3 Unique Perks of the Bank of America Travel Rewards Card

The Bank of America® Travel Rewards credit card is designed to appeal to travelers, especially those who would like to redeem their points for expenses beyond the typical options of flights, hotels, and rental car reservations.

Some of the perks and benefits of the Bank of America® Travel Rewards credit card aren’t particularly unique, such as its $0 annual fee. But there are some features that are unique. Here are three in particular you should know about before deciding whether the Bank of America® Travel Rewards credit card is a good fit for you.

1. Decent everyday earnings rate

The Bank of America® Travel Rewards credit card earns 1.5 points per per $1 spent on all purchases (essentially a 1.5% rewards rate, since points are typically worth $0.01). There are no categories or limits to worry about.

To be fair, this isn’t the industry’s highest rewards rate. At least, not at baseline. But when combined with the next unique perk, it can make this a solid travel rewards card.

2. Preferred Rewards bonus

The Bank of America Preferred Rewards loyalty program is one of the best in the banking business and can help make the bank’s credit cards far more competitive for its members. Among other benefits, members get a 25% to 75% bonus on credit card rewards, depending on status level.

Tiers depend on how much you have in combined balances at Bank of America and Merrill Edge accounts. If you qualify for the 75% rewards bonus, which requires a $100,000 combined Bank of America and Merrill Edge balance, it can be an especially big deal. After all, the card’s standard 1.5 points per per $1 spent on all purchases rewards rate is strong, but not industry leading.

But after a 75% boost, it becomes a 2.25% rewards rate on all purchases. This is an excellent rewards rate, especially for a credit card without a $0 annual fee.

3. Flexible redemption options

Many travel credit cards require you to redeem points through their own travel portal, and this can be a bit of a pain point. Not only do these portals often list only certain airlines and hotels, but this makes some categories ineligible for “travel” redemptions, including cruises, spending with preferred travel agencies, amusement park tickets, and other tourist attractions.

With the Bank of America® Travel Rewards credit card, you simply request a statement credit to offset the cost of whatever qualifying travel expenses you want to use your points for. You can also request a statement credit for dining purchases. Bank of America has one of the most extensive lists of what spending qualifies, so this can make redemption much more flexible.

In addition, you can choose to redeem points for cash rewards, either as a check or direct deposit to a Bank of America account, or for gift cards. However, these two options receive a point valuation of less than $0.01.

Is the Bank of America Travel Rewards right for you?

The Bank of America® Travel Rewards credit card is a solid $0 annual fee travel credit card. It generally has an excellent welcome offer, and it has a very broad definition of what expenses are considered to be travel-related.

Although it doesn’t have quite as many perks as some other, more costly travel credit cards, it offers a solid earnings rate, easy point redemption, and is an especially good product for Bank of America Preferred Rewards members.