Financial institution of America’s journey rewards program isn’t as profitable or in depth as what rivals like American Specific or Chase provide, however some cardholders could discover worth in its simplicity.
In the event you’ve obtained a number of Financial institution of America bank cards that will let you earn and redeem rewards for journey, or are serious about making use of for one, this information will help clarify the fundamentals of the financial institution’s journey program, together with the best way 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.
Basically, you possibly can redeem the rewards you earn for assertion credit to cowl travel-related purchases. Some Financial institution of America journey playing cards may additionally will let you cowl purchases like eating together with your award assertion credit.
With every card, you’ll additionally acquire entry to the Financial institution of America Journey Heart, the place you possibly can seek for journey offers and pay with money or rewards. The positioning operates very similar to a journey search engine, much like Expedia or Orbitz.
Though the issuer introduced the launch of a Associate 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 beneath, being a member of Financial institution of America’s Most popular Rewards program might enhance the worth of the rewards you earn by 25 to 75 %, ought to you might 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 provide 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 price: Limitless 1.5X factors on all purchases
- Welcome bonus: 25,000 bonus factors if you make $1,000 in purchases inside 90 days of opening the account (price $250 towards journey purchases)
- Annual charge: $0
- Extra perks: No overseas transaction charges; lengthy zero-interest provide on purchases and stability 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 fundamental journey rewards with out paying an annual charge. Its rewards price is easy; simply swipe and earn 1.5X factors on your entire 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 may also earn 3X factors on journey bookings and different purchases by means of the Financial institution of America Journey Heart (aside from insurance coverage).
In the event you’re out there to repay current bank card debt or fund an upcoming buy, this card is usually a good choice due to its 0 % intro APR for 18 billing cycles on purchases and stability transfers made throughout the first 60 days (adopted by variable APR between 16.24 % and 26.24 %).
For extra info on card perks, learn our Financial institution of America Journey Rewards card advantages information.
Financial institution of America Premium Rewards bank card
- Rewards price: Limitless 2X factors on journey and eating purchases; 1.5X factors on all different purchases
- Welcome bonus: 50,000 bonus factors if 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 World Entry or TSA PreCheck; Visa Signature Luxurious Resort Assortment perks; no overseas transaction charges
The Financial institution of America® Premium Rewards® bank card presents one other degree of journey rewards: 2X again on all journey and eating purchases and a flat 1.5X price on all the pieces else. Plus, its welcome bonus is comparatively simple 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 presents assertion credit towards World Entry or TSA PreCheck membership each 4 years and an annual airline incidental credit score. And with Visa Signature Luxurious Resort Assortment perks, you possibly can get pleasure from computerized room upgrades, late checkout, complimentary breakfast and extra.
Learn our Financial institution of America Premium Rewards card advantages information for extra info on all the cardboard has to supply.
Financial institution of America Premium Rewards Elite bank card*
- Rewards price: Limitless 2X factors on journey and eating purchases; 1.5X factors on all different purchases
- Welcome bonus: 50,000 bonus factors if 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 World Entry or TSA PreCheck; complimentary Precedence Go Choose membership; 20 % off airfare redemptions by means of the Financial institution of America Journey Heart; Visa Infinite Luxurious Resort 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 couple of extra advantages to ease its $550 annual charge.
Take pleasure in $200 extra in airline incidental assertion credit in comparison with the Premium Rewards card, the identical World Entry or TSA PreCheck assertion credit score alternative and Visa Infinite Luxurious Resort Assortment perk entry. Plus, you’ll get $150 in life-style assertion credit annually towards issues like meals supply and streaming service prices, reductions on airfare redemptions by means of the Journey Heart in addition to Precedence Go Choose membership, providing you with entry to 1,300-plus airport lounges worldwide.
Financial institution of America Journey Rewards Credit score Card for College students*
- Rewards price: 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 is usually 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 a press release credit score on qualifying journey purchases.
There’s additionally a 0 % intro APR on purchases for 15 billing cycles (adopted by a variable APR between 16.24 % and 26.24 %), which will help college students who’ve a big purchases on the horizon that they’d prefer to repay over time (assume textbooks or dorm provides).
Who’re Financial institution of America journey playing cards greatest for?
As famous, this journey rewards program is greatest if you need simplicity and adaptability in incomes and redeeming journey rewards. The Financial institution of America rewards playing cards listed above will let you use your rewards to cowl eligible journey purchases. Different redemption choices embrace money and reward playing cards.
In case you are a Financial institution of America Most popular Rewards program member, you’ll get way more worth than different cardholders. This invitation-only program provides you entry to particular presents and reductions primarily based on the mixed stability of qualifying Financial institution of America or Merrill Funding accounts. Right here’s a take a look at the 5 tiers provided:
| Minimal three-month common stability | $20,000 | $50,000 | $100,000 | $1 million | $10 million |
| Bank card rewards bonus | 25% | 50% | 75% | 75% | 75% |
| Rewards price for 1.5X again | 1.875X | 2.25X | 2.625X | 2.625X | 2.625X |
| Rewards price for 2X again | 2.5X | 3X | 3.5X | 3.5X | 3.5X |
Methods to earn Financial institution of America journey rewards factors
The one factor that you must do to earn rewards is use your Financial institution of America card for eligible purchases; you don’t have to hold observe of rotating bonus classes or activate presents 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 in depth than these of most journey rewards playing cards:
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Methods to redeem Financial institution of America journey rewards factors
You’ll be able to redeem rewards for a assertion credit score to cowl eligible journey purchases. Different redemption choices embrace money as a verify 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 reward playing cards require 3,125 factors to redeem.
How a lot are Financial institution of America journey rewards factors price?
Financial institution of America journey rewards are price 1 cent per level, in line with Bankrate’s factors valuations. Redemptions for money or reward playing cards could also be of lesser worth.
How do Financial institution of America journey rewards examine to different factors’ values?
Most often, your Financial institution of America journey rewards factors are price 1 cent per level. In different circumstances, such because the Premium Rewards Elite bank card, your rewards factors can get a 20 % enhance for journey bookings by means of the Journey Heart — to not point out rewards boosts from Most popular Rewards membership.
Issuers reminiscent of Chase, American Specific and Capital One provide related boosts for redeeming factors by means of their journey portals. Nonetheless, these issuers even have switch companions that may will let you get extra worth for journey purchases like airfare, resort and automobile leases.
Financial institution of America doesn’t but have this in place. In the event you’re a Most popular Rewards member, which will make up for the shortage of journey companions, however it’s one thing you’d have to research on a case-by-case foundation.
Financial institution of America journey rewards ceaselessly requested questions
The underside line
Financial institution of America’s journey rewards program isn’t as engaging as these of different main issuers. However in case you’re prepared to just accept among the different aggressive program benefits — specifically, the in depth journey and eating classes and Most popular Rewards bonuses — it could be price it.
In truth, in case you’re not less than a semi-frequent traveler, you’ll discover a lot better worth from rewards applications 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 authorized by the issuer.