If you like the simplicity of flat rewards rates for every dollar you spend, with no restrictions attached, Bank of America® Travel Rewards Credit Card is a great card to consider. Think of it this way: Each time you swipe your card your money is going toward your next trip.
This Bank of America® Travel Rewards Credit Card offers cardholders 20,000 bonus points after spending $1,000 on purchase within the first 90 days of account opening. Since 100 points equal $1 in travel credit, that's equal to a $200 bonus in travel, which is a pretty attractive teaser just for signing up.
Here’s a glimpse into notable components of the Bank of America® Travel Rewards Credit Card:
Unlike some travel cards, miles aren’t the only reward this card offers. Points can be redeemed for statement credits to help cover most travel expenses such as, hotel accommodations, vacation packages, auto rentals, baggage fees, and more.
The Bank of America® Travel Rewards Credit Card offers additional, innovative ways to earn rewards, too. If you’re a Bank of America or Merrill Lynch banking customer you can get an additional 10% customer bonus just by having a qualifying BofA checking or savings account. If you’re a Preferred Rewards client those rewards rates increase further -- 25%-75% depending on the type of account you have.
Bank of America® Travel Rewards Credit Card cardholders also have access to many of perks traditional Bank of America customers receive: Shop safe®, overdraft protection, access to Bank of America financial centers and ATMS to name a few.
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With that in mind, the Bank of America® Travel Rewards Credit Card has all the bells and whistles you’d except to find in a travel card. The rewards rates are competitive, and redeeming points for travel is a breeze. There are no blackout dates or restrictions when it comes to using your card for travel, which adds an extra layer of accessibility. Points can be redeemed for statement credits which can then be applied for travel purchases which means you’re free to make any travel purchase you want.
As you’d hope, the Bank of America® Travel Rewards Credit Card does not charge foreign transaction fees. If your travels take you abroad often finding a credit card that eliminates foreign transaction fee, which average around 3% is necessary – those inconspicuous charges can add up quickly.
The ability to earn additional rewards as a Bank of America or Merrill Lynch customer is an intelligent way for issuers to look at how cardholders can redeem points. Because cardholders can add their rewards points into an eligible savings account, technically rewards points can earn interest. The entire concept promotes strategic credit card use, which is always a win in our book.
This card is great for low to average credit card spending but, if you’re a big spender, you might consider shopping around. The rewards rate on the Bank of America® Travel Rewards Credit Card is only average compared to other cards on the market.
The into rewards offer, which equals $200 in travel purchases, is easy to obtain, but is a lackluster incentive compared to other cards in this category. While the intro offer isn’t the best way to pick a card, sometimes it can mean choosing one card over another comparable card.
How Bank of America® Travel Rewards Credit Card Compares to Other Travel Cards
Bank of America® Travel Rewards Credit Card vs. Barclaycard Arrival Plus® World Elite Mastercard®.
The Barclaycard charges an $89 annual fee (which is waived the first year) so, credit card users who spend lightly or moderately may not be able to offset the annual cost of this card with rewards points. However, if you are a big spender, the Barclaycard Arrival Plus® World Elite Mastercard® may be one to consider. The Barclaycard rewards rate is .5x higher than the Bank of America card, and the intro offer is $200 greater (40,000 miles after spending $3,000 in the first 90 days).
Bank of America® Travel Rewards Credit Card vs. Capital One® Venture® Rewards Credit Card
Capital One® Venture® Rewards Credit Card awards cardholders with two times points for every purchase, and the intro offer is worth $300 more than with the Bank of America® Travel Rewards Credit Card. But the Capital One® Venture® Rewards Credit Card is definitely geared toward cardholders who use their card often. There is a $95 annual fee attached to the Capital One® Venture® Rewards Credit Card (after the intro $0 annual fee for the first year). So if you’re a casual credit card user, the Bank of America® Travel Rewards Credit Card may be a more logical pick.
Bank of America® Travel Rewards Credit Card vs. Chase Sapphire Preferred® Card®.
Chase cardholders can earn 2x points on travel and dining at restaurants and 1 point per $1 spent on all other purchases worldwide.) Chase’s rewards program is more complex, and in turn, more lucrative. The signup bonus for Chase Sapphire Preferred® Card allows new cardholders to earn 50,000 bonus points, or a $625 value for travel. Unless you’re Preferred Rewards status with the Bank of America card, it would be difficult to earn the same rewards rate as a Chase Sapphire Preferred® Card cardholder.
Who Should get This Card?
If you’re not a heavy credit card user, and incurring an annual fee doesn’t make sense, the Bank of America® Travel Rewards Credit Card is a great “light-version” of a travel rewards card. The rewards are straightforward, and easy to redeem.
If you are a Bank of American or Merrill Lynch customer, this card is especially beneficial because your rewards points are accelerated.