Bank of America Travel Rewards Credit Card Review

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From Seek Capital - Best for Travel Rewards

Welcome Offer

Earn 25,000 online bonus points

after you make at least $1,000 in purchases in the first 90 days of your account opening - which can be redeemed for a $250 statement credit toward travel purchases

Earn

1.5Points
Earn 1.5 bonus points for every dollar spent
$0Annual Fee
No annual fee with this card
10%Bonus Points
As a Bank of America Customer, you can get 10% bonus points if you have an active Bank of America Checking or savings accou
$0Foreign Transaction Fee
No foreign transaction fees when using this card

Bank of America® Travel Rewards Credit Card

If you want a travel credit card with no annual fee and a ton of rewards, the Bank of America Travel Rewards card is perfect for you. With more than 5,000 branches and a network of 16,000+ ATM'S nationwide, BofA is a tier one bank and always lives up to the hype by providing exceptional credit card offers backed by a trusted brand name – Bank of America.

Rewards Highlights

  • No Annual Fee
  • 1.5x points on all purchases
  • 10% Bonus points if you're a Bank of America customer

Expert Review

The Pros

  • No Annual Fee
  • No Foreign Transaction Fees
  • 1.5x points on all purchases

The Cons

  • Limited Travel Benefits
  • No Lounge Access

Recommended Credit Profile

Rates & Fees

  • Annual Fee$0
  • Intro Purchase APR0% for 12 months
  • Regular APR16.49% to 24.49%
  • Great ForTravelShoppingRestaurants
  • Regular Purchase APR16.49% to 24.49%
  • Regular Balance Transfer APR16.49% to 24.49%
  • Cash Advance APR19.49% to 26.49%
  • Balance Transfer Fee$10 or 3%
  • Cash Advance Fee$10 or 3%

Signup Bonus

This travel rewards credit card comes with a sweet signup bonus and there is no annual fee. This is unheard of! You get a 20,000 points signup bonus for spending just $1,000 in the first 3 months of getting the card. Imagine getting $200 credited to your account when you purchase an airline ticket to Los Angeles or New York.

Points and Rewards

You earn 1.5 points for every $1 you spend, regardless of where you spend the money. This card is cool because you can redeem your points for cash back. For every 2,500 points you earn, you can get $15 added to your account. But only do this if you absolutely need the cash.

If you use this card for travel related expenses, every point is worth 1 cent. So in order to maximize rewards, put the points towards travel and the same 2,500 points is worth $25 rather than the $15 if you were to take advantage of the cash back option.

Suppose you spend $1,000 a month for the first 3 months of having this card. When you book the same flight to Los Angeles or New York, you would get $245 credited to your account. The $200 signup bonus for spending at least $1,000 in the first 3 months plus $45 for redeeming the 4,500 points you earned for spending $1,000 a month on the card.

Just by putting the cable and internet bill, cell phone bill, groceries and insurance payments on this credit card for 3 months, most people would hit the $1,000 signup bonus. This is another reason this card is amazing. It is very easy to hit the signup bonus.

No Foreign Transaction Fees

There are no foreign transaction fees. We all know the bank is always looking for a new creative way to get an extra dollar out of us. Not when you swipe this card on your next international trip.

When you take the family to Cabo the bank won't be adding 3% to every transaction. For every $100 you spend on your trip, the bank could be charging another $3 (usually 3% fee on all foreign transaction) of your spending money. This may not seem like a lot of money, but it can add up fast.

Earning Points

Earning points with the Bank of America Travel Rewards credit card is simple. You earn 1.5 points for every $1 you spend. It does not matter where you spend the money. This only comes into play when you go to redeem points for rewards. To be clear, you earn the same amount of points whether you are buying a flight or groceries – you get 1.5 points for every $1 you spend. This is commonly referred to as a flat rate travel rewards credit card since you always earn the same amount of points – hence ""flat rate.""

Insane Bonuses for BofA Customers

This card has insane bonuses if you are a Bank of America customer with an active checking or savings account.

Here is how many more points you can earn:

  • 10% rewards bonus just for having a savings or checking account with BofA;
  • 25% rewards bonus if you have $20,000+ in your BofA accounts;
  • 50% rewards bonus if you have $50,000+ in your BofA accounts; OR
  • 75% rewards bonus if you have $100,000+ in you BofA accounts

BofA definitely makes it worth your while to get a checking or savings account when you get the travel rewards credit card. Here's how:

Just for having a checking or savings account, you would earn 10% bonuses on all points.

Suppose you spend $1,000 a month on your credit card for the first 3 months that you have it. In addition to the $200 signup bonus, you could redeem your points for a $49.50 travel credit rather than the $45 travel credit you would get if you don't have a BofA account.

  • If you have $20,000 or more in an account, you would earn $56.25 rather than $45.
  • If you have $50,000+ in you account, your rewards would be worth $67.50.
  • If you have $100,000+, your rewards would for the same spend of $1,000 would be worth $78.75 in travel credits.

If you have a large checking or savings account and you are not taking advantage of this you are missing the boat. Even if you just keep $500 in a checking or savings account to get the $10 bonus it is well worth it.

WHAT WE LIKE ABOUT THE BOA TRAVEL REWARDS CARD

Earn 1.5 Points on Every Purchase

This card falls under the flat rate travel rewards credit card points category because as a card user, you earn 1.5 points on all net purchases.

So when I use my Bank of America Travel Rewards credit card I earn 150 points when I spend $100. When I use the Capital One VentureOne card I only earn 125 points for the same $100 spent. I would rather earn 150 than 125 points for the same spend any day of the week. Wouldn't you?

The Points in Action

Suppose you are going on a vacation in three months and you are planning on spending $3,000 between now and the time you go on the vacation. With the BOA travel rewards card, you would hit the $200 bonus in the form of a travel statement credit because all you need to do is spend $1,000 to hit the bonus.

In addition to the $200 statement credit, if you are not a BOA customer, you would receive for 4,500 travel rewards points worth $45.

If you are a BOA customer, you receive a 10% bonus which means that just for having a checking or savings account with BOA you would receive 4,950 points worth $49.50.

This is one main reason why we love this card for BOA customers. You actually receive $4.50 extra for every $1,000 you spend by just being a BOA customer. So why not open a checking or saving account with the BOA credit card and at least keeping a minimal balance of say $500?

The Points for BOA Customers with Big Balances

So what is the Preferred Rewards program? Does it really increase in the amount of points you can get for using the Bank of America Travel Rewards card? The Preferred Rewards program credit card holders earn bonus rewards greater than the 10% for having a checking or savings account. If you have enough money in combined balances in Bank of America®, Merrill Edge and Merrill Lynch accounts, you can earn bonuses of 25% or more. There are three tiers to the program:

  • Gold: At least $20,000 in balances; earn a 25% bonus.
  • Platinum: At least $50,000 in balances; earn a 50% bonus.
  • Platinum Honors: At least $100,000 in balances; earn a 75% bonus

If you are a BOA customer, you would receive the following bonuses based on how much money you have in your BOA or Meryl Lynch accounts:

  • 5,625 travel rewards points worth $56.25 if you are a Gold Preferred Rewards bonus member with a balance between $20,000 to $50,000;
  • 6,750 travel rewards points worth $67.50 if you are a Platinum Preferred Rewards bonus member with a balance ranging from $50,000 to $75,000; or
  • 7,875 travel rewards points worth $78.75 if you are a Platinum Honors Preferred Rewards member with an average balance of $75,000+

Life Beyond the Points

While we understand that the points are the most fun part of any credit card, we always make sure to dig deep to let you know about all of the pros and cons of each card we review.

0% APR for 1 year. This card has a 0% APR one year. I like this card therefore to travel especially when I am going to be carrying a balance. The downside is that you cannot carry the 0% APR on balance transfers so don't use this card to carry a balance from one card to another. In addition to the 16-24% interest you will pay on the balance, you will also be charged a 3% or $10 balance transfer fee, whichever is higher.

No Annual Fee. This card does not have an annual fee. This is a huge bonus because most travel rewards cards do.

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