platinum | $50,000 – $99,999 | 50% bonus |
| Platinum Honors | $100,000+ | 75% bonus |
To summarize, the Bank of America® Travel Rewards® Credit Card offers a user-friendly rewards program with unlimited 1.5 points per dollar spent on all purchases. The flexibility to redeem points for travel without restrictions and the potential for higher rewards through the Preferred Rewards program make it an attractive option for frequent travelers.
Travel Benefits
The Bank of America® Travel Rewards® Credit Card offers a variety of travel benefits that cater to the needs of frequent travelers. One of the notable features of this card is its unlimited 1.5x points on all purchases, making it an excellent choice for those who wish to earn rewards on their travel expenses.
Cardholders also have the advantage of no foreign transaction fees, allowing them to use their cards abroad without incurring extra charges. This benefit can save a significant amount in fees when traveling internationally.
Additionally, the Bank of America® Travel Rewards® Credit Card offers flexible redemption options, enabling cardholders to redeem their points for a wide range of travel expenses. With the easy-to-use online portal, users can book flights, hotels, car rentals, and more using their accumulated rewards points.
Travelers can also benefit from the card’s complimentary travel insurance features, such as trip cancellation and interruption protection. This coverage can provide reimbursements for non-refundable travel expenses if a trip is canceled or interrupted due to a covered reason.
When using the card for travel bookings, cardholders can also enjoy additional perks such as low fares, discounted rates, and additional travel offers. These benefits can enhance the overall travel experience and provide more value for cardholders.
Interest Rates and Fees
The Bank of America® Travel Rewards® Credit Card offers competitive interest rates and fees. The card has a variable APR of 13.99% to 23.99% for purchases and balance transfers, depending on the applicant’s creditworthiness. These rates are in line with other travel rewards credit cards in the market.
One of the major benefits of the Bank of America® Travel Rewards® Credit Card is its $0 annual fee. This makes it a great choice for those who are looking for travel rewards without the burden of an annual fee. Additionally, the card has a 0% introductory APR for the first 12 billing cycles on purchases, allowing cardholders to finance their initial travel expenses without incurring interest charges.
While the card offers numerous benefits and competitive interest rates, it is important to consider the fees associated with it. Some of these fees include:
- Balance transfer fee: 3% of the amount transferred or $10, whichever is greater.
- Cash advance fee: 5% of the amount advanced or $10, whichever is greater.
- Foreign transaction fee: None, which is great for frequent international travelers.
- Late payment fee: Up to $40.
- Returned payment fee: Up to $29.
Considering the no annual fee and competitive interest rates, the Bank of America® Travel Rewards® Credit Card is a solid choice for travelers who want to earn rewards on their everyday purchases without having to worry about high fees.
Pros and Cons
The Bank of America® Travel Rewards® Credit Card offers a variety of benefits and drawbacks to consider.
Pros:
- Unlimited 1.5x Points: Cardholders earn unlimited 1.5 points per dollar spent on all purchases, making it a straightforward rewards program with no categories to track.
- No Annual Fee: The card has no annual fee, which can help offset travel expenses and make it a hassle-free choice for travelers.
- Flexible Redemption: Points can be redeemed for travel, gift cards, cash, or merchandise, providing flexibility and convenience for cardholders.
- No Foreign Transaction Fees: The card does not charge foreign transaction fees, making it a cost-effective option when using it abroad.
Cons:
- Lower Base Reward Rate: The 1.5x points reward rate, while easy to understand, is below the 2x points per dollar offered by some other travel rewards cards.
- Limited Transfer Options: Unlike some other travel rewards cards, the Bank of America Travel Rewards Credit Card does not allow transferring points to airline or hotel partners.
- No Travel Perks: The card does not offer any travel-specific perks, such as airport lounge access or travel insurance, which are available with some premium travel rewards cards.
It is important to weigh the pros and cons of the Bank of America® Travel Rewards® Credit Card to determine if it meets your specific travel and financial needs.
How to Apply
Applying for the Bank of America® Travel Rewards® credit card is a simple and straightforward process. You can apply for the card online by visiting the Bank of America’s website or by calling their customer service line at (800) 211-3740.
Before you begin the application process, ensure you meet the following requirements:
- Be at least 18 years old.
- Have a valid Social Security Number or Individual Taxpayer Identification Number.
- Have a good to excellent credit score (typically 670-850).
During the application process, you will be asked to provide personal information such as your name, address, date of birth, and social security number. You will also need to provide financial information such as your annual income and monthly housing payment.
After submitting your application, you will receive a decision from Bank of America. If approved, you will be informed of your credit limit and any other terms for utilizing your new card. Keep in mind that approval is not guaranteed and is subject to your creditworthiness and other factors.
Comparison to Other Travel Credit Cards
The Bank of America® Travel Rewards® Credit Card offers unlimited 1.5x points on all purchases, which makes it a solid choice for those looking to earn rewards on their everyday spending. However, it’s important to consider how this card compares to other travel credit cards in the market.
When compared to the Chase Sapphire Preferred® Card, the Bank of America Travel Rewards card has a lower earning rate, as the Sapphire Preferred offers 2x points on travel and dining and 1 point per $1 spent on all other purchases. However, the Sapphire Preferred comes with a $95 annual fee, while the Travel Rewards card has no annual fee.
The Capital One Venture Rewards Credit Card is another popular travel credit card option, offering 2x miles per dollar on all purchases. This card also comes with an annual fee of $95, which is waived for the first year. Additionally, the Venture Rewards card provides a Global Entry or TSA PreCheck credit, a benefit not found in the Bank of America Travel Rewards card.
To help you further compare these travel credit cards, here’s a summary of their main benefits:
| Credit Card | Rewards Rate | Annual Fee | Extra Benefits |
|---|---|---|---|
| Bank of America Travel Rewards | 1.5x points on all purchases | $0 | No foreign transaction fees |
| Chase Sapphire Preferred | 2x points on travel & dining, 1 point per $1 on other purchases |
$95 | Primary rental car coverage, trip cancellation/interruption insurance, etc. |
| Capital One Venture Rewards | 2x miles on all purchases | $95 (waived first year) | Global Entry/TSA PreCheck credit, no foreign transaction fees, etc. |
Make sure to weigh the rewards rates, annual fees, and extra benefits of each card when deciding which travel credit card best suits your needs and spending habits.
Conclusion
The Bank of America® Travel Rewards® Credit Card offers a versatile rewards system for those interested in earning points for travel-related expenses. With an unlimited 1.5x points on every purchase, cardholders have the opportunity to accumulate rewards quickly and redeem them for flights, hotel stays, and more.
Some notable features of this card include its lack of annual fees and foreign transaction fees, making it an ideal option for frequent travelers. Additionally, the Bank of America Preferred Rewards program provides extra incentives like bonus points for eligible cardholders as a way to boost their earnings.
While this card may not offer the highest rewards rate compared to premium travel cards, it does provide a solid rewards structure without the hefty annual fees often associated with high-tier travel cards. All in all, the Bank of America® Travel Rewards® Credit Card is a practical option for those seeking an affordable travel rewards credit card with flexible redemption options.