Key Points

• The Bank of America Travel Rewards card earns 1.5 points per dollar with no annual fee and no foreign transaction fees, making it solid for beginners.
• Preferred Rewards members can boost earnings up to 2.625 points per dollar, but most cardholders won't qualify for these higher tiers.
• Better alternatives exist for most travelers, including the Wells Fargo Autograph and Capital One Venture cards.

Introduction

The Bank of America Travel Rewards credit card promises a simple value proposition: earn unlimited 1.5 points per dollar on every purchase, pay no annual fee, and redeem those points for travel statement credits. It sounds appealing on paper, especially for travelers who want to avoid the complexity of managing multiple bonus categories.

But here's the reality most reviews gloss over: this card's best features require you to park significant assets with Bank of America. Without those assets, you're looking at a middle-of-the-road rewards card that gets outperformed by several competitors. Let's break down whether this card actually deserves a spot in your wallet.

Quick Summary

Best For: Bank of America customers with $20,000+ in combined balances who want a simple, no-fee travel card

Standout Benefit: Preferred Rewards program can boost earning rates up to 75%

Biggest Drawback: Base earning rate falls short of competitors without Preferred Rewards status

Current Offer: 25,000 bonus points after spending $1,000 in the first 90 days (worth $250 in travel statement credits)

Bank of America Travel Rewards Overview

The Bank of America Travel Rewards credit card positions itself as a straightforward travel rewards option for people who don't want to track bonus categories or pay annual fees. You earn 1.5 points per dollar on all purchases, and those points are worth one cent each when redeemed for travel or dining statement credits.

Where things get interesting is Bank of America's Preferred Rewards program. If you maintain combined balances of $20,000 or more in Bank of America checking, savings, and Merrill investment accounts, your earning rate jumps to 1.875 points per dollar. Hit $50,000 in balances, and you're earning 2.25 points per dollar. At $100,000 or more, you're looking at 2.625 points per dollar on every purchase.

The current welcome bonus offers 25,000 points after you spend $1,000 in the first 90 days. That's a $250 value toward travel purchases, which represents solid value for meeting such a low spending threshold. The card also includes 0% intro APR for 15 billing cycles on purchases and balance transfers, making it one of the few travel cards that doubles as a balance transfer option.

Key Features and Benefits

Flexible Redemption Options

Bank of America defines travel broadly for redemption purposes. You can use points for statement credits against airlines, hotels, car rentals, cruises, campgrounds, and even amusement parks. Restaurant purchases also qualify, which expands your redemption flexibility beyond what many travel cards offer.

The redemption process is straightforward: make an eligible purchase, then apply your points as a statement credit. You don't need to book through a specific portal or deal with availability restrictions. However, there's a catch that trips up some cardholders. You can only redeem points against purchases made within the previous 12 months, and redemptions are limited to your most recent 2,500 qualifying purchases. For typical users, this won't matter, but heavy spenders should keep it in mind.

No Foreign Transaction Fees

International travelers will appreciate that the Bank of America Travel Rewards card charges no foreign transaction fees. Combined with Visa's widespread global acceptance, this makes the card functional for overseas use. That said, the 1.5 points per dollar earning rate means you're leaving value on the table compared to cards that offer bonus rewards on travel purchases.

Intro APR Period

Few travel cards offer 0% introductory APR periods, which makes this card unusual. You get 15 billing cycles at 0% on both purchases and balance transfers, giving you flexibility to finance a large purchase or consolidate existing debt while still earning travel rewards. The balance transfer fee is 3% during the first 60 days, then increases to 4%.

If you're carrying a balance, paying it off should be your priority before optimizing for rewards. But if you're planning a large purchase you know you can pay off within 15 months, this card lets you earn points on that spending without accruing interest.

Earning Structure Deep Dive

The earning structure is where the Bank of America Travel Rewards card shows both its potential and its limitations. Let's examine what you'll actually earn based on different spending scenarios.

Base Earning Rate

At 1.5 points per dollar, the base rate matches what you'd get from several no-annual-fee competitors. If you spend $20,000 annually on the card, you'll earn 30,000 points worth $300 in travel statement credits. That's a 1.5% return on all spending.

This rate is solid but not exceptional. You're essentially getting the equivalent of a flat 1.5% cash back card with the limitation that you must redeem for travel or dining. For cardholders who don't travel frequently, this restriction reduces flexibility without providing additional value.

Preferred Rewards Boost

The earning structure transforms entirely once you qualify for Preferred Rewards status. Here's how the tiers break down:

Gold Status ($20,000-$49,999 in combined balances): Earn 1.875 points per dollar, which equals a 1.875% return on all purchases. The same $20,000 in annual spending now generates 37,500 points worth $375.

Platinum Status ($50,000-$99,999 in combined balances): Earn 2.25 points per dollar, delivering a 2.25% return. That $20,000 in spending becomes 45,000 points worth $450.

Platinum Honors ($100,000+ in combined balances): Earn 2.625 points per dollar for a 2.625% return. Your $20,000 in annual spending generates 52,500 points worth $525.

At Platinum Honors status, this becomes one of the highest-earning flat-rate cards available, beating even the Capital One Venture at 2x miles per dollar. The problem is that requiring $100,000 in combined balances prices out most cardholders from achieving this rate.

Reality Check on Preferred Rewards

Here's what most reviews don't emphasize: the Preferred Rewards program requires you to keep substantial assets with Bank of America or Merrill. For many people, this creates an opportunity cost. Those same assets could be invested in lower-fee index funds at Vanguard or Fidelity, or earning higher yields in a separate high-yield savings account.

Before committing to Preferred Rewards for the earning boost, calculate whether the extra points justify any reduced returns or higher fees you might pay by keeping assets with Merrill. For some people, the answer is yes, particularly if you're already happy with Merrill's investment options. For others, you're better off with a card that offers competitive returns without asset requirements.

Pros and Cons

Pros

• No annual fee keeps the card cost-free to maintain long-term, which helps your credit utilization and account age
• No foreign transaction fees make it functional for international travel, unlike many no-fee cards that charge 3% abroad
• Preferred Rewards boost can push earning rates well above competitors, reaching up to 2.625% returns at the highest tier
• Intro APR period provides 15 months of 0% interest on purchases and balance transfers, rare among travel cards
• Broad redemption categories include restaurants alongside standard travel purchases, increasing your flexibility

Cons

• Base earning rate of 1.5 points per dollar gets outperformed by cards with bonus categories in popular spending areas like dining and travel
• Best earning rates require $20,000 to $100,000 in combined Bank of America and Merrill balances, pricing out most cardholders
• Points are worth only 0.6 cents each when redeemed for cash, making travel redemption essentially mandatory to get full value
• 12-month redemption window requires you to redeem against purchases made within the past year, creating a use-it-or-lose-it element
• No transfer partners means you can't move points to airline or hotel programs for potentially higher redemption values

How the Bank of America Travel Rewards Compares

Choosing the right no-annual-fee travel card requires comparing real-world earning potential. Here's how the Bank of America Travel Rewards stacks up against its main competitors.

Wells Fargo Autograph

The Wells Fargo Autograph earns 3x points per dollar at restaurants, travel, gas stations, transit, streaming services, and phone plans, with 1x per dollar on everything else. If your spending concentrates in these bonus categories, you'll significantly outearn the Bank of America Travel Rewards card.

Consider a cardholder who spends $500 monthly on dining and gas, $300 on travel and streaming, and $700 on everything else. With the Wells Fargo Autograph, that's 2,400 bonus category points plus 700 base points monthly, totaling 3,100 points. The Bank of America Travel Rewards would earn 2,250 points on the same spending at the base rate.

The Autograph also offers transfer partners through Wells Fargo's Rewards program, giving you the option to potentially get outsized value by transferring to airline partners. Bank of America offers no such flexibility.

Winner: Wells Fargo Autograph for most spending patterns, unless you qualify for Bank of America's higher Preferred Rewards tiers.

Capital One Venture

The Capital One Venture earns 2x miles per dollar on all purchases with a $95 annual fee. Those miles are worth one cent each when redeemed for travel, giving you a flat 2% return. The card also offers transfer partners, letting you move miles to airlines like Air Canada Aeroplan, Turkish Miles & Smiles, and others for potentially higher value.

Against the Bank of America Travel Rewards' base 1.5x rate, the Venture wins easily. You'd need to spend at least $19,000 annually for the Venture's extra earnings to offset its $95 fee, but most travel cardholders spend well above that threshold.

However, if you qualify for Bank of America's Platinum Honors status at 2.625x, you'd beat the Venture's earning rate while paying no annual fee. The question is whether maintaining $100,000 with Bank of America makes sense for your broader financial picture.

Winner: Capital One Venture for most travelers. Bank of America wins only at Platinum Honors status.

Capital One VentureOne

The Capital One VentureOne earns 1.25 miles per dollar on all purchases with no annual fee. This is the closest direct competitor to the Bank of America Travel Rewards card, and Bank of America wins on earning rate alone: 1.5x versus 1.25x.

However, VentureOne cardholders can transfer miles to Capital One's airline partners, creating potential for outsized value on specific redemptions. If you'd use transfer partners to book premium cabin flights at inflated values, the VentureOne's flexibility might trump the Bank of America card's higher base rate.

Winner: Bank of America Travel Rewards for straightforward statement credit redemptions. VentureOne for cardholders who'll use transfer partners strategically.

Discover it Miles

The Discover it Miles earns 1.5 miles per dollar on all purchases with no annual fee and no foreign transaction fees, nearly identical to the Bank of America Travel Rewards. The key difference is redemption: Discover gives you the same value whether you redeem for travel or cash back.

This flexibility matters if you're not a frequent traveler. With Bank of America, you're locked into travel and dining redemptions to get full value. With Discover, you can take cash back at the same rate.

Discover also matches all miles earned in your first year, effectively doubling your rewards. That's a significant first-year bonus that Bank of America can't match.

Winner: Discover it Miles for new cardholders (first-year match) and anyone who wants cash back flexibility. Bank of America wins for established cardholders already in the Preferred Rewards program.

Who Should Get This Card

Great Fit For

Bank of America loyalists with Preferred Rewards status: If you already maintain $20,000 or more with Bank of America and Merrill, the boosted earning rates make this card genuinely competitive. At $50,000 or more in balances, you're beating most no-fee competitors.

Simple reward seekers: Not everyone wants to track bonus categories or manage multiple cards. If you value simplicity and just want to earn decent rewards on all purchases with no annual fee, this card delivers.

Balance transfer candidates who also travel: The combination of 0% intro APR for 15 months and travel rewards is uncommon. If you need to pay down debt while still earning points toward future trips, this card serves both purposes.

International travelers on a budget: No annual fee plus no foreign transaction fees makes this a functional card for overseas use. It won't maximize your returns, but it won't cost you anything to carry either.

Not Ideal For

Most travelers without Preferred Rewards status: At the base 1.5x earning rate, better options exist. The Wells Fargo Autograph earns 3x in multiple categories, and the Capital One Venture earns a flat 2x for only $95 annually.

Points maximizers: This card offers no transfer partners, no outsized category bonuses, and no way to extract more than one cent per point in value. If you're working to build transferable points for premium redemptions, look elsewhere.

People who want cash back flexibility: Points are worth only 0.6 cents each for cash redemption, effectively penalizing you for not traveling. If you want a flat-rate card without redemption restrictions, consider the Wells Fargo Active Cash at 2% back on everything.

Those unwilling to bank with Bank of America: The card's best feature requires you to concentrate assets with one institution. If you prefer to keep your banking, investing, and credit cards separate, you won't access the earning rates that make this card competitive.

Maximizing the Bank of America Travel Rewards Card

If you decide this card fits your needs, here's how to get the most value from it.

Optimize Your Preferred Rewards Status

The biggest returns come from climbing the Preferred Rewards tiers. If you're close to a threshold, consider whether consolidating accounts makes sense. Moving a savings account or rolling over an old 401(k) to Merrill could push you into a higher tier with significantly better earning rates.

Just make sure you're not sacrificing returns elsewhere. Compare Merrill's investment fees and savings rates against competitors before moving assets purely for credit card rewards.

Use the Card Strategically

At lower Preferred Rewards tiers, pair this card with others that offer category bonuses. Use the Bank of America Travel Rewards as your default card for non-bonus spending, and pull out cards with higher dining, travel, or grocery rates for those purchases.

At Platinum Honors status with 2.625x earnings, this card becomes your go-to for nearly everything. Few cards beat that flat rate, so you can simplify your wallet considerably.

Stack With the Bank of America Premium Rewards Card

The Bank of America Premium Rewards card earns 2 points per dollar on travel and dining, plus 1.5 points on everything else. Preferred Rewards boosts apply to this card too, so Platinum Honors members earn 3.5 points per dollar on travel and dining.

Pairing both cards lets you earn at accelerated rates: use Premium Rewards for travel and dining, and Travel Rewards for everything else. If you're already committed to Bank of America's ecosystem, this combination maximizes your returns across all spending.

Don't Let Points Expire

Points don't expire as long as your account remains open, but you can only redeem against purchases made within the past 12 months. This means you need to keep making travel or dining purchases to have something to redeem against.

If you're accumulating points without traveling, consider making occasional restaurant purchases to ensure you always have redemption opportunities. Otherwise, you could find yourself with points you can't easily use.

FAQ Section

What credit score do you need for the Bank of America Travel Rewards card?

Bank of America typically requires good to excellent credit for this card, generally meaning a FICO score of 670 or higher. If you're building credit or have a lower score, consider starting with the best credit cards for building credit before applying for travel rewards cards.

Can you transfer Bank of America Travel Rewards points to airlines or hotels?

No. Unlike Chase Ultimate Rewards or Capital One miles, Bank of America points cannot be transferred to airline or hotel partners. Your only redemption option for full value is statement credits against travel and dining purchases.

How do Bank of America Travel Rewards points compare to other rewards currencies?

Bank of America points are worth one cent each when redeemed for travel, similar to Capital One miles. They're worth significantly less than Chase Ultimate Rewards or Amex Membership Rewards when those are transferred to partners for premium cabin flights, where valuations can reach two cents or more per point.

Is the Preferred Rewards program worth it?

It depends on your existing relationship with Bank of America. If you already bank there and maintain significant balances, absolutely enroll. But opening accounts purely for the credit card earning boost requires careful analysis of what you'd give up by keeping assets with Bank of America versus elsewhere.

Does the Bank of America Travel Rewards card have an annual fee?

No. The card has no annual fee, making it cost-free to hold long-term. This is one of its genuine advantages over competitors like the Capital One Venture, which charges $95 annually.

Final Verdict

The Bank of America Travel Rewards credit card occupies an awkward middle ground in the no-annual-fee travel card space. At its base 1.5 points per dollar earning rate, it gets outperformed by the Wells Fargo Autograph with 3x bonus categories and even the flat 2x earning of the annual-fee Capital One Venture.

Where this card shines is within Bank of America's Preferred Rewards ecosystem. If you maintain $50,000 or more in combined balances, your effective earning rate climbs to 2.25% or higher, beating most competitors. At Platinum Honors status with $100,000 in balances, the 2.625% return on all spending is genuinely excellent for a no-fee card.

The question is whether you want to structure your finances around a credit card's reward rate. For existing Bank of America customers who already maintain substantial balances, this card is a no-brainer addition to your wallet. For everyone else, better options exist that don't require you to concentrate your assets with a single institution.

If you're just starting your travel rewards journey, consider whether you'd benefit more from cards with flexible points programs that offer transfer partners and multiple redemption options. The Bank of America Travel Rewards card works fine, but "fine" rarely makes for an exciting travel rewards strategy.

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