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Some find that travel credit cards without an annual fee can be unexciting. However, they can add plenty of value if you complement them with other cards. One card you might like is 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
Welcome Offer
Let’s start off with the fun part. The Bank of America Travel Rewards Credit Card has an easy-to-earn signup bonus. New cardholders can earn 25,000 online bonus points after they make at least $1,000 in purchases in the first 90 days of account opening. This can be a $250 statement credit toward travel purchases.
Earning Travel Rewards
You earn unlimited 1.5 points on every $1 spent. For a no-annual-fee credit card, these reward rates are competitive with 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. Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
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.
Other Card Bank of America Travel Rewards Benefits
There isn’t much to speak of in regard to additional card benefits. The purpose of most fee-free credit cards is to provide 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 the 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.
Fees
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.
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.
Pros
- 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
Cons
- Frequent travelers may benefit more from other travel credit cards
- No airline or hotel point transfer partners
Summary
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 charge an annual fee but earns more rewards and offers additional travel perks.
Learn more: Rewards Credit Cards
