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Applying for a travel credit card is an exceptional way to earn rewards anytime to travel both domestically and abroad. You can also earn rewards on all eligible purchases, such as dining and take-out purchases.
If you’re a frequent traveler, you can rest easy knowing that Bank of America offers a rewarding travel credit card to help you earn from your travels. The Bank of America Travel Rewards card is a great option if you don’t want to pay an annual fee.
It also has a relatively modest interest rate for cardholders. However, cardholders must have an excellent credit score ranging from 690 to 850.
If you’re interested in learning more about this option, you can refer to this Bank of America Travel Rewards Card Benefits Guide for more information regarding specifications, pros, and cons and make a well-informed decision.
Bank of America® Travel Rewards Credit Card: Overview
Every frequent traveler wishes they had a travel credit card with amazing benefits and low fees. This travel credit card actually offers remarkable benefits for cardholders without charging an annual fee.
What’s more is that cardholders can earn 1.5 points for every $1 spent on all purchases. As long as your account is open, your rewards points will never expire and can be redeemed as credits for eligible restaurant and travel purchases.
There aren’t any foreign transactions or annual fees to speak of. Therefore, the Travel Rewards Credit Card Bank of America offers the best of both worlds for frequent travelers that want to save as much money as possible.
Offered by one of the most prominent banks in the country, you can take advantage of this travel credit card to earn great rewards every time you take a trip.
Bank of America Travel Rewards Credit Card: Quick Facts
If you are considering applying for this travel credit card, then there are several important things to consider. Here are all the quick facts concerning the Bank of America Travel Rewards Benefits credit card that you’ll need to be aware of:
- Members can earn 1.5 rewards points for every $1 spent on all purchases. There aren’t any foreign transactions or annual fees, and your points will never expire.
- If you spend at least $1,000 in 90 days of opening your account, you can earn 25,000 additional bonus rewards points. This can include a $250 credit towards future travel purchases.
- You can use this credit card to book any trip on your terms. You don’t have to make any purchases on specific websites or worry about blackout dates and limited-time offers.
- You can redeem your hard-earned rewards points to receive credits toward eligible travel and dining purchases. This includes hotel stays, car rentals, baggage fees, restaurant and takeout purchases, vacation rentals, and hotels.
- There is a 0% introductory APR for the first year of enrolling. After that, you’ll be required to pay a 13.99% to 23.99% APR Variable.
- Cardholders who are a Preferred Rewards member can earn 25% to 75% more rewards points on every purchase.
- This credit card offers high security and advanced technology that allows cardholders to pay with a tap.
Bank of America Travel Rewards Credit Card Review: Specifications
Before applying for this travel credit card, there are four main categories to consider: annual fee, regular APR, intro APR, and credit score. Below, you’ll find the specifications of each category:
- Annual Fee: $0
- Regular APR: 13.99% to 23.99% APR Variable
- Introductory APR: $0 for the first year
- Credit Score: Excellent (690-850)
There are some important considerations to make here. To begin, the Bank of America® Travel Rewards credit card is one of the only credit cards that offers a $0 annual fee.
This means that you will pay literally nothing to own this credit card, which is ideal for frequent travelers on a tight budget. In addition, cardholders can enjoy a $0 introductory APR for the year of enrolling for this travel credit card.
After that, they can pay a modest interest rate. If you are making responsible purchases, you shouldn’t worry about any interest-related penalties. A potential drawback of this credit card is the requirement for excellent credit.
If you have poor or limited credit, you’re better off considering other options.
Bank of America® Travel Rewards Credit Card: Who is This Card For?
It can be tricky finding the right travel credit card that offers the right balance of what you’re looking for: a high rewards rate without heavy fees. In particular, the Bank of America® Travel Rewards credit card is a great card to consider.
If you’re looking for decent rewards without an annual fee, applying for this travel credit card is a great idea. However, there is a caveat. Travel credit cards that require an annual fee usually provide a higher rewards rate.
Cards without an annual fee are typically more basic. For example, this credit card only offers 1.5 rewards points for every $1 spent on all purchases. Travel credit cards with an annual fee usually offer 3x rewards points for travel, airline, and dining purchase.
This means you can potentially earn thousands more points in exchange for paying a minimal annual fee. Therefore, if your main goal is saving money, this card is right for you.
If saving money isn’t an issue and you want more features and earning potential, you should consider other travel credit cards.
Bank of America Travel Rewards Credit Card: Main Benefits
The Bank of America Travel Rewards credit card may offer basic benefits in exchange for the waived annual fee, but they’re still worth a closer look. These benefits include:
One of the greatest features of this credit card is that it’s versatile in regards to the rewards. This travel credit card isn’t partnered with any hotel or airline company.
You can simply book your travel any way you want without any blackout dates or restrictions. Also, Bank of America will allow cardholders to redeem their rewards points into credits for virtually anything considered to be a “travel expense”.
- Hotel stays, car rentals, and cruises.
- Art galleries, amusement parks, and campgrounds.
- Zoos, aquariums, carnivals, and circuses.
- Restaurant purchases (dine-in, takeout, etc)
Chance for Higher Rewards:
Cardholders who are Preferred Rewards members with Bank of America can earn much higher reward rates. This usually means they can earn up to 3 points per every $1 spent, which is in line with most other travel credit cards.
Benefits of a Visa Card:
Cardholders can take advantage of the benefits all Visa cards offer, such as: luxury hotel accommodations, protections on car rentals and luggage, room upgrades.
Amazing Travel Features:
Visa is widely accepted throughout the world, so you’re less likely to encounter any issues when spending on international trips. This credit card doesn’t offer any foreign transaction fees.
These fees usually range anywhere from 1% to 3%.
Bank of America Travel Rewards Credit Card Review: Main Drawbacks
The Bank of America® Travel Rewards credit card is great for those who want to avoid a hefty annual fee. However, if you’re looking for more features, you should consider other options.
Here are the main disadvantages of applying for this travel credit card:
Other Cards Have Much Higher Rewards Rates:
Again, travel credits that have annual fees usually have much higher rewards rates. Therefore, if you want to achieve a high return on investment when using your travel credit card, you’re better off considering other options.
Many other travel credit cards provide 3x rewards points for eligible purchases. Some options even provide 5x rewards points for travel purchases. If paying an annual fee isn’t an issue, the low rewards rate of this credit card can be a downside.
Reduced Redemption for Cash
Earning 1.5 rewards points for every $1 spent doesn’t provide you with equal cash back for your purchases, even if you aren’t paying an annual fee. When you choose a card offering a higher rewards rate, you can earn much more points based on smaller purchases.
This ultimately means that other travel credit cards will give you the freedom and flexibility to receive better cash back value.
Other Perks Do Exist:
This travel credit card mainly offers cash back. Other credit cards provide various other perks for cardholders, such as access to thousands of lounges across the world, additional travel credits, and higher bonuses.
All of these premium benefits can help you enjoy your travels better and gain more value for the purchases you’re bound to make. This is a starter credit card for basic travel purchases.
Frequent travelers who want the best of both worlds should look in another direction.
Bank of America® Travel Rewards Credit Card: The Final Verdict
The Bank of America Travel Rewards credit card is a solid option for people who want to avoid any and all fees. Also, if you’re a Bank of America customer, you can receive even more rewards!