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Many travel credit cards without an annual fee can be unexciting since they usually don’t have so many perks. But, the Bank of America® Travel Rewards credit card can be an appealing option for Bank of America members. As Bank of America points never expire, this could be a card to consider if you’re a casual traveler.
Bank of America Travel Rewards Credit Card Review
The Bank of America Travel Rewards Credit Card has an easy-to-earn signup bonus. You get 25,000 bonus points after spending $1,000 in the first 90 days of account opening. This bonus is worth $250 as a travel statement credit.
Learn more: Rewards Credit Cards
Earning Travel Rewards
You earn unlimited 1.5 points on every $1 spent. For a no annual fee credit card, these rewards rates are competitive to the best air miles credit cards.
This card doesn’t have a foreign transaction fee, so this card is also a good option for international travel. Your points never expire as long as your account remains in good standing.
Bank of America Preferred Rewards
Bank of America Preferred Rewards members can earn up to 75% more points, so you effectively earn 2.625 points per $1 spent. This earning bonus is what makes this an exciting credit card option for the most loyal Bank of America members.
The exact loyalty bonus you earn depends on your Preferred Rewards status:
- Gold ($20,000 to $49,999 in combined assets): 25% bonus points
- Platinum ($50,000 to $99,999 in combined assets): 50% bonus points
- Platinum Honors ($100,000+ in combined assets): 75% bonus points
To qualify for Preferred Rewards, you need an open BofA checking account and at least $20,000 in combined Bank of America and accounts for Gold status. In order to get the full 75% bonus, you need at least $100,000 parked at Bank of America or Merrill.
Redeeming Bank of America Travel Rewards Points
As the name of the Bank of America Travel Rewards Credit Card implies, your points are most valuable when redeemed for travel purchases. Bank of America defines travel purchases as flights, hotels, cruises, rental cars, and baggage fees.
Your points are worth one cent each when redeemed as a travel statement credit. Cash statement credits and gift cards are two other options. But note that each point is worth less than one cent each unless redeemed for travel.
You can’t redeem points for upcoming travel or transfer your points to airline or hotel loyalty partners. This limitation isn’t all bad though. Paying cash upfront guarantees you earn loyalty points from the travel provider.
Some travel brands won’t award loyalty points if you use a third-party booking site (even a credit card travel portal) instead of booking directly from their website or call center.
Other Card Bank of America Travel Rewards Benefits
There isn’t much to speak of in regards to additional card benefits. The purpose of most fee-free credit cards is an easy way to earn and redeem points. You can see more examples of the best travel credit cards with no annual fees if you want to make some comparisons.
Still, earning travel rewards for money you were already going to spend is better than not earning any rewards at all. One extra benefit you may enjoy (that many people might not realize) is the opportunity to get free FICO credit score monitoring.
There is no annual fee or foreign transaction fee.
The lack of fees is a good reason to keep this card for several years. It’s a free way to build your credit score as your account age increases. If you decide to do this, note that it’s still a good idea to make a periodic purchase to prevent your account from closing due to account inactivity.
Learn more: Rewards Credit Cards
Credit Score Needed for Bank of America Travel Rewards Card
You will have the best approval odds if you have a minimum 670 credit score. A score above this mark means you either have good credit (670 to 739) or excellent credit (740+).
Besides your credit score, check your wallet to see how many Bank of America credit cards you already have. Under their 2/3/4 rule, you can only apply for a limited number of BofA credit cards within a rolling 2-year period.
You can apply for the following number of Bank of America cards under the 2/3/4 rule:
- 2 cards within a 2-month period
- 3 cards every 12 months
- 4 cards every 24 months
It appears these limits only apply to Bank of America-issued credit cards like the Bank of America® Travel Rewards credit card and Alaska Airlines credit card. So if you opened 2 non-BofA credit cards recently, these accounts shouldn’t affect your Bank of America Travel Rewards Credit Card approval odds.
- Earn 1.5 points per $1 spent
- Preferred Rewards clients earn up to 75% bonus points
- Points never expire
- No annual fee or foreign transaction fee
- Frequent travelers may benefit more from other travel credit cards
- No airline or hotel point transfer partners
Bank of America Travel Rewards Credit Card Alternatives
Bank of America members have the most to gain from the Bank of America Travel Rewards Card. While this is an attractive flat-rate travel rewards card, you might benefit more by paying an annual fee. Below are some attractive alternatives.
Capital One Venture Rewards Credit Card
The Capital One Venture Rewards Credit Card is also a flat-rate travel rewards card that offers a more robust rewards program:
- Earn 2x miles on every $1 spent
- Redeem Capital One Venture miles for travel or pay for upcoming travel for 1 cent each
- Transfer miles to travel partners
- Global Entry or TSA PreCheck fee credit
- $95 annual fee
- No foreign transaction fee
New Capital One Venture Rewards Credit Card cardholders can earn 60,000 miles after spending $3,000 on purchases in the first 3 months.
Learn more: Travel Rewards Credit Cards
For every purchase, you’re getting a 2% rebate you can redeem on recent travel purchases. There also isn’t a minimum redemption amount. For example, Bank of America may require you to have a $25 balance (2,500 points) to request a travel statement credit.
Chase Sapphire Preferred Card
You also can’t ignore the Chase Sapphire Preferred® Card, a leading travel rewards card.
- Earn 2 points per $1 on travel and dining
- Earn 1 point per $1 on all remaining purchases
- Points are worth 1.25 cents each when booking award travel on Chase travel portal
- Transfer points to Chase transfer partners
- Primary rental car collision damage waiver
- Trip cancellation coverage up to $10,000 per person ($20,000 per trip) for covered reasons
The Chase Sapphire Preferred perks also include 1:1 point transfers can help you get more value from each point. The Sapphire Preferred does have a $95 annual fee beginning the first year. However, you won’t pay a foreign transaction fee.
If you can’t decide which card to choose, read our Capital One Venture Rewards vs Chase Sapphire Preferred comparison to see which is better for you.
The Bank of America Travel Rewards Credit Card is best for Bank of America customers who qualify for the Preferred Rewards. It’s also a good option if you want a fee-free flat-rate travel rewards card. However, frequent travelers might find more value in getting one of the best travel credit cards that charges an annual fee but earns more rewards and offers additional travel perks.
Learn more: Rewards Credit Cards
Chase Sapphire Preferred® Card
- Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
- Enjoy new benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5X points on travel purchased through Chase Ultimate Rewards®, 3X points on dining and 2X points on all other travel purchases, plus more.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.
- With Pay Yourself Back℠, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
- Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.
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Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airlines or hotel chain, and has not been reviewed, approved or otherwise endorsed by any of these entities.