If you are thinking about applying for a travel rewards card, you may be wondering what type of credit score you need to get approved. Bank of America’s Travel Rewards card is one of the most popular types of cards out there, and they are willing to work with people with less than perfect credit. However, if you don’t have a high enough credit score, you should consider applying for a secured credit card instead. This way, you will have a better chance of being approved for the card.
Bonus points for travel-related purchases
If you’re interested in earning points for travel-related purchases, then you might want to consider applying for a Bank of America travel rewards card. This is a mid-tier travel credit card that offers a good deal of flexibility and simple rewards. Unlike most travel cards, this one has no annual fee. However, there are a few things to keep in mind.
You can earn up to 25,000 bonus points with the Bank of America Travel Rewards credit card when you spend at least $1,000 in purchases within the first 90 days of opening an account. However, you have to use the points for travel before they can be redeemed.
The points you can redeem are worth one cent each. They can be redeemed for cash back, gift cards, or statement credits. While there are some restrictions, the Bank of America point redemption process isn’t too difficult. Simply log into your account, choose a qualifying transaction from the past 12 months, and then start to use your points.
Although this card does not offer any perks, such as hotel point transfers or purchase protection, it still makes a great option for those who are looking to earn rewards. It is also a good choice for those who are unsure about whether or not they will be traveling in the near future.
The Bank of America Preferred Rewards program is ideal for those who are looking for a card that earns a high rate of reward. This program can provide an additional 25% to 75% of points for purchases, which can be used for travel statement credits or gift cards. In addition, this program also offers a discount on interest on your home equity.
Cash back on purchases at a flat rate
If you’re looking for a credit card that will help you get cash back on purchases at a flat rate, the Bank of America Travel Rewards card could be the right choice. This card doesn’t have a lot of extra perks, but its high rewards rate makes it a great option for occasional travelers.
The best part about this card is that it’s free to use. You can even pay for your flight with points. In addition, you don’t have to worry about foreign transaction fees. Unlike other no-annual-fee cards, the rewards aren’t limited to travel.
You can also take advantage of the Bank of America Preferred Rewards program, which offers even higher rewards. You can earn 25 to 75 percent more points on your purchases. There are also boosted interest rates for savings accounts. And you can redeem your points for travel statements, gift cards, or checks.
But what are the best cards to pair with the Bank of America Travel Rewards card? Some of the more lucrative ones offer more travel-specific perks.
For instance, the Chase Sapphire Reserve offers rewards only in the form of travel statement credits. Meanwhile, the Bank of America Premium Rewards card offers bonus points on travel and dining purchases.
Aside from the Preferred Rewards program, however, you’re probably not going to find many other benefits that make the card stand out from the crowd. In fact, you might get more value from a card that allows you to transfer your points from one card to another.
One other important feature of the Bank of America Travel Rewards card is its overdraft protection. It’s one of the few credit cards that offer this hefty benefit.
No annual fee
The Bank of America travel rewards credit card is a solid option for cost-conscious travelers with good credit. While the card is not the best choice for every traveler, it does offer an impressive sign-up bonus. And its rewards aren’t just limited to airfare. It also offers a simple yet effective points-based rewards system.
One of the best things about the Bank of America Travel Rewards credit card is its straightforward earning structure. You earn 1.5 points for every $1 spent, which is more than you’ll find on most travel credit cards. If you spend at least $20,000 annually on the card, you’ll get the opportunity to join the Preferred Rewards program, which boosts your rewards by 25% to 75%.
The card also has a handy introductory APR, which allows you to make purchases without interest for the first 18 months of your account’s life. Plus, it also offers free access to your credit score.
On top of the card’s basic features, there are some extra benefits outside the Preferred Rewards program. These include the ability to transfer high-interest balances from other credit cards. Also, there’s no foreign purchase fee, which can save you money.
Although the Bank of America Travel Rewards credit card has a few drawbacks, its sign-up bonus is the best you’ll get from a credit card that doesn’t have an annual fee. In fact, you’ll receive a hefty $250 in travel credit after meeting the minimum requirements. Those who don’t have the cash to spare for an annual fee may want to consider another card.
Overall, the Bank of America Travel Rewards credit card is a good choice for a no-annual-fee traveler who has good or excellent credit. However, you may want to consider other cards if you’re more interested in traveling than saving money.
Secured credit cards have better approval odds for those with poor credit
Secured credit cards are a great way to start building your credit. They report information to the major credit bureaus each month, helping to improve your credit score. In addition, they have lower fees and high approval odds.
Before applying for a secured credit card, make sure you understand the requirements and fees. Most cards require a refundable security deposit of $200 or more. This will be returned when you close the account. If you have a higher credit score, you can get a card with no deposit.
Although secured credit cards are a great way to rebuild your credit, they aren’t for long-term financing. Those with poor credit may want to consider an unsecured card instead. Unsecured credit cards typically have lower interest rates and higher credit limits.
You’ll also have to make monthly payments on time. Failing to do so will hurt your credit, even if you have a secure card.
Some secured cards have rewards, and some offer no annual fee. Make sure you are confident in your ability to pay your bill on time before committing to a card.
When applying for a secured credit card, you’ll need to provide a social security number, a physical U.S. address, and enough income to cover the security deposit. Issuers also usually require you to be at least 18 years old.
Because secured cards are less stringent than unsecured ones, you’ll have better approval odds. Those with poor credit may have a difficult time obtaining one. However, you can increase your chances of being approved by making regular, on-time payments and keeping your account open.
Limitations
If you are in the market for a new credit card, the Bank of America Travel Rewards credit card may be a good fit for you. This is a no annual fee card that offers flexible rewards and statement credits. It can be used for travel, restaurants, bars, and even for camping. There are also no foreign transaction fees.
Although the Bank of America travel rewards credit card has many of the same benefits as the Unlimited Cash Rewards card, there are some major limitations. The biggest drawback is the high account balance requirements. For example, you will need at least $20,000 in your bank of America or Merrill account to qualify.
Another drawback is the lack of perks. While the card does offer several other notable features, such as an overdraft protection feature, there are not many extras to speak of.
The Bank of America travel rewards credit card is also not particularly well suited for the frequent flyer set. However, if you have an excellent or exceptional credit score, this card can be a useful tool in financing big purchases during the first year.
If you are a frequent traveler, you may find more value from a credit card that lets you transfer points to different airlines. These cards tend to have higher bonuses than the average no-annual-fee card.
Lastly, the Bank of America travel rewards credit card has a hefty reward rate on every day purchases. In addition, the Bank of America Preferred Rewards program helps give the card a leg up on its competitors. Aside from the usual perks, you can earn a 25 to 75 percent rewards rate on certain purchases.https://www.youtube.com/embed/BbVImS5Mc9Y
