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Aja McClanahan
Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter."
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Madison Hoehn
Madison Hoehn is an editor on the Bankrate credit cards team. She’s passionate about making readers feel seen and meeting them where they are in their credit card journey.
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If you like to adventure or have a few big trips coming up, you might be considering getting a travel credit card to supplement your budget by earning rewards. Most people don’t want to start off with a premium travel credit card, which often comes with steep annual fees and rewards systems that can feel confusing to navigate. That’s where the Bank of America® Travel Rewards credit card comes in.
This Bank of America credit card has no annual fee but still offers enough benefits to get you started on your award travel journey. It also earns a flat rate of 1.5X points on all purchases. The Bank of America Preferred Rewards program can boost the value of this card significantly, but the program is invite-only and based on the sum of your deposits with the bank, which we discuss further below. Although you’ll get the most out of this card as a Bank of America Preferred Rewards member, it might still be a worthwhile card to consider if you’re not.
We’ve created this Bank of America Travel Rewards credit card benefits guide to help potential cardholders understand all that this card promises.
While the Bank of America Travel Rewards credit card doesn’t offer much in terms of specific category rewards, it does still have its benefits when it comes to deals, redemption options and boosted rates.
The Bank of America Travel Rewards credit card offers a solid welcome bonus that’s easily attainable for most cardholders. You can earn 25,000 online bonus points when you make $1,000 in purchases within 90 days of account opening. That’s about $250 worth of travel credits.
In addition to the welcome bonus, cardholders also get a 0 percent introductory annual percentage rate (APR) for 15 months on both purchases and balance transfers. Balance transfers made within 60 days of the account opening come with a three percent balance transfer fee. After the introductory period ends, the ongoing variable APR of 19.24 percent to 29.24 percent takes over and the balance transfer fee rises to four percent.
You can redeem your rewards points in a variety of ways, including:
If you’re a part of the Bank of America Preferred Rewards program, you’ll earn up to 75 percent more in rewards for each dollar you spend on your Travel Rewards card. The only requirement is to maintain a minimum balance in your eligible Bank of America or Merrill investing accounts. The minimum balance for each tier is as follows:
| Tier | Balance required | Bonus |
|---|---|---|
| Gold | $20,000 to $49,999 | 25% |
| Platinum | $50,000 to $99,999 | 50% |
| Platinum Honors | $100,000 to $999,999 | 75% |
| Diamond | $1,000,000 to $9,999,999 | 75% |
| Diamond Honors | $10 million or more | 75% |
Although you need to maintain a significant amount of money on deposit with the bank to qualify for these tiers, you’ll find that it can really boost your earnings with the Travel Rewards card. At the highest tier, you could earn up to 2.62 points for every dollar spent on the card.
The BankAmeriDeals program gives you access to exclusive discounts by using your card at eligible retailers for a specific period of time. You can save anywhere from 5 percent to 15 percent on certain purchases by activating your offer and using your card according to the offer details. Note that participating businesses change every few weeks.
As a more entry-level travel card, the Bank of America Travel Rewards card lacks some of the more common travel benefits, like credits towards TSA PreCheck or Global Entry. There’s also no lounge access, travel insurance or annual credits. Instead, the card offers the following travel benefits:
Foreign transaction fees are typically 1 percent to 3 percent of a purchase, which can add up quickly depending on where you’re shopping. If you plan to travel abroad or shop internationally while online, you at least won’t bust your travel budget with these extra fees.
Most travel rewards credit cards charge an annual fee to pay for all of the perks they offer — especially if they’re branded as luxury travel credit cards. These cards can have fees as high as $695. However, while the Bank of America Travel Rewards credit card has no annual fee, it also doesn’t have nearly the same level of perks and benefits, so you’ll have to decide whether paying a fee is worth what you get with this card.
As a Visa credit card, the Bank of America Travel Rewards credit card also offers:
One benefit of the Bank of America Travel Rewards credit card that you don’t always see with other travel cards is how varied its definition of “travel” truly is. You can get travel statement credits for purchases with:
This unique benefit allows Bank of America cardholders to get free access to over 225 cultural institutions during the first weekend of each month. The program is perfect for those who love planning day trips or those who have a list of museums they’ve been excited to visit. To take advantage of this perk, all you have to do is present your Bank of America debit or credit card and a valid photo ID at the museum site.
This card’s flat rewards rate of 1.5X points for all purchases makes maximizing the Bank of America Travel Rewards credit card fairly easy — just use it on everyday purchases to see the points rack up. But there are a few ways to ensure this card is worth it.
To truly maximize your rewards, consider pairing this card with one that has a higher reward rate in specific spending categories. Then, you can use your Bank of America card to fill in the gaps for spending categories that won’t get boosted rewards with your other card.
As we mentioned before, Bank of America has a much broader definition of what counts as “travel.” This card can come in handy for niche expenses, such as parking lot fees, tolls, campground rentals, museums or zoos.
In some aspects, the Bank of America Travel Rewards isn’t the very best travel credit card out there. Most people may prefer a card that offers a higher travel rewards rate.
But for those who meet Bank of America Preferred Rewards requirements, the card could provide substantially more value. Plus, it could be appealing to someone who wants their travel rewards to be useful for more than just airfare and hotels or someone who is just getting started on their travel rewards journey. But even then, there are likely better cards available for you to take your travels to the next level.
The Bank of America content in this post was last updated on August 13, 2024.
Arrow Right Former Personal Finance Writer, Credit Cards
Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter."
