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 stable 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 in the marketplace. Card score*: ⭐⭐⭐
*Card score is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
For inexperienced persons, factors and miles can appear daunting. For some folks new to incomes bank card rewards, the concept of transferring factors and looking for the best possible redemptions might be thrilling but additionally nerve-wracking — if that is you, you are not alone.
Many inexperienced persons surrender on utilizing bank card rewards to pay for journey as a result of it appears too sophisticated.
That is the place an possibility 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 probabilities of approval.
Factors and miles execs will doubtless not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes price and redemption course of supplies a pleasant place to begin for inexperienced persons.
Let’s dig into the cardboard particulars so you’ll be able to determine if it is best for you.
Financial institution of America Journey Rewards execs and cons
| Professionals | Cons |
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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 stable supply however considerably much less beneficial than what you will discover on different high journey playing cards.
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It isn’t a flashy bonus, however it’s simple to earn for the reason that minimal spending requirement is definitely attainable. And for the reason that card has no annual price, you are primarily 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 relation to eligibility, the Financial institution of America Journey Rewards card does have a 24-month restriction, although the small print range from card to card. The wording for the Journey Rewards card states:
“This card is probably not accessible to you for those who at the moment have or have had the cardboard within the previous 24 month interval.”
This implies that you would be able to get a second Journey Rewards card for those who beforehand held one; you simply have to make sure that a minimum of 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 good thing about the Financial institution of America Journey Rewards is its simplicity. There aren’t any bonus classes, incomes caps or switch companions. For inexperienced persons, that may be a good way to begin a factors and miles journey.
As a cardholder, you will take pleasure in no international transaction charges whenever you swipe the cardboard exterior the U.S. Many no-annual-fee playing cards have international transaction charges, so this can be 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 checklist of advantages, however the ones you do get are respectable for a no-annual-fee card. Examine your Journey Rewards Information to Advantages for a complete checklist of each perk you will obtain by means of this card’s Visa Signature branding.
Associated: Earn rewards without cost with these no-annual-fee bank card methods
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 by means of the Financial institution of America Journey Middle. You will 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.
It is a pretty commonplace incomes price for a no-annual-fee card, although you will discover playing cards with extra aggressive reward constructions. Nonetheless, the rewards construction turns into rather more beneficial for those who qualify for the Financial institution of America Most well-liked Rewards program.
To enroll in Most well-liked Rewards, you will want an eligible Financial institution of America private checking account and a three-month common each day stability of a minimum of $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.
| Most well-liked Rewards tier | Required mixed balances throughout accounts | Incomes bonus | Minimal incomes price |
|---|---|---|---|
| Customary | N/A | N/A | 1.5 factors per greenback spent |
| Gold | $20,000 | 25% | 1.875 factors per greenback spent |
| Platinum | $50,000 | 50% | 2.25 factors per greenback spent |
| Platinum Honors | $100,000 | 75% | 2.625 factors per greenback spent |
| Diamond | $1,000,000 to <$10,000,000 | 75% | 2.625 factors per greenback spent |
As you’ll be able to see, these with Platinum Honors and Diamond can earn a minimum of 2.625 factors per greenback spent on each buy, which is a formidable 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 price of 1.5 factors per greenback is lackluster for those who aren’t a Most well-liked Rewards member. Even Gold tier members can doubtless do higher with one other rewards card.
Associated: All the things you must learn about Financial institution of America’s Most well-liked Rewards program
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 possibly can redeem factors as an announcement 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 may even see this as an obstacle, inexperienced persons may 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 could be a headache for somebody searching for a easy, no-frills option to earn and use their factors.
You can too use your factors for a money reward — a verify or a deposit right into a qualifying Financial institution of America account. Nonetheless, you will get a worth of simply 0.6 cents per level this manner (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 present playing cards, although the precise worth varies by service provider.
Associated: One of the best Financial institution of America bank cards
Which playing cards compete with the Financial institution of America Journey Rewards?
One in all 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 presents.
- 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 price 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 study extra, see our full evaluate 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 motels 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 study extra, see our full evaluate 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 possibility. It presents 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 study extra, see our full evaluate of the Freedom Limitless.
For extra choices, try our full checklist of the greatest cash-back bank cards.
Is the Financial institution of America Journey Rewards value it?
In case you’re searching for simplicity in incomes and redeeming factors, the no-annual-fee Financial institution of America Journey Rewards card may very well be a superb possibility, particularly for those who’re a Financial institution of America Most well-liked Rewards buyer. Nonetheless, extra seasoned factors and miles vacationers will doubtless desire a card with greater incomes charges and extra redemption choices.
Backside line
The Financial institution of America Journey Rewards card presents a easy incomes price and redemption choices many inexperienced persons will recognize. Nonetheless, frequent vacationers who need higher incomes charges and the flexibleness of switch companions ought to take into account different choices.
Apply right here: Financial institution of America Journey Rewards card
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