Bank of America Travel Rewards Credit Card Review
Unlock Easy Rewards for Hassle-Free Travel
The Bank of America Travel Rewards Credit Card promises a seamless experience with its no-fee structure and flexible rewards.
Why consider the Bank of America Travel Rewards Credit Card? If you’re a frequent traveler looking for a credit card without an annual fee but packed with travel-friendly features, this card might be the perfect companion. This review will cover everything you need to know, from the benefits and perks to the potential drawbacks.
Card Overview
Card Type: Travel
Annual Fee: $0
Rewards Rate: 1.5x Points
Intro Offer: 25,000 Points (worth $250)
Intro APR: 0% on Purchases for 15 billing cycles and Balance Transfers made within the first 60 days
Regular APR: 19.24%-29.24% Variable APR
Recommended Credit Score: 690-850 (Good – Excellent)
Pros and Cons
Pros
- No annual fee: Enjoy the card without worrying about annual charges.
- New cardholder bonus offer: Earn 25,000 points after spending $1,000 in the first 90 days.
- No foreign transaction fees: Perfect for international travelers.
- Flexible rewards redemption: Use points for various travel and dining expenses.
- Intro APR period: 0% for the first 15 billing cycles on purchases and balance transfers.
Cons
- Requires good/excellent credit: Approval may be difficult for those with lower credit scores.
- No bonus categories: Flat rate rewards might not be appealing for heavy spenders in specific categories.
- Best rewards limited to certain customers: Higher reward rates are only available for Preferred Rewards members.
Detailed Review
Rewards Program
The Bank of America Travel Rewards Credit Card offers a straightforward rewards structure. Cardholders earn an unlimited 1.5 points per dollar spent on all purchases. Points can be redeemed for credit against any travel or restaurant purchase, making this card highly versatile.
Rewards Redemption
- Travel: Points can be used for a wide range of travel expenses, including airfare, hotel stays, cruises, car rentals, and even more unique options like campgrounds and amusement parks.
- Dining: Points can also be redeemed for dining expenses, adding an extra layer of flexibility.
- Other Redemptions: While points are most valuable when used for travel and dining (worth 1 cent per point), they can also be redeemed for cash at a lower value (a little over half a cent per point).
Introductory Offer
New cardholders can earn 25,000 bonus points by spending at least $1,000 within the first 90 days. This bonus is equivalent to $250 when redeemed for travel or dining expenses.
Interest Rates and Fees
- Introductory APR: Enjoy 0% APR on purchases for the first 15 billing cycles and balance transfers made within the first 60 days.
- Regular APR: After the intro period, the APR ranges from 19.24% to 29.24%, depending on your creditworthiness.
- Foreign Transaction Fees: None, which is a significant advantage for international travelers.
Bank of America Preferred Rewards Program
For those with significant balances in Bank of America or Merrill accounts, the Preferred Rewards program offers enhanced rewards. The program has three tiers:
| Tier | Combined Balances | Rewards Bonus | Points per Dollar |
|---|---|---|---|
| Gold | $20,000 to $49,999 | 25% | 1.875 |
| Platinum | $50,000 to $99,999 | 50% | 2.25 |
| Platinum Honors | $100,000 or more | 75% | 2.625 |
Example of Rewards Boost
If you spend $10,000 annually:
- Standard: 15,000 points ($150)
- Gold: 18,750 points ($187.50)
- Platinum: 22,500 points ($225)
- Platinum Honors: 26,250 points ($262.50)
Travel-Friendly Features
No Foreign Transaction Fees
You won’t have to worry about extra charges when using your card abroad. This feature alone can save you 1% to 3% on every international transaction.
Visa Network
As part of the Visa network, the Bank of America Travel Rewards Credit Card is widely accepted worldwide, minimizing the hassle of finding places that accept your card.
Comparison with Other Cards
Wells Fargo Autograph℠ Card
- Annual Fee: $0
- Rewards: 3 points per dollar on travel, dining, and other categories; 1 point per dollar on all other purchases.
- Consideration: Might offer more rewards for specific spending categories.
Discover it® Miles
- Annual Fee: $0
- Rewards: 1.5 miles per dollar on all purchases, same value for travel or cash redemption.
- Consideration: Offers better cash-back value but lacks the extensive travel network of Visa.
PenFed Pathfinder Rewards American Express® Card
- Annual Fee: $95 (waived for Honors Advantage members)
- Rewards: 3 points per dollar on travel; 4 points for Honors Advantage members; 1.5 points on other purchases.
- Consideration: Offers premium perks like travel credits and TSA PreCheck/Global Entry fee credits.
Drawbacks and Considerations
No Bonus Categories
While the flat 1.5 points per dollar is straightforward, it might not be ideal for those who spend heavily in specific categories like dining or travel. Other cards may offer higher rewards rates for these categories.
Lower Redemption Value for Cash
If you prefer cash back over travel rewards, this card may not provide the best value. The Discover it® Miles card offers a consistent redemption rate for both travel and cash, making it a better option for cash-back seekers.
FAQ
1. Who is the Bank of America Travel Rewards Credit Card best suited for?
This card is ideal for frequent travelers who want flexible rewards without the burden of an annual fee. It’s also beneficial for those who bank with Bank of America and can take advantage of the Preferred Rewards program.
2. How does the introductory APR offer work?
New cardholders receive 0% APR on purchases for the first 15 billing cycles and on balance transfers made within the first 60 days. After this period, the APR will range from 19.24% to 29.24%.
3. Can I use my points for non-travel purchases?
Yes, points can be redeemed for statement credits against dining purchases and other travel-related expenses. However, points are less valuable when redeemed for cash.
4. Are there any foreign transaction fees?
No, the Bank of America Travel Rewards Credit Card does not charge foreign transaction fees, making it an excellent choice for international travelers.
5. How can I maximize my rewards with this card?
To maximize rewards, consider enrolling in the Bank of America Preferred Rewards program if you have significant balances in Bank of America or Merrill accounts. This can boost your rewards rate up to 75%.
6. How does this card compare to others?
This card stands out for its no annual fee and straightforward rewards structure. However, for those seeking higher rewards rates in specific categories or better cash-back options, other cards like the Wells Fargo Autograph℠ Card or Discover it® Miles might be more suitable.
The Bottom Line
The Bank of America Travel Rewards Credit Card is a solid choice for travelers who want a hassle-free rewards program without paying an annual fee. With its flexible redemption options, no foreign transaction fees, and potential for boosted rewards through the Preferred Rewards program, it offers significant value. However, it may not be the best fit for those seeking elevated rewards in specific spending categories or better cash-back options. Consider your spending habits and travel needs to determine if this card aligns with your lifestyle.
