Key takeaways
- The Bank of America travel rewards program can be lucrative and flexible, but the specifics of how you’ll earn points in this program depend on which credit card you sign up for.
- Most Bank of America travel rewards points can be redeemed for eligible travel purchases, cash back and gift cards.
- Bank of America Preferred Rewards members can earn an additional 25 percent to 75 percent more in rewards for each dollar spent.
Many issuers boast a lineup of rewards credit cards that let you earn cash back, points or miles on travel, and Bank of America is no exception. Although not as popular as travel credit cards from Chase or American Express, Bank of America travel cards can be rather lucrative and flexible, but the specifics will depend on which credit card you sign up for.
If you’re ready to give the Bank of America travel rewards program a chance, you should find out which Bank of America credit cards let you earn rewards for travel, which travel rewards benefits are offered and how Bank of America travel rewards points can be used to benefit you.
This guide will explain all of this and more with the goal of helping you maximize the features of the Bank of America travel rewards program.
Using Bank of America travel rewards points
When it comes to using Bank of America travel rewards, redemption options vary based on the type of card you have. Here’s an overview of the way you can use rewards with popular travel cards from this issuer.
Bank of America® Travel Rewards credit card
With the Bank of America Travel Rewards credit card (as well as the student and secured versions of this card), you can use your points for:
- Cash back in the form of a check or direct deposit to an eligible Bank of America or Merrill account
- A statement credit to cover eligible travel-related purchases
- Gift cards
Bank of America® Premium Rewards® credit card
The Bank of America Premium Rewards credit card lets you cash in your rewards for:
- Travel bookings through the Bank of America Travel Center
- Cash back in the form of a statement credit or a direct deposit to an eligible Bank of America or Merrill account
- Gift cards
Bank of America® Premium Rewards® Elite
With the Bank of America Premium Rewards Elite card*, you can redeem your points for:
- Travel bookings through the Bank of America Travel Center (with 20% savings on airfare)
- Cash back in the form of a statement credit or a direct deposit to an eligible Bank of America or Merrill account
- Travel, experiences, event tickets and more through Bank of America’s Concierge service
- Gift cards
What counts as travel with Bank of America travel rewards credit cards?
Unlike other travel rewards programs that limit what counts as travel when it comes to redeeming rewards, Bank of America’s program considers almost anything related to entertainment as travel. In addition to airlines, hotels, car rentals and eligible transit, travel-related purchases also include those made with eligible cruise lines, parking garages, travel agencies, tourist attractions, art galleries, zoos, aquariums, amusement parks and more.
Most cards from the issuer let you redeem your points for a travel credit statement through your Bank of America account. However, note that you’ll need at least $25 worth of points (2,500 points) to redeem for a travel credit. Gift card redemptions start at 3,125 points for a $25 gift card.
How to maximize Bank of America travel rewards points
To get the most of your travel rewards points with Bank of America, you should try to be as strategic as you can. When you go to redeem points, consider the ways you may be able to earn more points on your spending and any ways you can maximize your rewards.
Qualify for the Bank of America Preferred Rewards program
One major way to earn more Bank of America travel rewards involves qualifying for the Bank of America Preferred Rewards program. Doing so can net you an additional 25 percent to 75 percent more in rewards for each dollar you spend. However, you do need to meet certain qualifications for this program, such as having:
- An active, eligible Bank of America checking account
- A three-month average combined balance of at least $20,000 in eligible Bank of America accounts and/or Merrill investment accounts
Also, keep in mind that the Bank of America Preferred Rewards program offers additional perks like savings boosters and loan discounts for members with cash on deposit. The following chart shows how much more you could earn in rewards as a member, as well as how much you need to keep in eligible accounts to qualify for each tier.
| Tier | 3-month combined average daily balance | Credit card rewards bonus |
|---|---|---|
| Gold Tier | $20,000 to $49,999 | 25% |
| Platinum Tier | $50,000 to $99,999 | 50% |
| Platinum Honors Tier | $100,000 to $999,999 | 75% |
| Diamond Tier | $1 million to $9,999,999 | 75% |
| Diamond Honors | $10 million or more | 75% |
While the minimum balance requirements are high, the Bank of America Preferred Rewards program can help you earn considerably more points on your spending if you qualify. In fact, Bank of America Premium Rewards credit card members in the Platinum Honors tier or higher have the potential to earn up to 3.5X points for every dollar spent on travel and dining purchases and up to 2.62X points on other purchases.
Compare pricing in the travel portal
The Bank of America Travel Center lets you make travel bookings with over 200,000 hotels and resorts and more than 200 airlines, among other options. Since some Bank of America travel rewards credit cards let you redeem your points for either travel-related statement credits or travel booked through the Bank of America Travel Center, you should compare the prices offered in the travel portal with other travel sites. By comparing prices, you can make sure you get the best deal.
Decide whether a card with an annual fee is right for you
Finally, make sure to think about your goals before you sign up for a travel credit card from this issuer. It’s often tempting to just choose a card with no annual fee — and that might be the right move for you. However, a card with an annual fee typically comes with more benefits and perks.
For example, when you pay the $95 annual fee for the Bank of America Premium Rewards card, you’ll get higher rewards rates on travel and dining spending, up to a $100 annual credit for incidental airline expenses to cover eligible costs and up to a $100 application fee credit toward Global Entry or TSA PreCheck membership every four years. All of this could easily make the annual fee worthwhile for some people.
Which Bank of America cards earn travel rewards?
The main two Bank of America travel rewards cards are the Bank of America Travel Rewards credit card and the Bank of America Premium Rewards credit card. However, Bank of America also offers the Bank of America Premium Rewards Elite and the Bank of America® Travel Rewards credit card for Students.
The Bank of America® Travel Rewards Secured also offers an additional way to earn travel rewards for consumers with imperfect credit.
Bank of America also offers a surprising number of co-branded travel credit cards that are geared to loyalists with specific brands.. However, these cards earn rewards in their respective travel programs instead of points in the Bank of America Rewards program.
Examples of cards that earn other types of rewards include a number of airline rewards cards including the Alaska Airlines Visa Signature® credit card and the Free Spirit® Travel More World Elite Mastercard®*.
The bottom line
Bank of America travel rewards can work differently depending on the card you sign up for, so make sure to compare the best rewards cards available before you decide on a card. In the meantime, spend some time comparing cards from this issuer to top travel rewards credit cards from other major issuers. You may find that Bank of America has what you’re looking for in a travel rewards card, but you’ll never know for sure unless you check.
*Information about the Bank of America® Travel Rewards Secured and Free Spirit® Travel More World Elite Mastercard® has been collected independently by Bankrate. Card details have not been reviewed or approved by the card issuer.
Information regarding Bank of America credit cards was last updated on September 20, 2024.
Read the full article here
