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 varied advantages and perks, however will not be the most suitable 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 well-liked Rewards program can enhance 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 intensive as what rivals like American Categorical or Chase supply, however some cardholders could discover worth in its simplicity, notably in case you are a Financial institution of America Most well-liked Rewards consumer.
Should you’ve bought a number of Financial institution of America bank cards that mean you can earn and redeem rewards for journey, or are considering making use of for one, this information may also 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.
Primarily, you possibly can redeem the rewards you earn for assertion credit to cowl travel-related purchases. Some Financial institution of America journey playing cards additionally mean you can cowl purchases like eating together with your award assertion credit.
With every card, and actually with any Financial institution of America bank card, you additionally acquire entry to the Financial institution of America Journey Middle, the place you possibly can 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 quite a lot of accomplice affords and offers, however the journey rewards program nonetheless lacks journey switch companions, which is the place many journey rewards aficionados search for the most effective worth.
Nevertheless, as we’ll clarify beneath, being a member of Financial institution of America’s Most well-liked Rewards program may enhance 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 precious.
The way to earn Financial institution of America journey rewards factors
The one factor you’ll want to do to earn rewards is use your Financial institution of America card for eligible purchases; you don’t must preserve observe of rotating bonus classes or activate affords 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 on your rewards.
Moreover, Financial institution of America’s journey and eating classes are extra intensive than these of many journey rewards playing cards, so that you’ll have the ability to redeem your factors for assertion credit score for every little thing from flights to zoo tickets.
The way to redeem Financial institution of America journey rewards factors
You possibly can 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 worth 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 decreased worth of .006 cents per level (due to this fact 2,500 factors equals $15). You can even redeem factors for reward playing cards, however that worth will range.
Journey credit and money rewards redemptions require a minimal of two,500 factors and reward playing cards require a minimum of 3,125 factors to redeem.
How a lot are Financial institution of America journey rewards factors value?
Financial institution of America journey rewards are value 1 cent per level when redeemed for assertion credit score to cowl eligible purchases or to buy journey by the journey portal, however the worth goes down when redeemed for money again (.006 cents every) and varies for reward card redemptions.
Since there isn’t a chance to spice up worth with switch companions, the most effective worth you possibly can goal for is 1 cent per level. Whereas it isn’t a high redemption worth, the tradeoff is the flexibleness and ease it affords.
How do Financial institution of America journey rewards examine to different factors’ values?
Most often, your Financial institution of America journey rewards factors are value 1 cent per level. Premium Rewards Elite cardholders can get a 20 p.c increase for airfare bookings by the Journey Middle once you pay with factors, which implies a flight that prices 20,000 factors would require about 16,700 factors because of the 20 p.c bonus.
Remember the fact that the Premium Rewards Elite card expenses a $550 annual charge, in order that’s a hefty worth for a 20 p.c rewards bonus (though there are different advantages of the cardboard, in fact).
Issuers similar to Chase and American Categorical supply comparable boosts for some cardholders redeeming factors by their journey portals — and on playing cards with decrease annual charges. Moreover, these issuers even have switch companions that may mean you can get extra worth for journey with accomplice airways and lodges.
Financial institution of America doesn’t have switch companions, so there isn’t an choice for that additional redemption worth. That mentioned, for those who’re a Most well-liked Rewards member, that will make up for the dearth 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 finest for?
As famous, this journey rewards program is finest if you’d like simplicity and adaptability in incomes and redeeming journey rewards. The Financial institution of America journey playing cards mean you can use your rewards to cowl eligible journey purchases or make purchases straight by the portal, however the redemption worth isn’t stellar.
In case you are a Financial institution of America Most well-liked Rewards program member, you’ll get way more worth than different cardholders. This invitation-only program provides you entry to banking companies reductions and rewards-earning boosts and membership is predicated 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 charge for 1.5X again | 1.875X | 2.25X | 2.625X | 2.625X | 2.625X |
| Rewards charge for 2X again | 2.5X | 3X | 3.5X | 3.5X | 3.5X |
On this state of affairs, you get the rewards increase 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 provide ongoing rewards and travel-focused perks. Listed here are the playing cards you possibly can select from:
Financial institution of America journey rewards regularly requested questions
The underside line
Financial institution of America’s journey rewards program isn’t as intensive as these of another main issuers. But when your major objective with journey rewards is simplicity and adaptability as in comparison with getting the very best redemption worth, Financial institution of America’s journey rewards program can ship.
That mentioned, for those who’re a minimum of a semi-frequent traveler, you’ll seemingly 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 authorized by the issuer.
The Financial institution of America content material on this put up was up to date on April 19, 2024.
