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This article was last updated Feb 12, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
If you’re looking for a simple credit card that earns travel rewards, the Bank of America® Travel Rewards credit card is worth considering.
The card is currently offering 25,000 online bonus points after at least $1,000 in purchases in the first 90 days of account opening.
We broke down the Bank of America® Travel Rewards credit card, how to use the points you earn, and if the card is worth applying for.
- Are you eligible for the Bank of America® Travel Rewards credit card sign-up bonus?
- How can you use the Bank of America® Travel Rewards credit card sign-up bonus?
- Other ways to earn Bank of America® Travel Rewards credit card rewards
- Is the Bank of America® Travel Rewards credit card worth it?
Are you eligible for the Bank of America® Travel Rewards credit card sign-up bonus?
If you currently have the Bank of America® Travel Rewards credit card, or have earned the sign-up bonus in the last 24 months — you may not be eligible for the sign-up bonus.
If you fall into either of these categories, you should highly consider applying for a different travel credit card.
How can you use the Bank of America® Travel Rewards credit card sign-up bonus?
Once you meet the minimum spending requirement within the required time period, you will be awarded with the sign-up bonus points. You can redeem the rewards in a variety of ways, including travel credit, cash rewards, and purchasing gift cards.
If you choose travel credit, you will be given a statement credit to offset the cost of the purchases. If you choose this option, you will be given a 1 cent per point value on your points, or $250.
If a cash reward is more enticing, you will be sent a check or electronic deposit if you have a Bank of America checking or savings account. However, this option is not as valuable as your points will only be worth .006 cents per point. If you redeem all the sign-up bonus points, you will earn $150.
Lastly, you can redeem your points for gift cards to major retailers. However, the redemption rate varies based on which gift card you select.
Other ways to earn Bank of America® Travel Rewards credit card points
While the card advertises that you will 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire, there is a way to earn additional points on your purchases.
In the terms and conditions of the card, it discloses that you can “earn 3 points (consisting of 1.5 bonus points and 1.5 base points) for every $1 in net purchases, excluding insurance purchases, made through the Travel Center, with no limit on the number of bonus points you can earn.” You can book hotels, rental cars and hotels through the Bank of America Travel Center.
Is the Bank of America® Travel Rewards credit card worth it?
Yes, if you are looking for a simple travel rewards credit card with a $0 annual fee. However, the rewards you earn for your spending is modest. Since each point is worth one cent, you are essentially only earning 1% back on each dollar you spend. There are several options on the market that supersede the earnings and benefits of this card, including the Capital One Venture Rewards Credit Card.
However, if you are a member of the Preferred Rewards program, you earn 25% to 75% more points on each purchase. This program is designed for those who make Bank of America their primary bank, and utilize their services for all their financial needs.
However, the boost in Bank of America Travel Rewards points value depends on where you fall in the various tiers below.
|Required balance||$20k to <$50k||$50k to <$100k||$100k+|
|Savings interest rate booster||5%||10%||20%|
|Credit card rewards bonus||25%||50%||75%|
|Non-Bank of America ATM Transactions||n/a||Up to 12 per year||Unlimited|
|Merrill Guided Investing||.05% fee discount||.10% fee discount||.15% fee discount|
|Mortgage: Reduced Origination Fee||$200||$400||$600|
|Home equity discount||.125%||.25%||.375%|
|Auto loan discount||.25%||.35%||.50%|
If you decide to apply for the Bank of America® Travel Rewards credit card, be sure to consider the Preferred Rewards program. Simply switching your primary financial institution could potentially be lucrative.