The Bank of America Travel Rewards credit card is a no-annual-fee credit card with a basic rewards scheme that may appeal to infrequent travelers. Although the card is an average travel rewards card, it's a good alternative for Bank of America Preferred Benefits members who may earn above-average rewards as part of the bank's enhanced rewards program, making it an attractive option for those who are already members.
Introduction
The Bank of America Travel Rewards for Students credit card is an excellent option for students who want to travel back to see family or want to get away from home for an extended period. In the first 90 days after account activation, students may earn 1.5 points per dollar on all transactions worldwide, with no expiration on issues, and a welcome gift of 25,000 online bonus points. This card does not have an annual or foreign transaction fee, so there is no layover, and costs do not cancel off reward gains.
Advantages
Travel cards that don't charge a fee can compete in rewards by earning 1.5 points for every dollar spent. When redeemed for travel, each point is worth one cent, which is typically typical. Rewards systems can be divided into tiers, with higher points or miles awarded for some purchases than for others.
Consider this card if you want to make a significant purchase and need time to pay it off without incurring interest costs. For the first 15 billing cycles, new members can take advantage of a 0% introductory APR on purchases. After that, the variable APR goes back from 14.74 percent to 24.74 percent, depending on the customer's creditworthiness.
The Cons
It's easier to maximize the value of your rewards if you have a travel rewards credit card that allows you to transfer points or miles to accounts with partner hotels and airlines. This card does not enable you to move your points to another card; only Bank of America may redeem your points for travel. New purchases and debt transfers from other cards are eligible for initial 0% APR rates on many cards. There isn't a lot of flexibility in the Bank of America Travel Rewards credit card offer for students. Purchases can be paid off with no interest for 15 months after the account is opened, and balance transfers are not included.
Bank of America Travel Rewards for Students One-Time Offer
This card comes with a 25,000-point sign-up bonus. Students must charge at least $1,000 on their card within the first 90 days of creating their account to qualify for the reward. When it comes to redeeming the incentive, it's worth $250 in statement credit for travel expenses.
Earning Rewards
It's easy to rack up rewards with this card because every dollar spent gives you 1.5 points. Points can be earned at any time and have no expiration date. Students who desire to build up substantial issues toward travel expenses would like this. Using the Bank of America Travel Center, students may earn more travel rewards points. If you do not purchase travel insurance, you will receive 1.5 base points and 1.5 bonus points for 3 points per dollar when you plan trip purchases. There is no limit to the number of points you may earn in the Travel Center.
Redemption Details
As with earning points, redeeming them is a cinch with this card. Spending money earned via points can be applied to various travel-related expenses in the form of a statement credit. To redeem a travel statement credit, you'll need at least 2,500 points, which can only be used for purchases made at participating travel and dining establishments. Every 10,000 points won is worth $100 in statement credit. Thus every 10,000 points earned is worth $0.01 per point. In addition to statement credit for travel, you may get cash back and gift cards with your issues.
How to Maximize Your Benefits
The ideal method to maximize points on this card is to get the welcome bonus and then use the card for all subsequent transactions. Students must spend $1,000 in their first three months of enrollment. This may be a simple task for a student who regularly spends on items like groceries, dining out, petrol, or entertainment. If a student continues to spend $333 a month, they will accrue 5,994 points in travel rewards over a year. Travel bill credit would amount to $59.94 in this case.
Conclusion
With the Bank of America Student Travel Rewards credit card, students may earn limitless points toward travel with every transaction. Although the minimum spending criterion is more significant than other student travel credit cards, the introductory bonus is more generous. If you currently have a Bank of America or Merrill Lynch account with a $20,000 or more balance, the Preferred Rewards program offers a significant incentive for high rollers to sign up for this card.
