Finance

5 Things to Know About the BoA Travel Rewards Card

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Competitors is fierce on the earth of journey bank cards. These playing cards run the gamut — from top-tier choices that cost lots of of {dollars} annually to no-fee playing cards with restricted rewards. Amongst your many choices, the Financial institution of America® Journey Rewards bank card gives easy earnings and simple redemptions.

Discover 5 issues to know earlier than getting the Financial institution of America® Journey Rewards bank card and work out whether or not it is a good match for you.

What to know earlier than getting the Financial institution of America® Journey Rewards bank card

1. The welcome supply

Welcome gives are a approach for card issuers to entice you as a buyer. Loads of bank cards supply these bonuses, together with the Financial institution of America® Journey Rewards bank card. When you’ve certified for the cardboard, you’ll have the ability to earn 25,000 on-line bonus factors after you make no less than $1,000 in purchases within the first 90 days of account opening – that may be a $250 assertion credit score towards journey purchases.

Mixed with the $1,000 you’ll must spend to earn the sign-up bonus, you’ll come out with 26,500 factors in your account. That is due to the incomes construction that the cardboard gives, which we’ll focus on subsequent.

2. The bonus factors

When you’ve earned your welcome supply, you’ll wish to hold incomes factors to redeem for journey. Completely different playing cards can supply sophisticated earnings buildings based mostly on the class of purchases you make. These can embody further bonuses for spending on eating places, U.S. grocery shops and journey, whereas limiting the factors you’ll earn for different purchases.

The Financial institution of America® Journey Rewards bank card does away with this by providing you with a flat 1.5 factors per greenback spent on almost all purchases, no matter what you’re shopping for. The one distinction is for journey bought via the Financial institution of America®️ Journey Heart. Purchases made on this on-line reserving platform earn 3 factors per greenback spent, and there is not any restrict on the quantity of factors you’ll be able to earn annually.

Whereas utilizing this card means you’ll presumably sacrifice the power to earn bonus factors by spending in particular classes with different playing cards, it additionally provides you the ease of simplicity; you’ll by no means must calculate which card to tug out at checkout.

Nerdy tip: When utilizing the Financial institution of America® Journey Heart, remember that many lodges don’t give elite evening credit or elite standing advantages to third-party bookings, which can influence your keep.

3. The rewards redemption alternatives

Financial institution of America® Journey Rewards bank card rewards are straightforward to make use of. Every level is value 1 cent, and you may redeem these as assertion credit towards sure purchases, like journey and eating. This implies you need to use your factors to wipe out fees for takeout, trip leases, trip packages and extra.

When you don’t get that privilege with the Financial institution of America® Journey Rewards bank card, with the ability to “erase” purchases with assertion credit nonetheless gives flexibility along with your purchases.

4. The extra card advantages

Like many different playing cards, the Financial institution of America® Journey Rewards bank card gives extra advantages than simply incomes and redeeming factors. Since it is a journey card, you could be questioning: Does the Financial institution of America® Journey Rewards bank card cowl automobile rental insurance coverage or supply journey insurance coverage?

The reply to each of those questions isn’t any. Though loads of journey bank cards supply each rental automobile and journey insurance coverage, the Financial institution of America® Journey Rewards bank card doesn’t.

Nonetheless, it does present a low introductory APR, a $0 annual charge and no international transaction charges, which is crucial when touring overseas. Apart from this, journey advantages are sparse. You gained’t discover any airport lounge entry or annual journey credit with the Financial institution of America® Journey Rewards bank card, in contrast to some higher-end journey bank cards.

5. The Most well-liked Rewards

Beneath Most well-liked Rewards, Financial institution of America will award you further factors based mostly on the rewards tier you belong to. Your tier depends on the balances in each your Financial institution of America deposit accounts and/or Merrill funding accounts.

(no accounts, or mixed balances beneath $20,000)

(mixed balances of $20,000 to $49,999)

(mixed balances of $50,000 to $99,999)

(mixed balances of $100,000 to $1,000,000)

So as to be eligible for Most well-liked Rewards, it’s essential to have an energetic Financial institution of America checking account and have had a median mixed each day steadiness of no less than $20,000 for 3 months previous to enrollment (some exceptions apply). When you qualify, you’ll must register for this system.

So what does this imply in observe? Let’s say that you just qualify for the Gold tier of Most well-liked Rewards. In consequence, you’ll earn 25% extra factors on each buy. If you happen to spend $1,000, you’ll earn 1,875 factors as a Gold member, slightly than the 1,500 factors you’d obtain with no standing. And as a Platinum Honors member with a 75% factors bonus, you’d earn 2,625 factors.

If you happen to’re trying to get the Financial institution of America® Journey Rewards bank card

The Financial institution of America® Journey Rewards bank card is a stable no-fee choice for these searching for simplicity. A flat incomes fee and assertion credit score redemptions take the guesswork out of journey rewards. If you happen to’re eligible for Most well-liked Rewards, the cardboard turns into much more profitable, incomes as much as 75% extra factors to your purchases.

Nonetheless, the cardboard lacks journey advantages supplied by higher-end journey bank cards, akin to insurance coverage, airport lounge entry and complimentary elite standing. Nonetheless, in the event you’re in search of a journey bank card with out an annual charge and have the potential to earn additional bonus factors as a Financial institution of America banking buyer, the Financial institution of America® Journey Rewards bank card would be the proper choice for you.

Tips on how to maximize your rewards

You desire a journey bank card that prioritizes what’s vital to you. Listed below are our picks for the greatest journey bank cards of 2022, together with these greatest for:

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