The Bank of America Travel Rewards credit card is a reliable no annual fee credit card, that can make a solid staple in the right wallet. Customers will earn 1.5 points per dollar spent on all purchases, all the time, with no earning caps or categories to keep track of. This card’s earning potential is kicked up a notched for existing Bank of America customers. As an existing customer, you’ll find yourself earning anywhere between 10% - 75% more when you go to redeem your rewards for a statement credit, depending on your average account balances with Bank of America.
Earn more you say? Here’s how Preferred Rewards works. Existing BOA customers are grouped into rewards earning tiers based on their combined balances with Bank of America and Merrill Edge. The more money you have stashed away in your account for your next vacation, the more rewards you’ll earn for travel today. It’s a win win.
|Tier||Account Balance||Earning Potential|
|Base||$0 - 19,999||10%|
|Platinum Honors||100,000 +||75%|
As you can see in the chart below, this starts to add up. If you are an existing BOA customer and you redeem your travel points, your earn rate for daily spend can be as high as 2.62 points earned per dollar. This is one of the highest earn rates on everyday spend that is available on a card that carries no annual fee.
Earn rates aside, the Bank of America Travel Rewards card has some additional perks that make it a valuable travel companion.
We’d only recommend this card to those who already have an existing relationship with Bank of America or those planning to open a checking or savings account with them soon. Bank of America really values long term relationships, so this is a winner for those looking for a more entry level product and will help you build a relationship for other product lines down the road. This card is also a good fit for more established customers that can take advantage of the increased earnings that come with being a Preferred Rewards client.
Those that have a tendency to carry a balance from month to month.carry a higher than usual base APR. If you’re going to carry a balance, let’s stroll over to the low interest part of town. You’ll lose any point value by paying higher interest rates here.
The Bank of America Travel Rewards Card is an average travel product that can be a good choice for semi-frequent travelers that aren’t ready to commit to an annual fee product, or tie themselves to one hotel or airline chain. You’ll have a chance to review your travel habits, and see how much flexibility you’ll really need in the years to come. With no annual fee and no foreign transaction fees you don’t have much to lose by giving BOA a chance, and at the very least, you’ll gain some rewards.
$95 annual fee
Earn a 50,000 point welcome bonus
$100 Annual Airline Incidental Statement Credit
PreCheck/Global Entry Credit
Best for current Bank of America Customers