Statement credits will save you some cash, if you can use them
This card has two statement credits that could help you save on travel expenses:
- It offers up to $100 in airline incidental statement credits per calendar year. As far as what counts as an "airline incidental," Bank of America's examples include seat upgrades, baggage fees, in-flight services, and airline lounge fees.
- It offers up to $100 for Global Entry or TSA PreCheck application fees every four years. That's enough to cover the cost of either membership and to renew it.
Of the two, the Global Entry/TSA PreCheck credit is a fantastic perk, especially if you're a frequent flyer. The immigrations and customs process is much faster with Global Entry. It often takes less than a minute -- a whole lot better than standing in line. TSA PreCheck makes getting through airport security faster and less intrusive.
By the way, a Global Entry membership includes TSA PreCheck. So if you think you might want them both, go for Global Entry.
The value of airline incidental credits depends on your travel habits. If you pay these types of fees often, then getting up to $100 a year back is a nice benefit. But if you're good at avoiding airline fees, then this feature could be useless for you.
A full suite of travel and purchase coverages for protection and peace of mind
Travel is exciting, but there's also a lot that can go wrong. Your luggage could be delayed -- or end up on the opposite side of the world. You could go through a trip delay, or even a cancellation.
Everyone hopes not to experience any of these, but just in case, it helps to be prepared. This Bank of America card provides protection from all of those situations. On eligible bookings paid for with this card, it offers:
- Trip delay reimbursement
- Trip cancellation/interruption insurance
- Baggage delay insurance
- Lost luggage reimbursement
- Auto rental collision damage waiver
It also provides coverage for more than just travel. It also has purchase protection, extended warranty coverage, and return protection on eligible purchases.
Drawbacks to know about
For some people, this Bank of America card is going to be a perfect match. But if not, you're better off looking elsewhere, because it also has a few big limitations.
Lackluster rewards rate if you're not a Preferred Rewards member
Without the Preferred Rewards program, this card's rewards rate is nothing special. It effectively earns 2% on travel and dining and 1.5% on other purchases. Technically it earns points, but since 1 point is worth $0.01, we can just convert those to percentages to make it easy.
Those rates don't stack up well to the best credit card options. There are cash back cards that earn 2% back on purchases, with no annual fee. This Bank of America card costs $95 per year and earns less. There are also cards that earn 3% to 4% per $1 on travel and dining.
The Preferred Rewards program makes or breaks this card. If you're not a member, and you're not planning to be, I wouldn't get it.
Points offer limited value -- it's basically a cash back card
This Bank of America card has some travel benefits, but it's not really a travel credit card. Points have the same value of $0.01 apiece, whether you use them for cash back or travel.
Many travel credit cards let you transfer your points to airline and hotel loyalty programs. Then, you can use those points to book award airfare or hotel stays. It's a great way to get more value for your points. I often get $0.03 per point or more from my travel rewards by transferring them.
But Bank of America doesn't give you this option. You can't transfer your points anywhere. That's frustrating, because Chase, American Express, Capital One, and Citi all offer this. Even Wells Fargo has gotten in on the action. For that reason, this isn't a great choice as a travel card.
