Bank of America® Travel Rewards credit card
You can earn 3% or 2% cashback on purchases upto $2,500 per quarter in combination choice categories, and grocery stores (1%) by using Bank of America card
Card Summary
You can earn travel rewards with the Bank of America Travel Rewards card. You can earn unlimited 1.5 points for every dollar spent. After you spend at least $1,000 online within the first 90-days of opening your account, you can earn 250 statement credits towards travel. You'll also be eligible to receive 25,000 bonus points.
Members of Preferred Rewards can get 25%-75% more points for every purchase. You can redeem points for vacation rewards such as flights, hotel stays and vacation packages.
An annual fee is $0. For purchases of up to 15 cycles, the Bank of America Travel Rewards credit cards offers an introductory rate of 0% for purchases. The APR for balance transfers and purchases is variable at 13.99% to 23.99%.
Benefits available to cardholders include monthly FICO credit score access free of charge, account alerts regarding balances and due dates and digital wallet technology.
Bank of America Travel Reward credit card review:
Cardholders can earn 1.5 points for every dollar spent, with no annual fees. They also have the option to redeem their points at any airline or hotel with no blackout dates. The card does not offer the same benefits as rewards cards and customers may earn more points if they spend in certain categories.
The pros
Bank of America Travel Rewards Credit Card: 0% Intro APR.
Annual fee: There is no annual fee for the card.
Sign up bonus: After you have spent at least $1,000 online within the first 90-days of opening your account, you will earn 25,000 bonus points. This can include a $250 credit towards travel or a statement credit for purchases.
Reward options: You can redeem your rewards with any airline and hotel without blackout dates.
Card Summary - Cons
Balance transfers are not exempted from the 0% APR: This applies only to purchases and not to balance transfers.
There are no bonus categories on the card: These categories earn at a lower rate.
A penalty of up to 40 dollars for failure to pay on time.
Rates and fees
Highlights
Unlimited 1.5 Points per $1 you spend on purchases.
There is no annual fee.
No foreign transaction fees.
Your points never expire.
You will receive 25,000 bonus online points if you spend at least $1,000 within the first 90-days of your account opening. This can include a $250 credit towards travel expenses. You can use your card to make reservations wherever and whenever you like. You can redeem points to get a credit for travel and dining, including hotel and car rentals and baggage fees.
Purchases: 0% intro APR for the first 15 billing cycles. The 13.99%-23.99% Variable Annual Percentage Rate will be in effect after the intro APR expires.
You can get 25% to 75% extra points if you are a member of Preferred Rewards. This means that you can earn as much as 2.62 points per $1.
Contactless cards - A combination of the security and convenience of a card but with the ease of tapping. You may miss this online offer if your browser leaves the page or you go to a Bank of America branch.
Comparative Analysis with Other Cards
Bank of America Travel Rewards credit Card vs. Capital One Enterprise Rewards Credit Card
Annual Fee: The Bank of America Travel Rewards credit card has an annual fee of 0. Annual fee for Capital One Venture Rewards Credit Card: $95.
Reward: Every purchase made with Bank of America Travel Rewards Credit Card earns cardholders an unlimited 1.5 point per dollar. All purchases are eligible for 2 Miles per Dollar by the Capital One Venture Rewards Credit Card.
Sign up bonus: When you spend $1,000 within the first 90-days of opening your account with Bank of America Travel Rewards credit, you will earn 25,000 bonus point worth $250. This statement credit can be used to purchase dining and travel, and it also includes $250 for signing up. When you spend $3,000 within three months of account opening, Capital One Venture Rewards Credit card holders will earn 60,000 bonus points. This is equivalent to $600 for travel.
Benefits: Bank of America Travel Rewards credit cards offer monthly FICO credit score access free of charge and zero fraud liability. Capital One Venture Rewards Credit card offers no dollar fraud liability and purchase notifications. You will also receive alerts regarding suspicious or possible mistakes.
Bank of America Travel Rewards credit Card vs. Chase Sapphire Prefer Card
Annual Fee: Bank of America Travel Rewards Credit Card has a $0.0 annual fee.
Annual fee: The Chase Sapphire Preferred Card charges $95.Reward: All purchases are eligible for 1.5 points on the Bank of America Travel Rewards card. Chase Sapphire Preferred Card gives you five Lyft points per $1 (valid until March 2022); three dining points per $2 for restaurants, delivery and takeout services; two points per $ on travel and one on all purchases.
Sign up bonus: Earn 25,000 bonus points that can be used to purchase dining and travel with the Bank of America Travel Rewards card. Spend $1,000 within the first 90-days of opening your account. You can earn up to 60,000 points by signing-up for the Chase Sapphire Preferred Card. However, it is necessary that you spend $4,000 within the first three months of account opening.
Benefits: The Bank of America's Travel Rewards credit card offers monthly FICO credit score access, free of charge and zero dollars fraud liability. Chase Sapphire Preferred Card offers travel and purchase protection, including cancellation and auto rental damage waivers and extended warranty protection.
Conclusion
Do you need the Bank of America travel rewards credit card?
If you are:
You are looking for a card that offers a basic points-based reward program.
You don't need to pay an annual subscription fee for your travel reward card.
For the first fifteen billing cycles, receive 0% APR on all purchases
Note: Credit Card summary is for informational purposes only and is not an endorsement of the product. Products and services described are offered by third parties and not Bright Money or its partner banks. Bright Money strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider, or specific product’s site and the information has not been reviewed or provided by the issuer of the product before publication.
