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With more than two decades in journalism, Kelly-Ann Franklin has built a knowledge base of general information about business and personal finance topics and developed an expertise in helping writers convey that information clearly to all types of readers.
Over a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mission to see as much of the world as possible, and strives to give everyone the tools to get out and do the same with simple, actionable information.
Bank Of America Employee Benefits
The Bank of America® Travel Rewards credit card may appeal to occasional travelers who want a no annual fee credit card with a simple rewards system. Overall, the card is a just-average travel rewards card without many of the enticing perks offered by other popular travel credit cards. Yet it offers a compelling option for members of Bank of America’s Preferred Rewards program who have enough in the bank to reach the bonused earning tiers.
Our ratings take into account the card’s rewards, fees, rates along with the card’s category. All ratings are determined solely by our editorial team.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
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25, 000 online bonus points after making at least $1, 000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
60, 000 online bonus points – a $600 value – after you make at least $4, 000 in purchases in the first 90 days of account opening
Earn an extra 1.5% on everything you buy (on up to $20, 000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
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We love credit cards, but we don’t love how confusing some rewards structures can be. The Bank of America® Travel Rewards credit card simplifies the travel rewards space by earning 1.5 points per dollar on all purchases. While this isn’t the highest earning rate out there on a flat-rate rewards credit card, those who are members of Bank of America’s Preferred Rewards program can get a significant boost of 25% to 75% more points per dollar spent, depending on their Preferred Member tier.
This isn’t a card for luxury travelers. Bank of America’s take on travel rewards doesn’t include the posh perks that other travel cards offer. That doesn’t mean, however, that the card is completely devoid of travel benefits. As a Visa Signature card, it offers a few perks to get excited about, including concierge services and access to the Visa Signature Hotel Collection.
The Bank of America® Travel Rewards credit card is best for earning unlimited travel rewards. With no bonus categories to track, the card is an excellent fit for someone who values simplicity over complicated earnings programs. Here are two of our best credit card lists that feature the Bank of America® Travel Rewards credit card:
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Bank of America Preferred Rewards members earn a 25% to 75% bonus on all points earned, depending on program qualification level. The entry level of the program requires a balance of $20, 000 or more in eligible Bank of America or Merrill accounts with the highest tiers requiring a balance of at least $100, 000.
The Bank of America Travel Rewards card offers a welcome bonus that allows eligible new cardholders to earn 25, 000 online bonus points after spending $1, 000 in purchases in the first 90 days of account opening.
Points earned through the Bank of America® Travel Rewards credit card can be redeemed for statement credits to pay for flights, hotels, vacation packages, cruises, rental cars, baggage fees and restaurants including takeout. Each point is worth 1 cent when redeemed this way.
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Other ways to redeem rewards include for gift cards and cash back, but these redemptions have lower rates. Each point redeemed for cash is worth 0.6 of a cent (2, 500 points = $15). Gift card redemptions vary in value per point.
To determine the rewards potential of a credit card we look at the reward categories the card offers and calculate what an average household might spend in those areas. Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage-earning households brings in $118, 438 annually and has $39, 337 in annual expenses that can reasonably be charged to credit cards. We base our calculations on these numbers.
The Bank of America® Travel Rewards credit card comes with a 0% introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days, followed by a 18.24% - 28.24% variable APR on purchases and balance transfers. A 3% fee applies to all balance transfers made in the first 60 days, then 4%.
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A good credit score will go a long way to being approved for any credit card, including the Bank of America® Travel Rewards credit card. A FICO scoring model is often used by lenders and banks to make their credit decisions. Scores fall within a range of 300 to 850. A good score is between 670 and 739.
Another option for those looking for a no annual fee travel rewards card with a simple earnings structure is the Capital One VentureOne Rewards Credit Card (rates & fees). It earns 5 miles per dollar on hotels and rental cars booked through Capital One Travel and 1.25 miles per dollar on every other purchase—not quite as much as the standard earn rate on the Bank of America® Travel Rewards credit card. However, the VentureOne card offers the ability to transfer miles to multiple Capital One partners at a potential increase in value.
The Chase Freedom Flex℠* is a Advisor top pick both for cash-back credit cards and no annual fee credit cards, and with good reason. It offers 5% cash back on up to $1, 500 in categories that rotate quarterly (requires activation), 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% cash back on dining and drugstores and 1% cash back on all other purchases. Many will come out ahead with this rewards scheme compared to that of the Bank of America® Travel Rewards credit card.
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For those who have a premium Chase Ultimate Rewards®-earning card like the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®, the rewards earned through the Chase Freedom Flex can be pooled or transferred to Chase’s airline and hotel transfer partners.
The Bank of America® Premium Rewards® credit card is the bigger sibling with a $95 annual fee. It offers 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases. Considering the bonus categories alone, cardholders would need to spend $4, 750 on travel and dining to break even with the annual fee.
However, this card also offers a $100 airline incidental credit each year and up to a $100 Global Entry or TSA PreCheck® application fee credit every four years. Assuming these benefits are utilized, it’s easy to come out ahead of the annual fee. However, those unsure if they can maximize these benefits will likely be better served by the Travel Rewards card with no annual fee.
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No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
The Bank of America® Travel Rewards credit card is likely best suited for occasional travelers who aren’t looking for luxury travel perks. The simple rewards system—1.5 points per dollar on all purchases—makes this a rewards card that eliminates headaches over figuring out the best ways to maximize spending. This card doesn’t offer many enticing additional benefits, so consumers who want to dedicate rewards strictly to travel might consider this card.
When deciding which travel rewards credit card to apply for, consider where you spend most of your money. There are several travel rewards cards that earn solid rewards for dining, groceries and gas purchases which can really add up when you’re collecting points for a trip.
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Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors come together to provide a star rating for each individual card.
The Bank of America® Travel Rewards credit card earns 1.5 points per dollar on all purchases. Points can be redeemed as statement credits toward travel purchases such as flights, hotels, vacation packages, cruises, rental cars and baggage fees, dining purchases, cash back
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