9 Bank of America Travel Rewards Benefits You Didn’t Know About
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Written by
Lee Huffman
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Edited by
Emily Gadd
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Reviewed by
Jasmin Baron
The Bank of America® Travel Rewards credit card offers simplified rewards without an annual fee. While it lacks the robust travel insurance and purchase protections of similar cards, it earns lucrative rewards and has a straightforward redemption program. Here are some other Travel Rewards card benefits you might not know about.
1. Unlimited 1.5x Points on Every Purchase
Cardholders can earn unlimited 1.5 points per dollar on every purchase. This card doesn’t have bonus categories, but you’ll earn 50% more points on every purchase compared to the base 1x points on other cards.
You don’t need to activate limited-time offers or spend at certain retailers in order to earn these points. Plus, there are no caps on the number of points you can earn each year.
2. Earn Relationship Rewards
Bank of America Preferred Rewards® offers even more points to customers with larger relationships with the bank. If you qualify for this program, you can earn up to 75% more points on every purchase. At the highest tier, your unlimited 1.5 points per dollar increases to 2.62 points per dollar, with no caps on how much you can earn. This makes it one of the best Bank of America credit cards for earning rewards on everyday expenses.
There are four tiers within the Preferred Rewards program, with the lowest tier starting at a combined average daily balance of $20,000 in your linked bank deposit or Merrill Lynch investment accounts. In addition to rewards points on credit card purchases, eligible customers also receive waived banking fees, discounts on certain loan products and boosted interest rates on select accounts.
This is one of my favorite benefits of the Bank of America Travel Rewards card. The higher earning power encourages saving and investing. If you can qualify for the highest tier, this card will out earn most rewards credit cards, even though it doesn’t have specific bonus categories.
3. Low Introductory APR Offer
Credit cards generally charge high interest rates if you carry a balance from one month to the next. As a new cardholder, one of the Travel Rewards card benefits is a 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends a 18.24% - 28.24% Variable APR will apply. This gives you extra time to pay off your balances without incurring any interest charges.
Balance transfers made within the first 60 days are subject to a 3% balance transfer fee (4% thereafter). Even with the one-time fee, I recommend balance transfer credit cards to all of my friends who are struggling with high-interest credit card debt. That way, all of their payment goes toward reducing the balance, rather than paying off interest charged by the bank.
4. Generous Welcome Bonus
Earning a welcome bonus on a new credit card is one of the fastest ways to receive points. You can earn 25,000 points when you spend $1,000 in the first 90 days after opening your account. These 25,000 points are worth $250 in credits toward your travel or dining purchases, or you can book travel directly through the bank.
5. No Foreign Transaction Fees
When you travel outside the US, you may get charged foreign transaction fees of up to 3% on your purchases. With the best credit cards for international travel, you won’t get hit with these charges. The Travel Rewards card is excellent for travelers because it doesn’t charge foreign transaction fees. This way, there aren’t any surprises when you return home and open your credit card statement.
6. Straightforward Redemption Options
Many people get frustrated by airline and hotel credit cards because redeeming rewards can be tricky. The Bank of America Travel Rewards card has a straightforward redemption program. All points are worth 1 cent each toward travel or dining purchases. You can redeem points for statement credits that cover previous purchases or use them to book travel through the bank’s travel center.
7. No Blackout Dates or Restrictions on Redemptions
In addition to confusing rules on how to redeem miles and points, some programs have blackout dates or restrictions that limit when or how you can book travel. With this card, you can book reservations on any date you like, then redeem points for statement credits on eligible purchases.
Unlike airline miles and hotel points, you can also redeem points to cover dining purchases. This includes fast food, sit-down restaurants and takeout orders, so even when you aren’t traveling, you can still use your points.
8. Points Don’t Expire
With work and family responsibilities, it can be hard to book a trip. Luckily, your points never expire, so you don’t have to worry about earning enough points for a trip, then losing them before you can actually travel. Just keep your account open and in good standing to ensure you never lose any of your hard-earned rewards.
9. Free FICO Score
Having a good credit score helps me get approved for the best travel credit cards, low interest rates on loans and attractive terms on contracts. One of the Bank of America Travel Rewards card benefits is free access to your FICO credit score. It’s updated monthly, so you can track progress toward your goals and watch out for sudden drops that might indicate identity theft.
Frequently Asked Questions About Bank of America Travel Rewards Benefits
Does the Bank of America Travel Rewards card offer travel insurance?
No, the Bank of America Travel Rewards card does not offer travel insurance like rental car protection, trip cancellation or interruption or trip delay protection. These travel insurance benefits are typically found on credit cards that charge an annual fee, like the Bank of America® Premium Rewards® credit card.
How much are 25,000 Bank of America Travel points worth?
Bank of America Travel points have a value of 1 cent each when booking travel or redeeming for statement credits on eligible purchases. This means that 25,000 travel points are worth $250.
How do I use my Bank of America Travel points?
The easiest way to redeem Bank of America Travel points is to book travel directly with a carrier or make eligible dining purchases, then redeem points for statement credits to cover the charges. You can also redeem points by booking travel through the Bank of America travel center.
