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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 if you’re 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 available on the market. Card Ranking*: ⭐⭐⭐
*Card Ranking relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
For learners, factors and miles can appear daunting. After I first began incomes bank card rewards, the thought of transferring factors and looking for the best possible redemptions was thrilling but additionally nerve-wracking — and I’m not alone. Many learners surrender on utilizing bank card rewards to pay for journey as a result of it appears too sophisticated.
That’s the place an choice just like the Financial institution of America Journey Rewards bank card comes into play. It has no annual charge and a really useful credit score rating of 670. Factors and miles specialists will doubtless not be amazed on the perks and redemption choices, however the simplicity of this card’s incomes price and redemption course of supplies a pleasant start line for learners.
Let’s dig into the cardboard particulars so you may determine if it’s best for you.
Financial institution of America Journey Rewards welcome provide
The Financial institution of America Journey Rewards bank card is at the moment providing 25,000 bonus factors after you make at the least $1,000 in purchases 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 price $250 — a strong provide however considerably much less beneficial than what you’ll discover on different prime journey playing cards.
It’s not a flashy bonus, however it’s straightforward to hit for the reason that minimal spending requirement works out to $11.11 per day. And for the reason that card has no annual charge, you’re basically incomes rewards on purchases you’ll have usually made with none up-front value.
Financial institution of America does have a 24-month restriction, although the small print range from card to card. The wording for the Journey Rewards card states:
“This card will not be obtainable to you should you at the moment have or have had the cardboard within the previous 24 month interval.”
This implies which you can get a second Journey Rewards card should you held one earlier than however should wait 24 months after closing your outdated account earlier than opening a brand new one.
Associated: The final word information to bank card utility restrictions
Financial institution of America Journey Rewards advantages
The true good thing about the Financial institution of America Journey Rewards is its simplicity. There aren’t any bonus classes, incomes caps or switch companions. For learners, that may be a good way to start out a factors and miles journey.
The cardboard affords a vast 1.5 factors for each greenback spent on all purchases. Your factors don’t expire so long as you retain your account open. You’ll additionally get pleasure from no reserving restrictions while you redeem your factors and pays no overseas transaction charges while you swipe the cardboard outdoors the U.S.
As anticipated with a no-annual-fee card, you gained’t get luxurious perks with this card. Nevertheless, since it’s a Visa Signature card, you’ll nonetheless have entry to sure journey protections and advantages, together with:
- Auto rental insurance coverage
- Zero fraud legal responsibility
- Roadside help
Once more, this isn’t an in depth listing of advantages, however it’s first rate for a no-annual-fee card.
Associated: Learn how to construct a no-annual-fee card technique
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. You’ll earn limitless 1.5 factors per greenback on each buy. There’s no yearly cap on rewards earned, and your factors gained’t expire for so long as your account is open.
It is a pretty customary incomes price for a no-annual-fee card, although you’ll find playing cards with extra aggressive reward buildings. Nevertheless, the rewards construction turns into far more beneficial should you qualify for the Financial institution of America Most popular Rewards program.
To enroll in Most popular Rewards, you’ll want an eligible Financial institution of America private checking account and a three-month common stability of at the least $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 | Incomes price |
| Customary | N/A | N/A | 1.5 factors per greenback |
| Gold | $20,000 | 25% | 1.875 factors per greenback |
| Platinum | $50,000 | 50% | 2.25 factors per greenback |
| Platinum Honors | $100,000 | 75% | 2.625 factors per greenback |
| Diamond | $1,000,000 | 75% | 2.625 factors per greenback |
As you may see, these with Platinum Honors and Diamond can earn 2.625 factors per greenback on each buy, which is a powerful return for on a regular basis purchases. Plus, you’ll get a financial savings account curiosity bonus, discounted banking and investing charges, and discounted charges on auto loans and mortgages.
Nonetheless, should you aren’t a Most popular Rewards member, the incomes price of 1.5 factors per greenback is lackluster.
Associated: Cease ignoring Financial institution of America Most popular Rewards
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 price a flat 1 cent. You’ll be able to redeem them as a press release credit score for journey or eating purchases (beginning at a minimal of two,500 factors). While you make a purchase order, merely login, log in to your account and choose any qualifying transaction from the earlier 12 months.
Though journey fans might even see this as an obstacle, learners would possibly rejoice at this no-stress course of. You don’t have to consider maximizing reward redemptions or determining the most effective switch companion for reserving your journey, which could be a headache for somebody searching for a easy, no-frills technique to earn and use their factors.
It’s also possible to use your factors for a money reward — a verify or a deposit right into a qualifying Financial institution of America account. Nevertheless, you’ll get a price 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 very best Financial institution of America bank cards of 2024
Which playing cards compete with the Financial institution of America Journey Rewards?
One in all these could also be a greater match if you’d like extra perks or a distinct incomes construction than the Financial institution of America Journey Rewards affords.
- In order for you 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’ll additionally earn 2 factors per greenback on journey and eating purchases and get extra journey perks. For extra data, see our full evaluation of the Premium Rewards card.
- In order for you extra versatile rewards: The Capital One VentureOne Rewards Credit score Card (see charges and charges) earns 1.25 miles per greenback spent on on a regular basis purchases and 5 miles per greenback on inns and automotive leases bought by means of Capital One Journey. Nevertheless, the cardboard shines by providing you with entry to the issuer’s 15-plus switch companions, together with British Airways, Turkish Airways and Wyndham. For extra data, see our full evaluation of the Capital One VentureOne Rewards.
- In order for you much more money again: The Chase Freedom Limitless is one other nice no-annual-fee card choice and affords 5% money again on journey purchases by means of the Final Rewards portal, 3% again at eating places and drugstores and 1.5% again on all different purchases. For extra data, see our full evaluation of the Freedom Limitless.
For extra choices, try our full listing of the most effective cash-back bank cards.
Associated: How to decide on a cash-back bank card
Is the Financial institution of America Journey Rewards price it?
If you happen to’re searching for simplicity in the way you earn and redeem factors, the no-annual-fee Financial institution of America Journey Rewards bank card might be a superb choice for you, particularly should you’re a Financial institution of America Most popular Rewards buyer. Nevertheless, extra seasoned factors and miles vacationers will doubtless need a card with increased incomes charges and extra redemption choices.
Backside line
The Financial institution of America Journey Rewards card affords a easy incomes price and redemption choices many learners will admire. Nevertheless, frequent vacationers who need higher incomes charges and the flexibleness of switch companions ought to take into account different choices.
Apply right here: Financial institution of America Journey Rewards bank card
