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 if you’re a member of the Financial institution of America Most popular Rewards® program. Nevertheless, with out the Most popular Rewards incomes bonus, the cardboard falls quick 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 rookies, factors and miles can appear daunting. For some folks new to incomes bank card rewards, the concept of transferring factors and looking for the very best redemptions may be thrilling but additionally nerve-wracking — if that is you, you are not alone.
Many rookies surrender 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 price, and we advocate candidates have a credit score rating of 670 or greater to extend their possibilities of approval.
Factors and miles execs will seemingly not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes fee and redemption course of gives a pleasant place to begin for rookies.
Let’s dig into the cardboard particulars so you possibly can resolve if it is best for you.
Financial institution of America Journey Rewards execs and cons
Limitless flat incomes fee
No annual price
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 fee of 1 cent per level towards journey or eating purchases, so this bonus is value $250 — a strong supply however considerably much less useful than what you will discover on different high journey playing cards.
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It isn’t a flashy bonus, however it’s straightforward to earn for the reason that minimal spending requirement is well attainable. And for the reason that card has no annual price, you are basically incomes rewards on purchases you’d usually make with none up-front price. 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 main points differ from card to card. The wording for the Journey Rewards card states:
“This card is probably not accessible to you when you presently have or have had the cardboard within the previous 24 month interval.”
This implies you can get a second Journey Rewards card when you beforehand held one; you simply have to make certain that a minimum of 24 months have handed because you closed your earlier Journey Rewards card account.
Associated: The last word information to bank card utility restrictions
Financial institution of America Journey Rewards advantages
The actual advantage of the Financial institution of America Journey Rewards is its simplicity. There aren’t any bonus classes, incomes caps or switch companions. For rookies, that may be a good way to start out a factors and miles journey.
As a cardholder, you will get pleasure from no international transaction charges if you swipe the cardboard exterior 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. Nevertheless, 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 checklist of advantages, however the ones you do get are first rate for a no-annual-fee card. Verify your Journey Rewards Information to Advantages for a complete checklist of each perk you will obtain via 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 will earn 3 factors per greenback spent on journey purchases booked via the Financial institution of America Journey Middle. You may additionally earn limitless 1.5 factors per greenback spent on each buy. There is not any yearly cap on rewards earned, and your factors will not expire for so long as your account is open.
It is a pretty normal incomes fee for a no-annual-fee card, although you’ll find playing cards with extra aggressive reward buildings. Nevertheless, the rewards construction turns into rather more useful when you qualify for the Financial institution of America Most popular Rewards program.
To enroll in Most popular Rewards, you will want an eligible Financial institution of America private checking account and a three-month common day by day steadiness of a minimum of $20,000 throughout your Financial institution of America and Merrill accounts.
There are 4 ranges of Most popular Rewards, and every comes with an incomes bonus on the Journey Rewards card.
As you possibly can see, these with Platinum Honors and Diamond can earn a minimum of 2.625 factors per greenback spent on each buy, which is a powerful return for on a regular basis purchases.
Plus, you will obtain a financial savings account curiosity bonus, discounted banking and investing charges and discounted charges on auto loans and mortgages.
That mentioned, the incomes fee of 1.5 factors per greenback is lackluster when you aren’t a Most popular Rewards member. Even Gold tier members can seemingly 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).
Whenever you make a purchase order, merely log in to your account and choose any qualifying transaction from the earlier 12 months.
Though journey lovers may even see this as a drawback, rookies may rejoice at this no-stress course of.
You do not have to consider maximizing reward redemptions or determining one of the best switch associate for reserving your journey, which generally is a headache for somebody in search of a easy, no-frills option to earn and use their factors.
You can even use your factors for a money reward — a examine or a deposit right into a qualifying Financial institution of America account. Nevertheless, you will get a price of simply 0.6 cents per level this manner (2,500 factors = $15), so that you’re significantly better off utilizing them for journey or eating purchases.
Lastly, you possibly can redeem your factors for present 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 if you need extra perks or a unique incomes construction than what the Financial institution of America Journey Rewards card affords.
If you’d like extra perks: The Financial institution of America® Premium Rewards® bank card is a mid-tier journey card with a $95 annual price. It earns the identical 1.5 factors per greenback base fee because the Journey Rewards card, however you will 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’d 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 inns and automobile leases booked via Capital One Journey. Nevertheless, the cardboard shines by supplying 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’d like much more money again: The Chase Freedom Limitless® (see charges and charges) is one other nice no-annual-fee card choice. It affords 5% money again on journey booked via Chase Journey℠, 3% again at eating places and drugstores, 2% money again on Lyft rides via Sept. 30, 2027 and 1.5% again on all different purchases. To be taught extra, see our full assessment of the Freedom Limitless.
For extra choices, try our full checklist of one of the best cash-back bank cards.
Is the Financial institution of America Journey Rewards value it?
Should you’re in search of simplicity in incomes and redeeming factors, the no-annual-fee Financial institution of America Journey Rewards card might be a great choice, particularly when you’re a Financial institution of America Most popular Rewards buyer. Nevertheless, extra seasoned factors and miles vacationers will seemingly desire a card with greater incomes charges and extra redemption choices.
Backside line
The Financial institution of America Journey Rewards card affords a easy incomes fee and redemption choices many rookies will respect. Nevertheless, frequent vacationers who need higher incomes charges and the flexibleness of switch companions ought to contemplate different choices.
Apply right here: Financial institution of America Journey Rewards card
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