Outside of the very obvious death and destruction that coronavirus has caused us this year, one of the consequences of it is the lack of travel. Even no annual fee credit cards are still impacted, what is Bank of American going to do with the Travel Reward card to incentivize you to use it then?
Now until December 31, 2020, you’ll be able to redeem Travel Reward points on grocery and dining purchases in addition to the default travel. The minimum amount you’re allowed to redeem is slated at $25. Fortunately, it’s looking like any grocery or dining purchases in the last 12 months are also eligible for redemption.
As a quick summary, the Travel Reward card from Bank of America is a no annual fee and no foreign transaction fee credit card that earns Travel Reward Points. The sign up bonus for the card is 25,000 points ($250) after spending a total of $1,000 within the first 3 months.
Points are earned at 1.5x for every single purchase you make. The points can be redeemed for any travel related purchase, essentially “eliminating” it. If you are a Preferred Rewards member at Bank of America, it is possible to earn up to 2.62x for every purchase instead of 1.5x. However, that implies that you have a ton of money invested with either Bank of America or Merrill Lynch.
- 1.5x on all purchases,
- Points can be redeemed for travel purchases
- No annual fee, no FTF
- 25,000 point offer after spending $1,000 within the first 3 months
- Possible to earn up to 2.62x for each purchase if you’re a Preferred Rewards member
Overall, I think this is a great move from Bank of America’s part. It’s easy for us to focus on the high annual fee travel related credit cards right now. The banks are in the interest of preserving as many annual fees as they possibly can right now. But there are also travel related cards, such as the Travel Rewards credit card that also need attention as well. So good on them for actually taking the time to make a change to the card.
What I really like is that any sort of grocery or dining purchase that would qualify goes back a total of 12 months. Pretty neat addition! Of course, there has to be a gotcha here, and that is the minimum redemption of $25! Why even bother? Let people spend their points if they absolutely need to, and don’t worry about having to collect any money from anyone if they couldn’t afford to pay.
What are your thoughts on this change? Are you going to redeem any of your Travel Rewards or save them for a different time? Let us know down in the comment section below!