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Review on the Bank of America Travel Rewards Credit Card

Bank of America Travel Rewards Credit Card

The card allows you to easily earn rewards for your trips.

The Bank of America® Travel Rewards card is ideal for those who love travelling. It offers flexibility in terms of rewards and doesn’t require you to pay any fee each year.

Potential cardholders can expect to get 1,5 points for each dollar they spend. Mind that the rewards you accumulate on your account will never expire under the condition that your account is active. If you decide to redeem the rewards, you’ll have an opportunity to use them for your future trips. For example, you can book flights or hotels with the rewards that’s saving some money for the trips themselves.

General information on the card

Advantages:

  • No annual fee as well as no fee for the purchases you make with the card abroad.
  • Flat rewards rate on any purchase you make with the card.
  • You decide on the way you want to book your future trip.
  • In case you happen to have an account with the Bank of America or Merrill Lynch, the rewards rates offered by this card are increased.

Disadvantages:

  • In comparison with a traditional cash back card, this card has more restrictions.
  • If you spend big sums of money regularly and your credit score is excellent, there are other credit cards that you may be interested in applying for.

Bank of America Travel Rewards Credit Card

Bank of America® Travel Rewards Credit Card

  • No annual fee that you’re expected to pay.
  • Standard APR amounts to 15.99 – 23.99%. The APR is variable. In case you want to know about the Cash Advance APR, read through the terms on the official website of the emitting bank. Pay attention to the fact that there is also Penalty APR that occurs if you fail to pay off your purchases on time. This APR may amount up to 29.99%, but it’s also a subject to changes.
  • Special Offer: In case you manage to spend $1,000 within the period of the first 90 days of using the card, you’ll be rewarded 20,000 bonus points to use for your future trips.
  • Special Offer in terms of APR: There is no fee to pay for the purchases you make with the card during the first 12 months.

More information concerning the card:

  • Each do9llar you spend will bring you 1,5 bonus points. There are no limits concerning the number of points you can earn. Your rewards won’t expire after a certain period of time and there is no fee to pay each year. There is also no fee you’re expected to pay while making purchases abroad.
  • The sign-up offer promises you a reward of 20,000 bonus points. Actually, this equals to $200 redeemed as a statement credit.
  • There are no limits or restrictions in terms of how and when you need to book your trips. You’re free to use any website or choose any date you wish.
  • Once you redeem your bonuses, you can use the statement credit you get to pay for hotels, flights, car rentals and a number of other things that are important during travelling.
  • The card comes with chip technology that insures its security level.
  • No APRF applies for the purchases you make with the card during the first 12 months.
  • If you happen to have an active account with the Bank of America (no matter whether its savings or checking account), each purchased made with the card will bring you 10% more bonus points.
  • In case you’re a Preferred Rewards client, the rate of your bonus increases up to 25 – 75%.

Basic features of the card:

  • 1,5 bonus points for each dollar spent.
  • If you book your trips via the Bank of America® Travel Center, you’ll get as many as 3 points for each dollar spent on the trips you book.
  • If you choose to redeem your rewards as a statement credit, you’ll get a value of 1 cent per point. If you choose to redeem your rewards as cash, your value will amount to a bit more than half cent. You also have an opportunity to redeem your rewards as gift cards. The value you get in this case may vary. There is also a minimal sum allowed to be redeemed. It amounts to 2,5000 bonus points.
  • You can forget about the need to pay annual fee as well as the fee for the purchases made abroad.
  • The card allows you to enjoy a great special offer in terms of APR.
  • It’s very easy to get the sign-up bonus that you’ll be able to use for your future trips.

The reasons for you to consider applying for the card

  • You’re looking for a card with flexible rewards. The Bank of America® Travel Rewards credit card isn’t a co-branded card. It means that you are free to book your trip anyway you want and whenever you wish. In comparison with other cards that offer benefits in terms of travelling, this one implies the widest definition of the term “travelling”. You use your points not only to book flights, hotels, cruises or car rentals, but you can also pay with your rewards for art galleries, camps, amusement parks’ visits, carnivals, zoos etc.
  • You’re looking for a card offering a wide array of options in terms of earning more rewards. There are lots of ways to increase the standard rewards rate. First, if you happen to have either a checking or a savings account with the Bank of America, your effective rewards rate will be increased up to 1,65%. Besides, if you’re a Preferred Rewards customer, your bonuses also will be increased in number. More information about the program is provided below. Finally, you can earn 3 bonuses for each do9llar spent if you decide to book your trip via the Bank of America® Travel Center.
  • You’re looking for a card with top-class services. In case you face any problems, you can contact the customer support service any time. The card also offers you concierge service, travel protection and an opportunity to book luxury hotels all over the world. As a cardholder, you’ll be able to enjoy cozy rooms, free in-room Internet service as well as free continental breakfast.

More details about the Preferred Rewards program

The program is valid for those having an account with the Bank of America®. To be more exact, the program aims to give you a possibility to increase the number of the rewards you earn up to 10%. In case you have a rather big sum of money on your combined accounts with Bank of America®, Merrill Edge and Merrill Lynch, your rewards will be increased up to 25%. The program implies 3 statuses that you can get. They are as follows:

  • Gold status: You are granted the status if you have $20,000 on your accounts. The status means that your bonus amounts to 25%.
  • Platinum status: You are granted the status if you have $50,000 on your accounts. The status means that your bonus amounts to 50%.
  • Platinum Honors status: You are granted the status if you have $100,000 on your accounts. The status means that your bonus amounts to 75%.

Let’s say you manage to spend as much as $10,000 in a year with the card. It means that you’ll get 15,000 bonus points. Consequently, if you have a Gold status, the number of bonuses will be 18.750. Once you redeem them as a statement credit, you’ll get $187.50. Platinum status and Platinum Honors status will allow you to increase the number of bonuses up to 22.500 and 26.250 respectively. That’s $225 and $262.50 when redeemed as statement credits.

The reasons for you to consider applying for a different card

The card is great for travelers. There’s no doubts about that. However, if you spend really big sums of money and prefer to have more redemption options, you may be interested in finding more information about other options available at the market.

Barclaycard Arrival Plus World Elite Mastercard®

  • You want to get the card that offers higher rewards for trips. Actually, if you’re the one who spends a lot of money, the Barclaycard Arrival Plus® World Elite Mastercard® or the Capital One® Venture® Rewards Credit Card may be more advantageous for you. These cards allow you to get 2 miles for each dollar you spend on your trips. The Barclaycard implies that the number of the bonuses you currently have will be increased up to 5% when you’re redeeming them. There are no differences between the cards mentioned and the Bank of America® Travel Rewards credit card in terms of the value you get for your bonuses or miles.

Capital One Venture Rewards Credit Card

Both cards don’t require you to pay any fee during the first year of you using them. Once this period is over, be ready to pay $89 for using the Barclaycard Arrival Plus® World Elite Mastercard® and $95 for using the Capital One® Venture® Rewards Credit Card. These fees don’t seem to be very high since they’re easy to offset. In order to do it, you’ll have to spend at least $2,950 with the Capital One® Venture® Rewards Credit Card and $4,450 with the Barclaycard Arrival Plus® World Elite Mastercard®.

Discover it® Miles credit card

  • You want to get a card that doesn’t imply a lesser value depending on the redemption option you choose. In this case, we recommend you studying the information on the Discover it® Miles credit card. The card is very much like the Bank of America® Travel Rewards credit card. It offers you 1,5 bonus points for every dollar spend on your trips. They both have no fee to pay each year as well as no fees for any purchases you make while travelling. The crux of the matter that you need to pay attention to is the fact that the Discover it® Miles card doesn’t decrease the value of your bonuses whether you redeem them for travel or as cash back. With this card, you’re free to decide how big should your sign-up bonus be. In other words, it’ll double all the miles you earn during the first year. If you earn 20,000 miles, the bonuses will be doubled at the end of the first year. It means that you’ll get as much as 40,000 bonus miles. Of course, the Bank of America® Travel Rewards credit card seems to be more beneficial from the point of view of a wider array of earning rewards opportunities. Besides, since it’s a Visa card, you’re less likely to have problems with the card while abroad. Still, we believe that the Discover it® Miles is a great option at least for those preferring to get as much value for the bonuses as possible.

Is the Bank of America® Travel Rewards credit card your best option?

The card is one of the best cards for those who travel a lot. Besides, there is a number of possibilities for you to increase the effective rewards rate. If you’re fine with all the other of its terms and think that the card will really be great in your situation, don’t hesitate to apply for it.

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