Bank of America BankAmericard Travel Rewards and BankAmericard Privileges with Travel Rewards Review (both discontinued)
Updated September 10, 2014. Old review NOT being updated.
The Facts
In early 2012, BofA introduced these two cards together. However, since mid 2013, BankAmericard Privileges with Travel Rewards has been discontinued for new applications, and in 2015 the card was replaced other BofA products. BankAmericard Travel Rewards (non-fee version) was also discontinued and replaced by other products later.
The Facts
In early 2012, BofA introduced these two cards together. However, since mid 2013, BankAmericard Privileges with Travel Rewards has been discontinued for new applications, and in 2015 the card was replaced other BofA products. BankAmericard Travel Rewards (non-fee version) was also discontinued and replaced by other products later.
BankAmericard Travel Rewards
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BankAmericard Privileges with Travel Rewards
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- Best Use of Bank of America Travel Rewards points: you can redeem Travel Rewards points for travel credits, cash, merchandise, gift cards, and charitable contributions. Travel credits is the best value at 1 cent per point.
- Other Facts: In 2014, with the introduction of BofA Preferred Rewards, BankAmericard Travel Rewards is listed as one of the two credit card products that enjoy special rewards bonus based on your Preferred Rewards tier (the other credit card is BankAmericard Cash Rewards): 25% bonus for Gold tier (requiring at least $20,000 combined balance across checking, savings, and investment accounts), 50% for Platinum tier (requiring at least $50,000 combined balance), and 75% for Platinum Honors tier (requiring at least $100,000 combined balance). This effectively makes this card return 1.875%, 2.25%, or 2.625%, for the three tiers respectively. Preferred Rewards members do have other benefits, as in most premium banking relationships; however, you have to realize that as a major bank in the U.S., BofA does not offer competitive APY in savings or checking compared to high yielding accounts offered by smaller or online banks.
- History: BankAmericard was the very first credit card brand when introduced in 1958 and was rebranded as Visa in 1975. BofA brought back this brand in 2010 but did not receive much of our attention since the rewards did not stand out. In fact, the brand is no longer a card type (or network) as it used to be and all BankAmericard's are Visa Signature cards. With the introduction of these two new BankAmericard products, the brand is certainly regaining popularity. However, we are saddened to see the better of the duo BankAmerican Privileges with Travel Rewards did not last long.
The Math
BankAmericard Travel Rewards vs. Fidelity Visa (1.5% cashback): they are almost identical. However, BankAmericard Travel Rewards earns up to 1.6% on general purchases with a qualifying BofA account and is not strictly a cashback card since the best redemption is for travel. However, you are enrolled in BofA Preferred Rewards program, you can beat Fidelity Visa and even Fidelity Amex, since your effective return will be 1.875%, 2.25%, or 2.625%, depending on your Preferred Rewards tier.
BankAmericard Privileges with Travel Rewards vs. Fidelity Amex, Capital One Venture, Discover Escape: Linked to a qualifying BofA account, BankAmericard Privileges earns up to 2.1% - the highest earning rate we have seen on the general spending. At the same time, its $75 annual fee after the 1st year is the highest among these several cards. To beat Fidelity Amex (2% cashback with no annual fee), you need to spend more than $37.5K a year on BankAmericard Privileges. To beat Capital One Venture (2% cashback with $59 annual fee) or Discover Escape (2% cashback with $60 annual fee), you only need to spend more than $7.5K a year on BankAmericard Privileges. Of course, if you can waive the annual fee on BankAmericard Privileges, it is a clear winner.
The Conclusion
BankAmerica Privileges with Travel Rewards, with a potential annual fee waiver and up to 2.1% rewards, was replaced on our Top List, for a little more than a year. Obviously we were saddened to see it go. In 2014, with the introduction of Preferred Rewards, BankAmericard Travel Rewards suddenly became very attractive for BofA loyal clients.