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How to Maximize Rewards With the Bank of America® Travel Rewards Credit Card

Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the issuer.

Every month, our credit card expert surveys leading offers & compiles a list of the best credit products on the market. His goal is to locate deals that offer huge potential rewards or exceptional interest rate savings.

The Bank of America® Travel Rewards Credit Card could be a good credit card for avid travelers on a budget. It’s easy to earn points for making everyday purchases. But racking up rewards might be difficult if you’re not aware of all the promotions and perks that go along with using the card. Here’s a look at some ways to maximize rewards with the Bank of America® Travel Rewards Credit Card®.

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1. Look out for Special Promotions  

Every so often, special promotions offer bonus points to Bank of America® Travel Rewards Credit Card holders. If you thoroughly review any information you receive from your credit card issuer, you won’t miss out on the opportunity to earn additional rewards.

2. Don’t Forget About the Sign-Up Bonus

How to Maximize Rewards With the Bank of America® Travel Rewards Credit Card

Many credit cards come with sign-up bonuses that reward you when you make a certain amount of purchases within, say, the first three months. The Bank of America ® Travel Rewards Credit Card is no exception. If you spend $1,000 within the first 90 days of opening the account, you can earn 20,000 bonus points.

The Bank of America® Travel Rewards Credit Card comes with a 0% interest promotion on purchases that lasts for the first 12 billing cycles. So if you carry a balance while you try to qualify for the sign-up bonus, you won’t have to worry about paying interest. But you’ll need to be careful.

If you get into the habit of failing to pay off your credit card balance every month, you could end up wasting a lot of money on interest once the regular APR kicks in. You wouldn’t want to be in a situation where the interest you’re paying exceeds what you’re earning in rewards.

See how long it’ll take to pay off your credit card debt.

3. Take Advantage of the Travel Center

Using the Travel Center is one of the easiest ways to maximize the rewards you earn with the Bank of America® Travel Rewards Credit Card. Normally, cardholders can earn 1.5 base points for every dollar they spend. But when you use the Travel Center to book a flight or a hotel stay, you earn three points (1.5 base points plus 1.5 bonus points) for every dollar you put toward a qualifying purchase.

4. Keep Your Account in Good Standing

With the Bank of America® Travel Rewards Credit Card, the points you earn never expire. You can redeem your points for a statement credit and save money on baggage fees, vacation packages and rental cars. But in order to make the most of your rewards, your account needs to be active and you’ll need to establish a good track record with your credit card issuer.

Making mistakes – like not paying at least the minimum amount every month or failing to pay off your credit card debt – could jeopardize your chances of being able to redeem your points.

5. Consider Opening a New Bank Account

How to Maximize Rewards With the Bank of America® Travel Rewards Credit Card

There are many advantages to having accounts with multiple banks. Some banks offer better services and benefits than others. In order to take advantage of those perks, it might make sense to have accounts at more than one bank. That’s why becoming a Bank of America® customer might be a good idea, even if you have an existing relationship with another financial institution.

Bank of America® Travel Rewards Credit Card cardholders can boost the amount of points they earn per purchase by 10% by having an active Bank of America® savings or checking account. Every point you can squeeze out of your rewards credit card can go toward reducing your travel costs.

6. Become a Preferred Rewards Client

If you’re ready to go the distance to earn rewards with your Bank of America® Travel Rewards Credit Card, you can also join the Preferred Rewards Program. The program is open to any cardholder with a qualifying personal checking account with Bank of America®. You must also have an average balance of at least $20,000 within a three-month period in your eligible Bank of America® accounts and/or your investment accounts maintained by Merrill Lynch® or Merrill Edge®. While you won’t be charged a fee for participating in the program, you may have to pay fees associated with having a bank or investment account.

The Preferred Rewards Program is broken up into three tiers. You can increase the amount of bonus points you’re earning by 25%, 50% or 75%, depending on the amount of money that’s locked up in your bank or investment accounts. For example, in order to get a 75% increase in the number of bonus points you’re earning, you’ll need to have a three-month average balance of $100,000 in your bank accounts and/or investment accounts.

Check out the best rewards credit cards.

7. Avoid Transferring Balances and Taking Cash Advances

Bank of America® Travel Rewards Credit Card cardholders get hit with a 3% fee (with a minimum fee of $10) whenever they transfer a credit card balance. There’s no 0% introductory APR for balance transfers. So if you transfer a balance and carry a balance, your APR could be anywhere 16.24% – 24.24% APR variable depending on your credit score.

Aside from the penalty that comes from taking a cash advance or transferring a credit card balance, you won’t earn any points from those kinds of transactions. To maximize your rewards, you’ll need to keep your balance transfers and cash advances to a minimum.

Final Word

The Bank of America® Travel Rewards Credit Card has no annual fee or foreign transaction fee. It’s best known for giving cardholders the chance to earn points daily. And the flexibility to decide how they want to use their travel rewards. With insight into how to make the most of the card, you may be on your way to scoring a cheap flight to your favorite vacation spot.

Find more information on Bank of America ® Travel Rewards Credit Card here.

Photo credit: ©iStock.com/andresr, ©iStock.com/pixelfit, ©iStock.com/Ridofranz

Editorial Note: This content is not provided by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the issuer.

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Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.

Amanda Dixon Amanda Dixon is a personal finance writer and editor with an expertise in taxes and banking. She studied journalism and sociology at the University of Georgia. Her work has been featured in Business Insider, AOL, Bankrate, The Huffington Post, Fox Business News, Mashable and CBS News. Born and raised in metro Atlanta, Amanda currently lives in Brooklyn.
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