I’m a traveler by heart, longing to spend the better part of a year touring the world. This means I need a credit card with perks for travelers, and the Bank of America Travel Rewards credit card has been a huge help for me on the road.
Bank of America is an investment and financial institution based out of Charlotte, North Carolina. It is just behind JP Morgan Chase in terms of size and is the 8th largest bank in the world! The bank offers a range of products like checking, saving accounts, debit and credit cards, home and auto loans, and investment options for existing and new customers alike.
I’m going to share with you everything I appreciate about the Bank of America Travel Rewards Credit Card along with important information like fees and how to apply. Let’s go!
- About the Travel Rewards Credit Card
- More Features
- How to Apply for the Bank of America Travel Rewards Credit Card
- How to Redeem Reward Points
About the Travel Rewards Credit Card
Say hello to my beloved Bank of America Travel Rewards Credit Card. If you are a frequent traveler like me then I insist you get this card ASAP. To start, you will not pay any annual fee (unlike some other noteworthy cards), spend nothing on foreign exchange transactions, and your rewards will stay with you!
If you are a first-timer, you will pay 0 APR (Annual Percentage Rate) for the first year of your purchases or spends. Thereafter, you will pay a variable or fluctuating APR ranging between 13.99% to 23.99%. Preferred rewards members get more points every time they make a purchase, in the range of 25%-75%.
I made sure I spent around $2,000 in purchases within the first quarter of my account opening so I could earn 25,000 online bonus points. However, you do not need to spend so much, even $1000 in 90 days is enough.
These points will fetch you a $250 statement credit towards travel spends. Since this card is aimed at nomads like me who like to roam around the world, the card allows me to earn points wherever I go. For every $1 spent, I earn 1.5 points on purchases made, and these points never expire. This is an amazing and relevant feature for any traveler.
Last Christmas in London, I left my wallet on a bus after a night out with my friends. I only noticed the next morning when I received a message of a large withdrawal from my account. Luckily with the autoblock and fraud detection feature, I had 0 liability on me.
Contactless chip technology is a great security feature of the Bank of America Travel Rewards Credit Card and I appreciate the convenience too.
I simply tap either my card or my wallet in train or bus terminals, and my card is charged without having to remove it from the pocket. Talk about top-notch security provided by the BoA travel card!
With the third-party payment integrations available all over the world, it has become seamless to pay with ease and comfort.
I have downloaded the app onto my iPhone which helps me to shop in-store or otherwise using gateways like Apple Pay, Google Pay, or Samsung Pay. Moreover, you don’t have to worry about security.
If you are a small business owner and need help with things like overdraft, you can simply link your credit card with your checking account.
This will also prevent any declines, cheque bounces. However, do check on the transfer fees either on the bank site or the fess and rates section of this article.
Fees and Rates
The fees and interest rates of the Bank of America Travel Rewards Credit Card are mentioned below for further information:
- Annual Fee – 0
- Transaction Fees – 0
- Wire transfer purchase – $10 or 5% per transaction, whichever is greater
- Balance Transfer – $10 or 3% of the amount per transaction, whichever is greater
- Cash Advance – $10 or 3% per transaction, whichever is greater
- ATM, Over-the-Counter, Same-Day Online, and Cash Equivalent Cash Advances – $10 or 5% per transaction, whichever is greater
- Foreign Transaction – 0
- Late Payment Fee – Up to $40
- Returned Payment Fee – Up to $29
- Annual Percentage Rate (APR) for Purchases – 0% Introductory APR for the first 12 Statement, after that, APR 13.99% to 23.99%
- APR for Balance Transfers – 13.99% to 23.99%
- APR for Cash Advances – 16.99% to 26.99% for Direct Deposit and Check Cash Advances
- Bank Cash Advances – 28.99%
- Penalty APR – Up to 29.99%
How to Apply for the Bank of America Travel Rewards Credit Card
Simply click on the ‘Apply Now’ link on the card’s website which will take you to the application form.
On this page, you will have to fill out basic details like your personal background, income, communication details, and source of income. Once filled out, review the terms, and hit the Submit button.
The qualify for the Bank of America Travel Rewards Credit Card, you must be a U.S. resident. You must also be 18 years of age or older. When applying, your credit score will also be considered, as it must be in good standing to be approved.
You must also be a customer of the Bank of America by having at least one kind of account open with them.
Pros & Cons
As mentioned at the beginning of this article, Bank of America Travel Rewards Credit Card charges no annual or foreign transaction fees. This is an outright benefit aimed at wooing non-customers of Bank of America or current ones who do not own this product.
Also, there is a flat rewards structure on all spending. I have used this card to book trips on all leading websites without any blackout dates or any sort of restrictions. I have even used my rewards to pay for extra baggage fees and eating out in restaurants.
In terms of flexibility, this card is more restrictive than a usual cashback card. In short, the card rewards are tied to travel-related activities only. Also, if you are used to spending a ton every week, plus if you have a great credit score, there are better cards for you, despite likely also including an annual fee.
How to Redeem Reward Points
Go to the Bank of America website and log into your account. Next, go to the “Rewards and Deals” section, which will take you to the travel rewards portal. Once there, you will be able to see on the dashboard the number of points you have accumulated that you may redeem along with any currently available deals.
Next, you will see at least three options to redeem your accumulated points – “Travel statement” credit, “Gift card” and “Cash”. Select any one of these options and redeem either part of the full points in your inventory. The best part is that you can convert all your travel points into gift cards in one simple step.
By providing these options, Bank of America has made its target demographic clear: the newbies and first-timers into the travel world. What is unique about this card is that it allows you to pay off your credit card bills that may have been accrued during your travel escapades. This is truly a redemption.
This is probably my favorite thing about the card. Being able to use the rewards right away, in a multitude of ways, to use for travel while I’m traveling! I love not having to navigate into another company’s reward system in order to redeem.
Bank Address And Disclaimer
To learn more about the Bank of America Travel Rewards Credit Card, or to contact Bank of America with questions about how to apply, contact them via the information I’ve provided below. Always be sure to know exactly what you’re signing up for prior to applying.
You can reach the bank at their main office, which is located at Bank of America Corporate Center, 100 North Tryon Street, Charlotte, NC 28255.
In addition, if you wish to redeem your rewards points by mobile phone, call 1-800-434-8313 then select option 2.
For someone who is looking for simple rewards with an eye on travel, the Bank of America Travel Rewards Credit Card. Being able to use my card while traveling without any foreign transaction fees is an incredible perk for someone like me who travels a lot.
Also, not having to worry about paying an annual fee keeps the money I would have spent on that in my account to enjoy more while visiting somewhere new.
Disclaimer: There are risks involved when applying for and using credit products. Make sure that you thoroughly consult the bank’s terms and conditions page before agreeing to anything.