Bank of America travel rewards guide
Key takeaways
- The Bank of America travel rewards program allows cardholders to redeem points for statement credits to cover travel-related purchases making for a simple, flexible travel rewards option.
- Bank of America travel rewards cards have various benefits and perks, but may not be the best option for frequent travelers compared to other programs since there isn’t an option to transfer points to travel loyalty programs.
- Bank of America's Preferred Rewards program can increase the value of rewards by 25 to 75 percent for members with qualifying accounts.
Bank of America’s travel rewards program isn’t as lucrative or extensive as what rivals like American Express or Chase offer, but some cardholders may find value in its simplicity, particularly if you are a Bank of America Preferred Rewards client.
If you’ve got one or more Bank of America credit cards that allow you to earn and redeem rewards for travel, or are interested in applying for one, this guide can help explain the basics of the bank’s travel program, including how to earn and redeem travel rewards and more.
Bank of America travel rewards basics
Compared to other issuers, Bank of America has a smaller portfolio of travel credit cards, but there are some similarities in how you earn and redeem travel rewards with the cards.
Essentially, you can redeem the rewards you earn for statement credits to cover travel-related purchases. Some Bank of America travel cards also allow you to cover purchases like dining with your award statement credits.
With each card, and in fact with any Bank of America credit card, you also gain access to the Bank of America Travel Center, where you can search for travel deals and pay with cash or rewards. The site operates much like a travel search engine, similar to Expedia or Orbitz.
Bank of America credit card and debit card holders have access to a variety of partner offers and deals, but the travel rewards program still lacks travel transfer partners, which is where many travel rewards aficionados look for the best value.
However, as we’ll explain below, being a member of Bank of America’s Preferred Rewards program could increase the value of the rewards you earn by 25 to 75 percent, making Bank of America’s somewhat limited travel rewards program more valuable.
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How to earn Bank of America travel rewards points
The only thing you need to do to earn rewards is use your Bank of America card for eligible purchases; you don’t need to keep track of rotating bonus categories or activate offers in your Bank of America account to earn rewards. For some of the travel cards, you’ll earn more rewards in travel and dining categories, but there’s no need to track or apply for your rewards.
Additionally, Bank of America’s travel and dining categories are more extensive than those of many travel rewards cards, so you’ll be able to redeem your points for statement credit for everything from flights to zoo tickets.
How to redeem Bank of America travel rewards points
You can redeem rewards for a statement credit to cover eligible travel purchases (or dining purchases with the Bank of America® Travel Rewards credit card) at a value of 1 cent per point, so 2,500 points equals $25 in statement credit. Other redemption options include cash back as a check or direct deposit into an eligible Bank of America checking or savings account or a Merrill Cash Management Account, but at a significantly reduced value of .006 cents per point (therefore 2,500 points equals $15). You can also redeem points for gift cards, but that value will vary.
Travel credits and cash rewards redemptions require a minimum of 2,500 points and gift cards require at least 3,125 points to redeem.
How much are Bank of America travel rewards points worth?
Bank of America travel rewards are worth 1 cent per point when redeemed for statement credit to cover eligible purchases or to purchase travel through the travel portal, but the value goes down when redeemed for cash back (.006 cents each) and varies for gift card redemptions.
Since there isn’t an opportunity to boost value with transfer partners, the best value you can aim for is 1 cent per point. While it isn’t a top redemption value, the tradeoff is the flexibility and simplicity it offers.
How do Bank of America travel rewards compare to other points’ values?
In most cases, your Bank of America travel rewards points are worth 1 cent per point. Premium Rewards Elite cardholders can get a 20 percent boost for airfare bookings through the Travel Center when you pay with points, which means a flight that costs 20,000 points will require about 16,700 points thanks to the 20 percent bonus.
Keep in mind that the Premium Rewards Elite card charges a $550 annual fee, so that’s a hefty price for a 20 percent rewards bonus (although there are other benefits of the card, of course).
Issuers such as Chase and American Express offer similar boosts for some cardholders redeeming points through their travel portals — and on cards with lower annual fees. Additionally, those issuers also have transfer partners that can allow you to get more value for travel with partner airlines and hotels.
Bank of America doesn’t have transfer partners, so there isn’t an option for that extra redemption value. That said, if you’re a Preferred Rewards member, that may make up for the lack of travel partners, but it’s something you’d have to analyze on a case-by-case basis.
Who are Bank of America travel cards best for?
As noted, this travel rewards program is best if you want simplicity and flexibility in earning and redeeming travel rewards. The Bank of America travel cards allow you to use your rewards to cover eligible travel purchases or make purchases directly through the portal, but the redemption value isn’t stellar.
If you are a Bank of America Preferred Rewards program member, you’ll get much more value than other cardholders. This invitation-only program gives you access to banking services discounts and rewards-earning boosts and membership is based on the combined balance of qualifying Bank of America or Merrill Investment accounts. Here’s a look at the five tiers offered:
| Gold | Platinum | Platinum Honors | Diamond | Diamond Honors | |
|---|---|---|---|---|---|
| Minimum three-month average balance across accounts | $20,000 | $50,000 | $100,000 | $1 million | $10 million |
| Credit card rewards bonus | 25% | 50% | 75% | 75% | 75% |
| Rewards rate for 1.5X back | 1.875X | 2.25X | 2.625X | 2.625X | 2.625X |
| Rewards rate for 2X back | 2.5X | 3X | 3.5X | 3.5X | 3.5X |
In this scenario, you get the rewards boost on your earnings, but the redemption options remain a fixed value.
Bank of America travel credit cards
Bank of America has a handful of cards that offer ongoing rewards and travel-focused perks. Here are the cards you can choose from:
Bank of America® Travel Rewards credit card
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The Bank of America® Travel Rewards credit card is an entry-level travel credit card that allows you to earn basic travel rewards without paying an annual fee. Its rewards rate is simple; just swipe and earn 1.5X points on all of your spending without any limit. There’s no need to track spending categories or activate any special offer on your account to receive your rewards. Further, you can also earn 3X points on travel bookings and other purchases through the Bank of America Travel Center (except for insurance).
If you’re in the market to pay off existing credit card debt or fund an upcoming purchase, this card can be a good option thanks to its 0 percent intro APR for 15 billing cycles on balance transfers made within the first 60 days and on purchases (followed by 18.74% - 28.74% Variable APR on purchases and balance transfers).
For more information on card perks, read our Bank of America Travel Rewards card benefits guide.
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- Rewards rate: Unlimited 1.5X points on all purchases
- Welcome bonus: 25,000 online bonus points when you make $1,000 in purchases within 90 days of opening the account (worth $250 toward travel purchases)
- Annual fee: $0
- Additional perks: No foreign transaction fees; long intro APR offer on purchases and balance transfers; Visa Signature benefits
Bank of America® Premium Rewards® credit card
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The Bank of America® Premium Rewards® credit card offers another level of travel rewards: 2X back on all travel and dining purchases and a flat 1.5X rate on everything else. Plus, its welcome bonus is relatively easy to earn for an annual-fee-carrying travel card — spend just $4,000 in the first 90 days to earn 60,000 online bonus points.
The card also offers statement credits toward Global Entry or TSA PreCheck membership every four years and an annual airline incidental credit. And with Visa Signature Luxury Hotel Collection perks, you can enjoy automatic room upgrades, late checkout, complimentary breakfast and more.
Read our Bank of America Premium Rewards card benefits guide for more information on all the card has to offer.
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- Rewards rate: Unlimited 2X points on travel and dining purchases; 1.5X points on other purchases
- Welcome bonus: 60,000 online bonus points when you make $4,000 in purchases within 90 days of account opening
- Annual fee: $95
- Additional perks: $100 incidental airline credit; up to $100 in credits toward your Global Entry or TSA PreCheck application fee; Visa Signature Luxury Hotel Collection perks; no foreign transaction fees
Bank of America® Premium Rewards® Elite credit card*
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While the Bank of America Premium Rewards Elite credit card has the same rewards structure as the Premium Rewards card, it’s packed with a few more benefits to help offset its $550 annual fee.
Enjoy $200 more in airline incidental statement credits compared to the Premium Rewards card, the same Global Entry or TSA PreCheck statement credit opportunity and Visa Infinite Luxury Hotel Collection perk access. Plus, you’ll get $150 in lifestyle statement credits each year toward things like food delivery and streaming service costs, discounts on airfare redemptions through the Travel Center as well as Priority Pass Select membership, giving you access to 1,300-plus airport lounges worldwide.
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- Rewards rate: Unlimited 2X points on travel and dining purchases; 1.5X points on all other purchases
- Welcome bonus: 75,000 online bonus points when you make $5,000 in purchases within 90 days of account opening
- Annual fee: $550
- Additional perks: $300 in annual airline incidental statement credits; $150 in annual lifestyle statement credits; up to $100 in credits toward Global Entry or TSA PreCheck; complimentary Priority Pass Select membership; 20 percent off airfare redemptions through the Bank of America Travel Center; Visa Infinite Luxury Hotel Collection perks; no foreign transaction fees
Bank of America Travel Rewards Credit Card for Students
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Although its features and benefits are minimal, the Bank of America® Travel Rewards Credit Card for Students can be a good entry-level card for students with little-to-no credit history. You’ll get 1.5X points on all purchases, plus the ability to redeem rewards for a statement credit on qualifying travel purchases.
There’s also a 0 percent intro APR on balances made in the first 60 days and on purchases for the first 15 billing cycles (followed by a 18.74% - 28.74% Variable APR on purchases and balance transfers), which can help students who have a large purchase on the horizon (or some existing debt) that they’d like to pay off over time (think textbooks or dorm supplies).
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- Rewards rate: 1.5X points on all purchases
- Welcome bonus: 25,000 online bonus points after spending $1,000 in purchases within your first 90 days
- Annual fee: $0
- Additional perks: No foreign transaction fees; zero-interest offer on purchases
Bank of America® Travel Rewards Secured credit card*
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Travel rewards cards for people who are working to build their credit are rare. This one allows you to work on building your credit with responsible use while also earning some travel rewards.
This is a secured card, so you’ll need to provide a security deposit of at least $200 to establish your line of credit. While the card does offer rewards, any secured card should be viewed primarily as a means to improving your credit with consistently responsible use. In fact, Bank of America will periodically review your account and relationship with the bank overall to decide whether to return your security deposit.
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- Earn 1.5X points on all your purchases
- $0 annual fee
- Minimum $200 security deposit (up to $5,000) to establish you line of credit
Bank of America travel rewards frequently asked questions
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As long as your account is active and in good standing, your rewards don’t expire.
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No, you cannot transfer points to another person. You may be able to transfer rewards from one of your Bank of America accounts to another. You must call customer service to see if your account qualifies.
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No, you cannot buy Bank of America Travel rewards points.
The bottom line
Bank of America’s travel rewards program isn’t as extensive as those of some other major issuers. But if your primary goal with travel rewards is simplicity and flexibility as compared to getting the best possible redemption value, Bank of America’s travel rewards program can deliver.
That said, if you’re at least a semi-frequent traveler, you’ll likely find better value from rewards programs like Chase Ultimate Rewards and American Express Membership Rewards.
*All information about the Bank of America® Premium Rewards® Elite credit card and the Bank of America® Travel rewards Secured credit card has been collected independently by Bankrate. Card details have not been reviewed or approved by the issuer.
The Bank of America content in this post was updated on November 06, 2024.
