Bank of America Travel Rewards credit card benefits guide
Key takeaways
- The Bank of America® Travel Rewards credit card is considered a starter travel rewards card, and for good reason. It doesn’t have the robust benefits found with many other travel credit cards — but that doesn’t mean it’s not useful for some.
- Bank of America Preferred Rewards program members can get more out of this card with their boosted earnings rate.
- Because Bank of America’s definition of “travel” is less strict than other issuers, cardholders can get travel credits for more than just airfare, hotels and related purchases.
If you like to adventure or have a few big trips coming up, you might be considering getting a travel credit card to supplement your budget by earning rewards. Most people don’t want to start off with a premium travel credit card, which often comes with steep annual fees and rewards systems that can feel confusing to navigate. That’s where the Bank of America® Travel Rewards credit card comes in.
This Bank of America credit card has no annual fee but still offers enough benefits to get you started on your award travel journey. It also earns a flat rate of 1.5X points on all purchases. The Bank of America Preferred Rewards program can boost the value of this card significantly, but the program is invite-only and based on the sum of your deposits with the bank, which we discuss further below. Although you’ll get the most out of this card as a Bank of America Preferred Rewards member, it might still be a worthwhile card to consider if you’re not.
We’ve created this Bank of America Travel Rewards credit card benefits guide to help potential cardholders understand all that this card promises.
The Bank of America Travel Rewards credit card’s rewards benefits
While the Bank of America Travel Rewards credit card doesn’t offer much in terms of specific category rewards, it does still have its benefits when it comes to deals, redemption options and boosted rates.
Save on your next vacation
Explore Bankrate’s picks of travel cards to help you earn points and miles for your next trip View all travel cards
Save on your next vacation
Explore Bankrate’s picks of travel cards to help you earn points and miles for your next trip View all travel cards
Welcome bonus and intro APR offer
The Bank of America Travel Rewards credit card offers a solid welcome bonus that’s easily attainable for most cardholders. You can earn 25,000 online bonus points when you make $1,000 in purchases within 90 days of account opening. That’s about $250 worth of travel credits.
In addition to the welcome bonus, cardholders also get a 0 percent introductory annual percentage rate (APR) for 15 months on both purchases and balance transfers. Balance transfers made within 60 days of the account opening come with a three percent balance transfer fee. After the introductory period ends, there is a 18.74% - 28.74% Variable APR on purchases and balance transfers and the balance transfer fee rises to four percent.
Varied redemption options
You can redeem your rewards points in a variety of ways, including:
- Statement credits in an eligible Bank of America or Merrill account. This could add up if you decide to use the card as an everyday spending card.
- Cash deposits in an eligible Bank of America or Merrill account. The best part is that your cash redemptions don’t lose value, as with some rewards credit cards.
- Travel credits for purchases up to 12 months after the date of purchase. However, there’s a redemption minimum of 2,500 points, which is equal to about $25.
- Statement credits for dining and takeout purchases. Bank of America considers this to be a pretty broad category, meaning that in addition to restaurants, you can possibly get statement credits for purchases from bars, lounges and nightclubs.
- Gift cards. This redemption option only gives your points a value of 0.6 cents apiece and has a redemption minimum of 3,125 points.
Boosted rewards rates with the Bank of America Preferred Rewards program
If you’re a part of the Bank of America Preferred Rewards program, you’ll earn up to 75 percent more in rewards for each dollar you spend on your Travel Rewards card. The only requirement is to maintain a minimum balance in your eligible Bank of America or Merrill investing accounts. The minimum balance for each tier is as follows:
| Tier | Balance required | Bonus |
|---|---|---|
| Gold | $20,000 to $49,999 | 25% |
| Platinum | $50,000 to $99,999 | 50% |
| Platinum Honors | $100,000 to $999,999 | 75% |
| Diamond | $1,000,000 to $9,999,999 | 75% |
| Diamond Honors | $10 million or more | 75% |
Although you need to maintain a significant amount of money on deposit with the bank to qualify for these tiers, you’ll find that it can really boost your earnings with the Travel Rewards card. At the highest tier, you could earn up to 2.62 points for every dollar spent on the card.
BankAmeriDeals
The BankAmeriDeals program gives you access to exclusive discounts by using your card at eligible retailers for a specific period of time. You can save anywhere from 5 percent to 15 percent on certain purchases by activating your offer and using your card according to the offer details. Note that participating businesses change every few weeks.
The Bank of America Travel Rewards credit card’s travel benefits
As a more entry-level travel card, the Bank of America Travel Rewards card lacks some of the more common travel benefits, like credits towards TSA PreCheck or Global Entry. There’s also no lounge access, travel insurance or annual credits. Instead, the card offers the following travel benefits:
No foreign transaction fees
Foreign transaction fees are typically 1 percent to 3 percent of a purchase, which can add up quickly depending on where you’re shopping. If you plan to travel abroad or shop internationally while online, you at least won’t bust your travel budget with these extra fees.
No annual fee
Most travel rewards credit cards charge an annual fee to pay for all of the perks they offer — especially if they’re branded as luxury travel credit cards. These cards can have fees as high as $695. However, while the Bank of America Travel Rewards credit card has no annual fee, it also doesn’t have nearly the same level of perks and benefits, so you’ll have to decide whether paying a fee is worth what you get with this card.
Visa Signature benefits
As a Visa credit card, the Bank of America Travel Rewards credit card also offers:
- Visa Signature® Concierge services
- Extended warranty coverage
- Access to Roadside Dispatch® for emergency vehicle assistance
- Lost luggage reimbursement
- Travel and emergency assistance
Broad travel categories
One benefit of the Bank of America Travel Rewards credit card that you don’t always see with other travel cards is how varied its definition of “travel” truly is. You can get travel statement credits for purchases with:
- Airlines
- Hotels and motels
- Timeshares
- Trailer parks, motor homes and recreational vehicle rentals
- Campgrounds
- Car, truck, trailer and boat rentals
- Cruise lines
- Travel agencies, tour operators and real estate agents
- Passenger trains
- Buses
- Taxis, ferries and limousines
- Parking lots and garages
- Tolls and bridge fees
- Tourist attractions and amusement parks
- Art galleries and museums
- Carnivals and circuses
- Aquariums and zoos
Museums on Us
This unique benefit allows Bank of America cardholders to get free access to over 225 cultural institutions during the first weekend of each month. The program is perfect for those who love planning day trips or those who have a list of museums they’ve been excited to visit. To take advantage of this perk, all you have to do is present your Bank of America debit or credit card and a valid photo ID at the museum site.
Maximizing the Bank of America Travel Rewards credit card
This card’s flat rewards rate of 1.5X points for all purchases makes maximizing the Bank of America Travel Rewards credit card fairly easy — just use it on everyday purchases to see the points rack up. But there are a few ways to ensure this card is worth it.
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To truly maximize your rewards, consider pairing this card with one that has a higher reward rate in specific spending categories. Then, you can use your Bank of America card to fill in the gaps for spending categories that won’t get boosted rewards with your other card.
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As we mentioned before, Bank of America has a much broader definition of what counts as “travel.” This card can come in handy for niche expenses, such as parking lot fees, tolls, campground rentals, museums or zoos.
The bottom line
In some aspects, the Bank of America Travel Rewards isn’t the very best travel credit card out there. Most people may prefer a card that offers a higher travel rewards rate.
But for those who meet Bank of America Preferred Rewards requirements, the card could provide substantially more value. Plus, it could be appealing to someone who wants their travel rewards to be useful for more than just airfare and hotels or someone who is just getting started on their travel rewards journey. But even then, there are likely better cards available for you to take your travels to the next level.
The Bank of America content in this post was last updated on November 06, 2024.
