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Financial institution of America’s journey rewards program isn’t as profitable or intensive as what rivals like American Specific or Chase provide, however some cardholders could discover worth in its simplicity.
In case you’ve received a number of Financial institution of America bank cards that can help you earn and redeem rewards for journey, or are fascinated with making use of for one, this information can assist clarify the fundamentals of the financial institution’s journey program, together with learn how to earn and redeem journey rewards factors and extra.
Financial institution of America journey rewards fundamentals
In comparison with different issuers, Financial institution of America has a smaller portfolio of journey bank cards, however there are some similarities in the way you earn and redeem journey rewards with every card.
Primarily, you possibly can redeem the rewards you earn for assertion credit to cowl travel-related purchases. Some Financial institution of America journey playing cards can also can help you cowl purchases like eating along with your award assertion credit.
With every card, you’ll additionally acquire entry to the Financial institution of America Journey Middle, the place you possibly can seek for journey offers and pay with money or rewards. The location operates very similar to a journey search engine, much like Expedia or Orbitz.
Though the issuer introduced the launch of a Companion Rewards program accessible to Financial institution of America bank card and debit card holders late final yr, the journey rewards program nonetheless lacks journey switch companions.
Nonetheless, as we’ll clarify under, being a member of Financial institution of America’s Most well-liked Rewards program may enhance the worth of the rewards you earn by 25 to 75 p.c, ought to you will have sufficient in a qualifying Financial institution of America account.
Financial institution of America journey bank cards
As talked about, Financial institution of America has solely a handful of playing cards that supply ongoing rewards and travel-focused perks. Listed below are the playing cards you possibly can select from:
Financial institution of America Journey Rewards bank card
- Rewards charge: Limitless 1.5X factors on all purchases
- Welcome bonus: 25,000 bonus factors whenever you make $1,000 in purchases inside 90 days of opening the account (value $250 towards journey purchases)
- Annual charge: $0
- Extra perks: No overseas transaction charges; lengthy zero-interest provide on purchases and steadiness transfers; Visa Signature advantages
The Financial institution of America® Journey Rewards bank card is an entry-level journey bank card that permits you to earn primary journey rewards with out paying an annual charge. Its rewards charge is straightforward; simply swipe and earn 1.5X factors on your whole spending with none restrict. There’s no want to trace spending classes or activate any particular provide in your account to obtain your rewards. Additional, you too can earn 3X factors on journey bookings and different purchases via the Financial institution of America Journey Middle (aside from insurance coverage).
In case you’re available in the market to repay current bank card debt or fund an upcoming buy, this card could be a good choice because of its 0 p.c intro APR for 18 billing cycles on purchases and steadiness transfers made inside the first 60 days (adopted by variable APR between 16.24 p.c and 26.24 p.c).
For extra data on card perks, learn our Financial institution of America Journey Rewards card advantages information.
Financial institution of America Premium Rewards bank card
- Rewards charge: Limitless 2X factors on journey and eating purchases; 1.5X factors on all different purchases
- Welcome bonus: 50,000 bonus factors whenever you make $3,000 in purchases inside 90 days of account opening
- Annual charge: $95
- Extra perks: $100 incidental airline credit score; as much as $100 in credit towards International Entry or TSA PreCheck; Visa Signature Luxurious Lodge Assortment perks; no overseas transaction charges
The Financial institution of America® Premium Rewards® bank card affords one other stage of journey rewards: 2X again on all journey and eating purchases and a flat 1.5X charge on every part else. Plus, its welcome bonus is comparatively straightforward to earn for an annual-fee-carrying journey card — spend simply $1,000 a month to your first three months and obtain 50,000 bonus factors.
The cardboard additionally affords assertion credit towards International Entry or TSA PreCheck membership each 4 years and an annual airline incidental credit score. And with Visa Signature Luxurious Lodge Assortment perks, you possibly can take pleasure in automated room upgrades, late checkout, complimentary breakfast and extra.
Learn our Financial institution of America Premium Rewards card advantages information for extra data on all the cardboard has to supply.
Financial institution of America Premium Rewards Elite bank card*
- Rewards charge: Limitless 2X factors on journey and eating purchases; 1.5X factors on all different purchases
- Welcome bonus: 50,000 bonus factors whenever you make $3,000 in purchases inside 90 days of account opening
- Annual charge: $550
- Extra perks: $300 in annual airline incidental assertion credit; $150 in annual life-style assertion credit; as much as $100 in credit towards International Entry or TSA PreCheck; complimentary Precedence Cross Choose membership; 20 p.c off airfare redemptions via the Financial institution of America Journey Middle; Visa Infinite Luxurious Lodge Assortment perks; no overseas transaction charges
Whereas the Financial institution of America Premium Rewards Elite bank card, launched late final yr, has the identical rewards construction and welcome bonus because the Premium Rewards card, it’s filled with a number of extra advantages to ease its $550 annual charge.
Get pleasure from $200 extra in airline incidental assertion credit in comparison with the Premium Rewards card, the identical International Entry or TSA PreCheck assertion credit score alternative and Visa Infinite Luxurious Lodge Assortment perk entry. Plus, you’ll get $150 in life-style assertion credit every year towards issues like meals supply and streaming service prices, reductions on airfare redemptions via the Journey Middle in addition to Precedence Cross Choose membership, supplying you with entry to 1,300-plus airport lounges worldwide.
Financial institution of America Journey Rewards Credit score Card for College students*
- Rewards charge: 1.5X factors on all purchases
- Welcome bonus: 25,000 factors after spending $1,000 in purchases inside your first 90 days
- Annual charge: $0
- Extra perks: No overseas transaction charges; zero-interest provide on purchases
Though its options and advantages are minimal, the Financial institution of America® Journey Rewards Credit score Card for College students could be a good entry-level card for college kids with little-to-no credit score historical past. You’ll get 1.5X factors on all purchases, plus the power to redeem rewards for an announcement credit score on qualifying journey purchases.
There’s additionally a 0 p.c intro APR on purchases for 15 billing cycles (adopted by a variable APR between 16.24 p.c and 26.24 p.c), which can assist college students who’ve a big purchases on the horizon that they’d prefer to repay over time (suppose textbooks or dorm provides).
Who’re Financial institution of America journey playing cards finest for?
As famous, this journey rewards program is finest if you’d like simplicity and adaptability in incomes and redeeming journey rewards. The Financial institution of America rewards playing cards listed above can help you use your rewards to cowl eligible journey purchases. Different redemption choices embody money and present playing cards.
In case you are a Financial institution of America Most well-liked Rewards program member, you’ll get way more worth than different cardholders. This invitation-only program offers you entry to particular affords and reductions based mostly on the mixed steadiness of qualifying Financial institution of America or Merrill Funding accounts. Right here’s a have a look at the 5 tiers provided:
| Minimal three-month common steadiness | $20,000 | $50,000 | $100,000 | $1 million | $10 million |
| Bank card rewards bonus | 25% | 50% | 75% | 75% | 75% |
| Rewards charge for 1.5X again | 1.875X | 2.25X | 2.625X | 2.625X | 2.625X |
| Rewards charge for 2X again | 2.5X | 3X | 3.5X | 3.5X | 3.5X |
Tips on how to earn Financial institution of America journey rewards factors
The one factor you’ll want to do to earn rewards is use your Financial institution of America card for eligible purchases; you don’t have to preserve monitor of rotating bonus classes or activate affords in your Financial institution of America account to earn rewards. For among the journey playing cards we talked about above, you’ll earn extra rewards in journey and eating classes, however there’s no want to trace or apply to your rewards.
Moreover, Financial institution of America’s journey and eating classes are extra intensive than these of most journey rewards playing cards:
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Tips on how to redeem Financial institution of America journey rewards factors
You may redeem rewards for an announcement credit score to cowl eligible journey purchases. Different redemption choices embody money as a examine or direct deposit into an eligible Merrill Money Administration Account or a present card. Journey credit and money rewards redemptions require a minimal of two,500 factors, and present playing cards require 3,125 factors to redeem.
How a lot are Financial institution of America journey rewards factors value?
Financial institution of America journey rewards are value 1 cent per level, in response to Bankrate’s factors valuations. Redemptions for money or present playing cards could also be of lesser worth.
How do Financial institution of America journey rewards examine to different factors’ values?
Generally, your Financial institution of America journey rewards factors are value 1 cent per level. In different circumstances, such because the Premium Rewards Elite bank card, your rewards factors can get a 20 p.c increase for journey bookings via the Journey Middle — to not point out rewards boosts from Most well-liked Rewards membership.
Issuers reminiscent of Chase, American Specific and Capital One provide related boosts for redeeming factors via their journey portals. Nonetheless, these issuers even have switch companions that may can help you get extra worth for journey purchases like airfare, resort and automotive leases.
Financial institution of America doesn’t but have this in place. In case you’re a Most well-liked Rewards member, that will make up for the dearth of journey companions, however it’s one thing you’d have to investigate on a case-by-case foundation.
Financial institution of America journey rewards regularly requested questions
The underside line
Financial institution of America’s journey rewards program isn’t as engaging as these of different main issuers. However if you happen to’re prepared to just accept among the different aggressive program benefits — particularly, the intensive journey and eating classes and Most well-liked Rewards bonuses — it might be value it.
Honestly, if you happen to’re at the least a semi-frequent traveler, you’ll discover a lot better worth from rewards packages like Chase Final Rewards and American Specific Membership Rewards.
*All details about the Financial institution of America Premium Rewards Elite bank card and Financial institution of America® Journey Rewards Credit score Card for College students has been collected independently by Bankrate and has not been reviewed or authorised by the issuer.
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