Financial institution of America Journey Rewards bank card evaluate: Full particulars
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 well-liked Rewards® program. Nonetheless, with out the Most well-liked Rewards incomes bonus, the cardboard falls brief in comparison with different flat-rate playing cards in the marketplace. Card Ranking*: ⭐⭐⭐
*Card Ranking is predicated on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
For inexperienced persons, factors and miles can appear daunting. Once I first began incomes bank card rewards, the concept of transferring factors and looking for the best possible redemptions was thrilling but in addition nerve-wracking — and I am not alone. Many inexperienced persons quit 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 bank card comes into play. It has no annual price and a beneficial credit score rating of 670. Factors and miles specialists will probably not be amazed on the perks and redemption choices, however the simplicity of this card’s incomes fee and redemption course of offers a pleasant place to begin for inexperienced persons.
Let’s dig into the cardboard particulars so you possibly can resolve if it is best for you.
Financial institution of America Journey Rewards welcome supply
The Financial institution of America Journey Rewards bank card is at present providing 25,000 bonus factors after you make a minimum of $1,000 in purchases within the first 90 days of account opening. These factors are redeemable at a flat fee of 1 cent per level towards journey or eating purchases, so this bonus is price $250 — a strong supply however considerably much less worthwhile than what you will discover on different prime journey playing cards.
It is not a flashy bonus, however it’s simple to hit because the minimal spending requirement works out to $11.11 per day. And because the card has no annual price, you are primarily incomes rewards on purchases you’d have usually made with none up-front value.
Financial institution of America does have a 24-month restriction, although the main points range from card to card. The wording for the Journey Rewards card states:
“This card will not be obtainable to you in the event you at present have or have had the cardboard within the previous 24 month interval.”
This implies which you can get a second Journey Rewards card in the event you held one earlier than however should wait 24 months after closing your outdated account earlier than opening a brand new one.
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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 inexperienced persons, that may be an effective way to start out a factors and miles journey.
The cardboard gives a vast 1.5 factors for each greenback spent on all purchases. Your factors do not expire so long as you retain your account open. You will additionally get pleasure from no reserving restrictions if you redeem your factors and pays no international transaction charges if you swipe the cardboard exterior the U.S.
As anticipated with a no-annual-fee card, you will not get luxurious perks with this card. Nonetheless, since it’s a Visa Signature card, you’ll nonetheless have entry to sure journey protections and advantages, together with:
Once more, this is not 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 will earn limitless 1.5 factors per greenback 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 customary incomes fee for a no-annual-fee card, although you could find playing cards with extra aggressive reward buildings. Nonetheless, the rewards construction turns into way more worthwhile in the event you qualify for the Financial institution of America Most well-liked Rewards program.
To enroll in Most well-liked Rewards, you will want an eligible Financial institution of America private checking account and a three-month common stability of a minimum of $20,000 throughout your Financial institution of America and Merrill accounts. There are 4 ranges of Most well-liked Rewards, and every comes with an incomes bonus on the Journey Rewards card.
| Most well-liked Rewards tier | Required mixed balances throughout accounts | Incomes bonus | Incomes fee |
|---|---|---|---|
| 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 possibly can see, these with Platinum Honors and Diamond can earn 2.625 factors per greenback on each buy, which is a formidable return for on a regular basis purchases. Plus, you will get a financial savings account curiosity bonus, discounted banking and investing charges, and discounted charges on auto loans and mortgages.
Nonetheless, in the event you aren’t a Most well-liked Rewards member, the incomes fee of 1.5 factors per greenback is lackluster.
Associated: Cease ignoring Financial institution of America Most well-liked 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 may 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 fanatics might even see this as an obstacle, inexperienced persons may rejoice at this no-stress course of. You do not have to consider maximizing reward redemptions or determining the most effective switch companion for reserving your journey, which generally is a headache for somebody on the lookout for a easy, no-frills option 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. Nonetheless, you will get a price 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 possibly can redeem your factors for reward 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 every of these could also be a greater match if you would like extra perks or a unique incomes construction than the Financial institution of America Journey Rewards gives.
For added 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?
When you’re on the lookout for simplicity in the way you earn and redeem factors, the no-annual-fee Financial institution of America Journey Rewards bank card could possibly be an excellent possibility for you, particularly in the event you’re a Financial institution of America Most well-liked Rewards buyer. Nonetheless, extra seasoned factors and miles vacationers will probably need a card with larger incomes charges and extra redemption choices.
Backside line
The Financial institution of America Journey Rewards card gives a easy incomes fee and redemption choices many inexperienced persons will respect. Nonetheless, frequent vacationers who need higher incomes charges and the pliability of switch companions ought to think about different choices.
Apply right here: Financial institution of America Journey Rewards bank card
