Bank of America offers a host of rewards that make their cards some of the best on the market. From extra cash back for Preferred members to free museum passes to great sign-up bonuses. Show
Bank of America offers a handful of rewards credit cards worth considering solely on the merits of the rewards you can earn. They offer strong cash back categories that many consumers will appreciate. When you add in some of the unique benefits that Bank of America offers on some or all of their credit cards, it makes the decision to apply for one of their credit cards much easier. Here are some of the best Bank of America credit card benefits you should know about.
1. Museums on Us Love visiting museums but hate the entry fees? Bank of America’s Museums on Us credit card benefit can help. Simply present your Bank of America, Merrill, or U.S. Trust credit card or debit card with a matching photo ID and you’ll get one free admission to participating museums. This benefit only works on the first full weekend of every month and only for the named cardholder. Check out Bank of America’s directory of participating museums to see if there is one near you. Keep in mind, special exhibitions, ticketed shows, and fundraising events aren’t included in this benefit. 2. Choose your top cash back categoryBank of America recently revamped its rewards program. Now, the Bank of America® Customized Cash Rewards credit card allows you to pick your top earning cash back category. You’ll earn 3% cash back in the category of your choice. You can choose from the following categories:
What makes this feature even better is you can switch the category once each calendar month. This allows you to optimize your rewards based on your anticipated spending each month. The Bank of America® Customized Cash Rewards credit card also offers 2% cash back at grocery stores and wholesale clubs. Unfortunately, the 3% and 2% cash back is limited to the first $2,500 in combined purchases each quarter. Thankfully, you’ll earn 1% cash back on all other purchases, including those over the $2,500 limit. 3. Bank of America’s Preferred Rewards program allows you to earn bonus points25% – 75% bonus on your rewardsIf you want to earn even more cash back or credit card rewards, you’ll love the Bank of America Preferred Rewards program. This program offers bonus credit card rewards based on your combined qualifying balances in Bank of America banking and/or Merrill investment accounts. There are currently three tiers based on your balances which are as follows:
If you qualify for the Gold tier, you’ll get a 25% bonus on your rewards. The bonus category increases to 50% for the Platinum tier and 75% for the Platinum Honors tier. The cards that qualify for this bonus offer are:
Non-rewards credit cards, business credit cards, and cards branded with other companies that Bank of America issues do not qualify. Flexible rewards redemption options on certain cardsDepending on the particular credit card you choose, you may have a few options to redeem the credit card rewards you earn. Here are a few highlights to consider. The Bank of America® Customized Cash Rewards credit card allows you to redeem your cash back for:
The Bank of America® Travel Rewards credit card redemption options are as follows:
The Bank of America® Premium Rewards® credit card offers many ways to redeem your points including:
The Bank of America® Unlimited Cash Rewards lets you redeem your rewards as:
4. Sign-up bonus offersThe three major Bank of America rewards credit cards currently offer sign-up bonuses that can help you earn a bunch of points quickly. When you apply and get approved for one of their credit cards, you have a limited time after approval to spend a certain amount of money to earn a large bonus. Here are the current sign-up bonuses available that you may want to consider.
5. Rental car insurance and roadside assistance benefitsIf you’re renting a car, many Bank of America credit cards offer auto rental collision damage waiver. This feature provides you reimbursement for damage due to collision or theft, but it is supplemental and in excess of other insurance coverage you may have such as your primary car insurance. In order to qualify for this benefit, you must decline the collision or loss damage waiver offered by the auto rental company. Additionally, Bank of America offers a roadside dispatch program in case you’re driving your car or a rental car and you need assistance. The program can provide emergency assistance, towing and locksmith services, but you have to pay for the cost of the service provided. This benefit (all of #5) is not included on the following cards:
6. Travel statement creditsThe Bank of America Premium Rewards® credit card offers two travel statement credits you can take advantage of. First, you can get up to a $100 airport security statement credit once every four years to offset the costs for signing up for TSA Precheck or Global Entry. Additionally, you can get up to $100 in travel statement credits to offset airline incidental purchases such as seat upgrades, baggage fees, in-flight services and airline lounge fees. These credits should be automatically applied to your account once the charges post, but double check your statements to make sure they’re applied. 7. Travel benefits you might actually useBank of America credit cards offer a host of travel benefits, but the specific benefits offered on each credit card vary. Typically, you have to make your purchase with a qualifying card to get these benefits. Trip delay reimbursementIf you’ve ever had a delay on a trip, trip delay reimbursement would have come in handy. This benefit provides up to $500 per ticket purchased for you and your eligible family members. The benefit covers reasonable expenses if a covered trip is delayed due to a covered hazard for more than twelve hours. This can really help out if a flight you purchased with your qualifying credit card is delayed and results in a 12 hour or more overnight delay. Trip cancellation coverageAnother super helpful feature is trip cancellation or trip interruption coverage. This benefit offers up to $2,500 per person, per trip for unused portions of prepaid and non-refundable travel expenses such as passenger fares. This benefit only kicks in if the cancellation or interruption is for a covered reason. Baggage delay coverageIf your trip is canceled or interrupted, your baggage might get lost, too. Baggage delay coverage offers up to $100 per day for up to five days when your bags are delayed or misdirected by a common carrier for more than six hours. The coverage is for essential items including clothing and is secondary to any carrier based coverage. Sadly, sometimes your luggage ends up permanently lost. In this case, lost luggage reimbursement covers your luggage and its contents if they are lost or stolen due to theft or misdirection by the common carrier subject to policy limits and exclusions. Some of the other travel benefits offered include:
The full benefits listed above are only included with the following card:
8. Purchase protection perksWhen you make purchases, your Bank of America credit card can help protect them. In particular, the purchase security feature can repair, replace or reimburse you if an eligible item you purchased using your card is stolen or damaged within 90 days of purchase. This coverage amount is up to $10,000 per claim. Bank of America also offers a warranty manager service which doubles the manufacturer’s warranty for up to an additional year on eligible items purchased with your card. This service allows you to register your receipt and warranty info for warranties of three years or less. The return protection benefit reimburses you for the cost of an eligible item if you’re dissatisfied with the item within 90 days of your purchase and the retailer won’t accept your return attempt. This coverage is on up to $250 per item and $1,000 per year. Items returned must be in like-new condition and in good working order. 9. Free FICO ScoreAll eligible Bank of America credit card customers get access to their FICO credit score for free. In particular, you get your TransUnion FICO Score 8 version. You can easily view your FICO credit score and its history in your online banking account. SummaryAs you can see, there are plenty of benefits to having a Bank of America credit card. Carefully consider which perks are most important to you before applying for one of their credit cards as not all perks are available on every Bank of America credit card. Once you’ve found the perfect fit for you, apply today. If you’re approved, you can start earning rewards and using the perks you qualify for as a Bank of America cardholder. Related ToolsSave Your First - Or NEXT - $100,000 Sign Up for free weekly money tips to help you earn and save more We commit to never sharing or selling your personal information. Does Bank of America Travel Rewards card have car insurance?The good news is that the Bank of America Travel Rewards credit card offers rental car insurance! It's a free benefit that comes with the card itself. However, the card has some restrictions and caveats you should be aware of before you apply for it: It doesn't cover damage due to DUI, DWI, or reckless driving.
Does Bank of America credit card have rental car protection?Bank of America rental car insurance is a complimentary benefit that comes with all Bank of America credit cards. The coverage is actually provided by Visa and Mastercard, depending on which network your BofA card is on.
Is collision damage waiver the same as insurance?A collision damage waiver (CDW) is additional insurance coverage offered to an individual renting an automobile. A collision damage waiver is optional, with the cost of the waiver dependent on a variety of factors, including the type of rental car and where the car is being driven.
What means collision damage waiver?Collision damage waiver (CDW), also called car rental insurance, removes a car renter's liability for all or some damage to a rental vehicle in an accident, similarly to collision insurance. CDW also may cover instances of theft or vandalism. The renter will normally only have to pay for a deductible in an accident.
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Bank of america travel rewards collision damage waiver
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