Bank of America Travel Rewards Credit Card Review

Bank of America® Travel Rewards Credit Card Review

The Bank of America® Travel Rewards Сredit Сard is a good option for regular travelers since it offers a simple rewards program while charging no annual fee.

Cardholders receive 1.5 points for every dollar spent on all purchases with no caps. As long as the account is active, rewards will never expire; however, specific redemption alternatives have a time limit.

Bank of America® Travel Rewards cardholders can redeem their points to cover travel or restaurant expenses. With no foreign transaction fee and no annual fee, this card is perfect for those who want to travel without additional expenses.

The credit score needed to get approved for this credit card is 690 or higher.

In this Bank of America® Travel Rewards Credit Card review, you will get to know everything about it, including its pros and cons, the rewards system, and some other less known benefits of the card.

Bank of America® Travel Rewards: pros and cons

Rewards system in a nutshell

The Bank of America® Travel Rewards card offers 1.5 points for every dollar spent on all purchases, and points are not subject to expiration. When you use your card to make purchases at Bank of America® Travel Center, you will receive 3 points for every dollar spent.

Members of the Bank of America® Preferred Rewards program receive a 25 percent to a 75 percent bonus on all points earned, depending on their level in the program. The minimum amount required to participate in the program at the entry-level is $20,000 in qualifying Bank of America or Merrill accounts.

The Bank of America® Travel Rewards card comes with a generous sign-up bonus: Make at least $1,000 in purchases within the first 90 days after account opening to qualify for 25,000 bonus points, which may be redeemed for a $250 statement credit toward travel purchases.

Redeem Points

Bank of America® Travel Rewards points can be redeemed for statement credits to cover travel and dining expenses. When points are redeemed in this manner, each point is worth one cent. Bank of America® definition of travel expenses is relatively broad and include not only flights, hotels, holiday packages, cruises, rental cars, and baggage fees, but also some not so common items such as passenger trains, buses, taxis, limousines, parking lots and garages, tolls and bridge fees, art galleries, amusement parks, aquariums, and zoos.

Keep in mind that although reward points do not expire, statement credits can be applied to purchases made in the last 12 months only.

Gift cards and cashback are two more options for redeeming points, although the rates on these options are lower: you will receive 0.6 of a cent (2,500 points equals $15).

Who can benefit from getting the Bank of America® Travel Rewards Credit Card?

You could consider this card if you're searching for a rewards card with no annual fee that earns points at a fixed rate on every purchase.

The Bank of America® Travel Rewards Card provides flexibility for travelers since you’re not bound to any particular airline, hotel chain, or miles conversion rates. You can buy any travel at any time with no booking restrictions and cover part of it with the statement credit.

If you often travel outside of the United States, the absence of a foreign transaction fee on the card is another advantage.

Customers who have a combined balance of at least $20,000 in their Bank of America® or Merrill Investment accounts can receive 25 percent, 50 percent, or 75 percent extra rewards on purchases, depending on their level in Bank of America® Preferred Rewards program.

Are there any other benefits?

• $0 Liability Guarantee: In the event of a fraudulent transaction, cardholders will not be liable.
• Digital Wallet Compatible: Compatible with Apple Pay, Google Pay, and Samsung Pay, among other payment methods.
• FICO® Score for Free: Monthly FICO® Score updates are available for free through mobile or internet banking apps.
• Visa Signature Perks: Additional benefits include extended warranty protection, travel emergency assistance, compensation for lost luggage, roadside assistance, accident damage waiver on rental car insurance, and purchasing security.
• Online and Mobile Banking.

Conclusion

The Bank of America® Travel Rewards credit card is an excellent option for those who want to benefit from using a travel rewards credit card for their everyday purchases. While this card lacks luxuries, it may appeal to someone looking to earn points on every purchase that can be used for travel expenses.

If you already have a high-balance account with Bank of America® or Merrill, the Preferred Rewards member bonus is an extra reason to apply for this card.

However, because the Bank of America® Travel Rewards card lacks travel advantages, it may not be a good choice for someone looking for luxury features like a travel concierge or automatic elite membership in a hotel loyalty program.