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Financial institution of America Journey Rewards Card Pays 2.625% on All the pieces

Financial institution of America Journey Rewards Card Pays 2.625% on All the pieces


[Originally published in 2014. Updated on August 23, 2023. Links are NOT affiliate links. We don’t get paid if you apply for any credit card.]

I’ve a brokerage account at Merrill Edge and a free checking account at Financial institution of America. I certified for Financial institution of America’s Most well-liked Rewards program after three months. Then I added a Financial institution of America Journey Rewards card to the Most well-liked Rewards program.

75% Bonus from Most well-liked Rewards

On a stand-alone foundation, this bank card isn’t that particular. It offers 1.5% rewards on each buy with no caps or particular classes. It has no annual price and no international transaction price. There’s a small sign-up bonus. The Most well-liked Rewards program makes it a lot nicer.

Once you enroll in Financial institution of America’s Most well-liked Rewards program, you get a lift in bank card rewards. $100k in belongings held at Merrill Edge places you within the Platinum Honor tier, which supplies you a 75% bonus on bank card rewards. 1.5% rewards with no caps on every little thing on the base degree then turns into 2.625% rewards on every little thing within the Platinum Honor tier.

For instance, a $71.30 buy earned 187 reward factors value $1.87. That’s 2.625%. You get the 75% bonus after you qualify for the Platinum Honor tier in Most well-liked Rewards. In case your Financial institution of America checking account is new, it has to undergo three month-ends earlier than you qualify.

This Financial institution of America card with a 75% bonus offers extra rewards than different 2%-rewards playing cards such because the Constancy Visa or the Citi Double Money card.

Maintain ETFs at Merrill Edge

The easiest way to qualify for the Platinum Honor tier within the Most well-liked Rewards program is by transferring $100,000 value of investments to Merrill Edge and linking the Merrill Edge accounts to the Financial institution of America checking account. The $100,000 doesn’t have to sit down in money. It may be shares, bonds, mutual funds, or ETFs held in IRAs or common brokerage accounts.

You don’t must promote your investments and set off capital beneficial properties whenever you switch to Merrill Edge. Current investments could be transferred “in type.” Merrill Edge generally offers a bonus in your switch. Google “Merrill Edge switch bonus” for the present provide.

You don’t must commerce within the Merrill Edge accounts both if you happen to want to make use of a distinct dealer. Simply holding $100,000 value of an S&P 500 ETF in an IRA and establishing free automated dividend reinvestment will do. Merrill Edge doesn’t cost upkeep or inactivity charges.

In case you do use Merrill Edge to commerce, Merrill Edge prices zero fee on on-line inventory and ETF trades.

Redeem In opposition to Previous Journey and Eating Purchases

The reward factors from the Journey Rewards card are value probably the most whenever you redeem them as an announcement credit score towards journey and eating purchases made within the earlier 12 months (100 factors = $1). So long as you cost some journey and eating bills on this card every so often, you’ve got loads of alternatives to redeem the factors.

These prices all counted as journey in my account:

  • Airways (each tickets and baggage charges)
  • Lodges
  • Airbnb
  • Automotive leases
  • Uber and Lyft
  • Transit (practice, bus, ferry)
  • Parking and tolls
  • Ski passes

Eating consists of bars, eating places, and quick meals.

The minimal variety of factors for redemption is 2,500 factors (earned by spending $952 at 2.625%). You could have one 12 months from the date of a journey or eating cost to redeem factors towards it. You’ll be able to redeem factors towards the identical cost a number of instances till the cost is totally lined by factors redemption.

Don’t Journey or Eat Out?

In case you don’t journey or eat out and due to this fact may have problem discovering journey and eating prices to redeem rewards towards, Financial institution of America additionally presents an Limitless Money Rewards card. All the pieces works the identical because the Journey Rewards card besides that the rewards are given in money and it has a 3% international transaction price. The international transaction price doesn’t matter a lot whenever you don’t journey.

Limitless Money RewardsJourney Rewards
Annual PaymentNoneNone
International Transaction Payment3%None
Rewards on every little thing1.5% base
2.625% with 75% bonus
1.5% base
2.625% with 75% bonus
Redeem rewardsCashbackAssertion credit score towards journey and eating prices within the final 12 months

Journey or Eat Out rather a lot?

In case you journey or eat out rather a lot, Financial institution of America additionally presents a Premium Rewards card that has an annual price however offers greater rewards on journey and eating prices.

Journey RewardsPremium Rewards
Annual PaymentNone$95
International Transaction PaymentNoneNone
Airline incidental assertion credit scoreNoneas much as $100/12 months
TSA PreCheck or International Entry price credit scoreNoneas much as $100 each 4 years
Rewards on journey and eating prices1.5% base
2.625% with 75% bonus
2% base
3.5% with 75% bonus
Rewards on every little thing else1.5% base
2.625% with 75% bonus
1.5% base
2.625% with 75% bonus
Redeem rewardsAssertion credit score towards journey and eating prices within the final 12 monthsCashback

You’ll get extra from the Premium Rewards card to offset the annual price if you happen to pay airline baggage charges or cost an excellent quantity for journey and eating.

Decide One

The Journey Rewards card and its two sister playing cards work equally. Which one works one of the best comes all the way down to how a lot you journey and eat out.

Autopay Full Steadiness

It’s not apparent the way you arrange for mechanically paying the total stability each month on Financial institution of America bank cards. Please comply with the steps in Set Up Autopay On Financial institution of America Credit score Card.

Free Credit score Rating

Financial institution of America presents month-to-month free FICO credit score scores from TransUnion when you’ve got a bank card from them.

***

I exploit the Financial institution of America Journey Rewards card for just about every little thing. It really works to its full potential whenever you even have Merrill Edge and Financial institution of America accounts and also you make it to the Platinum Honor tier within the Most well-liked Rewards program.

I like this card as a result of it’s useless easy. There aren’t any particular classes to trace and no complicated level transfers. I naturally have some journey and eating prices to redeem rewards towards after I cost just about every little thing to this card. In case you don’t journey or eat out a lot or if you happen to journey and eat out rather a lot, a sister card from the identical financial institution works higher.

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