Bank of America® Travel Rewards® Credit Card Review – Unlimited 1.5x Points

The Bank of America® Travel Rewards® Credit Card is a popular travel rewards credit card with a simple, straightforward rewards program and some attractive perks for current Bank of America deposit accountholders. Unlike many travel rewards cards, which limit point redemptions to purchases made with specific airlines and hotel brands, Bank of America Travel Rewards points can be redeemed for statement credits to offset virtually any travel purchase.

The Bank of America Travel Rewards card competes with a number of other general-purpose and brand-specific credit cards, including the Capital One Venture Rewards Credit Card and Chase Sapphire Preferred Card, among others. A key distinction from Sapphire Preferred is the fact that it earns rewards at the same rate on all purchases, without favoring travel purchases or purchases in other spending categories. So, like Venture Rewards, it’s an ideal general-spending card for regular travelers.

If you’re in the market for a new card that helps you offset the cost of everyday travel purchases without an annual fee, this could be your card. Read on to find out if it’s right for you.

What Sets the Bank of America Travel Rewards Credit Card Apart

The Bank of America Travel Rewards card stands out from other popular travel credit cards for three main reasons:

• Long 0% APR Intro Promotion. This card has a very long 0% APR introductory promotion (18 months) on eligible purchases and balance transfers. This is virtually unheard of in the travel credit cards world and a big perk for new cardholders with big spending plans or stubborn balances accrued on existing cards.
• No Favored Spending Categories. This isn’t unusual among credit cards in general — witness the many, many flat-rate cash-back credit cards — but it’s somewhat unusual for a travel card. (Capital One Venture Rewards and Venture X are notable exceptions.) Accordingly, the Bank of America Travel Rewards Card is a good general-spending credit card.
• No Annual Fee. This is another feature that’s by no means unique to credit cards writ large but which is unusual for a travel credit card. Most comparable cards charge annual fees, typically $95 or higher.

Key Features of the Bank of America Travel Rewards Credit Card

These are the most important features of the Bank of America Travel Rewards card. Note the excellent sign-up bonus (for a no-annual-fee card), solid ongoing rewards program, and benefits for loyal Bank of America customers.

Sign-up Bonus

When you spend at least $1,000 within 90 days of opening your account, you receive 25,000 online bonus points. That’s worth $250 in statement credits for travel.

Earning Travel Rewards

The Bank of America Travel Rewards Credit Card earns an unlimited 1.5 points per $1 spent on every eligible purchase. It doesn’t get much simpler than that.

Redeeming Travel Rewards

Points are always worth $0.01 apiece at redemption. They can be redeemed for statement credits to offset any travel purchase, including car rentals, airfare, vacation packages, cruises, hotel rooms, and incidentals such as baggage fees.

Bank of America Customer and Preferred Rewards Benefits

If you have more than $20,000 on deposit with Bank of America and therefore qualify as a Preferred Rewards client, you get a points bonus according to your Preferred Rewards tier:

• Gold ($20,000 to $50,000) earns a 25% bonus
• Platinum ($50,000 to $100,000) earns a 50% bonus
• Platinum Honors ($100,000-plus) earns a 75% bonus

Here’s how that looks in table form:

Overdraft Protection for Bank of America® Deposit Account Holders

This card allows you to link an existing Bank of America deposit account to your credit card account to prevent overdrafts. If you overdraft your deposit account, your Bank of America Travel Rewards card is charged in $100 increments. In other words, you’d be charged $200 for a $150 overdraft.

Each overdraft incurs a $12 fee and then accrues interest at the maximum cash advance rate.

Introductory APR

Enjoy 0% APR on purchases and balance transfers for 18 months from account opening. Eligible balance transfers must be made within 60 days of account opening.

Important Fees

There is no annual fee or international transaction fee. Balance transfers cost the greater of $10 or 3% of the transferred amount, while cash advances cost the greater of $10 or 5%. Late payments cost $37, while returned payments cost $27.

Credit Required

This card requires good to excellent credit. A few minor credit dings likely won’t disqualify you from consideration.

Advantages of the Bank of America Travel Rewards Credit Card

This card has some notable benefits worth mentioning, including a straightforward rewards system and a solid sign-up bonus.

• Simple, Straightforward Rewards System. The Bank of America Travel Rewards card has a straightforward, easy-to-understand rewards system. You earn 1.5 points per $1 spent on all eligible purchases, every day. On the redemption side, you simply choose which purchases you’d like to redeem accumulated points for and you then receive them in the form of a statement credit. Hotel- and airline-specific credit cards are typically much harder to understand, as are platform-specific cards such as Expedia+ from Citi, which only allows you to redeem accumulated points for purchases made through Expedia.
• Very Good Sign-up Bonus. This card’s 25,000-point sign-up bonus is worth $250 in travel statement credits and requires spending just $1,000 to attain. This is a pretty impressive introductory bonus for a no-annual-fee card.
• Long 0% APR Intro Promotion. One relatively recent addition to this card’s perks lineup is a long 0% APR intro promotion to go with the spend-based sign-up bonus. It lasts for 18 months from account opening for all purchases and for balance transfers made within 60 days of account opening. It’s the longest 0% APR intro promotion in the travel cards space (which generally isn’t known for such promotions) — at least, that I’m aware of.
• No Annual Fee. Bank of America® Travel Rewards Credit Card doesn’t charge an annual fee. That’s great news for frugal cardholders, and a big differentiator from such general-purpose travel rewards cards as Capital One Venture Rewards ($95 annual fee).
• Nice Point Bonuses for Bank of America Deposit Account Holders. If you’re a current Bank of America deposit accountholder, you’re entitled to an automatic 10% bonus on all points earned with this card. And if you have more than $20,000 on deposit with BofA, the bonus increases significantly – up to 75%.

Disadvantages of the Bank of America Travel Rewards Credit Card

These are the most notable downsides to the Bank of America Travel Rewards Credit Card. Consider them carefully before you apply.

• Limits to Rewards Earning Power. All eligible Bank of America Travel Rewards Credit Card purchases earn 1.5 points per $1 spent. That’s not bad, but not the best on the market either. If you spend more heavily and are willing to accept an annual fee, numerous competing cards earn points faster. For instance, Capital One Venture Rewards ($95 annual fee) earn 2 points per $1 spent, and usually value points at $0.01 apiece.
• No Travel Transfer Partners. Unlike other popular travel credit cards, including the Venture Rewards card and the Chase Sapphire Preferred Card, Bank of America Travel Rewards card doesn’t allow you to transfer your points to any travel partners (such as airlines or hotel families). It appears Bank of America doesn’t have any such partners, which is a drawback relative to those competing cards.
• Few Value-Added Benefits for Travelers. Though perhaps understandable for a no-annual-fee card, the lack of general travel credits or potentially valuable perks (like airport lounge access) is a significant drawback relative to other popular travel cards.
• Has a Penalty APR. Bank of America Travel Rewards charges penalty APR. This is a detractor for cardholders who occasionally miss payments. If you don’t want to be penalized (possibly indefinitely) for missing a payment, choose a travel rewards card without a penalty APR, such as Discover it Miles.

How the Bank of America Travel Rewards Card Stacks Up

Not sure if the Bank of America Travel Rewards card is the best fit for your spending patterns or travel habits? 

If you’re willing to swallow a $95 annual fee, perhaps the Chase Sapphire Preferred Card is more your speed. Here’s how the two compare.

Final Word

When it comes to travel purchases, the Bank of America Travel Rewards Credit Card doesn’t discriminate. At redemption time, points are worth the same whether they’re redeemed for statement credits offsetting a domestic airfare ticket, a multi-day car rental, a baggage fee, or a special vacation package – no matter how any of those items were purchased. Even if Bank of America Travel Rewards isn’t the most generous travel rewards card around, there’s much to be said for such straightforwardness and flexibility.