Bank Of America Travel Rewards Credit Card International Fees
Traveling can be an exciting experience, but it can also be expensive. One of the major costs associated with traveling is international fees for credit card transactions. Many credit cards charge fees for purchases made outside the United States. These fees can quickly add up, making it difficult to stick to a budget while abroad. Fortunately, the Bank of America Travel Rewards credit card offers a solution that can help travelers save money on international fees.
What are international transaction fees?
International transaction fees are fees charged by credit card companies for purchases made in foreign currency. These fees typically range from 1-3% of the purchase amount. For example, if you make a $100 purchase in a foreign country, you could be charged an additional $1-$3 in fees on top of the purchase price.
These fees are charged to cover the cost of processing transactions in foreign currencies. The credit card company must convert the foreign currency into U.S. dollars and then process the transaction, which requires additional resources and manpower.
Bank of America Travel Rewards credit card
The Bank of America Travel Rewards credit card is designed for travelers who want to earn rewards points while avoiding international transaction fees. This credit card offers 1.5 points for every dollar spent on purchases, regardless of whether the purchase is made in the United States or abroad.
Additionally, the Bank of America Travel Rewards credit card does not charge any foreign transaction fees. This means that travelers can use their credit card to make purchases in foreign countries without having to worry about additional fees.
The Bank of America Travel Rewards credit card also offers a sign-up bonus of 25,000 points if you spend $1,000 in the first 90 days of opening the account. These points can be redeemed for statement credits towards travel expenses.
Other benefits of the Bank of America Travel Rewards credit card
In addition to avoiding international transaction fees, the Bank of America Travel Rewards credit card offers other benefits for travelers. These benefits include:
- No annual fee
- Flexible redemption options
- Travel accident insurance
- Lost luggage reimbursement
- 24/7 concierge service
Using the Bank of America Travel Rewards credit card abroad
When using the Bank of America Travel Rewards credit card abroad, it is important to understand how foreign currency transactions work. Here are a few tips:
- Always choose to be charged in the local currency. Some merchants may offer to charge you in U.S. dollars instead of the local currency. This is known as dynamic currency conversion and can result in additional fees.
- Notify Bank of America before traveling. This will help prevent your credit card from being flagged for suspicious activity while abroad.
- Check exchange rates before making purchases. While the Bank of America Travel Rewards credit card does not charge international transaction fees, exchange rates can still affect the final cost of your purchase.
Conclusion
The Bank of America Travel Rewards credit card is an excellent option for travelers who want to earn rewards points while avoiding international transaction fees. With its flexible redemption options, travel accident insurance, and lost luggage reimbursement, this credit card is a great choice for frequent travelers. By understanding how foreign currency transactions work and following a few simple tips, travelers can save money while enjoying their international adventures.
