Financial institution of America Journey Rewards bank card overview: Full particulars

The no-annual-fee Financial institution of America® Journey Rewards bank card has the potential to be a stable flat-rate card if you’re a member of the Financial institution of America Most well-liked Rewards® program. Nevertheless, with out the Most well-liked 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 newcomers, factors and miles can appear daunting. For some folks new to incomes bank card rewards, the thought 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 newcomers 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 suggest candidates have a credit score rating of 670 or increased to extend their probabilities of approval.

Factors and miles professionals will seemingly not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes charge and redemption course of supplies a pleasant place to begin for newcomers.

Let’s dig into the cardboard particulars so you’ll be able to resolve if it is best for you.

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 charge of 1 cent per level towards journey or eating purchases, so this bonus is value $250 — a stable provide however considerably much less priceless than what you may discover on different high journey playing cards.

Each day E-newsletter

Reward your inbox with the TPG Each day publication

Be a part of over 700,000 readers for breaking information, in-depth guides and unique offers from TPG’s specialists

By signing up, you’ll obtain newsletters and promotional content material and conform to our Phrases of Use and acknowledge the information practices in our Privateness Coverage. You might unsubscribe at any time.

It isn’t a flashy bonus, however it’s simple to earn because the minimal spending requirement is well attainable. And because the card has no annual charge, 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.

With regards 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 in case you presently 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 in case you beforehand held one; you simply have to make sure 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 software restrictions

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 newcomers, that may be a good way to start out a factors and miles journey.

As a cardholder, you may get pleasure from no overseas transaction charges if you swipe the cardboard outdoors the U.S. Many no-annual-fee playing cards have overseas 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 record of advantages, however the ones you do get are first rate for a no-annual-fee card. Examine 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.

Associated: Earn rewards without spending a dime with these no-annual-fee bank card methods

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 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 charge for a no-annual-fee card, although you’ll find playing cards with extra aggressive reward constructions. Nevertheless, the rewards construction turns into way more priceless in case you 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 powerful 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 stated, the incomes charge of 1.5 factors per greenback is lackluster in case you aren’t a Most well-liked Rewards member. Even Gold tier members can seemingly do higher with one other rewards card.

Associated: Every thing 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’ll be able to redeem factors as an announcement credit score for journey or eating purchases (beginning at a minimal of two,500 factors).

While you make a purchase order, merely log in to your account and choose any qualifying transaction from the earlier 12 months.

Though journey fans might even see this as a drawback, newcomers may rejoice at this no-stress course of.

You do not have to consider maximizing reward redemptions or determining the perfect switch associate for reserving your journey, which generally is a headache for somebody in search of a easy, no-frills approach to earn and use their factors.

You may as well use your factors for a money reward — a test or a deposit right into a qualifying Financial institution of America account. Nevertheless, you may get a worth of simply 0.6 cents per level this fashion (2,500 factors = $15), so that you’re significantly 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: The very best Financial institution of America bank cards

Certainly one 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 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 charge 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 study extra, see our full overview 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 resorts and automobile leases booked by means of 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 study extra, see our full overview 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 study extra, see our full overview of the Freedom Limitless.

For extra choices, take a look at our full record of the finest cash-back bank cards.

For those who’re in search of simplicity in incomes and redeeming factors, the no-annual-fee Financial institution of America Journey Rewards card might be choice, particularly in case you’re a Financial institution of America Most well-liked Rewards buyer. Nevertheless, extra seasoned factors and miles vacationers will seemingly need a card with increased incomes charges and extra redemption choices.

Apply right here: Financial institution of America Journey Rewards card

Associated: 5 causes I really like the Chase Freedom Limitless as a bank card newbie