When it comes to the choices of the Travel Rewards credit card, the best example is the Bank of America® Travel Rewards credit card with a reasonable fee and the highest rewards for the traveling consumers. With features that will make this credit card a very useful addition to your toolkit, this card is ideal for both the busy executive and the occasional tourist.
Benefits like no annual fee and a pretty decent rewards structure put the Bank of America® Travel Rewards credit card among the leaders in the selection of credit cards. Now, let it be of interest to consider the main characteristics and advantages that explain why this card is of interest to many people.
Key information about the credit card
How does the annual fee work?
The fact that the Bank of America® Travel Rewards credit card has no charges for the card’s usage and transactions is another pulling factor. Of these three benefits, this feature can be considered as the most appealing since cardholders have the opportunity of earning and spending the reward, without being charged an additional yearly fee.
How is the credit limit determined?
The credit limit that a card holder is given when they use the Bank of America® Travel Rewards credit card depends on the following: For ordinary credit cards, the amount of credit given to a card applicant depends on credit worthiness among these factors; credit score; income; and credit history.
Advantages of the credit card
- Unlimited rewards: You build up to as many commissions, 1. 5 points for every $1 on total purchases for all MasterCard transactions, for all purchases made at every date and time. The account does not close and points do not have any expiry if the account is being active.
- No foreign transaction fees: Travel the world knowing that you won’t have to pay any more on the purchases you make while abroad.
- Low introductory APR: Enjoy a 0% Intro APR for the first 15 billing cycles of the account on purchases along with any transferred balances within the first 60 days only.
- Preferred rewards bonus: Bank of America Preferred Rewards is designed such that clients attain extra 25%-75% everything points earned on every purchase.
Standout advantage
One of the BIG shines of the Bank of America® travel rewards credit card is that it has no annual fee and no international fees. This makes it highly suitable for travelers, for international travel in particular, for those who want to earn their benefits through their spending money without having to spend extra money for the membership.
Disadvantages
- High variable APR: The variable interest rate, starting at 19. 24% to 29. Still, interest rates which may range from as low as 12% to as high as 24% can be considered high relative to other cards.
- Balance transfer fee: The second rate applies after 60 days of its application and stands at 4% for the balance transfer fee.
- Limited redemption options: The conversion of points to CASH or gift cards is less rewarding as compared to the TRAVEL and DINING points.
A standout disadvantage
One of the biggest turning points which are considered to be drawbacks of the Bank of America® Travel Rewards credit card for 2022, is the high variable APR which oscillate, starting from the 19%. 24% to 29. Agreement between the two is 24% of the original amount for the subsequent period of the contract after the trial period.
Who can apply for this card?
The Bank of America® Travel Rewards credit card is quite popular among applicants because it is open to most of them. You will need to meet a certain level of literacy, and, of course, your age has to be at least eighteen, and you have a valid social security number. Candidates who apply for the offered credit products are required to prove that they have a steady income and a good credit rating in order to enhance their chances of being approved for credit.
How to apply for the Bank of America® Travel Rewards Credit Card
For the website
To apply, please go to the Bank of America home page and then to the Travel Rewards credit card page subpage. To apply, you need to fill out the online form; it is on the home page, just look for the ‘Apply Now’ button.
The I-130 form will require personal data about the petitioner and the beneficiary inclusive of the name of the petitioner, current residential address, date of birth, social security number, sources of income among others.
The online application also has the rider that the applicant consents to the credit check. When filling in all the details, read the provided terms and conditions, then complete the application process. If it is approved, you will get your new card within 7-10 business days, same as the debit cards with monthly spending limits.
Through the app
Another method to apply is via the mobile application of the Bank of America also called ‘Mobile Banking’. First, the specific program has to be opened on one’s mobile device either by going through the App Store or the Google Play Store and then signing into Bank of America’s app. Load to the credit cards tab and choose the Travel Rewards card option.
Click on APPLY NOW and you will be taken through a series of steps to fill the application form. Just as with the online application, you will need to submit all your personal and financial data again. After this, a notification will be sent to you concerning the status of the application and if you have been approved, the card will be dispatched to you immediately.
At the branch
For example, if one wishes to apply physically, he can do so at the nearest Bank of America branch. Go to the branch and consult with an officer on credit card products. They will explain to you the procedure of applying for the grant, clarify all the doubts you may have and complete all the paperwork for you.
Some of the items that the customers may be required to produce include identification, proof of income, and other relevant information every so often. After the completion of your application and submission to the concerned bank, the applicant’s card will be mailed to him/her if the application is granted.
