Bank of America Travel Rewards credit card review: Full details

The no-annual-fee Bank of America® Travel Rewards credit card has the potential to be a stable flat-rate card if you’re a member of the Bank of America Preferred Rewards® program. Nevertheless, with out the Most well-liked Rewards incomes bonus, the cardboard falls brief in comparison with different flat-rate playing cards in the marketplace. Card score*: ⭐⭐⭐

*Card rating is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.

For novices, factors and miles can appear daunting. For some folks new to incomes bank card rewards, the thought of transferring factors and looking for the very best redemptions could be thrilling but in addition nerve-wracking — if that is you, you are not alone.

Many novices surrender on utilizing bank card rewards to pay for journey as a result of it appears too difficult.

That is the place an possibility just like the Bank of America Travel Rewards card comes into play. It has no annual price, and we suggest candidates have a credit score of 670 or greater to extend their possibilities of approval.

Factors and miles professionals will probably not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes charge and redemption course of supplies a pleasant start line for novices.

Let’s dig into the cardboard particulars so you possibly can resolve if it is best for you.

New Bank of America Travel Rewards cardholders can earn 25,000 on-line bonus factors after spending $1,000 within the first 90 days of account opening.

These factors are redeemable at a flat charge of 1 cent per level towards journey or eating purchases, so this bonus is value $250 — a stable supply however considerably much less priceless than what you will discover on different top travel cards.

Each day E-newsletter

Reward your inbox with the TPG Each day publication

Be a part of over 700,000 readers for breaking information, in-depth guides and unique offers from TPG’s specialists

By signing up, you’ll obtain newsletters and promotional content material and conform to our Terms of Use and acknowledge the information practices in our Privacy Policy. You could unsubscribe at any time.

It isn’t a flashy bonus, however it’s straightforward to earn because the minimum spending requirement is well attainable. And because the card has no annual price, you are primarily incomes rewards on purchases you’d usually make with none up-front price. That is the usual welcome bonus on the Financial institution of America Journey Rewards card.

In the case of eligibility, the Financial institution of America Journey Rewards card does have a 24-month restriction, although the main points fluctuate from card to card. The wording for the Journey Rewards card states:

“This card might not be obtainable to you should you presently have or have had the cardboard within the previous 24 month interval.”

This implies that you could get a second Journey Rewards card should you beforehand held one; you simply have to make certain that no less than 24 months have handed because you closed your earlier Journey Rewards card account.

Associated: The ultimate guide to credit card application restrictions

The actual advantage of the Bank of America Travel Rewards is its simplicity. There aren’t any bonus classes, incomes caps or switch companions. For novices, that may be an effective way to start out a factors and miles journey.

As a cardholder, you will get pleasure from no foreign transaction fees if you swipe the cardboard exterior the U.S. Many no-annual-fee playing cards have overseas transaction charges, so it is a nice profit.

As anticipated with a no-annual-fee card, you will not get any luxurious perks. Nevertheless, since it’s a Visa Signature card, you’ll nonetheless have entry to sure journey protections and advantages, together with zero fraud legal responsibility and roadside help.

Once more, this is not an intensive checklist of advantages, however the ones you do get are respectable for a no-annual-fee card. Examine your Journey Rewards Information to Advantages for a complete checklist of each perk you will obtain by means of this card’s Visa Signature branding.

Associated: Earn rewards for free with these no-annual-fee credit card strategies

The Bank of America Travel Rewards card has a easy incomes construction, however there’s greater than meets the attention.

For starters, you will earn 3 factors per greenback spent on journey purchases booked by means of the Financial institution of America Journey Middle. You will additionally earn limitless 1.5 factors per greenback spent on each buy. There is not any yearly cap on rewards earned, and your factors will not expire for so long as your account is open.

This can be a pretty normal incomes charge for a no-annual-fee card, although yow will discover playing cards with more competitive reward structures. Nevertheless, the rewards construction turns into rather more priceless should you qualify for the Financial institution of America Most well-liked Rewards program.

To enroll in Most well-liked Rewards, you will want an eligible Financial institution of America private checking account and a three-month common every day steadiness of no less than $20,000 throughout your Financial institution of America and Merrill accounts.

There are 4 ranges of Most well-liked Rewards, and every comes with an incomes bonus on the Journey Rewards card.

As you possibly can see, these with Platinum Honors and Diamond can earn no less than 2.625 factors per greenback spent on each buy, which is a formidable return for on a regular basis purchases.

Plus, you will obtain a financial savings account curiosity bonus, discounted banking and investing charges and discounted charges on auto loans and mortgages.

That stated, the incomes charge of 1.5 factors per greenback is lackluster should you aren’t a Most well-liked Rewards member. Even Gold tier members can probably do higher with one other rewards card.

Associated: Everything you should know about Bank of America’s Preferred Rewards program

Redeeming factors on the Financial institution of America Journey Rewards

Financial institution of America factors act extra like cash-back rewards since every level is value 1 cent. You’ll be able to redeem factors as a press release credit score for journey or eating purchases (beginning at a minimal of two,500 factors).

While you make a purchase order, merely log in to your account and choose any qualifying transaction from the earlier 12 months.

Though journey lovers might even see this as a drawback, beginners would possibly rejoice at this no-stress course of.

You do not have to consider maximizing reward redemptions or determining one of the best switch companion for reserving your journey, which generally is a headache for somebody searching for a easy, no-frills approach to earn and use their factors.

You can even use your factors for a money reward — a test or a deposit right into a qualifying Financial institution of America account. Nevertheless, you will get a price of simply 0.6 cents per level this fashion (2,500 factors = $15), so that you’re significantly better off utilizing them for journey or eating purchases.

Lastly, you possibly can redeem your factors for gift cards, although the precise worth varies by service provider.

Associated: The best Bank of America credit cards

One among these could also be a greater match if you would like extra perks or a special incomes construction than what the Bank of America Travel Rewards card gives.

• If you would like extra perks: The Bank of America® Premium Rewards® credit card is a mid-tier journey card with a $95 annual price. It earns the identical 1.5 factors per greenback base charge because the Journey Rewards card, however you will additionally earn 2 factors per greenback on journey and eating purchases and get extra journey perks. To study extra, see our full review of the Bank of America Premium Rewards card.
• If you would like extra versatile rewards: The Capital One VentureOne Rewards Credit Card earns 1.25 miles per greenback spent on on a regular basis purchases and 5 miles per greenback on motels and automotive leases booked by means of Capital One Journey. Nevertheless, the cardboard shines by providing you with entry to the issuer’s 15-plus transfer partners, together with British Airways, Turkish Airways and Wyndham. To study extra, see our full review of the Capital One VentureOne Rewards.
• If you would like much more money again: The Chase Freedom Unlimited® (see rates and fees) is one other nice no-annual-fee card possibility. It gives 5% money again on journey booked by means of Chase Journey℠, 3% again at eating places and drugstores, 2% money again on Lyft rides by means of Sept. 30, 2027 and 1.5% again on all different purchases. To study extra, see our full review of the Freedom Unlimited.

For extra choices, try our full checklist of the best cash-back credit cards.

If you happen to’re searching for simplicity in incomes and redeeming factors, the no-annual-fee Bank of America Travel Rewards card might be possibility, particularly should you’re a Financial institution of America Most well-liked Rewards buyer. Nevertheless, extra seasoned factors and miles vacationers will probably need a card with greater incomes charges and extra redemption choices.

Apply right here: Bank of America Travel Rewards card

Associated: 5 reasons I love the Chase Freedom Unlimited as a credit card beginner