Cash Rewards Vs Travel Rewards Bank Of America
Bank of America offers two of the best reward credit cards in the market, the Cash Rewards card and the Travel Rewards card. These cards are designed to cater to different needs and preferences of people. Cash Rewards card is for people who want to earn cashback on their purchases while Travel Rewards card is for frequent travelers who want to earn points and redeem them for travel-related expenses. In this article, we will compare and contrast both cards to help you decide which one is the best fit for you.
Cash Rewards Card
The Cash Rewards card is a great option for people who want to earn cashback on their everyday purchases. The card offers 3% cashback on purchases made in a category of your choice, 2% cashback on grocery purchases, and 1% on all other purchases. This is a great way to earn cashback on the things you buy most often.
Moreover, there is no annual fee for the Cash Rewards card, which makes it an affordable option for people who are looking to save money. Another benefit of the card is that you can redeem your cashback for statement credit or deposit it into a Bank of America checking or savings account. This means that you can use your cashback to pay off your credit card balance or save it for later.
The Cash Rewards card also offers a sign-up bonus of $200 if you spend $1,000 in the first 90 days of opening your account. This is a great incentive for people who are looking to earn extra cashback.
Travel Rewards Card
The Travel Rewards card, on the other hand, is designed for people who love to travel. The card offers 1.5 points per dollar spent on all purchases, which can be redeemed for travel-related expenses such as flights, hotels, car rentals, and cruises. The card also has no foreign transaction fees, which makes it a great choice for international travelers.
In addition, the Travel Rewards card has a sign-up bonus of 25,000 points if you spend $1,000 in the first 90 days of opening your account. This is equivalent to $250 in travel-related expenses. The card also offers a 0% introductory APR on purchases for the first 12 billing cycles, which can be helpful for people who are looking to finance a big purchase.
Another benefit of the Travel Rewards card is that it comes with travel insurance and emergency assistance services. If you are traveling and something goes wrong, you can call the Bank of America travel assistance hotline to get help with things like lost luggage, medical emergencies, or trip cancellations.
Conclusion
Both the Cash Rewards and Travel Rewards cards have their advantages and disadvantages. The best card for you depends on your needs and preferences. If you are someone who likes to earn cashback on your everyday purchases and wants an affordable credit card with no annual fee, then the Cash Rewards card is a great option. On the other hand, if you are someone who loves to travel and wants a credit card that rewards you for your travel expenses, then the Travel Rewards card is the way to go.
Regardless of which card you choose, it is important to use your credit card responsibly and pay your balance in full every month to avoid paying high interest rates and fees. With that being said, if you are looking for a great rewards credit card, Bank of America has you covered with the Cash Rewards and Travel Rewards cards.
