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If you’re looking for a travel credit card that’s simple and rewarding, the Bank of America Travel Rewards Credit Card could be the perfect fit. In this credit card review, we’ll explore its key features, benefits, and a few things you might want to keep in mind before deciding if this card is right for your travel plans.
Also, you’ll understand how to redeem Bank of America Travel Rewards Credit Card for maximum benefits and make the most out of your points on your next adventure. Without further ado, here’s a closer look at what makes this card stand out.
Features of the Bank of America Travel Rewards Credit Card
One of the card’s main features is the security it offers. You’ll have a $0 Liability Guarantee on unauthorized transactions, so if anything suspicious happens, Bank of America will notify you right away.
Another useful feature is the Balance Connect, which provides overdraft protection when you link your Bank of America checking account. If you’re worried about declined purchases or bounced checks, this service helps you avoid those problems without transfer fees (although other fees may apply).
You can even opt for paperless statements to enhance your account security and reduce paper clutter.
For those who prefer digital payments, the Bank of America Travel Rewards Credit Card supports Apple Pay, Google Pay, and Samsung Pay, making it easy to use for online or in-store purchases with just your phone.
The card also comes with contactless chip technology, allowing you to make quick and secure payments by tapping your card where you see the Contactless Symbol.
Managing your card is also hassle-free. With Bank of America’s mobile and online banking, you can check your balance, pay bills, and set up alerts to remind you of upcoming payments — keeping your finances in check no matter where you are.
Pros and Cons of the Bank of America Travel Rewards Credit Card
This Bank of America Travel Rewards Credit Card comes with pros and cons. Let’s explore them:
Pros
Here are the benefits:
- Free FICO Score: With this feature, you can keep an eye on your credit score, which updates monthly and is available for free via mobile or online banking.
- No Foreign Transaction Fees: If you’re traveling or making purchases abroad, there’s good news — there are no foreign transaction fees, making this card a solid choice for international use.
Cons
Here is a con:
- Penalty APR: If you miss a payment, your penalty APR could go up to 29.99%, though this won’t apply to your current balance.
Rates and Fees
When you sign up for the card, you’ll enjoy a 0% introductory APR for purchases for the first 15 billing cycles. After that, the APR ranges from 18.74% to 28.74%, depending on your credit. This APR is variable, based on the Prime Rate.
For balance transfers made within 60 days of account opening, you’ll get the same 0% APR for 15 billing cycles. After the intro period, balance transfer APRs match the standard purchase APR.
Cash advances come with an APR ranging from 21.74% to 28.74%, and late payments could result in a penalty APR up to 29.99%, which would apply indefinitely if triggered.
For balance transfers, if you make one within the first 60 days of opening your account, you’ll pay an introductory fee of 3% on the amount transferred. After that period, the fee increases to 4% per transaction.
When it comes to cash advances, the fee structure varies. For Direct Deposit and Check Cash Advances, you’ll be charged 4% of the amount. However, for ATM, Over-the-Counter, Same-Day Online, and Cash Equivalent advances, the fee jumps to 5% per transaction.
There are no annual fees. Lastly, for late payments, the penalty can be as high as $40.
Requirements and Eligibility Criteria
To qualify for the Bank of America Travel Rewards Credit Card, you need to be at least 18 years old, or 21 if you live in Puerto Rico. Your residential address must be within the U.S. or its territories.
By applying, you authorize Bank of America to review your credit report and other relevant details to determine eligibility. If you add an authorized user, you’ll need their permission, and their account activity will show up on their credit report.
Once approved, you’ll receive a Credit Card Agreement that outlines your terms.
How to Apply for the Bank of America Travel Rewards Credit Card?
Applying is easy! Head to the Bank of America website, click “Apply Now,” and fill out the application form. You could get a response in as little as 30 seconds.
If you’re already a Bank of America customer, you’ll need to provide your name, address, phone number, and email address. And remember, if you provide a phone number, you’re giving them permission to contact you with automated messages and data rates may apply.
Conclusion
The Bank of America Travel Rewards Credit Card is a great choice for travelers looking for a hassle-free way to earn points on all their purchases. With no annual or foreign transaction fees and the opportunity to accumulate points for travel without any blackout dates, it’s certainly a card worth considering.
