Bank of America Travel Rewards Credit Card Review
The Bank of America Travel Rewards credit card offers no annual fee and a simple rewards program that provides points on purchases. No foreign transaction fees make it a decent card for travelers, but it’s lacking some of the perks common to other travel cards.
The post Bank of America Travel Rewards Credit Card Review appeared first on LendEDU.
BankAmericard Travel Rewards Credit Card
What we like:
Travelers who want a low introductory APR offer for purchases
| Intro Offer | Earn 25,000 bonus points after spending $1,000 on purchases within the first 90 days |
| Rewards Rate | Earn 1.5 points for every $1 spent on all purchases |
| Regular APR | 15.24% – 23.24% |
| Annual Fee | $0 |
Card Summary
Pros
- Unlimited rewards
- Easy-to-earn signup bonus
- No foreign transaction fees
- Redeem points for a statement credit to pay for flights, hotels, vacation packages, cruises, rental cars, or baggage fees
- No blackout dates and points do not expire
- Free FICO score
Cons
- No bonus rewards categories
- Limited travel perks (e.g. no airline lounge access or free checked bags)
- No 0% intro APR on balance transfers
- Points lose value when redeemed for cash or gift cards
Recommended Credit Score
- Good or excellent credit
Bank of America Travel Rewards Review
The Bank of America Travel Rewards card is a good option for people who travel frequently but want to avoid paying an annual fee for a travel credit card with more bells and whistles.
In this review:
- BoA Travel Rewards Benefits
- Downsides of the Bank of America Travel Rewards Card
- How It Compares to Similar Cards
BoA Travel Rewards Benefits
The biggest advantages of the Bank of America Travel Rewards card are its affordability and simple, straightforward rewards program.
Signup Bonus
New cardholders can score 25,000 bonus miles after making $1,000 in purchases within 90 days of account opening. This is worth up to $250 in statement credits for travel purchases.
Earn Points
The Travel Rewards card from BoA has a very simple rewards program. You earn 1.5 points for every $1 you spend on any purchases. There’s no cap on the rewards you can earn and no bonus rewards categories. Rewards can be redeemed for travel or statement credits to cover the cost of flights, hotels, car rentals, baggage fees, vacation packages, or cruises.
When you redeem points for a travel statement credit, 25,000 points are worth around $250, so it’s easy to figure out the points you need to save for your trip.
BoA and Merrill Lynch customers can also qualify for the Preferred Rewards Program, which provides a rewards bonus of between 25% and 75% depending on the tier. To get these bonus rewards, you need at least $20,000 deposited across Bank of America and Merrill Lynch accounts. Those with an active BoA checking or savings account who don’t qualify for Preferred Rewards still get a 10% customer points bonus on every purchase.
BoA Travel Rewards
The Bank of America Travel Rewards card charges no foreign transaction fees when your card is used outside of the U.S. or when payments are processed in foreign currencies. Rewards points can also be redeemed for statement credits toward travel purchases.
In addition to $0 fraud liability, BoA comes equipped with chip technology for enhanced protection when making purchases at chip-enabled terminals found in more than 130 different countries.
Other Perks
Other advantages of the Bank of America Travel Rewards card include:
- Free FICO score access
- Enhanced security when shopping online through the ShopSafe service (generate a temporary card number to use for online purchases so you don’t have to worry about your real card number being compromised)
- Book trips through Bank of America Travel Center
Downsides of the Bank of America Travel Rewards Card
Unfortunately, the BoA Travel Rewards Visa card also has some downsides to consider:
- No bonus rewards categories
- No additional perks for travelers (e.g. trip interruption insurance, airline lounge access, statement credits for TSA Precheck, free checked bags, etc.)
- No 0% introductory APR on balance transfers
- Points lose value when redeemed for cash or gift cards
How It Compares to Similar Cards
The BoA Travel Rewards card shines in its simplicity; however, other travel cards offer additional travel perks in which you might be interested.
Bank of America Travel Rewards Card vs. Capital One VentureOne
Like the Bank of America Travel Rewards card, the Capital One VentureOne card has no annual fee. Capital One’s signup bonus isn’t quite as generous as BoA’s, though, as Capital One provides just 20,000 bonus miles after $1,000 in spending within the first three months (compared to Bank of America’s 25,000 points bonus).
Capital One has a lower regular rewards rate, too, with customers earning 1.25 miles per every dollar spent versus 1.5 miles spent with Bank of America Travel Rewards card. However, frequent hotel guests will appreciate that the VentureOne provides 10 times the miles on purchases at thousands of hotels. This bonus is offered through 2020, and it makes the card a better option for those who travel often and stay in hotels when they do.
Capital One also provides auto rental insurance, travel accident insurance, and 24-hour travel assistance service, features which are lacking with the BoA travel card.
Bank of America Travel Rewards Card vs. Chase Sapphire Preferred
Unlike the Bank of America Travel Rewards card, the Chase Sapphire Preferred has a $95 annual fee. However, the fee may be justified by generous travel perks the BoA card doesn’t offer, including a 25% bonus when points are redeemed for travel and double points on travel and dining purchases.
The Chase Sapphire Preferred also offers a higher signup bonus: 60,000 points after $4,000 in spending in the first three months. Although this is a much higher spending requirement than the BoA card, it’s worth a whopping $750 in travel when redeemed through Chase Ultimate Rewards.
Bottom Line
If you don’t want to pay a hefty annual fee to earn unlimited travel rewards with no foreign transaction fees, the BoA Travel Rewards card is a great choice. This card is also ideal for existing Bank of America customers who can qualify for Preferred Rewards. But if you want a card rich in travel-related perks and don’t mind paying an annual fee, you should look elsewhere for a card with all the bells and whistles.
If this card doesn’t meet your needs, check out the Best Bank of America Credit Cards.
The post Bank of America Travel Rewards Credit Card Review appeared first on LendEDU.