Making the Most of Bank of America Travel Rewards

Maximizing Your Bank of America Travel Rewards

The Bank of America® Travel Rewards credit card offers various ways to maximize your rewards, with the most significant boosts coming from travel bookings through the Bank of America® Travel Center and maintaining investment accounts with Merrill. Here’s how to get the most out of your card:

1. Get the Loyalty Bonus

Every cardholder earns 1.5 points per $1 spent, but enrolling in the Bank of America Preferred Rewards® program increases these bonuses by 25%, 50%, or 75%, depending on your combined balances at Bank of America® and Merrill.

2. Use the Travel Center

Booking travel through the Bank of America® Travel Center earns you 3 points per $1 spent on flights, hotel nights, rental cars, and more (excluding insurance). There’s no cap on the extra points you can earn this way.

The card also offers a solid sign-up promotion: earn 25,000 online bonus points after making at least $1,000 in purchases within the first 90 days. This can be redeemed as a $250 statement credit toward travel purchases. Unlike many travel cards, the Bank of America® Travel Rewards credit card has no annual fee and no foreign transaction fees.

3. Take an Interest Rate Break

New cardholders benefit from a 0% Intro APR for 15 billing cycles on purchases and balance transfers made within the first 60 days. After the introductory period, a variable APR of 19.24% – 29.24% applies. However, balance transfers come with a fee: 3% for 60 days from account opening, then 4%.

4. Redeem Rewards Easily

Redeeming points is straightforward. Make a restaurant or travel-related purchase with your card, then redeem your points for a statement credit to offset the cost. Points are worth 1 cent each when redeemed for travel. The card’s broad definition of travel includes expenses like amusement parks, art galleries, circuses, aquariums, and zoos, providing great flexibility.

You can also redeem points for gift cards or cash deposits into your Bank of America®, Merrill Edge®, or Merrill Lynch accounts, though the redemption value per point is lower compared to travel redemptions. Nonetheless, with the loyalty bonus, you can still earn competitive rewards.

Comparing with Other Cards

While the Bank of America® Travel Rewards credit card is attractive due to its $0 annual fee, other cards with annual fees might offer higher rewards rates. For instance, the Capital One Venture Rewards Credit Card has a $95 annual fee but offers a 75,000 miles sign-up bonus (worth $750 in travel) after spending $4,000 within the first three months. It also offers 2 miles per $1 spent with no earning cap and a variable APR of 19.99%-29.99%.

Final Thoughts

For those who prefer not to pay an annual fee and want straightforward rewards, the Bank of America® Travel Rewards credit card is an excellent choice. By leveraging the Bank of America Preferred Rewards® program and booking through the Travel Center, you can maximize your rewards and enjoy flexible redemption options.