The Bank of America ® Travel Benefits credit card isn’t a best card for everyone, but it’s quite competitive in a crowded field. In fact, Bank of America charge card often discover their way into many individuals’s wallets, thanks to the bank’s size and coverage location. This specific card has a great deal to like, particularly for its target no yearly cost audience. Find out more information in our Bank of America ® Travel Benefits credit card evaluation below.
Pros
- 25,000 points preliminary reward ($ 250 in travel)
- 1.5 points/ $1 spent
- No annual charge or foreign deal charges
- User-friendly travel rewards redemption
Cons
- Really high regular APR
- Needs excellent credit
Bank of America Travel Rewards Card Review Summary
The Bank of America ® Travel Benefits credit card is a great choice for individuals with exceptional credit who wish to lower the cost of travel without paying an annual cost. However it’s just a truly fantastic choice for fairly low-spending Bank of America banking customers with a great deal of cash conserved.
The rewards begin with a 25,000 points preliminary rewards bonus offer, worth $250 in travel, when you spend $1,000 or more within 90 days of opening your account. That’s about the average for a card providing a points-based benefit.
The Bank of America Travel Rewards card’s points keep coming, at a rate of 1.5 per $1 invested in all purchases, all the time. That’s almost 30% more than you ‘d obtain from the typical charge card with points. And the gap is even larger if you have a Bank of America examining or savings account. You can find out more listed below.
Bank of America ® Travel Benefits credit card Overview
The Bank of America ® Travel Benefits charge card is ideal for travelers who value flexibility, and even occasional tourists that dine in more than fly out. You’ll be able to make generous flat-rate benefits on all your purchases– not just take a trip costs. And because this travel rewards charge card isn’t tied to particular hotel or airline company partners, you can schedule your travel with any supplier and get a statement credit.
Bank of America credit cards likewise have a looser meaning of travel compared to cards from other issuers, allowing you to get a declaration credit for purchases at campgrounds, travel bureau, zoos, art galleries and more. If you’ve shelved your itinerary for the moment though, you can likewise redeem points for a statement credit towards dining purchases.
Nevertheless, there aren’t any travel-specific features to mention, and your benefits can’t be used to directly book travel through an issuer portal or a transfer partner– which is most likely to be a dealbreaker for numerous cardholders. Unless you’re a Preferred Benefits member that requires an easy-to-manage travel card, the standard Travel Rewards card basically ends up being a flat-rate cash back card with more benefit redemption bureaucracy.
Bank of America® Travel Rewards credit card
Accepted Credit Scores
Excellent Credit
Annual Fee
$0
Rewards
Earn unlimited 1.5 points per $1 spent on all purchases, with no annual fee and no foreign transaction fees and your points don’t expire.
25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening – that can be a $250 statement credit toward travel purchases.
Use your card to book your trip how and where you want – you’re not limited to specific websites with blackout dates or restrictions.
Redeem points for a statement credit to pay for travel or dining purchases, such as flights, hotel stays, car and vacation rentals, baggage fees, and also at restaurants including takeout.
If you’re a Preferred Rewards member, you can earn 25%-75% more points on every purchase. That means instead of earning an unlimited 1.5 points for every $1, you could earn 1.87-2.62 points for every $1 you spend on purchases.
APR on Purchases
0% intro APR for 18 billing cycles, 16.99% – 26.99% Variable APR after that
Balance Transfer
- 0% intro APR for 18 billing cycles for any balance transfers made in the first 60 days, 16.99% – 26.99% Variable APR after that
- Balance Transfer Fee: 3% (min $10)
What credit rating is needed for the Bank of America Travel Benefits card?
To have a likelihood of being authorized for the Bank of America Travel Benefits card, you must have an excellent to exceptional credit history. While each of these ranges may differ depending upon the scoring design utilized, a good credit score is usually 670 and above.
FICO specifies a good rating as one in between 670 and 739. A very good score is 740 to 799 and 800 and above is exceptional. Of course, the greater your rating, the much better. If your score is below 670, think about taking steps to raise it before using. For the very best opportunity of approval, go for at least an excellent credit rating.
What can I do if my application is rejected?
If your application is denied, you can take a couple of steps to appeal the choice:
- Read your rejection notification: Card providers are needed to specify a reason for your denial under the Fair Credit Reporting Act. This notice will consist of pertinent details, such as too much financial obligation, too many credit applications or derogatory marks on your credit report.
- Evaluation your credit report: If you are rejected, you ought to evaluate your full credit report. You can ask for one report every 12 months from the 3 significant credit reporting bureaus.
- Resolve credit report mistakes: Often mistakes on your credit report can be holding you down. For example, there may be identity mistakes (information for the wrong person on your report), account status errors or balance errors. Correcting these mistakes will enhance your credit rating.
- Call the issuer’s reconsideration line: If your application is rejected, you can make a case and call for yourself. You can tell the representative about new incomes that weren’t thought about or explain why you will be a great consumer going forward. Any appropriate details that assists enhance your case is worth pointing out.
- Wait prior to reapplying: While there isn’t a guaranteed guideline about how long you should wait, giving it 6 months prior to applying again will allow the dust to settle. In the meantime, you can work on increasing your credit history.
How can I improve my score to get this card?
If you want to apply for the Bank of America Travel Benefits charge card but are not quite in the variety required, there are a couple of steps you can take. Ensuring your score is high enough will be crucial to getting that approval. Here are some actions to increase your rating:
- Pay on time: Revealing that you can make your payments on time is the best method to increase your credit report. Make sure all your expenses are paid on time – not just charge card. If required, established auto-pay so you never ever miss a payment.
- Improve credit utilization: If your usage is too high, it will harm your credit history. Your credit usage ratio is your overall impressive credit divided by your overall credit limit throughout all credit lines. The basic rule is this ratio needs to be 30% or lower.
- Become an authorized user: If you are having a hard time to raise your credit score and you have a relative with outstanding or good credit, that person can make you an authorized user on his or her credit card. This will help your credit rating– supplied that the activity is reported to the credit bureaus and you make your payments on time.
- Get a safe credit card: Secured charge card might not include the very same advantages as travel benefits credit cards, however they tend to have much better approval odds for those with bad credit. These cards need you to put down a cash deposit, which functions as collateral for the card company.
Bank of America Travel Rewards Lowlights
Needs Excellent Credit
If more people could get it, the Bank of America Travel Benefits credit card would be much more enticing. Instead, you need a credit score of 750 or greater to have a good chance of being approved. It might be more successful, too. People with outstanding credit have their pick of the very best rewards charge card on the market, and the travel rewards area is really competitive, with lots of great offers readily available.
You can examine your latest credit history for free on WalletHub to gauge your chances of getting approved for Bank of America Travel Rewards.
Extremely High Regular APR
When its routine APR is in result, you are guaranteed to pay interest at an above-average rate if you bring a balance from month to month with this card. After all, the Bank of America Travel Rewards card requires exceptional credit for approval and the average charge card for individuals with exceptional credit has a 13.85% APR
Other Things to Think About The Bank of America Travel Rewards Card
Non-Travel Redemption Options Give Less Worth
In addition to redeeming for a travel statement credit, you can also money in your points more literally. You can exchange them for gift cards or a cash benefit (i.e. a checking account deposit or a non-travel declaration credit). But instead of deserving a penny each, as holds true when you redeem for travel, Bank of America Travel Rewards points yield just over half as much ($ 0.006) when you redeem them for cash. And with present cards, point worths differ.
Minimum Redemption Requirements
You need a minimum of 2,500 indicate redeem for a travel statement credit or money benefit. And you need at least 3,125 point for a gift card.
How to Use the Bank of America Travel Rewards Credit Card
Begin optimizing your Bank of America Travel Rewards with the 25,000-point welcome reward after you spend $1,000 within the very first 90 days. Just ensure you can satisfy the required spending with your regular or already-planned expenditures, instead of overspending simply to score bonus points.
Since this card earns a flat 1.5 x points on every purchase you make, you don’t require to strategize categories or trigger rewards to maximize your worth over time. Unless you have another card that makes more in specific categories, collect points in time by using this for all of your routine costs. And when you’re ready to book travel once again, score a bonus offer 3x points benefits on any purchases you make through the Bank of America Travel Center.
You can redeem your points for declaration credits towards previous travel and dining purchases at a rate of 1 cent per point. Bank of America’s travel and dining categories are broad, so even if you don’t have any vacations planned today, you can still get value from redemptions. Some eligible purchases include air travel, hotels, taxis, parking, tolls, tourist attractions, amusement parks, bars, and junk food restaurants, to name a few.
Bottom line
While it doesn’t have some of the advantages high-end travel charge card provide, the absence of yearly fee makes the Bank of America Travel Reward card worth it for the right individual. Put simply, this charge card is a strong choice for those who want to flexibly earn points.
However, not everybody will be approved for the card as it requires great to exceptional credit. If you are declined, there are actions you can take, such as evaluating your rejection notice and calling the reconsideration line. Also, be sure you read your full credit report.
And if you aren’t quite in the credit history range required yet and wish to improve your credit, there is plenty you can do there, as well. For example, paying all your bills on time, decreasing your credit usage ratio and becoming an authorized user can improve your score.
Understanding where you stand and taking the steps essential to raise your credit report are crucial to being authorized for the Bank of America Travel Benefits card. You will be in a good position to make this your next travel rewards credit card when you take those actions.
Frequently Asked Questions
What is the credit limit for the Bank of America ® Travel Benefits credit card?
The credit limit for the Bank of America ® Travel Rewards credit card is typically a minimum of $1,000, and certified applicants can get much larger limitations. On the high end, cardholders have actually reported limits of $50,000 or more. When you’re approved for the card, Bank of America sets a credit limit using different aspects, including your income and credit profile.
Does the Bank of America ® Travel Rewards charge card have journey cancellation insurance?
No, this card does not have trip cancellation insurance.
How do you redeem Bank of America Travel Benefits points?
When you log into your electronic banking account, select your card, and load the “Rewards” page, you can redeem your rewards for present cards, cash back (as a check or direct deposit to a qualified savings or inspecting account with Bank of America or Merrill) or a declaration credit for travel and dining purchases made in the last 12 months. Travel and money redemptions have a 2,500-point minimum redemption and present cards pose a higher 3,125-point minimum.
Do the Bank of America ® Travel Rewards charge card’s points expire?
Bank of America travel rewards don’t end, as long as your card account remains open and in excellent standing.
What credit score do you require for the Bank of America Travel Rewards card?
You’ll have the very best approval odds if you obtain the Bank of America Travel Benefits card with a good to excellent credit score (a FICO score of 670 or higher, or a VantageScore of 661 or higher).
