Bank of America Travel Rewards credit card review:...

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. Nonetheless, with out the Most well-liked Rewards incomes bonus, the cardboard falls quick in comparison with different flat-rate playing cards available on the market. Card score*: ⭐⭐⭐

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

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

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

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

Factors and miles execs will probably not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes fee and redemption course of supplies a pleasant place to begin for newbies.

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 fee of 1 cent per level towards journey or eating purchases, so this bonus is value $250 — a stable provide however considerably much less priceless than what you may discover on different top travel cards.

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It isn’t a flashy bonus, however it’s straightforward to earn because the minimum spending requirement is definitely attainable. And because the card has no annual charge, you are basically 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.

On the subject of eligibility, the Financial institution of America Journey Rewards card does have a 24-month restriction, although the small print range from card to card. The wording for the Journey Rewards card states:

“This card is probably not obtainable to you should you at the moment 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 sure that at the very least 24 months have handed because you closed your earlier Journey Rewards card account.

Associated: The ultimate guide to credit card application restrictions

The actual good thing about the Bank of America Travel Rewards is its simplicity. There are not any bonus classes, incomes caps or switch companions. For newbies, that may be an effective way to begin a factors and miles journey.

As a cardholder, you may get pleasure from no foreign transaction fees if you swipe the cardboard exterior the U.S. Many no-annual-fee playing cards have international transaction charges, so this can be a nice profit.

As anticipated with a no-annual-fee card, you will not get any luxurious perks. Nonetheless, 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 record of advantages, however the ones you do get are first rate for a no-annual-fee card. Test your Journey Rewards Information to Advantages for a complete record of each perk you may obtain via 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 may earn 3 factors per greenback spent on journey purchases booked via the Financial institution of America Journey Middle. You may 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 customary incomes fee for a no-annual-fee card, although you’ll find playing cards with more competitive reward structures. Nonetheless, 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 may want an eligible Financial institution of America private checking account and a three-month common every day stability of at the very least $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 at the very least 2.625 factors per greenback spent on each buy, which is a formidable return for on a regular basis purchases.

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

That mentioned, the incomes fee 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 possibly can redeem factors as an announcement credit score for journey or eating purchases (beginning at a minimal of two,500 factors).

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

Though journey fanatics may 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 the most effective switch associate for reserving your journey, which could be a headache for somebody searching for a easy, no-frills method to earn and use their factors.

You can too use your factors for a money reward — a test or a deposit right into a qualifying Financial institution of America account. Nonetheless, you may get a worth 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

Certainly one of these could also be a greater match in order for you extra perks or a unique incomes construction than what the Bank of America Travel Rewards card affords.

• In order for you extra perks: The Bank of America® Premium Rewards® credit card is a mid-tier journey card with a $95 annual charge. It earns the identical 1.5 factors per greenback base fee because the Journey Rewards card, however you may additionally earn 2 factors per greenback on journey and eating purchases and get extra journey perks. To be taught extra, see our full review of the Bank of America Premium Rewards card.
• In order for you 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 via Capital One Journey. Nonetheless, 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 be taught extra, see our full review of the Capital One VentureOne Rewards.
• In order for you much more money again: The Chase Freedom Unlimited® (see rates and fees) is one other nice no-annual-fee card choice. It affords 5% money again on journey booked via Chase Journey℠, 3% again at eating places and drugstores, 2% money again on Lyft rides via Sept. 30, 2027 and 1.5% again on all different purchases. To be taught extra, see our full review of the Freedom Unlimited.

For extra choices, take a look at our full record of the best cash-back credit cards.

In the event you’re searching for simplicity in incomes and redeeming factors, the no-annual-fee Bank of America Travel Rewards card might be choice, particularly should you’re a Financial institution of America Most well-liked Rewards buyer. Nonetheless, 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