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 stable flat-rate card in case you are a member of the Financial institution of America Most popular Rewards® program. Nonetheless, 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 score*: ⭐⭐⭐
*Card score relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
For novices, factors and miles can appear daunting. For some folks new to incomes bank card rewards, the concept of transferring factors and looking for the best possible redemptions could be thrilling but additionally nerve-wracking — if that is you, you are not alone.
Many novices surrender on utilizing bank card rewards to pay for journey as a result of it appears too sophisticated.
That is the place an choice just like the Financial institution of America Journey Rewards card comes into play. It has no annual payment, and we advocate candidates have a credit score rating of 670 or increased to extend their probabilities of approval.
Factors and miles professionals will probably not be moved by the perks and redemption choices featured on this card, however the simplicity of its incomes price and redemption course of gives a pleasant place to begin for novices.
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 professionals and cons
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Financial institution of America Journey Rewards welcome supply
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 stable supply however considerably much less priceless than what you may discover on different high journey playing cards.
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It isn’t a flashy bonus, however it’s straightforward to earn for the reason that minimal spending requirement is well attainable. And for the reason that card has no annual payment, you are basically incomes rewards on purchases you’d usually make with none up-front value. That is the usual welcome bonus on the Financial institution of America Journey Rewards card.
With regards to eligibility, the Financial institution of America Journey Rewards card does have a 24-month restriction, although the main points differ from card to card. The wording for the Journey Rewards card states:
“This card is probably not obtainable to you if you happen to at the moment have or have had the cardboard within the previous 24 month interval.”
This implies that you could get a second Journey Rewards card if you happen to 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 final 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 aren’t any bonus classes, incomes caps or switch companions. For novices, that may be an effective way to begin a factors and miles journey.
As a cardholder, you may get pleasure from 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. Nonetheless, 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 in depth record of advantages, however the ones you do get are respectable for a no-annual-fee card. Examine your Journey Rewards Information to Advantages for a complete record of each perk you may obtain via this card’s Visa Signature branding.
Associated: Earn rewards free of charge 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 may earn 3 factors per greenback spent on journey purchases booked via the Financial institution of America Journey Heart. 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.
It is a pretty normal incomes price for a no-annual-fee card, although you could find playing cards with extra aggressive reward constructions. Nonetheless, the rewards construction turns into far more priceless if you happen to qualify for the Financial institution of America Most popular Rewards program.
To enroll in Most popular Rewards, you may want an eligible Financial institution of America private checking account and a three-month common every 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 |
|---|---|---|---|
| Commonplace | 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 may obtain a financial savings account curiosity bonus, discounted banking and investing charges and discounted charges on auto loans and mortgages.
That stated, the incomes price of 1.5 factors per greenback is lackluster if you happen to aren’t a Most popular Rewards member. Even Gold tier members can probably do higher with one other rewards card.
Associated: The whole lot you need to learn 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).
If you make a purchase order, merely log in to your account and choose any qualifying transaction from the earlier 12 months.
Though journey fans might even see this as a drawback, novices would possibly rejoice at this no-stress course of.
You do not have to consider maximizing reward redemptions or determining the very best switch accomplice for reserving your journey, which generally is a headache for somebody searching for a easy, no-frills option to earn and use their factors.
You may also use your factors for a money reward — a test or a deposit right into a qualifying Financial institution of America account. Nonetheless, you may get a worth 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’ll be able to redeem your factors for reward playing cards, although the precise worth varies by service provider.
Associated: The perfect Financial institution of America bank cards
Which playing cards compete with the Financial institution of America Journey Rewards?
One in all these could also be a greater match in order for you extra perks or a distinct incomes construction than what the Financial institution of America Journey Rewards card presents.
- If you need extra perks: The Financial institution of America® Premium Rewards® bank card is a mid-tier journey card with a $95 annual payment. It earns the identical 1.5 factors per greenback base price because the Journey Rewards card, however you may additionally earn 2 factors per greenback on journey and eating purchases and get extra journey perks. To be taught extra, see our full evaluation 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 inns and automotive leases booked via Capital One Journey. Nonetheless, the cardboard shines by providing you with entry to the issuer’s 15-plus switch companions, together with British Airways, Turkish Airways and Wyndham. To be taught extra, see our full evaluation of the Capital One VentureOne Rewards.
- If you need much more money again: The Chase Freedom Limitless® (see charges and charges) is one other nice no-annual-fee card choice. It presents 5% money again on journey booked via Chase Journey℠, 3% again at eating places and drugstores, 2% money again on Lyft rides via Sept. 30, 2027 and 1.5% again on all different purchases. To be taught extra, see our full evaluation of the Freedom Limitless.
For added choices, try our full record of the finest cash-back bank cards.
Is the Financial institution of America Journey Rewards value it?
For those who’re searching for simplicity in incomes and redeeming factors, the no-annual-fee Financial institution of America Journey Rewards card could possibly be choice, particularly if you happen to’re a Financial institution of America Most popular Rewards buyer. Nonetheless, extra seasoned factors and miles vacationers will probably desire a card with increased incomes charges and extra redemption choices.
Backside line
The Financial institution of America Journey Rewards card presents a easy incomes price and redemption choices many novices will recognize. Nonetheless, frequent vacationers who need higher incomes charges and the pliability of switch companions ought to contemplate different choices.
Apply right here: Financial institution of America Journey Rewards card
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