Bank of America^® Travel Rewards credit card Review [2024]: Why This $0-Annual Fee Option Makes Sense for Casual Travelers

Card basics

Who should get the Bank of America^® Travel Rewards credit card?

If you enjoy the occasional getaway but don't want to stress over complicated reward structures, the Bank of America^® Travel Rewards credit card could be your ideal travel credit card.

This card is particularly well-suited for:

• Casual travelers: Let's say you take a couple of weekend trips and one longer vacation each year. This card's straightforward earning structure means you're constantly building up points for your next adventure, even when you're not actively planning a trip.
• Bank of America customers: If you already bank with Bank of America, you could potentially supercharge your earnings. By qualifying for its Platinum Honors tier in the Preferred Rewards program, you'd be earning 2.625 points per dollar on all purchases instead of the base 1.5X points.
• Simplicity seekers: For those who don’t like the idea of juggling multiple cards or tracking bonus categories, this card's uncomplicated earning structure could be a breath of fresh air.

Who should skip?

On the other side, this card might not be the best fit for:

• Luxury travel enthusiasts: If you want to receive airport lounge access or annual travel credits, you’d be better off with the Capital One Venture X Rewards Credit Card. The Bank Of America Travel Rewards is light on premium travel perks, focusing instead on simple earning and redeeming.
• High spenders in specific categories: If you spend heavily on dining or airfare, for example, you might benefit more from a card that offers bonus points in those categories such as the Chase Sapphire Preferred^® Card.

What should you know before applying?

While the Bank of America^® Travel Rewards credit card offers a solid base earning rate, its true potential shines when paired with Bank of America's Preferred Rewards program.

Think of it like a loyalty program for your banking relationship. Depending on your combined balances in Bank of America banking and/or Merrill investment accounts, you could boost your earning rate by 25%, 50%, or even 75%.

For example, you'd reach the Platinum Honors tier if you maintain a three-month average combined balance of $100,000 or more. This would turn your 1.5X points into 2.625 points per dollar on all purchases.

On top of that, the card comes with a 0% intro APR for 15 billing cycles on purchases, after which the APR adjusts to 18.74% - 28.74% Variable. This means that you can finance a big purchase or a dream vacation without worrying about interest for 15 billing cycles while earning rewards at the same time. Just remember to plan your repayment strategy before the intro period ends to avoid interest charges.

Here's a closer look at this card's top benefits

Welcome offer

The Bank of America^® Travel Rewards credit card starts you off on the right foot with an enticing welcome offer. You can earn 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases. This bonus could give your travel fund a significant boost right from the start.

Simple rewards structure

As someone who values simplicity, I appreciate the straightforward earning structure of this card. You earn 1.5 points per $1 spent on all purchases.

while I personally prefer stressing over all the ways to optimize points by being strategic with which cards I use, this simple rewards structure is great if you're new to credit card points or you just don't want to have to think about it. Whether you're buying groceries, filling up your car, or splurging on a new gadget, you're always working towards your next travel redemption. This consistency can be a real stress-reliever, especially if you're not the type to obsess over maximizing every point.

Flexible redemption options

One of the standout features of this card is its flexibility when it comes to redeeming your rewards. You're not locked into using a specific travel portal or airline. Instead, you can use your points to "erase" travel purchases you've made with the card. Let's say you found a great deal on a hotel through a discount site. No problem! Book it with your card, then use your points to offset the cost. This freedom allows you to shop around for the best deals and still use your rewards effectively.

No foreign transaction fees

For those who love to travel internationally, the lack of foreign transaction fees is a significant perk. Imagine strolling through the streets of Paris, indulging in croissants and cappuccinos, without worrying about extra fees on your purchases.

This feature can save you a considerable amount, especially on longer trips where those foreign transaction fees on other cards would typically add up quickly.

Intro APR offers

The Bank of America^® Travel Rewards credit card comes with not one, but two introductory APR offers. First, there's a 0% intro APR for 15 billing cycles on purchases (then 18.74% - 28.74% Variable APR). This can help you when you’re planning a big purchase by spreading the cost over several months without accruing interest.

But that's not all – the card also offers a 0% intro APR for 15 billing cycles for any balance transfers made in the first 60 days on balance transfers (then 18.74% - 28.74% Variable APR). This could be your ticket to tackling existing credit card debt. You can use this balance transfer intro APR to consolidate high-interest balances from other cards onto this one to give yourself a breather from interest charges while you pay down your debt.

Preferred Rewards boost

If you're a Bank of America customer, the potential to supercharge your earnings through the Preferred Rewards program can provide a significant boost. Depending on your banking relationship, you could earn up to 75% more points on every purchase. For instance, if you qualify for the Platinum Honors tier, your base earning rate jumps from 1.5X points to 2.625 points per dollar.

Drawbacks: Why you may want a different card

Lower earnings than category-specific travel cards

While the Bank of America^® Travel Rewards credit card offers a solid 1.5X points on all purchases, it might leave you feeling a bit shortchanged if you're a big spender in specific categories. For instance, if you’re a foodie like me who dines out frequently. With this card, you'd earn the same 1.5X points points whether you're buying groceries or splurging at a five-star restaurant.

If you're looking for higher earnings in specific categories, you might want to consider the Chase Sapphire Preferred^® Card. It offers 5X points on travel purchased through Chase Travel℠; 3X points on dining, select streaming services, and online groceries; 2X points on all other travel purchases, and 1X points on all other purchases. For frequent diners and travelers, this could mean substantially more points earned on your everyday spending, potentially getting you to your next vacation faster.

Limited travel perks

If you’d like to breeze through airport security or relax in exclusive lounges, you might find the Bank of America^® Travel Rewards credit card a bit lacking. Unlike premium travel cards, it doesn't come with perks like TSA PreCheck or Global Entry fee credits, airport lounge access, or travel credits.

For those seeking more robust travel perks, the Capital One Venture X Rewards Credit Card could be a better fit. While it does come with a $395 annual fee, it offers a host of travel benefits, including unlimited airport lounge access, up to $120 Global Entry or TSA PreCheck credit every four years, and up to $300 in annual travel credits, which could help offset the annual fee for frequent travelers.

Earning & redeeming Bank of America rewards

Potential earnings in years one and two

Here's a look at how your points can add up with the Bank of America Travel Rewards credit card. To calculate these values, we used a point valuation of one cent.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $888

Year two earnings: $638

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model which takes a look at points earned via spending, the welcome offer, and the annual fee. They don't account for any bonus rewards you might earn when you book trips through the Bank of America Travel Center or the added value you could get if you qualify for Bank of America’s Preferred Rewards program.

Best ways to earn

Earning rewards is simple with this Bank of America credit card; cardmembers earn a flat-rate 1.5 points per $1 spent on all purchases. There are no bonus categories such as dining purchases or groceries, which is great for people who like travel rewards but don’t want to devote time to activating different categories each quarter. You simply earn straightforward rewards, whether you're spending on takeout, gas, or at the grocery store.

Frequent travelers can maximize their earnings by booking travel through Bank of America’s Travel Center. All qualifying travel purchases made on your card through their Travel Center earn 3 points per dollar spent (1.5X points and 1.5X online bonus points).

If you qualify for Bank of America’s Preferred Rewards program, you can achieve higher earning rates. To qualify, you need to be a Bank of America customer or have an investment account through Merrill. With this 3-tiered program, you can earn a 25% to 75% rewards bonus, depending on your status. Your specific tier is based on your three-month average combined balance of Bank of America bank accounts and/or Merrill investment accounts.

Maximizing your redemptions

The Bank of America Travel Rewards credit card doesn’t require that you use a specific website or service to redeem points for travel. Simply book trips using your credit card and redeem points for a travel statement credit for hotels, flights, rental cars, cruises, vacation packages, baggage fees, and more. Plus, you can enjoy flexibility with no blackout dates or restrictions.

With this card, you need to accumulate at least 2,500 points in order to redeem them for travel credits. Points are valued at $0.01 each when used for travel credits. Cardholders can also use their points for cash rewards — but redemptions start at 2500 points for $15, making the value only $0.006 per point. If you prefer to redeem your points for cash rewards, you can request a check or a deposit account credit to an eligible Bank of America or Merrill Cash Management account.

You can also redeem your Bank of America points for gift cards. However, the redemption value varies depending on the gift card.

FAQ

Alternatives that might be better for you

Capital One VentureOne Rewards Credit Card

If you're looking for a travel rewards card with $0 annual fee and more flexible redemption options, the Capital One VentureOne Rewards Credit Card could be a better choice. It offers 1.25 miles per dollar on every purchase, every day and 5 miles per dollar on hotels and rental cars booked through Capital One Travel, which is slightly lower than the Bank of America^® Travel Rewards credit card's earning rate. However, the VentureOne comes with some advantages that might make it more appealing for certain travelers.

The VentureOne offers more flexibility in how you use your miles. You can transfer them to over 15 airline and hotel partners, potentially getting even more value out of your rewards. For instance, you could transfer miles to Air France-KLM Flying Blue for a business class ticket to Europe, potentially getting more than 1 cent per mile in value.

Learn more in our Capital One VentureOne Rewards Credit Card review.

Wells Fargo Autograph℠ Card

For those who want higher rewards in specific categories while paying $0 annual fee, the Wells Fargo Autograph℠ Card could be a fantastic alternative. This card offers the opportunity to earn unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans; plus earn 1X points on other purchases.

If your spending aligns with these categories, you could earn significantly more rewards compared to the flat-rate structure of the Bank of America^® Travel Rewards credit card. For example, if you frequently dine out or order in, the points you earn at restaurants could add up quickly.

The Autograph card also comes with some perks that the Bank of America Travel Rewards card doesn't offer. For instance, it provides cell phone protection when you pay your monthly cell phone bill with the card (subject to a $25 deductible). This could save you money on insurance or give you peace of mind when traveling with your phone.

Learn more in our Wells Fargo Autograph℠ Card review.

Easy-to-Earn Unlimited Rewards

Bank of America^® Travel Rewards credit card

4.1

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Bank of America^® Travel Rewards credit card

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Annual Fee

$0

Benefits and Drawbacks

Benefits

• $0 annual fee
• Simple, flat-rate rewards
• Flexible redemption options
• Up to 75% preferred Rewards bonus potential

Drawbacks

• Lower earnings than category-specific travel cards
• Limited travel perks

Card Details

• Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don't expire as long as your account remains open.
• 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.
• Use your card to book your trip how and where you want - you're not limited to specific websites with blackout dates or restrictions.
• Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
• 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 18.74% - 28.74% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
• If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
• Contactless Cards - The security of a chip card, with the convenience of a tap.
• This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.