Bank of America Travel Rewards credit card
The Bank of America Travel Rewards credit card is issued by the largest US financial conglomerate, which Forbes ranks as one of the world's top six most powerful companies. The Travel Rewards credit card has brought together all the best features that credit cards currently offer. These include cash back points that may be used toward almost anything – from debt repayment to purchases – as well as the absence of a maintenance fee, a 0% rate for new clients, and reduced transfer fees. Here we see a universal payment method, perfectly suited to solving everyday tasks and traveling around the world (thanks to the benefits of the Visa Signature standard).
Additional information about the Bank of America Travel Rewards credit card
New clients who have ordered a Bank of America Travel Rewards credit card receive two bonuses at once. The first is the welcome bonus in points, which equals $250. To get it, you need to make at least $1,000 in purchases in the first 90 days of opening the account. In this case, Bank of America returns to the client part of their expenses for 3 months. The bank does not impose restrictions on the use of bonus funds, so they can be used to pay interest on a loan, or make purchases in offline or online stores.
The second bonus is a longer intro period with a 0% rate for the first 18 billing cycles. In the future, the rate ranges from 16.99% to 26.99%. The rate is determined by two factors – the creditworthiness (credit score) of the client and the market situation. The bank adjusts the rate automatically. Another feature of the Travel Rewards credit card is a universal fee of 3% or $10 for any balance transaction, including international transfers. That is, if a bank from another country participates in the transfer, there will be no additional fee. You pay only 3% of the transfer amount or $10, whichever is greater.
Main features of the Bank of America Travel Rewards credit card
Each credit card has its perks and advantages, so it is advisable to review its basic characteristics. These characteristics are the credit rate and other parameters that determine the comfort and profitability of using the card. The Traders Union experts have included everything you should know about this card in the table below.
| Parameter | Bank of America Travel Rewards |
|---|---|
Maintenance fee |
0$ |
Standard rate |
16.99%-26.99% |
Rate for new clients |
0% for 18 billing cycles |
Recommended credit score |
690-850 (Excellent) |
Pros and cons of the Bank of America Travel Rewards credit card
Aside from the key characteristics that the Traders Union listed above, the features of a credit card are also important, which can only be identified if you compare them with its competing products. One company may have a lower credit rate, while another may have more bonuses. The Travel Rewards credit card from the Bank of America is considered one of the most universal credit cards. You can see its most significant pros and cons in the comparative table below.
👍 Pros
•No maintenance fee
•Cash back is earned not as a percentage, but in points, at the rate of 1.5 points per dollar
•Cash back can be increased by 75% under the Preferred Rewards program
•The universal fee for all transfers is 3% or $10
•During the first 18 billing cycles, the rate is 0%
•Welcome bonus of $250
👎 Cons
•Cash back in points, not in money
•To get bonuses, you need to meet the specified requirements
•You need a good credit score to get a card
Bonuses and special perks of the Travel Rewards credit card
It is also worth checking the special features offered by the card. First, these are unique perks that distinguish it from the cards of other banks. The Travel Rewards credit card from the Bank of America also has such features, and TU lists the three most significant below.
Welcome bonus
If a new client of the bank spends $1,000 or more within 90 calendar days after issuing the credit card, they will receive bonus points in their account in an amount equivalent to $250. They can spend these funds to repay the loan or make purchases. The bank does not set limits on how the funds can be used. Note that the bonus does not replace the standard cash back in points, but complements it.
Cumulative bonus
For every dollar spent using the Bank of America Travel Rewards credit card, the client receives 1.5 points. If the client activates the Preferred Rewards program, the number of bonus points increases by 25-75%. The points are stored in the user account indefinitely and do not disappear under any circumstances. The client can use them at any time to pay for the services of the bank or third-party companies.
Reduced rate
The standard rate of the Bank of America Travel Rewards credit card depends on the client's credit score, as well as on the economic situation in the user’s country and the world (this is normal practice for all US banks). However, during the first 18 billing cycles, the Bank of America client does not pay interest on the loan. That is, all this time the rate for them is 0%. Then it will be in the range of 16.99%-26.99%.
Bank of America Travel Rewards credit card fees
Bank fees are one of the most important parameters of a credit card. It is the fees that determine the financial profitability of its use in particular situations. With low fees for international transactions, it is advantageous to use the card for transfers between banks in different countries. If the card has low ATM withdrawal fees (or none at all), it is reasonable to use the card as often as possible to withdraw funds. The Bank of America Travel Rewards credit card has the following fees:
The bank does not charge a maintenance fee, and there are no subscription charges or other expenses for using standard credit card services.
All standard transfers (including international ones) are subject to a fee of 3% or $10 per transfer (whichever is greater).
If you receive a transfer from a non-financial institution, the fee is 5% or $10 (also depending on which is greater).
For direct deposits and check advances, the fee will be 3% or $10.
The payment period for the loan is 25 days from the date of purchase, and with timely payment, no interest is charged.
In the case of late payment, the bank imposes a fine of $40 on the credit card holder.
Note that you can only get the Bank of America Travel Rewards credit card if your credit score is at least 690 points. With a score of 850 points, you are assured of obtaining approval when you apply for a card.
Comparison of the Bank of America Travel Rewards credit card with competing products
As was noted, comparing the characteristics of the card in question with the characteristics of the cards of its competing banks provides optimal objectivity. You can't make the right choice if you don't know how one card differs from another and why some banks' cards are more popular with certain categories of clients. You can find answers to these questions in the table below.
| Parameter | Bank of America Travel Rewards credit card | Capital One Venture X Rewards credit card | Citi Double Cash Card | Discover it Cash Back | SoFi |
|---|---|---|---|---|---|
Maintenance fee |
$0 |
$395 |
$0 |
$0 |
0$ |
Standard APR |
16.99%-26.99% |
18.49%-25.49% |
16.24%-26.24% |
14.24%-25.24% |
13.74%-25.74% |
Interest rate for new clients |
0% for 18 billing cycles |
Equal to standard interest rate |
0% on money transfers for 18 months |
0% on purchases and money transfers for 15 months |
Standard |
Recommended credit score |
690-850 (Excellent) |
720-850 (Excellent) |
690-850 (Excellent) |
690-850 (Excellent) |
No information (on an individual basis) |
Who can use the Bank of America Travel Rewards credit card?
This is a universal card. It is especially beneficial for new clients, who get a 0% rate for the first 18 billing cycles and can also receive $250 in points on their account if they spend more than $1,000 during the first 90 days. A universal fee of 3% or $10 for balance transactions allows you to not think about how much you will overpay in each case. The fee is the same for most cases.
All information on the card, including the dashboard on the current status and the transaction archive, is displayed in the user account on the website and in the mobile app. The Bank of America app meets all modern online banking standards.
It is also worth noting the benefits of a Visa Signature card. First, it is a concierge service, thanks to which you can find the best prices for hotels, transfers, entertainment, etc., in any country. Second, Visa Signature provides access to premium services in hotels globally. Along with the above, there are other bonuses for travelers. You can find the full list on the VisaSignatureHotels.com website.
Conclusion
The Bank of America Travel Rewards credit card is great for most users. Financial activity doesn't matter, so the card is just as convenient and profitable for everyone, regardless of how much money you spend each month. However, if you spend more than $1,000 in the first 90 days, you will be given a welcome bonus. All advantages for travelers are conventional and are defined by the card issued under the Visa Signature standard. It is important to note that there are universal fees for all balance transactions, as well as a convenient mobile app that allows you to track your card operations and use internet banking services.
FAQ
What are the interest rate conditions of the Bank of America Travel Rewards credit card?
The standard rate varies in the range of 16.99%-26.99%. The rate floats, as it depends on the client's credit score and the market situation. In the first 18 billing cycles, the rate for new bank clients is 0%.
What Travel Rewards credit card fees should I know?
The fee for all balance transactions (including international transfers) is 3% or $10, and for transfers from non-financial institutions, it is 5% or $10. Fees for check advances and direct deposits are 3% or $10.
What bonuses does the Bank of America Travel Rewards credit card offer?
The welcome bonus is $250 in points that you can get by spending $1,000 or more in the first 90 days. The automatic bonus for a new client provides a 0% rate in the first 18 billing cycles. When you activate the Preferred Rewards program, you get 25-75% more in points.
How is the Bank of America Travel Rewards credit card convenient for traveling?
This is a Visa Signature card, so its owners get access to the concierge service. The service allows you to book hotels, book transfers, and order other services in any region. Also, holders of this type of card receive premium bonuses from hotels.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.