Bank of America Travel Rewards

The short answer

Bank of America Travel Rewards has no annual fee, no foreign transaction fee and a standard earning rate of 1.5 points per dollar on eligible purchases. What a point is worth depends on how you use it: 1 cent against eligible travel or dining charges already on your account, but only 0.6 cent as ordinary cash.

On Julia's example of $24,000 of eligible purchases in a year, the card earns 36,000 points. Those points cover $360 of eligible travel or dining, or $216 as cash. A no-fee 2% card such as Active Cash earns $480 on the same spending, so at home it finishes $120 ahead of even the better redemption.

The card suits a household that regularly has eligible dining or travel on its statement, pays foreign fees, or has a Bank of America relationship that lifts the earning rate. It suits less well a household with mainly domestic spending that wants ordinary cash and gets little or no banking bonus. The Studio's Wallet Score is 58 out of 100.

What it costs

The annual fee is $0, and the Studio's rate card lists no membership cost. There is no foreign transaction fee.

The comparison is a no-fee 2% card, which earns $480 on the same $24,000.

Julia also weighs the cost of the banking boost. The current BofA Rewards program requires an eligible personal checking account and enrollment, and lower interest, higher fees or unsuitable investments in those accounts can cost more than the card adds. If your accounts already qualify without extra cost, the better rate is easy value. If you would move everything for 60 extra dollars, compare the wider costs first.

What it earns

• 1.5 points per dollar on eligible purchases at the standard rate.
• A higher rate on eligible Bank of America Travel Center bookings; Julia's example uses 3 points per dollar.
• A rewards bonus through BofA Rewards: 10% at the Member tier, which raises earning to 1.65 points per dollar, and 50% at Preferred Honors, which raises it to 2.25 points per dollar.

A point is worth 1 cent against eligible travel or dining charges and 0.6 cent as ordinary cash. So 10,000 points cover a $100 eligible meal or return $60 in cash. Travel-credit and cash redemptions start at 2,500 points.

The Member tier has no qualifying-balance minimum. Higher tiers depend on qualifying balances, and Preferred Honors requires $100,000. The program also includes Preferred Plus and Premier, with different balances and bonuses.

The credits, used honestly

Travel Rewards has no recurring statement credits. The nearest thing is the way it turns points into a credit against travel or dining you have already paid for, and that is where the card's value is made or lost.

The route works in order. You make a qualifying purchase first, then redeem points against it in the rewards account. Eligible restaurant purchases, including qualifying takeout, can work, so you do not need a trip to get the 1-cent value. The program looks back 12 months and is limited to the most recent 2,500 such purchases, so an old expense does not stay eligible forever.

A small balance is enough. With 5,000 points and an eligible $50 restaurant charge inside the window, the points can cover the meal, where cashing out would give $30. That preserves $20 of value without booking anything else.

The credit reduces your account balance. It does not replace the payment your bill requires, so required payments continue separately.

This is a different kind of flexibility from transferring points into an airline program. There is no award seat to find, and no extra value because a fare was expensive. Julia notes that this predictability could suit a household that would rather choose a trip than learn another loyalty program.

The catch

The two redemption values are the catch. At the lower cash-out rate of 0.6 cent, the card's base return is effectively less than 1%. A higher earning rate does not fix the weaker redemption choice, so you need both the qualifying tier and a redemption you would actually use.

Which bonus applies can depend on when you joined. If you joined the earlier Preferred Rewards program before May 26, 2026, an extended transition benefit may apply to your card. Check your own account's rate, because an old chart or a chart for new members may not describe it.

Booking through the Bank of America Travel Center can earn a higher rate, but the price still has to be compared. In Julia's example an eligible $500 booking earns 3 points per dollar, so at 1 cent per point its net cost is $485. The same stay booked directly for $480 costs less, even before counting any rewards from the direct booking. Match the room, dates, taxes and cancellation conditions, or you are comparing two different purchases.

The card also has introductory financing for a limited period, with separate transfer rules and fees. Julia's reward totals assume purchases paid without interest, because interest on the balance can outweigh the value of a travel credit.

The Studio's score uses the ordinary 1.5 points with no banking bonus, and its domestic test leaves out overseas fee savings.

Who it fits

It fits a household whose statement regularly shows eligible dining or travel, so the points have a purchase to cover. It also fits one that pays foreign fees abroad, or one whose Bank of America relationship already qualifies for a higher tier without extra cost. The Studio's verdict on fit is "Existing BofA relationship or a simple no-fee broad travel offset."

It fits less well a household with mainly domestic spending that wants ordinary cash and gets little banking bonus. For that household Julia would compare a straightforward 2% card first. The Studio's limitation reads: "Baseline excludes banking bonus; ordinary cash redemption is lower value."

The 58 comes from the everyday card test, which weighs value after costs across 3 household budgets, then reward freedom, effort and 2 protections. Limiting full value to travel and dining redemptions gives the card less freedom than cash.

The arithmetic

Julia's example is $24,000 of eligible purchases in a year.

• Standard rate: 1.5 points per dollar earns 36,000 points. Against eligible travel or dining they cover $360; as ordinary cash they return $216. The eligible route gives $144 more from the same spending.
• A no-fee 2% card such as Active Cash earns $480. That is $120 more than the $360 route, and the cash can pay for a meal or a trip too.
• Member tier: the 10% bonus raises earning to 1.65 points per dollar, so the budget earns 39,600 points, or $396 at 1 cent toward eligible travel or dining.
• Preferred Honors: the 50% bonus raises earning to 2.25 points per dollar, so the budget earns 54,000 points. Through the 1-cent route they cover $540, which beats the 2% card by $60. As ordinary cash they give only $324.
• Abroad: on $3,000 of eligible purchases, the standard rate gives $45 through a 1-cent travel redemption, with no foreign fee. A 2% card charging a 3% foreign fee earns $60 but charges $90, a $30 net cost. Travel Rewards comes out $75 better on those purchases.

Some 2% cards avoid foreign fees too, so Julia would compare those separately.

Before you apply

On the issuer's page today, check the 1.5 points per dollar rate, which purchases count as eligible travel and dining, the 12-month window and the 2,500-point minimum. Then look up your own rewards tier, because the earning rate depends on your account and not on a chart.

The video also mentions a current welcome offer of 25,000 points after $1,000 of purchases in the first 90 days. Those points cover $250 of eligible travel or dining, against $150 as ordinary cash. Check the offer you are shown, and decide how you would use the points before giving it a dollar value.

The figures in this article were verified on October 6, 2026.