Financial institution of America Journey Rewards bank card overview
The no-annual-fee Financial institution of America® Journey Rewards bank card has the potential to be a strong flat-rate card in case you are a member of the Financial institution of America Most well-liked Rewards® program. Nonetheless, with out the Most well-liked Rewards incomes bonus, the cardboard falls brief in comparison with different flat-rate playing cards available on the market. Card score*: ⭐⭐⭐
*Card score relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
For newbies, factors and miles can appear daunting. For some individuals new to incomes bank card rewards, the concept of transferring factors and looking for the very best redemptions might be thrilling but additionally nerve-wracking — if that is you, you are not alone.
Many newbies hand over on utilizing bank card rewards to pay for journey as a result of it appears too difficult.
That is the place an choice just like the Financial institution of America Journey Rewards card comes into play. It has no annual charge, and we advocate candidates have a credit score rating of 670 or larger to extend their probabilities of approval.
Factors and miles professionals will possible not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes price and redemption course of gives a pleasant place to begin for newbies.
Let’s dig into the cardboard particulars so you’ll be able to resolve if it is best for you.
Financial institution of America Journey Rewards professionals and cons
Limitless flat incomes price
No annual charge
No international transaction charges
Financial institution of America doesn’t supply airline or resort switch companions like different playing cards do
No journey and buy protections
Financial institution of America Journey Rewards welcome supply
New Financial institution of America Journey Rewards cardholders can earn 25,000 on-line bonus factors after spending $1,000 within the first 90 days of account opening.
These factors are redeemable at a flat price of 1 cent per level towards journey or eating purchases, so this bonus is value $250 — a strong supply however considerably much less invaluable than what you may discover on different high journey playing cards.
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It isn’t a flashy bonus, however it’s simple to earn because the minimal spending requirement is definitely attainable. And because the card has no annual charge, you are basically incomes rewards on purchases you’d usually make with none up-front value. That is the usual welcome bonus on the Financial institution of America Journey Rewards card.
In terms of eligibility, the Financial institution of America Journey Rewards card does have a 24-month restriction, although the small print fluctuate from card to card. The wording for the Journey Rewards card states:
“This card might not be out there to you if you happen to presently have or have had the cardboard within the previous 24 month interval.”
This implies you could get a second Journey Rewards card if you happen to beforehand held one; you simply have to make certain that at the least 24 months have handed because you closed your earlier Journey Rewards card account.
Associated: The final word information to bank card utility restrictions
Financial institution of America Journey Rewards advantages
The true advantage of the Financial institution of America Journey Rewards is its simplicity. There aren’t any bonus classes, incomes caps or switch companions. For newbies, that may be a good way to begin a factors and miles journey.
As a cardholder, you may get pleasure from no international transaction charges if you swipe the cardboard outdoors the U.S. Many no-annual-fee playing cards have international transaction charges, so it is a nice profit.
As anticipated with a no-annual-fee card, you will not get any luxurious perks. Nonetheless, since it’s a Visa Signature card, you’ll nonetheless have entry to sure journey protections and advantages, together with zero fraud legal responsibility and roadside help.
Once more, this is not an in depth record of advantages, however the ones you do get are respectable for a no-annual-fee card. Test your Journey Rewards Information to Advantages for a complete record of each perk you may obtain by means of this card’s Visa Signature branding.
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Incomes factors on the Financial institution of America Journey Rewards
The Financial institution of America Journey Rewards card has a easy incomes construction, however there’s greater than meets the attention.
For starters, you may earn 3 factors per greenback spent on journey purchases booked by means of the Financial institution of America Journey Heart. You may additionally earn limitless 1.5 factors per greenback spent on each buy. There is no yearly cap on rewards earned, and your factors will not expire for so long as your account is open.
This can be a pretty customary incomes price for a no-annual-fee card, although yow will discover playing cards with extra aggressive reward buildings. Nonetheless, the rewards construction turns into far more invaluable if you happen to qualify for the Financial institution of America Most well-liked Rewards program.
To enroll in Most well-liked Rewards, you may want an eligible Financial institution of America private checking account and a three-month common every day steadiness of at the least $20,000 throughout your Financial institution of America and Merrill accounts.
There are 4 ranges of Most well-liked Rewards, and every comes with an incomes bonus on the Journey Rewards card.
As you’ll be able to see, these with Platinum Honors and Diamond can earn at the least 2.625 factors per greenback spent on each buy, which is a formidable return for on a regular basis purchases.
Plus, you may obtain a financial savings account curiosity bonus, discounted banking and investing charges and discounted charges on auto loans and mortgages.
That mentioned, the incomes price of 1.5 factors per greenback is lackluster if you happen to aren’t a Most well-liked Rewards member. Even Gold tier members can possible do higher with one other rewards card.
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Redeeming factors on the Financial institution of America Journey Rewards
Financial institution of America factors act extra like cash-back rewards since every level is value 1 cent. You’ll be able to redeem factors as a press release credit score for journey or eating purchases (beginning at a minimal of two,500 factors).
If you make a purchase order, merely log in to your account and choose any qualifying transaction from the earlier 12 months.
Though journey lovers might even see this as an obstacle, newbies would possibly rejoice at this no-stress course of.
You do not have to consider maximizing reward redemptions or determining the very best switch accomplice for reserving your journey, which is usually a headache for somebody in search of a easy, no-frills solution to earn and use their factors.
It’s also possible to use your factors for a money reward — a verify or a deposit right into a qualifying Financial institution of America account. Nonetheless, you may get a price of simply 0.6 cents per level this fashion (2,500 factors = $15), so that you’re a lot better off utilizing them for journey or eating purchases.
Lastly, you’ll be able to redeem your factors for reward playing cards, although the precise worth varies by service provider.
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Which playing cards compete with the Financial institution of America Journey Rewards?
One in every of these could also be a greater match in order for you extra perks or a special incomes construction than what the Financial institution of America Journey Rewards card affords.
If you would like extra perks: The Financial institution of America® Premium Rewards® bank card is a mid-tier journey card with a $95 annual charge. It earns the identical 1.5 factors per greenback base price because the Journey Rewards card, however you may additionally earn 2 factors per greenback on journey and eating purchases and get extra journey perks. To be taught extra, see our full assessment of the Financial institution of America Premium Rewards card.If you would like extra versatile rewards: The Capital One VentureOne Rewards Credit score Card earns 1.25 miles per greenback spent on on a regular basis purchases and 5 miles per greenback on lodges and automobile leases booked by means of Capital One Journey. Nonetheless, the cardboard shines by providing you with entry to the issuer’s 15-plus switch companions, together with British Airways, Turkish Airways and Wyndham. To be taught extra, see our full assessment of the Capital One VentureOne Rewards.If you would like much more money again: The Chase Freedom Limitless® (see charges and costs) is one other nice no-annual-fee card choice. It affords 5% money again on journey booked by means of Chase Journey℠, 3% again at eating places and drugstores, 2% money again on Lyft rides by means of Sept. 30, 2027 and 1.5% again on all different purchases. To be taught extra, see our full assessment of the Freedom Limitless.
For added choices, take a look at our full record of the very best cash-back bank cards.
Is the Financial institution of America Journey Rewards value it?
When you’re in search of simplicity in incomes and redeeming factors, the no-annual-fee Financial institution of America Journey Rewards card could possibly be a very good choice, particularly if you happen to’re a Financial institution of America Most well-liked Rewards buyer. Nonetheless, extra seasoned factors and miles vacationers will possible desire a card with larger incomes charges and extra redemption choices.
Backside line
The Financial institution of America Journey Rewards card affords a easy incomes price and redemption choices many newbies will admire. Nonetheless, frequent vacationers who need higher incomes charges and the pliability of switch companions ought to take into account different choices.
Apply right here: Financial institution of America Journey Rewards card
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