Bank of America's Travel Card Lineup
Bank of America offers three travel cards: the Bank of America Travel Rewards Card, the Bank of America Premium Rewards Card, and the Bank of America Unlimited Cash Rewards Card. The first two are built specifically for travel spending. The Travel Rewards Card has no annual fee and earns 1.5 points per dollar on all purchases. The Premium Rewards Card costs $95 per year and earns 2 points per dollar on travel and dining, 1.5 points on everything else, plus it includes trip cancellation insurance and rental car coverage.
The choice between them comes down to whether you spend enough on travel and dining to earn back the $95 annual fee. If you spend $6,300 or more per year on those categories, the Premium card's extra 0.5 points per dollar will cover the fee and start saving you money. Below that threshold, the no-fee Travel Rewards Card makes more sense.
Key Takeaways
- The Travel Rewards Card charges no annual fee and earns 1.5 points per dollar everywhere, making it useful if you don't spend heavily on travel.
- The Premium Rewards Card costs $95 per year but earns 2 points per dollar on travel and dining, which pays for itself if you spend roughly $6,300 or more annually in those categories.
- Both cards let you redeem points for travel at 1 cent per point, or transfer them to airline and hotel partners at rates that vary by partner.
- Bank of America cardholders with a Preferred Rewards membership get bonus points — up to 50% more — depending on their account balance with the bank.
How Points Redemption Works
Points on both cards can be redeemed in two ways. The simpler route is to book travel through Bank of America's travel portal and redeem points at a fixed rate of 1 cent per point — so 10,000 points equals $100 toward flights, hotels, or rental cars. You book the trip yourself and then redeem points to cover the cost.
The second route is to transfer points to airline and hotel partners. Bank of America has partnerships with airlines including American, United, Delta, and Southwest, plus hotel chains like Marriott, Hilton, and IHG. The transfer rate varies by partner — sometimes it's a 1-to-1 conversion, sometimes it's less favorable. This route can be worth more if you know the partner's award chart well and can find underpriced redemptions, but it requires more research and planning than the portal.
Annual Fees and When They Make Sense
The Travel Rewards Card has no annual fee, so there is no threshold you need to meet to break even. You earn 1.5 points per dollar on everything, which means you get value even if you never travel — you can redeem points for cash back or gift cards through the portal.
The Premium Rewards Card charges $95 per year. To determine whether it pays for itself, look at your annual spending on travel (flights, hotels, rental cars, taxis, parking) and dining. If that total is $6,300 or more, the extra 0.5 points per dollar on those categories will generate enough additional points to cover the fee. If your spending is lower, the no-fee card is the better choice. Bank of America does not offer a statement credit or travel credit to offset the annual fee, so the math is straightforward.
Bonus Points and Bank of America Rewards Membership
New cardholders typically receive a welcome bonus of points — the exact amount changes by offer, so check the current offer before you explore. These bonuses usually require you to spend a certain amount in the first few months.
If you have a Bank of America checking or savings account, you may be enrolled in Preferred Rewards, which gives you bonus points on all card purchases. The bonus ranges from 10% to 50% more points, depending on your account balance with the bank. For example, if you have $100,000 or more in Bank of America accounts, you earn an extra 50% points on all purchases — so the Travel Rewards Card would earn 2.25 points per dollar instead of 1.5. This can make a significant difference over time, especially if you already bank with Bank of America.
Travel Protections Included
The Premium Rewards Card includes trip cancellation insurance, which reimburses you if you have to cancel a prepaid trip due to illness, injury, or death of a family member. It also includes rental car damage coverage, so if you rent a car and decline the rental company's insurance, the card covers collision and theft damage up to the car's actual cash value. The Travel Rewards Card does not include these protections.
Both cards include lost luggage reimbursement and emergency medical and dental coverage while traveling outside the United States. These protections are secondary, meaning they pay only after your primary insurance (like homeowners or health insurance) has paid. Read the full terms in the benefits guide before relying on them, as coverage limits and exclusions explore.
Comparing Bank of America to Other Travel Cards
Bank of America's travel cards are straightforward but not the highest-earning options in the market. The Travel Rewards Card earns 1.5 points per dollar everywhere, which is solid for a no-fee card, but some competitors earn 2 points per dollar with no annual fee. The Premium Rewards Card earns 2 points on travel and dining, which matches some competitors, but costs $95 per year while some competing cards offer higher earning rates or better travel credits that offset the fee.
Bank of America's advantage is integration with its banking platform — if you already have a Bank of America checking account and Preferred Rewards membership, the bonus points can make the cards more valuable than the earning rates alone suggest. The travel portal is also straightforward to use, with no blackout dates or seat restrictions. If you prefer simplicity over maximum earning potential, Bank of America's cards are worth considering.
How to Understand the Points Value
A Bank of America travel point is worth roughly 1 cent when redeemed through the travel portal. This means 50,000 points equals about $500 in travel. However, the actual value depends on how you use them. If you transfer points to an airline partner and find an award seat that would cost $600 to buy but only 40,000 points to book, those points are worth 1.5 cents each. If you transfer points and book an award that costs more points than the cash price would suggest, the points are worth less than 1 cent.
For most people, the portal redemption at 1 cent per point is the easiest way to think about value. You earn points, you book travel, you redeem points to pay for it. The transfer option exists for people who want to optimize further, but it requires research and timing.
Frequently Asked Questions
Do Bank of America travel cards have foreign transaction fees?
No. Both the Travel Rewards Card and Premium Rewards Card charge no foreign transaction fees, so you can use them internationally without paying extra. This makes them useful for travel outside the United States.
Can I transfer points to someone else?
Points cannot be transferred to another person's account. They stay with the cardholder. However, you can use your points to book travel for anyone — the ticket or reservation just needs to be in your name or you need to be present at check-in.
What happens to my points if I close the card?
Your points remain in your Bank of America rewards account and do not expire. You can continue to redeem them even after you close the card, as long as you keep your Bank of America account open. If you close your Bank of America account entirely, the points are forfeited.
Does Bank of America offer a sign-up bonus?
Yes, both cards typically come with a welcome bonus of points for new cardholders who meet a spending requirement within the first few months. The exact bonus amount changes over time, so check the current offer on Bank of America's website before you explore.
Can I use points for things other than travel?
Yes. Through the Bank of America rewards portal, you can redeem points for cash back, gift cards, or merchandise. The cash back redemption is typically worth 1 cent per point. Travel redemptions through the portal are also worth 1 cent per point, so the value is the same whether you choose cash or travel.