Is The Bank Of America Travel Rewards Card Worth It?

The Financial institution of America® Journey Rewards bank card brings simplicity, low charges and an intro APR supply to a crowded and infrequently difficult journey bank cards panorama. However is the cardboard value it for you?

You possibly can definitely earn extra rewards and luxuriate in greater redemption values with different journey rewards playing cards, however the Financial institution of America Journey card may deserve a spot in your pockets underneath sure situations.

When is the Financial institution of America Journey Rewards card value it?

The Financial institution of America Journey card could be value it as a journey rewards starter card, particularly if you have already got a relationship with Financial institution of America. Listed here are some conditions in when the cardboard is value it essentially the most:

If you’d like a easy rewards construction

The cardboard rewards you with limitless 1.5X factors on each buy, which matches the rewards charges of many flat-rate playing cards. It isn’t a sky-high fee, but it surely’s easy with no classes or spending caps to recollect. As an added bonus, your factors gained’t expire for the lifetime of the account.

The welcome bonus can be straightforward to earn — spend $1,000 on purchases inside 90 days of account opening to obtain 25,000 on-line bonus factors, which could be redeemed for $250 in assertion credit score to cowl journey purchases. For many cardholders, $1,000 is an attainable quantity that gained’t require you to spend far above your funds. The perfect half is that there’s no annual payment to fret about offsetting. You possibly can merely swipe the cardboard on each buy and look ahead to the rewards to pile up.

When you want an introductory APR supply

Journey rewards playing cards aren’t recognized for his or her steadiness switch provides, so this characteristic does set the Financial institution of America Journey Rewards card aside.

Make the most of a 0 p.c intro APR for 15 billing cycles on purchases, in addition to on steadiness transfers made within the first 60 days from account opening. After the intro interval expires, the continued variable APR of 19.24 p.c to 29.24 p.c kicks in. Understand that an introductory 3 p.c steadiness switch payment applies through the first 60 days you will have the cardboard. After that, the steadiness switch payment adjusts to 4 p.c.

Keep in mind, you gained’t earn rewards on transferred quantities nor will the switch rely towards incomes your welcome bonus. Purchases through the 0 p.c APR interval, nevertheless, will earn factors and rely towards the welcome bonus spending requirement.

When you’d wish to redeem rewards for journey or eating

The Financial institution of America factors you earn can be utilized for the usual redemptions comparable to assertion credit score, present playing cards, test or direct deposit right into a Financial institution of America or Merrill account. Nonetheless, one particular characteristic this rewards program provides is that you may redeem your rewards retroactively as assertion credit on eligible journey and eating purchases for as much as 12 months after your buy date.

This basically means that you may spend your rewards on journey booked by way of third-party web sites or straight with the airline or lodge, as a substitute of proscribing redemptions to solely journey reservations made by way of the issuer’s on-line portal. Plus, the journey and eating classes even have a broad definition.

Listed here are just a few examples of the big selection of redemption choices for journey:

• Flights, together with baggage charges
• Lodge stays
• Timeshares
• Trip leases
• Journey companies
• Automotive, boat and truck leases
• Cruise strains
• Vacationer sights
• Transit
• Campgrounds

Restaurant redemption additionally covers greater than you may count on, together with:

• Eating places
• Takeout
• Quick meals
• Bars and taverns
• Nightclubs

Every level is value 1 cent every whenever you redeem it for a qualifying journey or restaurant class. When redeeming factors for money, nevertheless, the worth goes all the way down to 0.6 cents. Reward card redemptions range but additionally usually present far much less bang on your rewards buck.

If you’d like helpful journey perks

Naturally, you’ll count on a journey rewards card to restrict the charges for these touring abroad. That is true of the Financial institution of America Journey Rewards card, because it doesn’t cost any international transaction charges. In different phrases, you’ll be able to swipe your card outdoors of the US with out producing charges for doing so.

The cardboard can be a Visa Signature card, which entitles you to a number of advantages, together with:

• Visa Signature concierge providers
• Emergency card alternative
• Roadside dispatch
• Journey and emergency help

When you have a Financial institution of America or Merrill checking account

Current Financial institution of America or Merrill prospects, or these occupied with banking with them, might discover the Financial institution of America Journey Rewards card notably interesting due to the Financial institution of America Most well-liked Rewards program. Amongst different advantages, members earn 25 p.c to 75 p.c extra rewards on every buy.

There’s no payment to hitch this system, and membership is computerized should you meet minimal steadiness necessities throughout your qualifying accounts. With the best tiers, Most well-liked Rewards Diamond and Platinum Honors, members earn a 75 p.c increase on the 1.5X factors fee, making their rewards fee 2.625X factors. This tier requires a minimal three-month mixed common day by day steadiness of $100,000 throughout your qualifying accounts to succeed in Platinum Honors standing and $1 million for Diamond standing.

The center tier, Most well-liked Rewards Platinum, requires a $50,000 common day by day steadiness over 3 months. Reaching this tier boosts your rewards fee by 50 p.c, which suggests your earnings fee is successfully 2.25X factors per greenback spent with the cardboard. The bottom Most well-liked Rewards tier, nevertheless, requires only a $20,000 common day by day steadiness throughout your accounts. These members obtain a 25 p.c increase on their rewards, bringing the rewards fee to 1.875X on every buy.

When you’re in a position to make the most of this program, it may add a considerable increase to your rewards.

When is the Financial institution of America Journey Rewards card not value it?

Earlier than signing up for the cardboard, make sure you take into account your individual monetary priorities. There are potential downsides to the cardboard, too, which make it unsuitable for sure kinds of cardholders. If the next situations apply for you, you’d be higher off making use of for a distinct card:

If you wish to be part of a sturdy journey program

Regardless of the identify, the Financial institution of America Journey Rewards card doesn’t supply a lot when it comes to precise journey options. There’s a journey portal the place you’ll be able to e-book flights, resorts and automotive leases, however the issuer has no airline or lodge companions to which you’ll be able to switch rewards.

Which means there isn’t any solution to maximize rewards potential by transferring factors to journey companions. And your factors aren’t value extra per level when redeemed on the journey portal versus utilizing them for assertion credit towards eligible journey and eating purchases. For each redemption choices, one level is value 1 cent.

When journey costs are excessive, rewards from a extra strong journey program, comparable to Chase Final Rewards or American Categorical Membership Rewards, might deliver you extra worth.

Must you get the Financial institution of America Journey Rewards card?

When you’d wish to earn easy, dependable rewards whereas paying off money owed from different bank cards or a big buy, the Financial institution of America Journey Rewards card is an effective card to maintain in your again pocket. The introductory APR permits you to focus your funds in your balances, with out paying excessive curiosity. Any purchases you make earn 1.5X factors, which is a good rewards fee for a no-annual-fee card.

Nonetheless, as the one card in your pockets or the one journey bank card you will have, the Financial institution of America Journey Rewards card is probably not value it. When you put all of your bills on it, you’ll amass a good quantity of rewards. However it could be troublesome to maximise their worth with out with the ability to switch to any lodge or airline companions (or obtain a lift in rewards worth when making journey bookings by way of the Financial institution of America Journey Middle).

The underside line

The Financial institution of America Journey Rewards card works greatest for somebody who craves flexibility and a rewards construction that’s straightforward to maintain monitor of. What this card lacks in a journey portal and boosted earnings, it makes up for in low (or no) charges and intro APR provides on purchases and steadiness transfers.

Nonetheless, even amongst starter playing cards, this one doesn’t encourage. Except you’re a Most well-liked Rewards consumer in one of many greater tiers, there are seemingly higher journey rewards bank cards for you.

Details about the Financial institution of America® Journey Rewards bank card was final up to date on July 16, 2024.