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September 11, 2017

Bank of America Travel Rewards Review

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Bank of America Travel Rewards gives you 1.5x points for every purchase. But does it make a good travel reward card? Read on.

5-point scale (the higher, the better)

The BankAmericard Travel Rewards card offers a simple way to earn points towards free travel.

You don't have to worry about complicated redemption methods or blackout dates. It has no annual fee, which is rare for travel reward cards.

And if you are a Bank of America customer, you have the opportunity to earn even more points.

But is it a good travel reward card? Read on to see whether it's right for you.

10 Reasons to Get the Card

Here are 10 of the most attractive benefits of the Bank of America Travel Rewards card.

  1. No annual fee. If you're only an occasional traveler, this probably makes more sense for you. Most travel rewards credit cards carry an annual fee of $95 or more, so it's good of BofA to offer an option with no annual fee.

  2. 25,000 bonus points. You get 25,000 bonus points when you spend $1,000 in the first 90 days of account opening. That's equal to a $250 statement credit that you can redeem towards travel purchases.

  3. 1.5x points on every purchase. Members get 1.5 points per $1 on every purchase, with no cap on the number of points you can rack up. This is effectively a 1.5% reward rate that you can apply towards travel purchases.

  4. Redeeming points is easy. To redeem your points, all you have to do is apply them as a statement credit against travel purchases. You can start redeeming with as little as 2,500 points for travel purchases made within the past 12 months.

    Bank of America also has a very broad definition of what counts as travel. See the list below.

  5. 0% intro APR on purchases. There's a 0% intro APR on purchases for 12 billing cycles. After that, a 18.24% - 28.24% Variable APR on purchases applies. This is good if you're planning on some large purchases or tend to carry a balance from time to time.

  6. Bonus rewards for Bank of America customers. If you're a Bank of America Preferred Rewards client, you can get a bonus of 25% to 75% on your reward points, depending on your tier.

    Here's how the bonus rewards work:

    • 25% bonus if you have a combined balance of $20k - $50k
    • 50% bonus if you have a combined balance of $50k - $100k
    • 75% bonus if you have a combined balance of over $100k

    You need to have an active consumer checking, savings, or individual retirement account with Bank of America. Or be a client of Merrill Edge, Merrill Lynch, Pierce, Fenner & Smith Inc. or U.S. Trust.

  7. No foreign transaction fees. Many banks tack on a 3% foreign transaction fee every time you use your card outside the U.S. This card, however, has no foreign transaction fee.

  8. Built-in security protections. Bank of America takes security seriously so you can take advantage of things like customized alerts and the ShopSafe program, which adds an extra layer of protection when you shop online.

  9. Premium travel benefits. If you're approved for the Visa Signature version of this card, you get access to some nice travel extras, including 24/7 concierge service, discounts on travel packages and complimentary upgrades.

  10. Free FICO score. You can opt to get your updated FICO score for free every month. You can get your score without negatively impacting your credit score.

3 Reasons to Look Elsewhere

All of that sounds pretty great, but there are three reasons why you may want to pass on the Travel Rewards card.

  • You want to earn even more rewards. The 1.5% reward rate is pretty good, but if your goal is to always get the most points possible, you may have better luck with another card that offers a tiered rewards structure or a bigger bonus offer.

    However, if you are a BofA banking customer, you will get bonus points for every $1 spent. Then your reward rate will go up, which makes it more worthwhile.

  • You use frequent traveler programs. Unfortunately, this card doesn't let you transfer points to hotel and airline loyalty programs. Often, transferring your points will allow you to use them for more value. But with Bank of America Travel Rewards, you can only redeem your points for cash value on past travel purchases.

  • You'd rather get perks vs. points. The Visa Signature version of the Travel Rewards card comes with some nice extras, but other cards bring even more to the table. For example, some credit cards offer luxury perks like complimentary lounge access and statement credits for the Global Entry. However they also usually have an annual fee so you have to decide whether it's worth it to invest that much cash to make your trip more comfortable.

Our Opinion: Is the Bank of America Travel Rewards Worth It?

Overall, it's a decent card if you don't travel too much and just want something simple to use. The bonus is very generous for a card with no annual fee, and the 1.5x points on all purchases is a decent reward rate too.

Redeeming points is easy and you don't need to worry about award seat availability. Another good thing about this card is that you can redeem points for any travel purchase (see list below). So you're not limited to only using them for flights or hotels. You may find this more beneficial if you're more of a backyard tourist, train traveler, boutique hotel lover, etc.

However, if you travel by plane and are looking to maximize points, then you will be better off with a card that can transfer to airline partners. Most likely, you'll get more value out of it even if you need to pay an annual fee.

Another thing to think about: this is a fixed value card. Essentially, you're getting 1.5% back. However, you can only redeem those points on travel purchases. So think about if you can potentially get more back with a straight-up cash back card (such as Chase Freedom Unlimited®). Keep in mind, though, that if you're planning on going abroad, many cash back cards charge a foreign transaction fee.

How to Redeem Bank of America Travel Points

You can redeem your points for any travel purchase made within the past 12 months. Bank of America has the broadest definition of "travel" that we've seen. So it makes the card easier to use even if you don't fly or stay in hotels.

Here's a list of what Bank of America considers as travel expenses:

  • Airlines
  • Hotels, motels, and timeshares (including Airbnb)
  • Trailer parks, motor home, and recreational vehicle rentals
  • Campgrounds
  • Car rentals
  • Cruise lines
  • Travel agencies, tour operators, and real estate agents
  • Trains, buses, taxis, and limos
  • Ferries and boat rentals
  • Tourist attractions and exhibits (such as art galleries)
  • Amusement parks, carnivals, and circuses
  • Zoos and aquariums

Expenses NOT considered travel include: in-flight goods and services, duty-free airport purchases, and trailer/truck rentals for the purpose of hauling.

This generous definition of travel means that you can find ways to use this card even if you don't fly or travel far. You can redeem points even for a family visit to your local amusement park.

How It Compares

When you're shopping around for a travel rewards card, it helps to look at how the different offers stack up. We've compared Bank of America's offering to other popular and similar travel rewards cards.

Chase Sapphire Preferred
Apply for Chase Sapphire Preferred Card
Chase Sapphire Preferred®: This card is a favorite among travelers. It offers a huge sign-up bonus. But there is an annual fee.

You can also use your points to redeem for travel on the Chase Travel℠ portal at 25% more value. However, the major advantage of this card is that you can transfer your points 1:1 to airline and hotel partners. Chase has one of the best lineups of travel partners, which includes major airlines United and Southwest.

Discover It Miles: This is a comparable travel rewards card with no annual fee. You also get 1.5x miles on all purchases. But there is no sign-up bonus. Instead, Discover will match all the miles you've earned during the entire first year. In comparison, Bank of America Travel Reward's sign-up offer is a lot better unless you plan to spend over $13,334 in the first year.

Bottom Line

The BankAmericard Travel Rewards card is geared towards travelers who want a hassle-free way to earn rewards and don't like the idea of paying an annual fee. In our opinion, it's good for occasional travelers or those who travel, but may not necessarily fly or stay in large hotel chains. It's better if you have a Bank of America banking account so you can receive more bonus points.

On the other hand, there are plenty of cards out there that can help you earn free travel faster as long as you're okay with paying for them. Looking at your spending habits can help you decide if the chance to earn more rewards justifies paying a hefty annual fee.

Rebecca Lake is a journalist at CreditDonkey, a credit card comparison and reviews website. Write to Rebecca Lake at rebecca@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Editorial Note: This content is not provided by Bank of America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Bank of America.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Advertiser's affiliate programs.

Editorial Note: This content is not provided by Discover. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Discover.

Disclaimer: The information for the Bank of America® Travel Rewards credit card and Discover it® Miles has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.


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