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Offers for Bank of America cards mentioned in this post have been updated as of 08/26/2023
If you're looking for a new card to add to your wallet, the Bank of America® Travel Rewards credit card offers an excellent mix of versatility and value. The card boasts a generous welcome offer of 25,000 points. Plus the Bank of America Travel Rewards Card charges no annual fee, keeping your out-of-pocket expenses to a minimum.
New card members can take advantage of a generous 0% Intro APR for 15 billing cycles for purchases and 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. That's one of the best 0% intro APR deals of any card we've reviewed. And existing Bank of America Preferred Rewards program members can earn significantly more rewards.
Let's take a closer look at the Bank of America Travel Rewards Card and see if this card deserves a spot in your wallet.
- 1.5 points for every $1 you spend on all purchases
Bank of America Travel Rewards Card Signup Bonus
When you're approved for the card, you'll earn 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening. You can redeem these bonus points for a $250 statement credit to offset travel or dining expenses.
With such an affordable minimum spend, the Bank of America Travel Rewards Card is an excellent option if you are locked out of other travel rewards cards due to the higher spending requirements to earn the bonus. Spending $1,000 over 90 days requires a little less than $80 per week, which should be more than manageable for most applicants.
Given you'll earn a minimum of 1.5 points on purchases to meet the minimum spending requirement, you will earn at least 26,500 points after receiving the bonus. That's worth $265 towards travel or dining experiences.
Bank of America Travel Rewards Card Earning Rates
The earning rates on the Bank of America Travel Rewards Card are relatively straightforward and don't require any advanced knowledge of bonus categories. Cardholders earn a minimum of 1.5 points per $1 spent on all eligible purchases.
The points you earn don't expire as long as your card remains open and in good standing.
Preferred Rewards Program
You can earn significantly more from your Bank of America Travel Rewards Card spending if you are an existing Bank of America customer enrolled in the Preferred Rewards program. The value of the additional rewards ranges between an extra 25%-75% and depends on the balance of your deposits and investments with Bank of America and Merrill Lynch.
Let's look at the breakdown based on your average account balance for the last three months.
- Gold Tier ($20k-50k): 25% bonus rewards (1.875 points per dollar)
- Platinum Tier ($50k-100k): 50% bonus rewards (2.25 points per dollar)
- Platinum Honors Tier ($100k-1M): 75% bonus rewards (2.625 points per dollar)
- Diamond Tier ($1M-10M): 75% bonus rewards (2.625 points per dollar)
The minimum amount needed in deposit or investment accounts to achieve the maximum bonus is $100,000. That gives you an additional 75% bonus points on purchases, netting 2.625 points per dollar. If you are an existing Bank of America customer or are in the market to move banks, consider going all in at Bank of America to maximize the number of points earned on your rewards cards.
Other Bank of America Travel Rewards Card Benefits
The card has a few notable features that take it from being a simple travel rewards credit card to being one of the standout rewards cards at its price point.
0% Introductory APR on Purchases and Balance Transfers
When you're approved for the Bank of America Travel Rewards Card, you will have a 0% intro APR for 15 billing cycles for purchases and for 15 billing cycles for any balance transfers made in the first 60 days. That's followed by a Variable of 18.24% - 28.24%.
This is outstanding for a card with a decent welcome offer and a top return on everyday expenses.
No Annual Fee or Foreign Transaction Fees
If you travel outside of the U.S., you can use the Bank of America Travel Rewards Card without incurring foreign transaction fees, so it's an ideal card to take overseas. Additionally, the card doesn't charge an annual fee, making it easy on the hip pocket.
Redeem Bank of America Travel Rewards Card Points For Travel and Dining Expenses
Travel and Dining Purchases
Bank of America doesn't have any transfer partners like Chase or American Express. However, cardholders can easily redeem rewards for a statement credit toward select purchases.
You can redeem points towards expenses related to travel or dining, including airline tickets, hotel accommodations, car and vacation rentals, baggage fees, and purchases made at restaurants, including takeout.
Redeem Earnings for Cash
If you prefer to cash out your rewards, you can. You can cash out your points for 1 cent per point and have it deposited directly into a Bank of America checking account, a statement credit, or contribute to a 529 College Savings Plan.
There is a $25 minimum to redeem for cash.
- 1.5 points for every $1 you spend on all purchases
Application Restrictions
Bank of America doesn't have any hard rules for how many of their credit card products one person may have at a time. However, the bank has a 2/3/4 rule which limits applicants to:
- 2 new cards in a 2-month period
- 3 new cards in a 12-month period
- 4 new cards in a 24-month period
This rule differs from Chase's 5/24 rule, which can be much more restrictive given it includes personal cards from any issuer. The 2/3/4 rule only applies to cards issued by Bank of America.
Final Thoughts
The Bank of America Travel Rewards Card is a great choice for someone who wants a rewards strategy that runs on autopilot. You can significantly increase the earning rates on this card if you are a Bank of America Preferred Rewards member or can increase your deposit and investment banking with Bank of America to boost the base earning rate.
The card offers new account holders a valuable signup bonus with a low $1,000 minimum spending requirement that won't break the bank. If you are not in a position to meet the higher minimum spending requirements on premium travel cards, the Bank of America Travel Rewards Card is an excellent choice that allows you to get an excellent return on spending without worrying about the out-of-pocket expense to hold the card each year.
Prefer airline rewards? Check out our Alaska Airlines Visa® credit card review.
- Earn 3 miles for every $1 spent on eligible Alaska Airlines purchases
- Earn 2 miles for every $1 spent on eligible gas, cable, streaming services and local transit including ride share purchases
- Earn 1 mile for every $1 spent on all other purchases
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Actually, a better deal is to get the bofa custom cash card and choose travel as the category, becuz your base is 3%