If you’re an adventure seeker or have a few big trips coming up, you might be considering getting a travel credit card to help supplement your budget by earning points. Most people don’t want to start out with a premium travel credit card, which often comes with high annual fees and confusing points systems. That’s where the Bank of America® Travel Rewards credit card comes in.
This Bank of America credit card has no annual fee but offers enough perks to get you started on reward travel, and it also earns a flat 1.5x points on all purchases. The Bank of America Preferred Rewards program can really make this card worthwhile, but the program is invitation-only and based on the total amount of money you have in the bank, which we’ll discuss in more detail later. If you’re a Bank of America Preferred Rewards member, you’ll get the most out of this card, but even if you’re not, it may be worth considering.
To help potential cardholders understand everything this card has to offer, we’ve put together a Bank of America Travel Rewards credit card benefits guide.
Bank of America Travel Rewards Credit Card Benefits
Although the Bank of America Travel Rewards credit card doesn’t offer much in terms of rewards in specific categories, it still has the edge when it comes to deals, redemption options, and discount rates.
Welcome Bonus and Introductory APR Offer
The Bank of America Travel Rewards credit card offers a generous welcome bonus that’s easy for most cardholders to earn: After you spend $1,000 on purchases within the first 90 days of account opening, you’ll earn 25,000 online bonus points, which is roughly $250 worth of travel credit.
In addition to the welcome bonus, cardholders also get a 0 percent introductory annual percentage rate (APR) for 15 months on both purchases and balance transfers. If you make a balance transfer within 60 days of account opening, there’s a 3 percent balance transfer fee. After the introductory period ends, you’ll be charged a continuing variable APR of 19.24 percent to 29.24 percent, and the balance transfer fee will increase to 4 percent.
Diverse exchange options
The points you earn can be redeemed in a variety of ways:
- Statement credit on eligible Bank of America or Merrill accounts. This amount can add up if you decide to use the card as an everyday payment card.
- Cash deposits into eligible Bank of America or Merrill accounts. The best part is that they don’t lose value when you redeem them for cash, like some rewards credit cards do.
- Travel credit will be awarded for purchases up to 12 months from the purchase date. However, the minimum points required for redemption is 2,500 points, which equals roughly $25.
- Statement credit for dine-in and takeout purchases. Bank of America considers this a fairly broad category, which means you may be able to earn statement credits for purchases at bars, lounges and nightclubs, in addition to restaurants.
- Gift cards. With this redemption option, points will only be worth 0.6 cents per point and the minimum number of points to redeem is 3,125 points.
Bank of America’s Preferred Rewards Program Increases Reward Rates
If you’re part of the Bank of America Preferred Rewards program, you can earn up to 75% in rewards for every dollar you spend with your Travel Rewards card. The only requirement is that you maintain a minimum balance in an eligible Bank of America or Merrill investment account. The minimum balances for each level are as follows:
| Tear | Required balance | bonus |
|---|---|---|
| gold | $20,000 to $49,999 | twenty five% |
| platinum | $50,000 to $99,999 | 50% |
| Platinum Award | $100,000 to $999,999 | 75% |
| diamond | $1,000,000 to $9,999,999 | 75% |
| Diamond Award | Over $10 million | 75% |
You’ll need to maintain a significant amount of money in the bank to qualify for these levels, but you’ll see a big boost in points earning when you use a Travel Rewards card: At the highest level, you can earn up to 2.62 points for every dollar you spend on the card.
Bank Amerideals
The BankAmeriDeals program allows you to receive special discounts when you use your card at participating retailers for a limited time. When you activate the offer and use your card according to the offer details, you can receive 5 to 15 percent off certain purchases. Note that participating companies change every few weeks.
Bank of America Travel Rewards Credit Card Travel Benefits
As a more entry-level travel card, the Bank of America Travel Rewards card lacks some common travel perks, such as TSA PreCheck and Global Entry credits. It also doesn’t offer lounge access, travel insurance, or annual credits. Instead, the card offers the following travel benefits:
No Foreign Transaction Fees
Foreign transaction fees are typically 1-3 percent of the purchase price, but they can add up quickly depending on where you shop. If you’re planning on traveling internationally or shopping online overseas, at least these extra fees won’t bust your travel budget.
No annual fee
Most travel rewards credit cards charge an annual fee to pay for all the perks they offer, especially if they’re branded as a luxury travel credit card. These cards can have annual fees as high as $695. However, while the Bank of America Travel Rewards credit card has no annual fee, the level of rewards and benefits is not as impressive, so you’ll need to decide whether what you get with this card is worth the annual fee.
Visa Signature benefits
Like the Visa credit card, the Bank of America Travel Rewards credit card also offers the following benefits:
- Visa Signature® Concierge Service
- Extended warranty coverage
- Access to Roadside Dispatch® for emergency vehicle assistance
- Lost Baggage Compensation
- Travel and Emergency Assistance
A wide range of travel categories
One benefit of the Bank of America Travel Rewards Credit Card that you don’t necessarily find with other travel cards is how versatile the definition of “travel” is: You can earn travel statement credits on the following purchases:
- Airlines
- Hotels and Motels
- Timeshare
- Trailer Parks, Campers and RV Rentals
- Campsite
- Car, truck, trailer and boat rentals
- Cruise Lines
- Travel agents, tour operators and real estate agents
- Passenger trains
- bus
- Taxi, ferry, limousine
- Parking and garage
- Tolls and bridge fees
- Tourist attractions and amusement parks
- Art galleries and museums
- Carnival and Circus
- Aquariums and Zoos
Museum on Us
This unique offer allows Bank of America cardholders to get free admission to over 225 cultural institutions on the first weekend of each month. This program is perfect for people who love to plan day trips or have a list of museums they want to visit. To take advantage of this offer, simply present your Bank of America debit or credit card and a valid photo ID at any museum site.
How to Make the Most of Your Bank of America Travel Rewards Credit Card
It’s very easy to get the most out of your Bank of America Travel Rewards credit card because the card offers a flat rewards rate of 1.5x points on all purchases. You can earn points just by using it on everyday purchases. But there are a few ways to ensure you get value from this card.
Conclusion
In some ways, Bank of America Travel Rewards isn’t the best travel credit card, and most people might prefer a card that offers a higher travel rewards rate.
But for those who meet the requirements for Bank of America’s Preferred Rewards, this card could offer much more value. It might also appeal to those who want to use their travel rewards for more than just flights and hotels, or who are just starting out on their travel rewards journey. But even then, there’s probably a better card out there to take your travels to the next level.
The Bank of America content in this post was last updated on August 13, 2024.
