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The Bank of America Travel Rewards and Bank of America Cash Rewards cards are two very useful cards with no annual fee, find out which one is right for you.
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Bank of America is taking customer loyalty to the next level with these two credit cards, rewarding you for your spending habits and earning you unique benefits that often can’t be found elsewhere. Both the Bank of America® Travel Rewards Credit Card and the Bank of America® Customized Cash Rewards Credit Card come with better rewards rates than you’d expect from cards with no annual fees.
While both cards can be valuable for different lifestyles, they are especially useful for those with Bank of America checking or savings accounts. Bank of America Preferred Rewards customers (those who meet certain account balance requirements) can earn up to 75% in rewards with any card.
The Travel Rewards Card earns 3 points on travel purchases booked through the Bank of America Travel Center (such as flights, hotels and rental cars) and 1.5 points per dollar spent on purchases.
The Custom Cash Rewards Card earns 3% cash back in the categories you choose (gas, online shopping, dining, travel, drugstore, home improvement/furniture), 2% cash back on grocery and wholesale club purchases, and 1% cash back. to other purchases. But keep in mind that your rewards in the 3% and 2% tiers are capped at $2,500 in total spending each quarter, after which they drop to 1%.
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Cash back or points: that’s the question. Really ask yourself if you’d rather earn points that you can turn into a statement credit or use on travel, or earn straight cash. .
Bank of America Travel Rewards offers a sign-up bonus of 25,000 points if you spend $1,000 in the first 90 days. Bank of America Travel points are valued at 1 cent per point, so 25,000 points equals $250. The sign-up bonus isn’t bad, as this card has no annual fee.
For a starter cash back card, Bank of America’s Custom Cashback is pretty generous with a $200 welcome bonus if you spend $1,000 in the first 90 days. It’s not the best among other cash back credit cards, but it’s not the worst either. Many cardholders also find it easy to spend $1,000 in 90 days.
You can redeem your points as cash rewards (0.6 cents per point) and gift cards (variable point value) through the Bank of America Travel Center. You can even redeem your points on travel, reservations made through third-party sites, or restaurant purchases in the last 12 months.
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The Bank of America Customized Cash Rewards Card also offers flexible payment options. Unlike some cash back cards, where you can only use your rewards for a statement credit, Bank of America lets you choose to put the money back into another account, get a loan or choose a check in the mail.
Both of these 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 your eligibility level.
For the Bank of America Travel Rewards card, if you have the lowest gold tier, your points will increase by 1,875 points per $1. For Bank of America Customized Cash, if you qualify for Gold, you’ll earn 1.875%.
Bank of America Travel Rewards has no annual fee, earns points evenly on all purchases, and lets you spend points on travel through its travel portal. What more could you ask for in a travel start credit card?
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The card defines “travel” in a broad sense, meaning you can redeem your points on flights, hotels, vacation packages and more. Because you’re not limited by the number of travel partners, your rewards are the same no matter which airline or hotel you stay with.
Since the 1.5X points are much lower than other travel cards, we recommend using this card for most (or even all) of your travel spending to earn points quickly. Another incentive for using the Travel Rewards card as your primary travel card is to earn 3 points per dollar spent when you book through a Bank of America Travel Center. And of course, don’t forget to collect 25,000 bonus points to increase the value of the card.
Sometimes it’s hard to predict which category you’ll spend the most on, but the Bank of America Customized Cash Rewards Card offers the flexibility to maximize your future spending with up to six interchangeable 3% cash back categories. It also has the basic advantage of allowing you to change categories once a month.
The card is most attractive to cardholders who want to shop online or get bonus cash on gas. 2% cash back at stores and wholesale clubs is nothing to scoff at, which is ideal for families who spend a lot on gas and groceries. However, remember that rewards in the 3% and 2% categories are limited to $2,500 per quarter (then you earn 1%).
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When it comes down to it, the Bank of America Cash Back Card is the best card for all seasons. It includes eight bonus categories, which receive 3% or 2% of the basic daily expenses, and you can change six every month. You can use it as your primary card for all your purchases, or just for gas or groceries, 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 your other major cards. We recommend it to serious travelers, but not to serious globetrotters.
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If you’re looking to shed a large credit card balance or finance a large purchase, the Citi Diamond Preferred Card and Citi Simplicity Card are hard to beat.
It’s natural to want better things, including premium credit cards. But all that glitters is not gold, and not all gold will give you the best reward. An expensive credit card product can be very valuable to you – but only if it fits your lifestyle and spending.
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