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 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 relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
For learners, 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 in addition nerve-wracking — if that is you, you are not alone.
Many learners quit 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 charge, and we advocate candidates have a credit score rating of 670 or greater to extend their possibilities of approval.
Factors and miles execs will probably not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes charge and redemption course of offers a pleasant start line for learners.
Let’s dig into the cardboard particulars so you may resolve 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 charge of 1 cent per level towards journey or eating purchases, so this bonus is value $250 — a strong supply however considerably much less helpful than what you may discover on different high journey playing cards.
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It is not a flashy bonus, however it’s straightforward to earn because the minimal spending requirement is well attainable. And because the card has no annual charge, you are basically incomes rewards on purchases you’d usually make with none up-front value. That is the usual welcome bonus on the Financial institution of America Journey Rewards card.
On the subject of eligibility, the Financial institution of America Journey Rewards card does have a 24-month restriction, although the main points range from card to card. The wording for the Journey Rewards card states:
“This card might not be obtainable to you if you happen to at present 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 if you happen to beforehand held one; you simply have to make certain that at the least 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 true advantage of the Financial institution of America Journey Rewards is its simplicity. There are not any bonus classes, incomes caps or switch companions. For learners, that may be a good way to begin a factors and miles journey.
As a cardholder, you may take pleasure in no international transaction charges whenever you swipe the cardboard outdoors 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. 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 intensive record 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 record of each perk you may obtain by means of 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 may earn 3 factors per greenback spent on journey purchases booked by means of 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 customary incomes charge 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 helpful if you happen to 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.
| Most well-liked Rewards tier | Required mixed balances throughout accounts | Incomes bonus | Minimal incomes charge |
|---|---|---|---|
| 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 may 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 if you happen to aren’t a Most well-liked Rewards member. Even Gold tier members can probably do higher with one other rewards card.
Associated: Every part you must find out 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 a press release 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 fanatics might even see this as an obstacle, learners 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 is usually a headache for somebody searching for a easy, no-frills method 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 may get a worth of simply 0.6 cents per level this fashion (2,500 factors = $15), so that you’re a lot better off utilizing them for journey or eating purchases.
Lastly, you may redeem your factors for present playing cards, although the precise worth varies by service provider.
Associated: The most effective Financial institution of America bank cards
Which playing cards compete with the Financial institution of America Journey Rewards?
Certainly one of these could also be a greater match in order for you 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 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 be taught extra, see our full overview 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 accommodations and automotive leases booked by means of Capital One Journey. Nonetheless, 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 overview of the Capital One VentureOne Rewards.
- If you’d like much more money again: The Chase Freedom Limitless® (see charges and costs) is one other nice no-annual-fee card possibility. 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 be taught extra, see our full overview of the Freedom Limitless.
For added choices, take a look at our full record of the finest 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 could possibly be a very good possibility, particularly if you happen to’re a Financial institution of America Most well-liked Rewards buyer. Nonetheless, extra seasoned factors and miles vacationers will probably 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 charge and redemption choices many learners will admire. Nonetheless, 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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