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Bank of America Travel Rewards Credit Card

Bank of America Travel Rewards Credit Card: 2021 Review

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Jason Steele
Jason SteeleUpdated September 27, 2022
Overall Rating*: 3.7 out of 5Annual Fees: NoneIntro APR: 0% introductory APR for the first 15 billing cycles for purchasesRegular APR: 13.99%-23.99% APR (This information is accurate as of February 9, 2022.)Credit Score Needed: Excellent FICO® Score (about 740 or above). Note that an applicant’s credit score is one of many factors considered by credit card issuers.Sign-Up Bonus: Earn 25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of your account opening.Bank of America Travel Rewards Credit Card Summary The Bank of America Travel Rewards Credit Card offers cardholders the chance to earn points and redeem them for a statement credit to pay for travel and dining purchases. The card earns an unlimited 1.5 points for every $1 spent on any purchase. New cardholders can earn 25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of your account opening.
Pros and cons

Pros

  • New cardholders can earn 25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of your account opening
  • Earn an unlimited 1.5 points for every $1 spent on any purchase, redeemable for a statement credit to pay for travel and dining purchases
  • 0% intro APR
  • No annual fee and no foreign transaction fees

Cons

  • Few travel or additional benefits
  • Rewards value of 1.5 cents per dollar spent is valuable for a card with no annual fee, but not exceptional
  • To earn more points on purchases, you must be a Bank of America Preferred Rewards member
  • Excellent credit needed to qualify
The Bank of America Travel Rewards Credit Card offers cardholders the chance to earn points that they can then redeem as statement credits to use for travel and dining purchases. The card earns an unlimited 1.5 points for every $1 spent on any purchase. New cardholders can earn 25,000 online bonus points after making at least $1,000 in purchases within 90 days of account opening. Points can be redeemed for a statement credit toward travel and dining purchases, at the rate of 25,000 points for a $250 statement credit. However, Bank of America Preferred Rewards members earn 25% to 75% more points on every purchase, meaning you could earn up to 2.62 points for every dollar spent. There is no fee to join or participate in the Preferred Rewards program. To join, you need an active, eligible Bank of America checking account and a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill investment accounts.The card also offers a 0% intro APR for your first 15 billing cycles for purchases. After that, a variable APR of 13.99% to 23.99% will apply (note that this information is accurate as of February 9, 2022). This is a card with no annual fee.Annual Fee: NoneSign-Up Bonus 
  • Earn 25,000 online bonus points, worth $250 in statement credits, after making at least $1,000 in purchases in the first 90 days of your account opening.
Rewards and Redemption Options 
  • The card earns an unlimited 1.5 points for every $1 spent on any purchase.
  • Points can be redeemed for a statement credit toward travel and dining purchases.
Intro APR: 0% intro APR for your first 15 billing cycles for purchasesRegular APR: 13.99%-23.99% APR (This information is accurate as of February 9, 2022)Balance Transfer Fee: Either $10 or 3% of each transaction, whichever is greater

Benefits of Bank of America Travel Rewards Credit Card 

  • New cardholders can earn 25,000 online bonus points after making at least $1,000 in purchases in the first 90 days of your account opening
  • Earn an unlimited 1.5 points for every $1 spent on any purchase, redeemable for a statement credit to pay for travel and dining purchases
  • 0% intro APR for the first 15 months on purchases
  • No annual fee and no foreign transaction fees

Disadvantages of Bank of America Travel Rewards Credit Card 

  • Few travel or additional benefits compared to top travel cards
  • Rewards value of 1.5 cents per dollar spent is valuable for a card with no annual fee, but not exceptional
  • To earn more points on purchases, you must be a Bank of America Preferred Rewards member
  • Excellent credit is needed to qualify

Redeeming Cash Rewards

  • Points can be redeemed for a statement credit toward travel and dining purchases.

Rates and Fees 

  • APR for Purchases: 13.99%-23.99% APR
  • APR for Cash Advances: 
    • For direct deposits and check cash advances: 16.99%-26.99% based on your creditworthiness when you open your account
    • For bank cash advances: 28.99% 
  • APR for Balance Transfers: 13.99%-23.99% APR, based on your creditworthiness when you open your account
  • Annual Fee: $0
  • Cash Advance Fee: 
    • For direct deposit and cash check advances: Either $10 or 3% of each transaction, whichever is greater
    • For ATM, over-the-counter, same-day online and cash equivalent cash advances: Either $10 or 5% of each transaction, whichever is greater
  • Balance Transfer Fee: Either $10 or 3% of each transaction, whichever is greater
  • Foreign Transaction Fee: None
  • Late Payment Fee: Up to $40
  • Returned Payment Fee: N/A
This information is accurate as of February 9, 2022.

Is the Bank of America Travel Rewards Credit Card Worth It for You? 

New account offer: 0.6 out of 1.0. The new account bonus is worth $250 in travel statement credits, which is slightly above average for a card with no annual fee.Rewards: 1.1 out of 2.0. Earning rewards worth 1.5 cents per dollar spent is valuable for a card with no annual fee, but it’s not exceptional.Benefits: 0.1 out of 1.0. This card offers few travel insurance or purchase protection policies.Fees: 0.9 out of 1.0. There’s no annual fee and no foreign transaction fees for this card. Other fees are similar to competing cards.Total rating:  3.7 out of 5*Methodology (for overall rating):For rating reward credit cards on a scale of 0-5, we look at four factors: New account offer, rewards, benefits, and the card’s fees. For the new account offer, we look at the value of the points, miles, or cash back offered, and take into account any minimum spending requirements. For rewards, we look at the value of the rewards offered, including any bonus offers for additional points, miles, or cash back. And when it comes to rewards credit cards, we weigh this category twice as much as the others. For benefits, we look at travel insurance, purchase protection, and other valuable cardholder offers. And for fees, we look at all the different fees, including the annual fee, foreign transaction fees, and others. And we didn’t just look at the absolute cost of the annual fee, but at the cost in the context of additional fee credits that can offset that cost for most cardholders. 

Frequently Asked Questions

What are the perks of the Bank of America Travel Rewards Credit Card?
How do you qualify for the Bank of America Travel Rewards Credit Card?
How do you redeem rewards from the Bank of America Travel Rewards Credit Card?
How to apply for the Bank of America Travel Rewards Credit Card?

About the Author

Jason Steele
Jason SteeleJason Steele has been writing about credit cards and award travel since 2008. One of the nation's leading experts in this field, he has contributed to dozens of personal finance and travel outlets and has been widely quoted in the mainstream media.
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