Bank of America Travel Rewards Card Review
The Bank of America Travel Rewards Credit Card is a great choice for travelers looking for a card without annual or foreign transaction fees. This card is also best for those who want to earn points that don’t expire.
The Bank of America Travel Rewards Credit Card is best suited for individuals looking to earn unlimited points on all purchases. Although this card comes with a high APR (annual percentage rate) and limited perks, you can still benefit from it if you’re sure to make your payments on time. Additionally, you don’t have to pay an annual fee, and no foreign transaction fees make this card suitable for use outside the United States.
MoneyGeek’s Bank of America Travel Rewards Credit Card review breaks down the pros and cons and evaluates the card’s different features to help determine whether it is right for your needs.
Card Details to Know Up Front
- Bonus, Fee or FeatureHas or Not
- Has Annual Fee
- Has Balance Transfer Offer
- Has APR Offer
- Cash Back Rewards
- Travel Rewards
Bank of America Travel Rewards Card at a Glance
Finding the best travel credit card depends on your needs. If you’re looking for a basic travel rewards card with unlimited potential to earn points and no annual fee, then the Bank of America Travel Rewards Card’s benefits may be enough. With this card, you can earn 1.5 points on every purchase. This card is also a good option for international use because it doesn’t incur foreign transaction fees.
- Bank of America Travel Rewards
A no-annual-fee travel rewards card with a good spend-based welcome bonus offer
- Good-ExcellentCredit Needed
- $0Annual Fee
- 1.5 PointsRewards Rate
Pros & Cons Explained
Although the Bank of America Travel Rewards Credit Card has attractive benefits, it’s also important to know its limitations. MoneyGeek lists the pros and cons of this Bank of America travel rewards card to help you stay informed.
- No Annual FeeCardholders do not pay annual fees for the life of the card.
- No Foreign Transaction FeesYou can make purchases outside the U.S. without worrying about foreign transaction fees.
- Unlimited Potential to Earn PointsYou can earn 1.5 points for every purchase with this card. This applies to groceries, gas, dining, entertainment, TV services, phone services, internet services, online shopping, hotels, car rentals, air travel and more.
- Limited PerksCompared to other travel credit cards, the Bank of America Travel Rewards Credit Card has fewer bonus rewards and features. There are also no premium benefits, such as lounge access or free checked bags.
- High APRAlthough there is a 0% introductory APR for the first 15 months, the normal variable APR is 14.24% to 24.24%.
Despite the unlimited potential to earn points, the Bank of America Travel Rewards Credit Card review may not be the best option for everyone. Check out MoneyGeek’s selection of best rewards credit cards for 2022 for other ideas.
Bonuses & Rewards Explained
Using the Bank of America Travel Rewards Credit Card lets you earn 1.5 points per purchase. These points do not expire for the life of the card. There are also bonus rewards available for new cardholders who spend $1,000 or more within the first 90 days of opening an account, as well as other bonuses that may be presented per special advertised promotions.
Cardholders earn 1.5 points on every purchase, including but not limited to groceries, gas, dining, entertainment, TV services, phone services, internet services, online shopping, hotels and air travel. The points do not expire.
New cardholders get 25,000 online bonus points if they spend at least $1,000 within 90 days after opening the account. The bonus points can be redeemed for a $250 statement credit toward travel or dining purchases.
New cardholders can enjoy a 0% introductory APR for the first 15 months. A variable APR applies thereafter.
Points can be redeemed in the form of a statement credit which the cardholder can use to offset qualifying travel and dining purchases.
Preferred Rewards Program
Individuals who enroll in the Preferred Rewards program can earn 25%–75% more points. Membership is free. However, you need to have an active, eligible checking account and meet specific balance requirements.
Other Features Explained
Understanding the different features of a credit card can help you compare options and find the best one for your needs. Besides the Bank of America Travel Rewards Credit Card benefits, there are other features and security protections you may be interested in.
- Card FeatureDescription
- $0 Liability GuaranteeCardholders automatically have this coverage, which protects against fraudulent transactions. The bank also blocks possible fraudulent activities if they detect abnormal use patterns.
- Contactless ChipYou can pay at locations with the contactless symbol by simply tapping your card.
- Overdraft ProtectionYou can link an eligible checking account to your credit card to prevent declined purchases. Fees may apply.
Because the card comes with a high interest rate, ensuring that you make payments on time can help you enjoy the card’s earning potential without compromising your financial health.
Understanding the Fine Print
Before starting a Bank of America Travel Rewards Credit Card application, it’s important to understand all the card’s features, interest rates and fees. MoneyGeek lists these details below.
- Card FeatureAmount or Rate
- APR13.99% - 23.99%
- Annual Fee$0
- Cash Back Rewards
- Rewards Rate1.5 Points
- Airline Benefits
APRs are based on your creditworthiness when you open the account and often change based on the prime rate. There’s an introductory APR of 0% for purchases made in the first 15 months of being a Bank of America Travel Rewards Cardholder. After that, the bank charges a variable APR of 14.24% to 24.24%. The same APR applies to balance transfers. For direct deposit and check cash advances, the APR is 17.24% to 27.24%. The rate for bank cash advances is 29.24%. These rates are relatively high.
There are no annual or foreign transaction fees. However, there are fees for other transactions. For balance transfers, direct deposit and check cash advances, you either pay $10 or 3% of the amount, whichever is greater. If you take a cash advance through an ATM, same-day online or over-the-counter, you will either pay $10 or 5%, whichever is greater. Late payments will result in a penalty fee of up to $40.
Points Rewards Rate
For every purchase you make using the Bank of America Travel Rewards Credit Card, you can earn 1.5 points.
When selecting a new credit card, it’s important to compare features, fees and rates. If you already have a card, you can find this information on your latest billing statement, online account or mobile app. For cards you’re considering, credit card issuers typically share the terms and conditions for their products on their websites. The credit card agreement database maintained by the Consumer Financial Protection Bureau can also help you learn more about each card.
Who Should & Shouldn’t Consider Bank of America Travel Rewards Card?
Other Considerations for Bank of America Travel Rewards Card
When choosing a credit card, it’s imperative to consider how you plan on using it. Here’s what to keep in mind based on whether the Bank of America Travel Rewards Credit Card will be your first and only card versus an additional card in your wallet.
Things to Consider if This Will Be Your First or Only Credit Card
If the Bank of America Travel Rewards Credit Card will be your first and only credit card, keep in mind the high APR when using it. Although you earn points on every purchase, the high APR can lead to huge interest expenses if you fail to pay your balance in full every billing cycle. That said, this card might work well for you if you plan on paying your monthly dues in full.
Things to Consider if This Will Be an Additional Card in Your Wallet
The Bank of America Travel Rewards Credit Card doesn’t have international transaction fees, which can make it a good additional card to use when traveling abroad. You can also maximize the earning potential of this card by using it for your purchases without worrying about high annual fees. Check the features and rewards of your other credit cards to see if it makes sense to shift certain spending categories to this card.
For this Bank of America Travel Rewards Credit Card review, MoneyGeek used a well-defined methodology where we collected information from the Consumer Finance Protection Bureau’s database. For easy comparison, we used standardized data points that include fees, rewards, bonuses and estimated average spending profiles.
How Bank of America Travel Rewards Card Compares to Other Cards
Comparing multiple credit cards can help you find the best card for your travels. For a straightforward card that earns points without additional fees, the Bank of America Travel Rewards Credit Card can be a good option. However, other credit cards may offer more benefits and features.
Quick Comparison of Bank of America Travel Rewards Credit Card
Bank of America Travel Rewards
- Annual fee: $0
- APR for purchases: 14.24–24.24%
- Foreign transaction fee: $0
- Redemption options: Redeem your points as a statement credit to offset travel and dining purchases
- Best for: Travelers looking for a basic rewards card with no annual or foreign transaction fees
- Annual fee: $0
- APR for purchases: 15.49–25.49%
- Foreign transaction fee: $0
- Redemption options: Redeem miles as a statement credit for travel purchases, buying gift cards, shopping online at Amazon or transferring to partner airlines or hotels
- Best for: Travelers looking for miles rewards card with no annual or foreign transaction fees
Other Helpful Decision-Making Q&As
MoneyGeek answers some of the most commonly asked questions to help you learn more about the Bank of America Travel Rewards Credit Card.
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If you’re still not sure whether the Bank of America Travel Rewards Credit Card is right for you, consider checking out other travel rewards credit cards. If you’re not interested in a travel rewards card, consider a business credit card or a balance transfer card instead.
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