Bank Of America Travel Rewards Vs Cash Rewards
When it comes to choosing a credit card, there are many factors to consider. Two popular options offered by Bank of America are the Travel Rewards and Cash Rewards card. Both cards come with unique benefits, but which one is better for you? In this article, we will compare the Bank of America Travel Rewards vs Cash Rewards card to help you decide.
Bank of America Travel Rewards Card
The Bank of America Travel Rewards card is a great option for those who love to travel. With this card, you can earn 1.5 points for every $1 spent on everyday purchases. These points can be redeemed for statement credits towards flights, hotels, rental cars, vacation packages, and more. The best part? There are no blackout dates or restrictions on where and when you can travel.
If you spend $1,000 within the first 90 days of opening your account, you'll earn 25,000 bonus points, which is equal to $250 in travel statement credits. Additionally, there is no annual fee for this card.
Another great feature of the Bank of America Travel Rewards card is that it offers a student version of the card. This version is designed specifically for college students who want to earn rewards while building their credit. The student version also offers a lower credit limit and no annual fee.
Bank of America Cash Rewards Card
If you're looking for a card that offers cash back rewards, the Bank of America Cash Rewards card might be the right choice for you. This card allows you to earn 3% cash back on a category of your choice, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases.
The categories you can choose from include gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You can change your category once per calendar month, making it easy to maximize your rewards based on your spending habits.
The Bank of America Cash Rewards card also offers a sign-up bonus. If you spend $1,000 within the first 90 days of opening your account, you'll earn a $200 cash rewards bonus. Plus, there is no annual fee for this card.
Which One is Better?
So, which card is better – the Bank of America Travel Rewards or the Cash Rewards card? The answer depends on your personal preferences and spending habits. Here are some factors to consider:
- Rewards: If you love to travel, the Travel Rewards card is the clear winner. However, if you prefer cash back rewards, the Cash Rewards card is the better choice.
- Sign-Up Bonus: Both cards offer a sign-up bonus, but the Cash Rewards card has a higher bonus value.
- Annual Fee: Neither card charges an annual fee, so this is not a factor to consider.
- Categories: If you choose the Cash Rewards card, you'll need to decide which category you want to earn 3% cash back on. If you spend a lot on gas or dining, for example, you may want to choose those categories.
Conclusion
In conclusion, both the Bank of America Travel Rewards and Cash Rewards cards offer unique benefits. If you love to travel, the Travel Rewards card is a great option. If you prefer cash back rewards, consider the Cash Rewards card. Ultimately, the decision comes down to your personal preferences and spending habits. Whichever card you choose, make sure to use it responsibly and pay your balance in full each month to maximize your rewards and avoid interest charges.
