Bank of America’s travel rewards program may not be as extensive as those offered by some other major issuers, but it still presents a compelling option for travelers seeking simplicity, flexibility, and value. In this comprehensive guide, we’ll explore the ins and outs of the Bank of America travel rewards program, covering everything from earning points to redeeming them for travel-related purchases.
Program Basics
Bank of America’s travel rewards program revolves around its line of travel credit cards, which allow cardholders to earn points for every dollar spent. These points can then be redeemed for statement credits to cover travel-related expenses, including airfare, hotel stays, rental cars, and more.
One of the key advantages of the Bank of America travel rewards program is its simplicity. Unlike some other rewards programs that require you to keep track of rotating bonus categories or activate specific offers, earning points with Bank of America is as straightforward as using your card for eligible purchases.
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How to Earn Bank of America Travel Rewards Points
Earning Bank of America travel rewards points couldn’t be easier. All you need to do is make purchases with your eligible Bank of America credit card. The number of points you’ll earn per dollar spent varies depending on the specific card you hold and the type of purchase you’re making.
For instance, the Bank of America® Travel Rewards credit card offers an unlimited 1.5 points per dollar spent on all purchases. Meanwhile, the Bank of America® Premium Rewards® credit card earns 2 points per dollar on travel and dining purchases and 1.5 points per dollar on all other purchases.
It’s worth noting that Bank of America’s definition of “travel” is quite broad, encompassing not only flights, hotels, and rental cars but also categories like timeshares, campgrounds, amusement parks, and more. This expansive definition gives you more opportunities to earn bonus points on a wider range of travel-related purchases.
Boosting Your Earnings with the Preferred Rewards Program
If you’re a Bank of America customer with qualifying accounts, you could be eligible for the bank’s Preferred Rewards program. This program offers a range of benefits, including the ability to earn bonus points on your Bank of America credit card purchases.
The Preferred Rewards program is tiered, with higher tiers offering greater rewards boosts. At the highest tier (Diamond Honors, which requires a combined balance of $10 million or more across eligible accounts), you can earn a 75% bonus on every purchase you make with a Bank of America credit card.
For example, if you hold the Bank of America® Travel Rewards credit card and qualify for the Diamond Honors tier, you’d effectively earn 2.625 points per dollar spent (1.5 points x 1.75 bonus) on all purchases. This significant boost can help you rack up points much faster, potentially unlocking more travel opportunities sooner.
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How to Redeem Bank of America Travel Rewards Points
When it comes to redeeming your Bank of America travel rewards points, you have several options. The most straightforward redemption method is to use your points as statement credits to cover travel-related purchases.
Simply make a qualifying travel purchase with your Bank of America credit card, and then log into your online account to request a statement credit using your accumulated points. Each point is worth 1 cent when redeemed for travel statement credits, so 2,500 points would equate to $25 in credit.
Bank of America’s broad definition of “travel” comes into play again when redeeming points. In addition to traditional travel expenses like airfare and hotel stays, you can also use your points to cover purchases like campground fees, amusement park tickets, and even parking and tolls.
Other Redemption Options
While redeeming points for travel statement credits is the most valuable option, Bank of America also allows you to redeem points for cash back, gift cards, and certain other purchases.
However, it’s important to note that these alternative redemption methods may offer lower value for your points. For example, redeeming points for cash back yields a value of only 0.6 cents per point, significantly lower than the 1 cent per point value for travel redemptions.
To maximize the value of your Bank of America travel rewards points, it’s generally recommended to redeem them for travel statement credits whenever possible.
Bank of America Travel Rewards Credit Card Options
To participate in the Bank of America travel rewards program, you’ll need to hold one of the bank’s eligible credit cards. Here’s a quick overview of the main travel rewards cards offered by Bank of America:
Bank of America® Travel Rewards credit card:
- Earns an unlimited 1.5 points per dollar spent on all purchases
- No annual fee
- 25,000 bonus points after spending $1,000 in the first 90 days
Bank of America® Premium Rewards® credit card:
- Earns 2 points per dollar on travel and dining purchases, 1.5 points per dollar on all other purchases
- $95 annual fee
- 60,000 bonus points after spending $4,000 in the first 90 days
- $100 airline incidental credit and Global Entry/TSA PreCheck credit
Bank of America® Premium Rewards® Elite credit card:
- Earns 2 points per dollar on travel and dining purchases, 1.5 points per dollar on all other purchases
- $550 annual fee
- 75,000 bonus points after spending $5,000 in the first 90 days
- $300 airline incidental credit, $150 lifestyle credit, and Global Entry/TSA PreCheck credit
- Priority Pass Select membership and discounts on airfare redemptions
Bank of America® Travel Rewards Credit Card for Students:
- Earns an unlimited 1.5 points per dollar spent on all purchases
- No annual fee
- 25,000 bonus points after spending $1,000 in the first 90 days
Bank of America® Travel Rewards Secured credit card:
- Earns an unlimited 1.5 points per dollar spent on all purchases
- No annual fee
- Requires a refundable security deposit to establish credit line
As you can see, Bank of America offers travel rewards cards to suit a variety of needs and budgets, from no-annual-fee options to premium cards with enhanced benefits and earning rates.
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Conclusion
While the Bank of America travel rewards program may not offer the same level of complexity or potential value as some of its competitors, it excels in simplicity and flexibility. With a straightforward earning structure and the ability to redeem points for a wide range of travel-related purchases, it can be an excellent choice for casual travelers or those who prefer a more streamlined rewards experience.
However, it’s important to carefully consider your travel habits and preferences when deciding whether the Bank of America travel rewards program is the right fit for you. If you frequently stay at specific hotel chains or fly with certain airlines, you may find more value in a rewards program that allows you to transfer points to those loyalty programs. Similarly, if you’re a frequent traveler who prioritizes access to airport lounges, premium travel credits, and other high-end perks, you may want to explore premium travel rewards cards from other issuers.
Ultimately, the true value of any travel rewards program lies in how well it aligns with your spending patterns and travel goals. By understanding the strengths and limitations of the Bank of America travel rewards program, you can make an informed decision about whether it’s the best choice for maximizing your travel rewards.
For those who do decide to participate in the program, it’s essential to familiarize yourself with the various redemption options, earning rates, and potential bonuses (such as those offered through the Preferred Rewards program). By strategically using your Bank of America travel rewards credit card and taking advantage of the program’s unique features, you can unlock valuable travel opportunities and enjoy a more rewarding travel experience.
So, whether you’re a seasoned globetrotter or an occasional vacationer, the Bank of America travel rewards program is worth considering – especially if simplicity, flexibility, and a straightforward earning structure are high on your list of priorities. With careful planning and strategic use of your rewards, you can make the most of this program and turn your travel dreams into reality.
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Frequently Asked Questions (FAQs)
Do Bank of America travel rewards points expire?
No, your Bank of America travel rewards points do not expire as long as your account remains open and in good standing.
Can I transfer my Bank of America travel rewards points to airline or hotel partners?
Unfortunately, Bank of America does not currently offer the ability to transfer points to airline or hotel loyalty programs. Your only redemption options are statement credits, cash back, and gift cards.
How long does it take for my statement credit to appear after redeeming points?
According to Bank of America, it can take up to 7-10 business days for a statement credit to post to your account after redeeming points.
Can I redeem points for travel purchases made in the past?
Yes, you can use your Bank of America travel rewards points to cover eligible travel purchases made within the past 12 months.
Are there any blackout dates or restrictions when redeeming points for travel?
No, there are no blackout dates or restrictions when redeeming Bank of America travel rewards points for statement credits. You can use your points to cover any eligible travel purchase, regardless of the date or supplier.
Can I combine points from multiple Bank of America accounts?
In some cases, you may be able to transfer points between eligible Bank of America accounts that you own. However, you cannot combine points from accounts owned by different individuals.
Is there a fee to redeem Bank of America travel rewards points?
No, Bank of America does not charge any fees for redeeming your travel rewards points.
