Instructions for Redeeming Points for Travel with Bank of America
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Bank of America is just one of many credit card issuers that offers cards with travel rewards like cash back, points, or miles. Although not as common as Chase or American Express travel credit cards, Bank of America cards can be quite lucrative and flexible, with the finer points depending on which card you choose.
Find out which Bank of America credit cards offer travel rewards, what those rewards entail, and how you can make the most of your Bank of America travel rewards points if you're ready to give them a try.
I was wondering which of Bank of America's credit cards offer travel rewards.
The credit cards from Bank of America that offer airfare discounts are:
Below, we'll highlight the Bank of America Travel Rewards credit card and the Bank of America Premium Rewards credit card as the two primary travel reward cards offered by the bank.
The Bank of America® Visa® Card with Travel Rewards
- When you open an account and spend $1,000 in the first 90 days, you'll receive 25,000 bonus points (worth $250).
- Reward Percentage: Uncapped at 1 Earn 5 points for every $1 spent.
- There is no yearly membership fee.
- Advantages: no additional charges for making international transactions
- There is an introductory annual percentage rate (APR) promotion that offers a 0% APR for the first 18 billing cycles on purchases and for the first 60 days on balance transfers. There will be a 18% increase in the regular interest rate following the conclusion of the introductory A 24% – 28 Annual Percentage Rate (APR) of 24% applies if you don't pay off your loan All balance transfers incur a 3% (minimum $10) fee.
Unlike many of its competitors, Bank of America's Travel Rewards credit card does not charge an annual fee. In addition, for a limited time the promotional APR on purchases can help you save money on interest.
Premium Rewards Credit Card from Bank of America
- Spend $3,000 on qualifying items within 90 days of account opening and receive 50,000 bonus points (worth $500).
- There is no cap on the number of points you can earn for spending money on travel or dining out, and you can earn 2 points for every dollar spent on either. Other purchases earn five times as many points per dollar.
- It costs per year to maintain.
- The benefits include a $100 annual credit toward airfare, $100 every four years toward a Global Entry or TSA PreCheck membership, and no fees for making purchases in a foreign currency.
We like the Bank of America Premium Rewards credit card because it offers bonus points for dining out and traveling at a rate of 2X, plus 1X on all other purchases. Any other purchases earn five times as many points ($5) Plus, there are no foreign transaction fees and multiple travel credits included.
The Chase Sapphire Preferred® Card is yet another top beginner travel credit card, but it has a higher annual fee of and a more generous welcome bonus worth 0 (earn 60,000 bonus points after spending $4,000 on purchases within the first 3 months from account opening). That's 0 when redeemed through Chase Ultimate Rewards®, plus 25% more points for flights booked through Chase Ultimate Rewards®, and travel credits. 5X points on travel booked through Chase Ultimate Rewards and Lyft rides (Lyft offer through March 2025); 3X points on dining, select streaming services, and online grocery purchases (excluding Walmart) are all available to cardholders of the Chase Sapphire Preferred. Stores like Target and wholesale clubs earn 3X points, while all other travel earns 2X points, and everything else earns 1X points.
Prepaid credit cards that partner with Bank of America
A surprising variety of co-branded travel credit cards, catered to fans of specific brands, are also available from Bank of America. Here are some of them:
Guidelines for using Bank of America Rewards Points to Book a Vacation
Depending on the Bank of America card you have, there may be a few different ways you can cash in your travel rewards.
Bank of America Premium Rewards cardholders, for instance, can redeem their points for merchandise, cash back, and travel purchases made through the Bank of America Travel Center, as well as for deposits or statement credits to eligible Bank of America or Merrill accounts.
You can get a statement credit, a gift card, or even a statement credit toward travel expenses when you use your Bank of America Travel Rewards credit card. You can use your card to book travel on any site, including discount travel sites, which isn't the case with other travel rewards programs. Expensive meals, drinks, airfare, and admission to museums are all examples of expenses that qualify as "travel-related purchases." Afterwards, you can use your Bank of America account to exchange your points for a statement credit that can be used for future trips.
The Best Way to Use Your Bank of America Miles for Vacations
Use as much forethought as possible when redeeming your Bank of America travel rewards points. You should think about how you can maximize your rewards and how you can earn more points on your spending before you redeem your points.
Sign up for Bank of America's Preferred Rewards today.
Becoming a member of the Bank of America Preferred Rewards program is a great way to maximize your Bank of America travel rewards. Doing so can increase your reward rate from one dollar spent by 25% to . However, please be aware that there are specific requirements that must be met before you can participate in this program.
- Open and qualifying checking account with Bank of America
- Having a minimum of $20,000 spread across eligible Bank of America and Merrill investment accounts on a daily basis for a period of three months
It's worth noting that Bank of America Preferred Rewards program members who have cash on deposit are eligible for additional benefits like savings bonuses and loan discounts. The following table details the membership tiers, the minimum balance required to enter each tier, and the potential increase in rewards for each tier.
Bank of America's Preferred Rewards program has high minimum balance requirements, but those who meet them can earn a lot of bonus points on their purchases. As an illustration, Platinum Honors members of the Bank of America Premium Rewards credit card can earn up to 3 bonus points per dollar spent. Five times the points on dining out and travel expenses, up to two times the points on other purchases. Sixty-two times the points on all other purchases
It's also important to know that the Bank of America Preferred Rewards program has two additional tiers, Diamond and Diamond Honors. Only private customers have access to these tiers.
Explore various booking options on the travel website.
Keep in mind that you can reserve flights on more than 200 different airlines and stay at any of the more than 200,000 hotels and resorts offered through the Bank of America Travel Center. Depending on your credit card, you may be able to redeem your points for a statement credit or for travel booked through the Bank of America Travel Center. It is possible to ensure that you are receiving the best possible price by performing a price comparison.
Select a card that charges you a yearly fee.
Finally, before applying for a card from this issuer, give some thought to what you hope to accomplish on your upcoming trip. After all, there are more perks and advantages to using a card that charges an annual fee. The Bank of America Premium Rewards card, for instance, offers a much more generous sign-up bonus and rewards on travel and dining purchases for its annual fee. credits of up to $100 toward the cost of joining Global Entry or TSA PreCheck every four years, and up to $100 toward the cost of airfare All of this has the potential to put you financially "ahead."
When signing up for a Bank of America credit card, it's important to compare the various rewards card options, as the rewards structure and associated perks can vary. For the time being, it's a good idea to compare the cards offered by this issuer to those offered by Citi, Chase, American Express, and other major issuers who specialize in travel rewards credit cards. It's possible that Bank of America offers the perfect travel rewards card for your needs, but you won't know for sure unless you apply.
Data for the Bank of America Travel Rewards credit card was last updated on January 6, 2023.
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