Bank Of America Travel Rewards Card Foreign Transaction Fee
Traveling abroad is an exciting experience, but it can be expensive, especially when it comes to foreign transaction fees. If you are a Bank of America Travel Rewards cardholder, it is important to understand the fees associated with using your card outside of the United States.
What is the Bank of America Travel Rewards Card?
The Bank of America Travel Rewards card is a credit card that rewards you for your everyday purchases by giving you points that can be redeemed for travel expenses.
With the Bank of America Travel Rewards card, you earn 1.5 points for every dollar spent on purchases. Plus, there is no annual fee and no foreign transaction fees, making it a great option for those who frequently travel internationally.
However, it is important to note that while there are no foreign transaction fees associated with the Bank of America Travel Rewards card, there are some other fees you should be aware of.
What are Foreign Transaction Fees?
Foreign transaction fees are fees charged by credit card companies when you use your card to make a purchase in a foreign currency. These fees are typically a percentage of the transaction amount, usually around 3%.
For example, if you use your Bank of America Travel Rewards card to make a purchase in Europe for €1,000, you will not be charged a foreign transaction fee. However, if you use a different credit card that does charge foreign transaction fees, you could end up paying an extra €30 just for using your card.
Other Fees Associated with the Bank of America Travel Rewards Card
While there are no foreign transaction fees associated with the Bank of America Travel Rewards card, there are other fees that you should be aware of.
Balance Transfer Fees
If you transfer a balance to your Bank of America Travel Rewards card, you will be charged a fee of either $10 or 3% of the amount of each transfer, whichever is greater. This fee can add up quickly, so make sure you are aware of it before transferring a balance.
Cash Advance Fees
If you use your Bank of America Travel Rewards card to get a cash advance, you will be charged a fee of either $10 or 3% of the amount of each transaction, whichever is greater. In addition to this fee, cash advances also typically have higher interest rates than purchases.
Late Payment Fees
If you make a late payment on your Bank of America Travel Rewards card, you will be charged up to $40. To avoid this fee, make sure you make your payments on time each month.
Returned Payment Fees
If your payment is returned for insufficient funds, you will be charged up to $29. To avoid this fee, make sure you have enough funds in your account to cover your payment.
How to Avoid Fees with the Bank of America Travel Rewards Card
While there are some fees associated with the Bank of America Travel Rewards card, there are ways to avoid them. Here are some tips:
Pay Your Balance in Full Each Month
To avoid paying interest on your purchases and cash advances, make sure you pay your balance in full each month. This will also help you avoid late payment fees.
Avoid Balance Transfers
While balance transfers can be a good way to consolidate debt and save money on interest, they can also be expensive if you are not careful. If you do transfer a balance to your Bank of America Travel Rewards card, make sure you pay it off as quickly as possible to avoid paying a lot in fees.
Avoid Cash Advances
Cash advances are expensive, so try to avoid them if possible. If you do need to get a cash advance, make sure you pay it off quickly to avoid paying a lot in fees.
Conclusion
The Bank of America Travel Rewards card is a great option for those who frequently travel internationally, as it has no foreign transaction fees. However, it is important to be aware of the other fees associated with the card and to take steps to avoid them.
By paying your balance in full each month, avoiding balance transfers and cash advances, and making your payments on time, you can enjoy the benefits of the Bank of America Travel Rewards card without spending a lot in fees.
