Earning Rewards
The Bank of America® Travel Rewards credit card earns 1.5 points per dollar on all purchases.
Bank of America Preferred Rewards members earn a 25% to 75% bonus on all points earned, depending on program qualification level. The entry level of the program requires a balance of $20,000 or more in eligible Bank of America or Merrill accounts, with the highest tiers requiring a balance of at least $100,000.
The Bank of America Travel Rewards card offers a welcome bonus that allows eligible new cardholders to earn 25,000 online bonus points after spending $1,000 in purchases in the first 90 days of account opening.
Redeeming Rewards
Points earned through the Bank of America® Travel Rewards credit card can be redeemed for statement credits to pay for flights, hotels, vacation packages, cruises, rental cars, baggage fees and restaurants including takeout. Each point is worth 1 cent when redeemed this way.
Other ways to redeem rewards include for gift cards and cash back, but these redemptions have lower rates. Each point redeemed for cash is worth 0.6 of a cent (2,500 points = $15). Gift card redemptions vary in value per point.
Rewards Potential
To determine the reward potential of a credit card, we look at its reward categories and calculate what an average household might spend in those areas. Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage-earning households brings in $118,438 annually and has $39,337 in annual expenses that can reasonably be charged to credit cards. We base our calculations on these numbers.
Bank of America® Travel Rewards credit card Rewards Potential
| Category | Earning Rate | Estimated Annual Spend | Estimated Annual Earnings |
|---|---|---|---|
All Purchases | 1.5X | $39,337 | 59,005.5 points |
Total: $590.06 in statement credits |
Members of the Bank of America Preferred Rewards program can do even better.
- Gold (25% points boost): 73,756 points (Equivalent to $737.57 in travel redemption credits)
- Platinum (50% points boost): 88,508 points (Equivalent to $885.08 in travel redemption credits)
- Platinum Honors and Diamond (75% points boost): 103,259 points (Equivalent to $1,032.60 in travel redemption credits)
