Bank of America® Travel Rewards credit card
The Bank of America Travel Rewards credit card includes some intriguing perks available to cardholders who have a banking relationship with Bank of America, but those extra goodies aren’t enough to make this a first-tier travel rewards credit card.
On the other hand, this is a good pick for any travel fan who wants to earn points, but doesn’t want to pay for the privilege.
The Travel Rewards card (formerly the BankAmericard Travel Rewards Credit Card) comes with no annual fee, which makes its only decent rewards program look a bit better. You’ll earn 1.5 points for every dollar you spend. Top-of-the-line travel cards pay 2X spending or more — but you’ll pay for it in the annual fee.
The signup bonus is also fairly standard for a fee-free travel card. You’ll earn 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of account opening – that can be a $250 statement credit toward travel purchases.
Again, pretty good, but nothing too exciting here.
Who should get this card
If you’re an existing Bank of America customer, the pumped-up rewards program makes this a card to consider. You can earn a 10% to 75% bonus on card spending depending on how much money you have banked with BofA.
Keep in mind, you’ll have to have some serious cash invested in this bank to earn this bonus, which probably still isn’t enough to compel you to switch bank accounts just for the credit card rewards.
What can those BofA bonuses earn you?
For example, if you have the highest status of Platinum Honors with Bank of America — which comes with a hefty $100,000 minimum account balance requirement, you can earn a 75% bonus on your cash-back rewards.
If you have no banking relationship and spend $1,000 in three months, you earn $15 in redeemable travel credits back. If you have a Bank of America bank account, with the 10% customer bonus, that gives you another $1.50 back for a total of $18.50 back.
But if you have the highest Platinum Honors Preferred status, that additional 75% back means you get a total of $26.25 on the $1,000 spent.
Fees and APR
- This card has no annual fee.
- You’ll pay no foreign transaction fee if you use this card overseas.
- There’s a balance transfer fee of $10 or 3% of the amount being transferred, whichever is greater. All transfers carry a variable APR of 17.24% – 25.24%.
- This card comes with a 0% introductory APR for 12 billing cycles for purchases, then a variable APR of 17.24% – 25.24% thereafter.
Extras, perks and using points
Use your points to redeem for a statement credit to pay for any travel-related expenses including flights, hotels, vacation packages, rental cars, cruises and baggage fees.
As a Bank of America customer, you can get a 10% points bonus on every purchase when you have an active Bank of America checking or savings account. If you’re a Bank of America Preferred Rewards client, you could increase that bonus from 25% to 75%.
You have to maintain a combined balance of at least $20,000 with either Bank of America, Merrill Lynch or Merrill Edge to get these increased rewards but if you do, the cash-back rewards go from good to outstanding.
You don’t have to have to have the full amount of credit available to redeem, partial redemptions are allowed.
The points never expire and there is no fee to redeem them.