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 popular Rewards® program. Nevertheless, with out the Most popular Rewards incomes bonus, the cardboard falls brief in comparison with different flat-rate playing cards in the marketplace. Card ranking*: ⭐⭐⭐
*Card ranking relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
For freshmen, factors and miles can appear daunting. For some individuals new to incomes bank card rewards, the concept of transferring factors and looking for the best possible redemptions may be thrilling but in addition nerve-wracking — if that is you, you are not alone.
Many freshmen surrender on utilizing bank card rewards to pay for journey as a result of it appears too difficult.
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 suggest candidates have a credit score rating of 670 or larger 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 offers a pleasant start line for freshmen.
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
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Financial institution of America Journey Rewards welcome provide
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 strong provide however considerably much less invaluable than what you will discover on different prime journey playing cards.
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It isn’t 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 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.
Relating to eligibility, the Financial institution of America Journey Rewards card does have a 24-month restriction, although the main points fluctuate from card to card. The wording for the Journey Rewards card states:
“This card will not be out there to you when you at present have or have had the cardboard within the previous 24 month interval.”
This implies that you may get a second Journey Rewards card when you beforehand held one; you simply have to make sure that no less than 24 months have handed because you closed your earlier Journey Rewards card account.
Associated: The last word information to bank card software 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 freshmen, 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 if 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. 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 intensive listing of advantages, however the ones you do get are first rate for a no-annual-fee card. Test your Journey Rewards Information to Advantages for a complete listing of each perk you will 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
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 may 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.
This can be a pretty commonplace incomes price 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 invaluable when you qualify for the Financial institution of America Most popular Rewards program.
To enroll in Most popular Rewards, you will want an eligible Financial institution of America private checking account and a three-month common each day steadiness of no less than $20,000 throughout your Financial institution of America and Merrill accounts.
There are 4 ranges of Most popular Rewards, and every comes with an incomes bonus on the Journey Rewards card.
| Most popular Rewards tier | Required mixed balances throughout accounts | Incomes bonus | Minimal incomes price |
|---|---|---|---|
| Normal | 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 no less than 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 when you aren’t a Most popular Rewards member. Even Gold tier members can doubtless do higher with one other rewards card.
Associated: The whole lot it is best to find out about Financial institution of America’s Most popular 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).
Whenever you make a purchase order, merely log in to your account and choose any qualifying transaction from the earlier 12 months.
Though journey fans may even see this as a drawback, freshmen may rejoice at this no-stress course of.
You do not have to consider maximizing reward redemptions or determining one of the best switch associate for reserving your journey, which is usually a headache for somebody in search of a easy, no-frills technique to earn and use their factors.
You can even use your factors for a money reward — a test or a deposit right into a qualifying Financial institution of America account. Nevertheless, you will 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
Which playing cards compete with the Financial institution of America Journey Rewards?
Considered one of 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 provides.
- If you need 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 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 overview of the Financial institution of America Premium Rewards card.
- If you need 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 lodges 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 need much more money again: The Chase Freedom Limitless® (see charges and costs) is one other nice no-annual-fee card possibility. It provides 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 added choices, try our full listing of one of the best cash-back bank cards.
Is the Financial institution of America Journey Rewards value it?
Should you’re in search of 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 when you’re a Financial institution of America Most popular Rewards buyer. Nevertheless, extra seasoned factors and miles vacationers will doubtless need a card with larger incomes charges and extra redemption choices.
Backside line
The Financial institution of America Journey Rewards card provides a easy incomes price and redemption choices many freshmen will respect. Nevertheless, 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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