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The Bank of America Travel Rewards Card and the Bank of America Cash Rewards Card are two very rewarding annual fee cards – find out which one is best for you.
Bank Of America Cash Rewards Card Travel Benefits
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Bank Of America Credit Cards
Bank of America is taking customer loyalty to the next level with two credit cards that reward you for your spending habits and offer unique benefits you won’t often find anywhere else. Both the Bank of America® Travel Rewards Credit Card and the Bank of America® Cash Rewards Personalized Credit Card have better rewards rates than you’d expect from cards with no annual fee.
While both cards can be valuable for different lifestyles, they are especially useful for those who also have Bank of America checking or savings accounts. Bank of America Preferred Rewards customers (those who meet certain account balance requirements) can boost rewards up to 75% with either card.
The Travel Rewards Card earns 3 points on travel purchases (such as flights, hotels and car rentals) booked through a Bank of America Travel Center and 1.5 points per dollar spent on each purchase.
The Custom Cash Rewards Card earns 3% cash back in the category you choose (gas, online shopping, dining, travel, drugstore, home improvement/furnishings), 2% cash back on food purchases and wholesale and 1 cashback clubs. in other purchases. But remember that your rewards in the 3% and 2% tiers are $2,500 in combined spending each quarter and then decrease to 1%.
The 4 Types Of Cash Back Credit Cards And How To Decide Which Is Best
Money back or points – that’s the question. It really depends on whether you’d rather earn points that you can turn into statement credits or use for travel, or if you want to earn straight cash.
Bank of America Travel Rewards offers a sign-up bonus of 25,000 points when you spend $1,000 in the first 90 days. Bank of America travel points are worth 1 cent each, so 25,000 points equals $250. Not a bad sign-up bonus considering this card’s annual fee.
For a starter cash card, Bank of America Custom Cash is pretty generous with a $200 welcome bonus if you spend $1,000 in the first 90 days. It’s not the best of the other cash back credit cards, but it’s not the worst either. Plus, it’s easy enough for many cardholders to spend $1,000 in 90 days.
You can redeem your points through the Bank of America Travel Center in the form of cash rewards (0.6 cents per point) and gift cards (variable point value). You can even retroactively redeem your points on travel, third-party site bookings or restaurant purchases made within the last 12 months.
Guide To Bank Of America Preferred Rewards
The Bank of America Personalized Cash Rewards Card also offers variable redemption options. Unlike some cash back cards that only let you redeem cash back, Bank of America lets you transfer money to another account, redeem for credit or send a check in the mail.
Both Bank of America cards can earn you more rewards if you qualify for the Bank of America Preferred Rewards program. Basically, if you have a large deposit in a Bank of America checking or savings account or a Merrill investment account, you can increase your bonus rate by 25%, 50% or 75% depending on what level you qualify for.
With the Bank of America Travel Rewards card, if you meet the lowest gold level, your points will increase to 1,875 per $1. If you qualify for Gold, you’ll receive 1.875% adjusted cash back from Bank of America.
Bank of America Travel Rewards has no annual fee, earns a fixed amount on each purchase, and allows you to spend points on travel through your travel portal. What more could you ask for from a launch travel credit card?
Bofa Cash Rewards Increases Category Limit To $2500 & Adds Wholesale Clubs [up To 3.5% At Costco, Bj’s, Sam’s]
The card defines “travel” more broadly, meaning you can redeem your points for flights, hotels, vacation packages and more. Because you’re not limited by the number of travel partners, your rewards have the same value regardless of which airline you fly or stay with.
We recommend using this card to quickly earn points for most (or even all) of your travel expenses, as the 1.5x points are relatively low compared to other travel cards. Another incentive to use the Travel Rewards card as your primary travel card is the fact that you earn 3 points per dollar when you book through the Bank of America Travel Center. And of course, make sure you get 25,000 bonus points to maximize the value of the card.
Sometimes it’s hard to predict which category you’ll spend the most in, but the Bank of America Personalized Cash Rewards Card offers the flexibility to maximize your future spending with six variable 3% cash back categories. Its main advantage is that you can change categories once a month.
The card is most attractive to cardholders who want cash back on online or gas purchases. 2% cash back at supermarkets and wholesale clubs is nothing to laugh at, so it’s perfect for families who spend a lot on gas and groceries. But keep in mind that rewards for the 3% and 2% tiers are capped at $2,500 per quarter (so you get 1%).
Bank Of America Premium Rewards Perks
When it comes down to it, the Bank of America Cash Back Card is the best card any time of the year. It has eight bonus categories that earn 3% or 2% on daily spending, and you can change six of them every month. You can use it as your main card for all purchases or just for gas or shopping and it will still give you great value.
The Bank of America Travel Rewards Card is best suited as an introductory travel card in addition to other major cards. Recommended for casual travelers, but not for serious world travelers.
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Customized Cash Vs. Unlimited Cash: Which Is Right For You?
Depending on your goals and priorities, a product change or a new application may make sense. But if you can’t see another Chase card in the near future, the new Freedom Flex app might come in handy.
If you’re trying to decide between the Chase Sapphire Reserve and the Amex Platinum, the best card for you is probably the transfer partners you want access to and the benefits you prefer.
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Bank Of America Premium Rewards Card Benefits Guide
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