Key takeaways
- The Financial institution of America journey rewards program permits cardholders to redeem factors for assertion credit to cowl travel-related purchases making for a easy, versatile journey rewards choice.
- Financial institution of America journey rewards playing cards have numerous advantages and perks, however might not be the best choice for frequent vacationers in comparison with different packages since there is not an choice to switch factors to journey loyalty packages.
- Financial institution of America’s Most popular Rewards program can improve the worth of rewards by 25 to 75 p.c for members with qualifying accounts.
Financial institution of America’s journey rewards program isn’t as profitable or in depth as what rivals like American Categorical or Chase provide, however some cardholders might discover worth in its simplicity, significantly if you’re a Financial institution of America Most popular Rewards consumer.
When you’ve received a number of Financial institution of America bank cards that will let you earn and redeem rewards for journey, or are inquisitive about making use of for one, this information might help clarify the fundamentals of the financial institution’s journey program, together with earn and redeem journey rewards and extra.
Financial institution of America journey rewards fundamentals
In comparison with different issuers, Financial institution of America has a smaller portfolio of journey bank cards, however there are some similarities in the way you earn and redeem journey rewards with the playing cards.
Basically, you’ll be able to redeem the rewards you earn for assertion credit to cowl travel-related purchases. Some Financial institution of America journey playing cards additionally will let you cowl purchases like eating along with your award assertion credit.
With every card, and in reality with any Financial institution of America bank card, you additionally acquire entry to the Financial institution of America Journey Middle, the place you’ll be able to seek for journey offers and pay with money or rewards. The location operates very like a journey search engine, much like Expedia or Orbitz.
Financial institution of America bank card and debit card holders have entry to a wide range of companion provides and offers, however the journey rewards program nonetheless lacks journey switch companions, which is the place many journey rewards aficionados search for one of the best worth.
Nonetheless, as we’ll clarify beneath, being a member of Financial institution of America’s Most popular Rewards program may improve the worth of the rewards you earn by 25 to 75 p.c, making Financial institution of America’s considerably restricted journey rewards program extra worthwhile.
Learn how to earn Financial institution of America journey rewards factors
The one factor that you must do to earn rewards is use your Financial institution of America card for eligible purchases; you don’t have to hold monitor of rotating bonus classes or activate provides in your Financial institution of America account to earn rewards. For a number of the journey playing cards, you’ll earn extra rewards in journey and eating classes, however there’s no want to trace or apply to your rewards.
Moreover, Financial institution of America’s journey and eating classes are extra in depth than these of many journey rewards playing cards, so that you’ll have the ability to redeem your factors for assertion credit score for all the pieces from flights to zoo tickets.
Learn how to redeem Financial institution of America journey rewards factors
You may redeem rewards for a press release credit score to cowl eligible journey purchases (or eating purchases with the Financial institution of America® Journey Rewards bank card) at a price of 1 cent per level, so 2,500 factors equals $25 in assertion credit score. Different redemption choices embrace money again as a verify or direct deposit into an eligible Financial institution of America checking or financial savings account or a Merrill Money Administration Account, however at a considerably diminished worth of .006 cents per level (due to this fact 2,500 factors equals $15). You can too redeem factors for present playing cards, however that worth will differ.
Journey credit and money rewards redemptions require a minimal of two,500 factors and present playing cards require a minimum of 3,125 factors to redeem.
How a lot are Financial institution of America journey rewards factors price?
Financial institution of America journey rewards are price 1 cent per level when redeemed for assertion credit score to cowl eligible purchases or to buy journey by way of the journey portal, however the worth goes down when redeemed for money again (.006 cents every) and varies for present card redemptions.
Since there isn’t a chance to spice up worth with switch companions, one of the best worth you’ll be able to goal for is 1 cent per level. Whereas it isn’t a high redemption worth, the tradeoff is the flexibleness and ease it provides.
How do Financial institution of America journey rewards evaluate to different factors’ values?
Normally, your Financial institution of America journey rewards factors are price 1 cent per level. Premium Rewards Elite cardholders can get a 20 p.c enhance for airfare bookings by way of the Journey Middle while you pay with factors, which implies a flight that prices 20,000 factors would require about 16,700 factors due to the 20 p.c bonus.
Needless to say the Premium Rewards Elite card costs a $550 annual payment, in order that’s a hefty value for a 20 p.c rewards bonus (though there are different advantages of the cardboard, in fact).
Issuers reminiscent of Chase and American Categorical provide comparable boosts for some cardholders redeeming factors by way of their journey portals — and on playing cards with decrease annual charges. Moreover, these issuers even have switch companions that may will let you get extra worth for journey with companion airways and motels.
Financial institution of America doesn’t have switch companions, so there isn’t an choice for that further redemption worth. That stated, when you’re a Most popular Rewards member, which will make up for the shortage of journey companions, nevertheless it’s one thing you’d have to investigate on a case-by-case foundation.
Who’re Financial institution of America journey playing cards greatest for?
As famous, this journey rewards program is greatest if you’d like simplicity and adaptability in incomes and redeeming journey rewards. The Financial institution of America journey playing cards will let you use your rewards to cowl eligible journey purchases or make purchases instantly by way of the portal, however the redemption worth isn’t stellar.
If you’re a Financial institution of America Most popular Rewards program member, you’ll get rather more worth than different cardholders. This invitation-only program provides you entry to banking providers reductions and rewards-earning boosts and membership relies on the mixed steadiness of qualifying Financial institution of America or Merrill Funding accounts. Right here’s a take a look at the 5 tiers supplied:
| Gold | Platinum | Platinum Honors | Diamond | Diamond Honors | |
|---|---|---|---|---|---|
| Minimal three-month common steadiness throughout accounts | $20,000 | $50,000 | $100,000 | $1 million | $10 million |
| Bank card rewards bonus | 25% | 50% | 75% | 75% | 75% |
| Rewards fee for 1.5X again | 1.875X | 2.25X | 2.625X | 2.625X | 2.625X |
| Rewards fee for 2X again | 2.5X | 3X | 3.5X | 3.5X | 3.5X |
On this situation, you get the rewards enhance in your earnings, however the redemption choices stay a set worth.
Financial institution of America journey bank cards
Financial institution of America has a handful of playing cards that supply ongoing rewards and travel-focused perks. Listed below are the playing cards you’ll be able to select from:
Financial institution of America journey rewards often requested questions
The underside line
Financial institution of America’s journey rewards program isn’t as in depth as these of another main issuers. But when your main objective with journey rewards is simplicity and adaptability as in comparison with getting the absolute best redemption worth, Financial institution of America’s journey rewards program can ship.
That stated, when you’re a minimum of a semi-frequent traveler, you’ll possible discover higher worth from rewards packages like Chase Final Rewards and American Categorical Membership Rewards.
*All details about the Financial institution of America® Premium Rewards® Elite bank card and the Financial institution of America® Journey rewards Secured bank card has been collected independently by Bankrate. Card particulars haven’t been reviewed or authorised by the issuer.
The Financial institution of America content material on this publish was up to date on April 19, 2024.
