Rewards Credit Cards June 28, 2020 0

Bank of America Travel Rewards Credit Card Review

Bank of America Travel Rewards Credit Card Hello Friends, I hope all is well with you! Today, I am going to be reviewing the Bank of America Travel Rewards Credit Card. I wanted to note that I do have this credit card. These opinions are my own, and I am in no way influenced by anyone.

Overall Verdict: This rewards card gives you the opportunity to earn a solid number of miles per dollar spent, especially if you are able to pair it with their preferred program. There are better cards in my opinion out there that I like simply because they have some of the extra benefits that this card doesn’t have, but this is still a decent no annual fee travel rewards credit card from Bank of America don’t get me wrong.

Some things about this card that I do like:

  1. No annual fee
  2. Introductory bonus offer
  3. Possibility of getting more rewards through the preferred rewards program

Now for some of the things that I don’t like:

  1. Not many extra benefits that other cards offer
  2. There are other cards out there that have a higher rewards amount
  3. Foreign transaction fee

What type of reward are you getting?

This card gives you the opportunity to earn travel miles that accumulates in your account until you decide when you want to redeem the rewards. The best way to redeem the miles that you have accumulated is to apply the amount to a travel related expense. For this card, every 1,000 miles is equivalent to a $10 statement credit that can be applied towards a travel expense. It’s important to note that this is only if you apply your travel miles as a statement credit instead of demanding cash. If you demand cash instead of a statement credit, the amount will be worth much less, so it’s a good idea to have the mindset that you will only be redeeming your miles as a statement credit that is applied towards travel expenses.

Is there an annual fee?

This is a no annual fee travel rewards card from Bank of America.

What is the rewards amount?

This card offers a solid 1.5x miles for every dollar spent regardless of the category. That means everything you spend your money on will receive this reward amount, and there is no limit to the number of miles that can be earned. They also offer you the chance to earn extra miles but only if you bank with them and are part of their preferred rewards program. The preferred rewards program is divided into three tiers: Gold, Platinum, and Platinum Honors. The way you get assigned to one of these tiers depends on how much money you have deposited with them. The required balance is based off of a three-month average.

 

Tier Required Balance Credit Card Rewards Bonus
Gold $20,000 to < $50,000 25% reward bonus
Platinum $50,000 to < $100,000 50% reward bonus
Platinum Honors $100,000 + 75% reward bonus

If you are a gold member, that means you would get an extra 25% on the 1.5x miles. The card would actually earn 1.87x miles for every dollar you spent.

Is there a bonus offer?

The Bank of America Travel Rewards Credit Card does offer 25,000 bonus points if you make at least $1,000 in purchases in the first 90 days of your account opening. It can be redeemed for a $250 statement credit that can be applied towards travel expenses.  This would be a 25% return on the money that you would have spent regardless.

Are there foreign transaction fees?

Another good thing about this card is that there are no foreign transaction fees. It is always a good idea to get a no foreign transaction fee rewards card just in case you do go abroad or purchase something in a foreign currency.

Are there any other benefits?

This is where I think the card struggles compared to other cards. They don’t have that many extra features that some people would want to see.

They offer:

  1. FICO credit score for free (doesn’t affect your credit score)
  2. Zero fraud liability – You will not be responsible for unauthorized purchases
  3. Overdraft protection – Optional service to help prevent declined purchases, returned checks, or other overdrafts, but you must link your Bank of America checking account and transfer fees may apply

What is the interest rate and are there any other fees?

Bank of America offers new cardholders an introductory APR of 0% for 12 billing cycles. After the introductory offer ends, the APR would be between 14.99% and 22.99%; it just depends on your credit score.

They also have other fees such as:

  1. Cash advance fee – $10 or 3% of the amount of each cash advance, whichever is greater
  2. Late payment fee –up to $40
  3. Balance transfer fee – $10 or 3% of the amount of each balance transfer, whichever is greater
  4. Returned payment fee – up to $29

For more information on their fees, check out their fee schedule.

How is the customer service like?

There are a few ways to contact Bank of America for your questions or problems. The first way would be to call the number on the back of your card. The second way would be to mail in your question, comment, or concern to one of their PO box’s. The third option would be to find a location and schedule an appoint to meet with a representative. There will be times where you might have to wait a little longer than usual or maybe you get a bad agent. Your experience with their customer service will vary from time to time depending on the agent you get.

Should you get the Bank of America Travel Rewards Credit Card?

This card is a decent no annual fee credit card.

Who it’s perfect for:

  1. People who want a no annual fee card
  2. People who are able to reach the sign-up bonus amount
  3. People who want a no foreign transaction fee rewards credit card

Who it isn’t perfect for:

  1. People who want the extra benefits
  2. People who won’t be able to reach the minimum spending amount for the sign-up bonus
  3. People who want a higher rewards amount

If you are still unsure if a rewards credit card makes sense, check out my post on Why You Should Use Rewards Credit Cards.

Additionally, if this card isn’t right for you, I invite you to check out my credit cards page for more information on other cards.

About the author

Mr. NahasFinance:

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