Bank of America Travel Rewards credit card review: A straightforward option for points newcomers

Overview of the Bank of America Travel Rewards credit card

The no-annual-fee Bank of America® Travel Rewards credit card can be a reliable flat-rate option, especially for those enrolled in the Bank of America Preferred Rewards® program. However, without the Preferred Rewards bonus, its value diminishes compared to other flat-rate cards available. Card Rating*: ⭐⭐⭐

*Card rating reflects the views of TPG's editorial team and is not swayed by the card issuer.

Points and miles can be overwhelming for beginners. When I first started earning credit card rewards, the thrill of transferring points and seeking out the best redemptions was exhilarating yet intimidating — and I'm not the only one who felt this way.

Many newcomers abandon the idea of using credit card rewards for travel due to its perceived complexity.

This is where the Bank of America Travel Rewards credit card becomes relevant. With no annual fee and a suggested credit score of 670, it may not impress seasoned points and miles aficionados with its benefits and redemption choices, but its straightforward earning rate and redemption process make it an excellent starting point for newcomers.

Let’s explore the card details so you can determine if it’s a good fit for you.

Advantages and disadvantages of the Bank of America Travel Rewards card

Welcome offer for the Bank of America Travel Rewards card

The Bank of America Travel Rewards is currently providing a bonus of 25,000 points after you spend at least $1,000 within the first 90 days of opening your account.

These points can be redeemed at a flat rate of 1 cent each for travel or dining expenses, making this bonus worth $250 — a decent offer, but notably less lucrative than those available with other top travel cards.

While it may not be an extravagant bonus, it is attainable since the minimum spending requirement is manageable for most people. Plus, with no annual fee on the card, you're earning rewards on regular purchases without any initial costs.

Bank of America enforces a 24-month waiting period, though specifics differ by card type. The Travel Rewards card mentions:

"You may not be eligible for this card if you have had it or currently hold it within the last 24 months."

This implies you can apply for a second Travel Rewards card if you've previously owned one, but you'll need to wait 24 months after closing your old account before reapplying.

Advantages of Bank of America Travel Rewards

The true advantage of the Bank of America Travel Rewards card lies in its straightforwardness. It features no bonus categories, earning limits, or transfer partners, making it an ideal starting point for newcomers in the world of points and miles.

As a cardholder, you can redeem your points without any booking limitations and enjoy no foreign transaction fees when using the card abroad. Many no-annual-fee cards impose foreign transaction fees, making this a valuable advantage.

While this no-annual-fee card doesn't come with luxury benefits, being a Visa Signature card still grants you access to certain travel protections and perks, such as:

• Auto rental coverage
• Zero liability for fraud
• Roadside assistance services

Though this list of benefits isn't exhaustive, it offers decent value for a no-annual-fee card.

Accumulating points with the Bank of America Travel Rewards

The Bank of America Travel Rewards features a straightforward earning system, yet there are additional benefits to discover.

You will earn an unlimited 1.5 points for every dollar spent on all purchases. There’s no annual limit on rewards, and your points remain valid as long as your account stays open.

While this earning rate is quite typical for a no-annual-fee card, there are other cards available with more attractive reward options. However, the earning potential significantly increases if you enroll in the Bank of America Preferred Rewards program.

To join Preferred Rewards, you must have an eligible Bank of America personal checking account and maintain an average balance of at least $20,000 over three months across your Bank of America and Merrill accounts.

There are four tiers of Preferred Rewards, each providing an earning bonus for the Travel Rewards card.

For instance, members at the Platinum Honors and Diamond levels can earn 2.625 points per dollar on all purchases, which is quite an impressive return on everyday spending.

Additionally, you’ll benefit from a higher interest rate on savings accounts, reduced banking and investing fees, and lower rates on auto loans and mortgages.

However, if you're not a Preferred Rewards member, the earning rate of 1.5 points per dollar may seem underwhelming.

Redeeming points with the Bank of America Travel Rewards

Bank of America points function similarly to cash-back rewards, with each point valued at a consistent 1 cent. You can redeem them as a statement credit for travel or dining expenses, starting with a minimum of 2,500 points.

To redeem points, simply log into your account and choose any qualifying transaction from the past 12 months.

While travel aficionados might find this approach limiting, beginners may appreciate the simplicity it offers.

You won't need to stress about maximizing your reward redemptions or choosing the best transfer partner for booking travel, which can be a hassle for anyone seeking a straightforward, no-frills way to earn and redeem points.

You can also convert your points into cash rewards — either a check or a deposit into a qualifying Bank of America account. However, this option only gives you a value of 0.6 cents per point (2,500 points = $15), making it far more advantageous to use them for travel or dining expenses.

Lastly, you can redeem your points for gift cards, although the value will differ based on the merchant.

What cards rival the Bank of America Travel Rewards?

One of these alternatives might suit you better if you're seeking additional perks or a different earning structure than what the Bank of America Travel Rewards provides.

• If you seek more perks: The Bank of America® Premium Rewards® credit card is a mid-tier travel card with an annual fee of $95. It earns the same base rate of 1.5 points per dollar as the Travel Rewards card but adds 2 points per dollar on travel and dining purchases, along with enhanced travel benefits. For further details, check our full review of the Premium Rewards card.
• If you desire more flexible rewards: The Capital One VentureOne Rewards Credit Card offers 1.25 miles per dollar on everyday spending and 5 miles per dollar for hotels and car rentals booked through Capital One Travel. This card excels by granting access to the issuer’s 15-plus transfer partners, including British Airways, Turkish Airlines, and Wyndham. For more information, see our full review of the Capital One VentureOne Rewards.
• If you want even greater cash back: The Chase Freedom Unlimited® is an excellent no-annual-fee card choice. It provides 5% cash back on travel purchases made through Chase Travel℠, 3% back at restaurants and drugstores, and 1.5% back on all other purchases. To learn more, see our full review of the Freedom Unlimited.

For more options, take a look at our complete list of the best cash-back credit cards.

Is the Bank of America Travel Rewards worth it?

If you prefer a straightforward approach to earning and redeeming points, the no-annual-fee Bank of America Travel Rewards may be a suitable choice, especially for Bank of America Preferred Rewards members. However, experienced points and miles travelers might prefer a card that offers higher earning rates and more redemption choices.

Key takeaway

The Bank of America Travel Rewards features an easy-to-understand earning rate and redemption options that many newcomers will find appealing. However, seasoned travelers seeking higher earning rates and the ability to transfer points should explore other alternatives.