Chase Freedom Vs Bank Of America Travel Rewards
Choosing the right credit card can be overwhelming, especially with the number of options available in the market. However, if you are someone who loves to travel, and would like to earn rewards for your expenses, then a travel rewards credit card is a must-have.
In this article, we will compare two popular credit cards - Chase Freedom and Bank of America Travel Rewards - and help you decide which one suits your needs and preferences better.
The Sign-up Bonus
When it comes to sign-up bonuses, both Chase Freedom and Bank of America Travel Rewards credit cards offer attractive rewards.
Chase Freedom currently offers a $200 cash back bonus when you spend $500 within the first three months of opening the account. On the other hand, Bank of America Travel Rewards credit card offers a sign-up bonus of 25,000 points when you spend $1,000 within the first 90 days of opening the account.
While the value of the sign-up bonus may seem better with Bank of America Travel Rewards, it is important to note that the points can only be redeemed towards travel expenses, whereas Chase Freedom's cash back bonus can be redeemed for cash or statement credit.
Earning Rewards
Both Chase Freedom and Bank of America Travel Rewards credit cards earn rewards on different categories.
Chase Freedom offers 5% cash back on rotating categories, up to $1,500 in combined purchases each quarter. These categories can include gas stations, grocery stores, department stores, and more. In addition, you can earn 1% cash back on all other purchases.
Bank of America Travel Rewards credit card, on the other hand, offers unlimited 1.5 points for every $1 spent on all purchases. There are no rotating categories, and the points can be redeemed towards travel expenses, such as flights, hotels, car rentals, and more.
Redeeming Rewards
When it comes to redeeming rewards, both the credit cards offer different options.
Chase Freedom allows you to redeem the cash back earned for statement credit or a deposit into your bank account. You can also redeem your rewards for gift cards, travel, or products through the Chase Ultimate Rewards portal.
Bank of America Travel Rewards credit card allows you to redeem your points towards travel expenses. You can either book your travel through the Bank of America Travel Center, or redeem your points as a statement credit towards qualified travel purchases.
Annual Fee and Foreign Transaction Fees
Both the credit cards have no annual fee, which means you do not have to pay a fee each year to keep your account active.
However, Bank of America Travel Rewards credit card charges a foreign transaction fee of 3% for each transaction made outside the United States. On the other hand, Chase Freedom does not charge a foreign transaction fee, which can be beneficial if you frequently travel abroad.
Conclusion
Both Chase Freedom and Bank of America Travel Rewards credit cards offer great benefits and rewards, but which one is better for you depends on your spending habits and preferences.
If you prefer earning cash back, and want to have a choice in how you redeem your rewards, then Chase Freedom might be the better option for you.
However, if you frequently travel, and prefer earning points that can be redeemed towards travel expenses, then Bank of America Travel Rewards credit card might be the better option for you.
It is important to understand the terms and conditions of each credit card, and which features align with your spending habits and lifestyle, before selecting the one that is right for you.
