Bank of America® Travel Rewards Review: A Solid Travel Card With Generous Perks

Any Bank of America credit card is almost guaranteed to find its way into many thousands of wallets, simply due to the bank’s size and coverage area. So it is with the lender’s namesake card for travelers, Bank of America® Travel Rewards credit card. Although this isn’t a perfect travel rewards card for everyone, it’s very competitive in a crowded field, and has a great deal to like, particularly for its target no-annual-fee audience. 

Since moving back to the U.S. in 2007 from living abroad for nearly 14 years -- and, yes, traveling quite a bit -- I’ve built up a modest collection of credit cards. I have used these cards to fund a great many purchases, and have steadily accumulated points/miles/rewards over time. My credit is still in fine shape, and I use the cards judiciously, maximizing my rewards by capitalizing on the particular bonus schemes of each. Recently, I made the first travel rewards redemption on my card. So you can’t beat the timing for this review.

Originally, I applied for the Bank of America® Travel Rewards credit card in the hopes that I would be traveling at least occasionally. Although I haven’t jetted around as much as I’d like, I still venture out once in a while. And on those occasions, this card has been a good companion, providing security and peace of mind with its set of travel-related features.

Outside of that, I find that a sign-up bonus and a 0% intro APR for purchases are compelling factors in any card. I also find the flat-rate point earnings to be refreshingly straightforward. You can read a little more about all three features in the section below.

25,000 point sign-up bonus -- A sign-up bonus provides a serious head start in the points total. This card sets the bar fairly low, too -- the bonus kicks in after you make at least $1,000 in qualifying purchases on the card within 90 days of the account opening. Worth noting, this is one of the biggest bonuses I've come across in a travel card with no annual fee.

Unlimited  1.5 points per $1 -- This card keeps it simple with a what-you-see-is-what-you-get 1.5 points per $1 on all transactions.

No annual fee -- The card has many of the perks and features of rival cards that do charge an annual fee.

No foreign transaction fees -- Foreign purchases aren’t charged the de facto standard 3% fee many other credit cards do levy.

Intro 0% APR offer -- The offer includes a 0% intro APR for 12 billing cycles for purchases.. A card that gives a customer a break on interest for a full year is always welcome.

10% customer bonus -- I’m a Bank of America checking and savings account client, so the bank’s 10% Customer Bonus applies to me. At the time I redeemed my points I had accumulated just under 93,080, the equivalent of $930.80. Those figures would have been 84,618 and $846.18, respectively, without the bonus.

Preferred Rewards bonuses -- People loyal to Bank of America@ banking products can earn 25% to 75% bonus points through the banks Preferred Rewards program. The Preferred Rewards card bonus tiers are as follows:

For a quick and dirty comparison, if a user spends $40,000 per year on the card, he or she would amass:

Bonus points for travel spending -- It’s ironic that a card billed as a travel rewards card doesn’t offer bonus points for travel-related purchases, in spite of the other perks for travelers. (The story is different with the Bank of America® Premium Rewards® credit card; see below). Yes, Bank of America® Travel Rewards credit card is a flat-rate card, but there are no-annual-fee cards that feature extra bonus point earning activities.

Clumsy points redemption -- My recent experience wasn’t all that smooth; it took some hunting around Bank of America’s site to find the redemption options, and even then it wasn’t 100% clear how to redeem points. Finally, I had to call the bank’s customer service line, which was helpful. I’d much prefer an intuitive online redemption process, though.

The value of a travel rewards card is in how much you  can earn from and for travel-related activities. The best travel rewards cards tend to offer generous perks in the following areas:

• Sign-up bonus

• Rewards rate

• Foreign transaction fees

• Travel accident insurance

Bank of America says that  good to excellent credit is required to obtain this card. From what I recall, when I applied I had a score in the 720-730 range. I was given a card with a $5,000 credit limit.

In online forums, holders of the card willing to reveal their score generally claimed that it was above 700; several of these people say they were granted a $7,500 credit limit.

Another difference between the two is that cardholders are eligible to receive up to $100 in statement credit every year for spending on supplemental airline services like baggage fees and seat upgrades. Additionally, users can also receive up to $100 in statement credit if they apply for either the TSA Pre✓ or Global Entry programs.

On the down side, the card does have a $95 annual fee, and no intro APR.

The two cards, as they’re from the same issuer, also have much in common. Most enticingly, Bank of America® Premium Rewards® credit card owners can similarly leverage their Preferred Rewards status to pile up the points.

Applying the example from the Preferred Rewards blurb in the “What I like about…” section above, let’s say a Bank of America® Premium Rewards® credit card cardholder spends that same $40,000 in one year. He or she splits it between $10,000 in travel and dining purchases, and $30,000 in other commerce. At the Platinum Honors level, they would earn 113,750 points in that year, worth $1,137.50.

Bank of America is one of this country’s largest and most sprawling financial institutions, so the application for this card is more or less industry-standard.

This means you’ll need to provide basic personal data such as:

• Full name

• Current residential address

• email address

• Date of birth

• Whether or not you’re a US citizen

On top of that, Bank of America will want a few pieces of financial data, which includes:

• Total annual income

• Primary source of income

• Monthly rent or mortgage

Bank of America® Travel Rewards credit card is one of the better credit products on the market for frequent travelers, or even occasional vacationers like myself. The intro bonus is also the biggest in the category and it’s also very well suited to existing Bank of America customers, especially if they are enrolled in one of the Preferred Rewards programs. Simply put, you won't find a no-annual-fee travel card that offers such lucrative earnings rate for the highest Preferred Rewards tiers.

With its long introductory 0% APR period for purchases, it’s also a good fit for those looking to finance large purchases, and space out payments over time.