Bank Of America Travel Rewards Credit Card Foreign Transaction Fee
If you are a frequent traveler and love using credit cards, you might have come across foreign transaction fees. These fees can put a significant dent in your travel budget, making it important to choose a card that doesn't charge them. One such option is the Bank of America Travel Rewards Credit Card. In this article, we will discuss the card's foreign transaction fee policy in detail and help you understand whether it's the right card for your travel needs.
What is a foreign transaction fee?
A foreign transaction fee is a charge that credit card companies impose on purchases made outside the card's country of origin. The fee is usually a percentage of the transaction amount, typically around 3%. This means that if you spend $1000 on your card while traveling abroad, you'll end up paying $30 as a foreign transaction fee. This fee is in addition to the currency conversion fee that your bank might charge.
Bank of America Travel Rewards Credit Card
The Bank of America Travel Rewards Credit Card is a travel credit card that offers rewards for travel purchases. The card comes with no annual fee and offers a sign-up bonus of 25,000 points after you spend $1,000 within the first 90 days of account opening. The rewards program for this card is straightforward, with cardholders earning 1.5 points per dollar spent on all purchases. There are no categories or restrictions on where you can earn points. The points can be redeemed for travel purchases, cashback or gift cards.
Foreign transaction fee policy
The Bank of America Travel Rewards Credit Card is an excellent option for international travelers. The card does not charge any foreign transaction fee for purchases made outside the United States. This means that you can use the card to make purchases abroad without worrying about additional charges. However, it's important to note that the card charges a 3% fee on transactions made in foreign currency, which is levied by Visa, the card network used by Bank of America.
Other benefits of the card
In addition to the absence of foreign transaction fees, the Bank of America Travel Rewards Credit Card offers several benefits for travelers. Cardholders get access to the Bank of America Travel Center, which provides assistance with travel bookings, including flights, hotels, and car rentals. The card also offers travel accident insurance and baggage delay insurance, which can be useful in case of mishaps during your trip.
Conclusion
If you're a frequent traveler who's looking for a credit card that doesn't charge foreign transaction fees, the Bank of America Travel Rewards Credit Card is an excellent option. The card offers generous rewards for travel purchases, and you won't have to worry about additional fees when using the card abroad. However, keep in mind that the card does charge a currency conversion fee of 3%, which is standard for most credit cards. With its many benefits, the Bank of America Travel Rewards Credit Card is definitely worth considering for your next travel adventure.