Bank of America Travel Rewards Card: The Bank of America Travel Rewards card has been asked about changing points by many customers. Is this possible? This is a question that we will answer along with others pertaining to the Bank of America card today.
If you’re a frequent traveller and don’t want to pay an annual maintenance fee for your credit card, then Bank of America Travel Rewards is a great option.
A cardholder who spends up to 1.5 points on any purchase category will be eligible to earn up to 1.5 points. A nice feature is that there are no limits to earning points. Points do not expire either! You can exchange them for credit or pay or complete the purchase of any trip while the card is active and up to a year after you have cancelled it.
Are there any other benefits? Transactions completed abroad with the Bank of America Travel Rewards card are not subject to fees. Let’s examine it closer to see if it really works as well as it sounds.
Keep Reading: Bank of America Cash Rewards Card Program
General characteristics of the Bank of America Travel Rewards card
Travel rewards cards from Bank of America offer certain benefits to frequent travellers. Here are just a few of them:
- APR can range from 14.99% to 22.99%
- With a 12-month introductory APR of 0%.
- There is no annual maintenance fee.
- It offers attractive rewards and returns, including the ability to accumulate 1.5 points per purchase.
|Bank of America Travel Rewards Card Overview|
|1.5 points||For every dollar spent on all purchases|
|0%||Foreign transaction fees|
|Bonus||25,000 after spending at least $ 1,000 in the first 90 days of card issuance (equivalent to $ 250)|
|Facilities||Chip card compatible with contactless payment|
|Limitation on travel reservations||No. You can book at the company of your preference and in the season you want|
|Points redemption||For the payment of car rentals, vacations, hotels, flights, baggage fees, camps or tourist attractions|
|Introductory APR||Yes, 0% for 12 billing cycles|
|APR Variable||From 14.99% to 22.99%|
|Points expiration date||No|
|Extra bonuses||Earn between 25% and 75% more in points if you belong to the Preferred Rewards program|
Note: First impressions indicate that the Bank of America Travel Rewards card is an excellent way to travel for free or at low cost. Approximately 690 to 850 credit points are required in order to be approved for the loan.
Travel Rewards credit cards are an ideal credit card for travellers, as you can see from the examples below. Since there is no annual fee and it offers the possibility to earn 25,000 bonus points after the user spends their first $1,000 (certain conditions apply), this serves as a good deal. Overall, it’s about $250 just in bonuses.
Remember: For every penny earned with a Travel Rewards card, you can exchange it for a penny (on trips). For every half cent earned in cash payments, you can exchange it for just over half a penny. Furthermore, you will be able to convert your accumulated points into gift cards. (Minimum of 2500 points for gift cards).
Keep Reading: Bank of America Platinum card Offers and Reviews
Pros and Cons of the Bank of America Travel Rewards Card
Before we continue, here are a few pros of the Travel Rewards card:
- No maintenance fees will be charged to you. ($ 0)
- You will not be charged for international transactions. No charge.
- Using it gives you the freedom to travel when, how, and with whomever you want.
- Your rewards could be accelerated if you linked your card to certain banking operations at Bank of America and Merrill Lynch.
Is there anything negative about this card? Sure, like most of the market. The card is generally more restrictive than a cash back or rebate card. There are better options if you usually spend thousands of dollars a year and you are okay with paying an annual fee.
Bank of America Travel Rewards Card Benefits
The Travel Rewards card has already been introduced to us along with a short list of its pros and cons, but now it’s time to discover all the benefits – and catches – it hides.
Rewards that are flexible
You can reserve your ticket or accommodation wherever you wish with your trusted company or agency as the Travel Rewards card is not affiliated with any particular airline or tourist company. It is also a positive advantage that there are no travel restrictions or dates that do not match the calendar with the card.
How can we describe what we love? As it turns out, Bank of America defines “travel” as one of the most comprehensive in the banking sector. How come? Your points can be used for air tickets, hotel stays, cruises, rental cars, etc .; but can also be used to visit camps, zoos, art galleries, carnivals, aquariums, circuses, and amusement parks.
Tourism and travel-friendly
Furthermore, your Travel Rewards card will provide you with a Visa card that can be used in any country in the world, as well as one of the most general travel concepts. Thus, you will not encounter any issues while traveling. In addition, you don’t have to worry about additional charges when spending and buying in another country. When compared to the average, this represents a saving of 2-3% of the invested amount.
Benefits of Visa Signature
A Visa Signature card will provide you with all its benefits, including 24/7 concierge, travel protection, discounts, and preferred treatment in luxury hotels throughout more than 800 destinations, among others. Depending on the package, you may be able to request a room upgrade or enjoy a free continental breakfast.
Possibility of earning higher rewards
A higher level of reward is available to you as part of our Preferred Rewards program:
- For every dollar you spend, you will earn an additional three points.
- Booking your trip through the Bank of America Centre will earn you twice the card’s regular rate.
Let’s look at an example. Over the course of a year, let’s say you spend approximately $20,000 on your Travel Rewards card. Your earnings would be 15,000, which is equal to $150. You will receive 18750 points ($ 187.50) if you own a Gold membership in Preferred Rewards and 26250 points ($ 262.50) if you own a Platinum Honour’s membership.
Disadvantages of the Bank of America Travel Rewards card
If you don’t mind paying a maintenance fee, the Bank of America Travel Rewards credit card can be a good travel card. There are, however, some downsides. Consider these factors before applying:
- That other cards have better rewards. Travel cards offering miles and cash back may be available if you spend a lot on your credit card.
- If you exchange points for cash, you will not receive the same amount. Instead of just a penny, you will have more than half of it. As a result, the card would be less flexible.
- The bonuses would be better. Spending a dollar with certain cards can earn you three points instead of just one. The chances of winning triple are worth it, even if they aren’t prepared for international travel.
Should I apply for the Bank of America Travel Rewards credit card?
Yes, as long as it meets your needs. This is not a bad travel card since it does not impose maintenance fees or foreign transaction fees. The card is even better if you combine it with the Preferred Rewards program! Consider, too, that the points do not expire and that the issuing company makes them available to you for redemption at the airline, hotel, tourist establishment, and so on; of your choice.
Keep Reading: Bank of America BankAmericard Credit Card
How to apply for a Bank of America card: Requirements
Bank of America Cards can be obtained by following the steps below:
Depending on the credit card you are applying for, Bank of America may have different minimum credit requirements. Bank of America’s consumer credit cards, such as the Cash Rewards, BankAmericard, Travel Rewards, and Premium Rewards cards, require excellent credit. The minimum credit score for these cards is 750.
Bank of America credit card applicants must meet the following requirements:
- Must be at least 18 years old. Under the CARD Act of 2009, if you are under 21, you must produce documentation proving that you have an independent source of income. Similarly, a co-signer over the age of 21 will also meet the CARD Act’s minimum age requirement.
- As well as having a permanent source of income, you must have a positive credit history.
- You must provide various personal information, such as: Name, address, date of birth, Social Security number, physical address, and email address. You may also need to present additional documentation, such as a driver’s license or a physical Social Security card, in order to prove your identity.
- Your financial information. You must provide the amount and source of your total annual income. The following income sources should be included: Salaries, income from fixed liabilities, investment dividends, and retirement.
Bank of America reviews and ratings
Bank of America is a solid financial company with excellent valuations globally. One of the main attractions of this bank and the Bank of America Credit Cards is the Zelle payment system that enables online payments. Main opinions about this company are:.
- According to the financial portal NerdWallet, Bank of America is rated 3.5/5 stars. It is based on the following factors: Products or services offered, user experience, and annual reviews.
- Bank of America scores a 4/5 overall rating from WalletHub, meaning that it provides shareholders and natural customers with a direct business model that offers long-term value.
- Consumer Affairs rates this bank only 1/5 stars. The rating is based on 373 reviews submitted by customers in 2019. However, most of the customer reviews are positive, confirming that it is worth being a Bank of America customer.
- The official Facebook account of the company has more than 2,800,000 million users. However, it does not provide information about customer satisfaction.
Keep Reading: Bank of America Credit Card Rewards and Benefits
Bank of America travel rewards credit card FAQs
How do I redeem Bank of America travel rewards?
Bank of America Travel Rewards points can be redeemed online by logging in to your account. Choose the Bank of America Travel Rewards credit card. Select the “Rewards” tab. Review your reward options and redeem your Travel Rewards points.
What value do Bank of America travel points have?
Redeeming Bank of America Travel Rewards points for travel is worth 1 cent each. As an example, 10,000 BofA Travel Rewards points are worth $XNUMX in travel expenses.
What is the value of 50,000 Chase travel points?
What is the value of 50,000 Chase points? The following redemption options are available: Transfer to travel partners 1.0 to 4.0 cents Gift cards 1.0 to 1.1 cents Pay with points at checkout 0.8 cents with Amazon, 1.0 cents with Apple Cash Cash back 1.0 cents.
When do Bank of America travel rewards expire?
The cardholder earns 1.5 points per dollar spent on all purchases. Rewards never expire while the account is open, but some redemption options have a time limit (more on that later). Rewards points can be redeemed against any travel or dining purchase.
When do you get your Bank of America cash rewards?
Bank of America cash rewards can be redeemed within 14 business days, depending on the redemption method. The redemption of cash rewards for a statement credit will take approximately three business days. In the case of direct deposit to a bank account, it may take up to five business days.
Would it be better to redeem points for cash or travel?
A rewards card that offers points instead of cash back is likely to be more valuable if you travel frequently. A cash-back credit card may be a better choice for you if traveling isn’t your thing or if you value simplicity and low annual fees.4 days ago.
TSA Precheck is covered by Bank of America travel rewards?
You can apply for Global Entry or TSA Precheck with the Bank of America® Premium Rewards® Credit Card. There is a $100 statement credit every four years for Global Entry or TSA Precheck application fees. Additionally, the $100 rebate will cover the card’s $95 annual fee for the first year.
What are the benefits of Bank of America rewards points?
Those with the Bank of America® Premium Rewards® Credit Card have some options when it comes time to redeem their points: They can be used to book travel, earn cash back, or buy gift cards.
What is the calculation for my cash reward points?
The easiest way to calculate the value of your credit card points is to divide the dollar value of the reward by the number of points needed to redeem it. If you need 50,000 650 points to get a $1.3 plane ticket, your points are worth around XNUMX cents each.
What is the minimum credit score for Bank of America travel rewards?
Bank of America Travel Rewards credit cards would be more attractive if more people could apply for them. Instead, you need a credit score of at least 750 to be considered.
How does the Bank of America Travel Rewards Card cover car rental insurance?
Any rental car paid for with the BofA Travel Rewards card is covered against damage, theft, loss of use, and towing. A free benefit which pays up to the actual cash value of a rental vehicle. Domestic rentals are covered for up to 15 consecutive days.
What is the $200 Online Cash Rewards Bonus?
Online Cash Rewards Bonus Offer of $200. Earn 3% cash back on your choice of category, 2% cash back at wholesale supermarkets and clubs, and 1% cash back on all other purchases.
What are the redemption methods for cash rewards?
Redeeming Cash Back Rewards Receive a statement credit. Cash back is credited to your credit card account. You can request a check. You receive a check for your cash back rewards. Transfer your rewards to your bank account. Cash rewards can be redeemed for reward points.
What are travel rewards used for?
Redeeming points is just as simple as earning them. Make a restaurant or travel-related purchase with your card, then redeem your points for statement credit. The points are worth one cent each when they are used for travel. Think outside the box when planning “travel” purchases.
Can reward points be converted to cash?
Is it possible to transfer rewards points into cash? Some banks allow you to convert reward points into cash. Your credit card account will be credited with the amount that has been converted into cash. This can be used to make payments.
How do I use my reward points?
Here are some ways to use your credit card rewards points for online shopping. Shop online. Earn cash. Turn your rewards points into gift cards. Receive airfare and hotel discounts. Contribute your credit card rewards to charity. Clear your balance. Limit your spending. Watch for bonus offers.
Those are just a few of the FAQs and benefits of Bank of America Travel Rewards Card.