Bank of America Travel Rewards Credit Card Review

Navigating the myriad of credit cards available on the market can be a daunting task. As a financial expert, I have spent countless hours researching, analyzing, and personally testing various credit card offerings to provide you with the most comprehensive and insightful reviews. In this post, I will delve into the Bank of America Travel Rewards Credit Card, a popular choice for many due to its attractive rewards structure and competitive features. We’ll explore every aspect of this card, from its rewards program and fees to its benefits and potential drawbacks.

Bank of America Travel Rewards Credit Card Review

The Bank of America Travel Rewards Credit Card is designed for individuals who enjoy earning rewards on their everyday purchases and prefer a straightforward, no-fuss rewards program. This card offers unlimited 1.5x points per dollar on all qualifying purchases, making it an excellent choice for those who want to accumulate points without having to keep track of spending categories. Additionally, new cardholders can earn a generous sign-up bonus of 25,000 points (equivalent to $250 in travel purchases) after spending $1,000 within the first 90 days of account opening.

Key Takeaways

– Unlimited 1.5x points per dollar on all qualifying purchases: No need to track spending categories.
– 25,000 bonus points: Earn this sign-up bonus by spending $1,000 within the first 90 days.
– 0% Introductory APR for the first 15 statement closing dates: Applies to both purchases and balance transfers made within 60 days of account opening.
– No annual fee: Ideal for those who want to avoid extra costs.
– No foreign transaction fees: A great benefit for frequent travelers.
– Variable APR: Ranges from 18.24% to 28.24% based on creditworthiness.
– Excellent credit required: A good fit for those with a credit score of 740-799.

Bank of America Travel Rewards Credit Card Key Takeaways

Understanding the key features and benefits of the Bank of America Travel Rewards Credit Card can help you determine if it aligns with your financial goals and spending habits. Let’s break down the most important aspects of this card:

Rewards Program

The Bank of America Travel Rewards Credit Card offers a simple and straightforward rewards program. Cardholders earn 1.5 points for every dollar spent on all qualifying purchases, without any spending categories to keep track of. This makes it easy to accumulate points quickly, whether you’re buying groceries, dining out, or booking travel.

Sign-Up Bonus

New cardholders can earn 25,000 bonus points (equivalent to $250 in travel purchases) by spending $1,000 within the first 90 days of account opening. This is a generous sign-up bonus that can provide a significant boost to your rewards balance early on.

Introductory APR

The card offers a 0% introductory APR for the first 15 statement closing dates on both purchases and balance transfers made within 60 days of account opening. This can be a valuable feature if you plan to make a large purchase or transfer a balance from another credit card.

Fees

One of the standout features of the Bank of America Travel Rewards Credit Card is its lack of an annual fee. Additionally, there are no foreign transaction fees, making it an excellent choice for international travelers. However, it’s important to be aware of the fees for balance transfers and cash advances, which are either $10 or 3% of the transaction amount, whichever is greater.

Variable APR

The card’s APR ranges from 18.24% to 28.24%, depending on your creditworthiness. This is relatively standard for a rewards credit card, but it’s important to pay off your balance in full each month to avoid interest charges.

Credit Requirements

To qualify for the Bank of America Travel Rewards Credit Card, you’ll need excellent credit, typically defined as a credit score between 740 and 799. If you fall within this range, you have a good chance of being approved for the card.

Bank of America Travel Rewards Credit Card Pros and Cons

Every credit card has its strengths and weaknesses, and the Bank of America Travel Rewards Credit Card is no exception. Let’s take a closer look at the pros and cons of this card:

Pros

1. Earn Points on Every Purchase: With 1.5x points per dollar on all qualifying purchases, you can quickly accumulate rewards without having to track spending categories.
2. Generous Sign-Up Bonus: Earn 25,000 bonus points after spending $1,000 within the first 90 days of account opening.
3. 0% Introductory APR: Enjoy a 0% introductory APR for the first 15 statement closing dates on purchases and balance transfers made within 60 days of account opening.
4. No Annual Fee: Avoid extra costs with a $0 annual fee.
5. No Foreign Transaction Fees: Save money on international purchases with no foreign transaction fees.

Cons

1. Reward Points Can’t Be Transferred: Unlike some other travel rewards cards, you cannot transfer your points to airline or hotel loyalty programs.
2. No Travel-Related Perks: The card lacks some of the travel-related benefits offered by other premium travel rewards cards, such as airport lounge access or travel insurance.
3. High Barriers for the Bank of America Preferred Rewards: To qualify for the additional benefits offered through the Bank of America Preferred Rewards program, you need to maintain high balances in your Bank of America and Merrill accounts.

Bank of America Travel Rewards Credit Card Benefits

The Bank of America Travel Rewards Credit Card offers a range of benefits that can enhance your overall credit card experience. Here are some of the key benefits to consider:

0% Introductory APR

As mentioned earlier, the card offers a 0% introductory APR for the first 15 statement closing dates on both purchases and balance transfers made within 60 days of account opening. This can be a valuable feature if you need to finance a large purchase or transfer a balance from another credit card.

No Annual Fee

With a $0 annual fee, the Bank of America Travel Rewards Credit Card is a cost-effective option for earning rewards without incurring additional costs.

No Foreign Transaction Fees

If you frequently travel internationally, you’ll appreciate the fact that this card has no foreign transaction fees. This can save you money on purchases made abroad and make it easier to use your card while traveling.

Payment Flexibility

The Bank of America Travel Rewards Credit Card offers flexible payment options, allowing you to pay your bill online, by phone, or through the Bank of America mobile app. This makes it easy to manage your account and stay on top of your payments.

Fraud Protection

The card comes with robust fraud protection features, including zero liability for unauthorized transactions and proactive fraud monitoring. This can give you peace of mind knowing that your account is protected against fraudulent activity.

Rewards Bonus

If you’re a Bank of America Preferred Rewards member, you can earn an additional 25% to 75% rewards bonus on every purchase. This can significantly boost your rewards earning potential, depending on your tier within the program.

Purchase Protection

The card offers purchase protection, which can cover eligible purchases against damage or theft for a specified period after the purchase date. This can provide added security for your valuable purchases.

Extended Warranty Protection

With extended warranty protection, you can get additional coverage on eligible purchases that come with a manufacturer’s warranty. This benefit can extend the warranty period, providing extra protection for your items.

Travel Benefits

While the card may lack some of the premium travel perks offered by other travel rewards cards, it still provides valuable travel benefits, such as no foreign transaction fees and the ability to redeem points for travel purchases. This makes it a solid choice for travelers who want to earn rewards on their everyday spending without paying extra fees.

Conclusion

The Bank of America Travel Rewards Credit Card is a well-rounded option for individuals who want to earn rewards on their everyday purchases without the hassle of tracking spending categories. With its unlimited 1.5x points per dollar on all qualifying purchases, generous sign-up bonus, and 0% introductory APR, this card offers a compelling value proposition for those with excellent credit.
The lack of an annual fee and foreign transaction fees further enhances its appeal, making it a cost-effective choice for both domestic and international travelers. However, it’s important to be aware of the card’s limitations, such as the inability to transfer reward points to airline or hotel loyalty programs and the absence of premium travel-related perks.
Overall, the Bank of America Travel Rewards Credit Card is a solid option for those who want a straightforward rewards program and the flexibility to redeem points for travel purchases. If you have excellent credit and are looking for a no-annual-fee travel rewards card, this card is worth considering.
As always, it’s important to carefully review the terms and conditions of any credit card before applying to ensure it aligns with your financial goals and spending habits. By doing so, you can make an informed decision and choose a credit card that best meets your needs.