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The Travel Sisters

How to complete a bank of america travel notice online.

by The Travel Sisters | Mar 12, 2017 | Credit Cards | 1 comment

One of the things I do before I travel, is to let my banks that issued my credit or ATM cards know that I will be traveling abroad.  While you can call your bank, some banks make it easy to quickly notify them of your travel plans online. Fortunately, Bank of America has an online travel notification form which makes it really easy to let them know of your travel plans.

When Should You Notify Bank of America of Your Travel Plans?

According to BofA, a travel notice can be set no more than 60 days prior to departure and can last for up to 90 days from the first day of your trip. Also, you can only have one travel notice set at a time.

While I usually complete travel notifications only when traveling internationally, the form also allows you to notify Bank of America when traveling to another state in the US. If you will be charging a lot of things on your credit card, it does not hurt to take a minute to complete the form.

How to Set Up a Bank of America Travel Notification Online 

Log into your bankofamerica.com account and hover your mouse over “Help & Support” on the top right.

You will see a few options – click on “Set Travel Notice” and the Travel notification form will come up.

If you click on “Help & Support” you can reach the travel notification form either by clicking on “Set Travel Notice” under  “Common Topics” or by clicking under “Travel Information”:

Complete, the Travel Notice form. You can complete the form for either domestic travel or international travel. The form even has a box where you can provide details of your trip.

While some people don’t notify their banks before travel and they don’t have any issues, I always make sure to complete an online travel notification form online.  It only takes a minute and it is worth it to avoid getting your credit card declined in a foreign country.

Hello this Ysabel and Francisco Collado, we’re going to Europe and want to know we’re we can use atm in Rome to withdraws euro. Also let you guys know we’re goin away.

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How to Set Up A Travel Notification for 9 Major Credit Cards

• Updated May 18, 2023
• Posted in Travel Planning
• Tagged as Travel Hacks and Tips , Travel Planning

A travel notification can prevent credit cards from declining charges due to suspected fraudulent activity.

Being stranded in a foreign country without a credit card is a nightmare.

Do you agree?

Thankfully, this is avoidable.

We have compiled step-by-step instructions for how how set up travel notifications for major credit card carriers.

Due to evolving security features, some credit cards do not recommend or require travel notifications. I, however, still like to notify my credit card prior to a trip for peace of mind!

Setting Up A Travel Notification: A Step-by-Step Guide

American express.

American Express does not require or recommend you set a travel notification. They feel confident in their security measures because of the fraud detection practices implemented. Actually, there is not even an option online to create a travel notification.

American Express recommends that you keep your contact information updated in case they need to reach you during your travels.

Fun Fact : Amex credit cards are not as widely accepted globally. So if you are a frequent international traveler, it may be wise to look for a credit card with a Mastercard or Visa logo as they are more widely accepted among merchants across seas.

Bank Of America

Bank of America lets you set a travel notice online, through the mobile app, or by phone at  (800) 432-1000 . 

According to Bank of America, a travel notice can be set no more than 60 days prior to departure and last up to 90 days from the first day of your trip. You can only have one travel notice set at a time.

How To Set A BoA Travel Notification

Step 1: Log into your bankofamerica.com account.

Step 2: Hover over “Help & Support” tab.

Step 3: Click on “Set Travel Notice” in the drop-down menu.

Step 4: Complete the Travel Notification Form and submit!

As you complete the travel notification form, enter your destination(s), travel dates, contact number(s), and card(s) you’re taking with you.

Barclaycard

You can set a travel notice for Barclays credit cards online or by phone at 1-866-928-8598.

How To Set a Barclaycard Travel Notification

Step 1: log into your barclaycard account or on the mobile app, step 2: select the “tools” tab and click “my travel”, step 3: enter your travel dates and destinations.

If you choose to set a travel notification by phone, call the toll free number listed above. You will need to enter your card number and ask to speak with a representative regarding a travel notice.

Capital One

Surprise! Like American Express, there is no need to set a travel notice for Capital One credit cards. You still, however, have the option to set a travel notice.

If you log into your capitalone.com account and click “Set Travel Notification,” you will get this window:

To notify Chase of travel plans, you can do this through your online account, by calling the number on the back of your card, or through their mobile app.

According to Chase, a travel notice can be set up to 1 year prior to departure and last up to 1 year from the first day of your trip.

If you will be gone for longer than this period of time, you will just need to let Chase know at some point to extend the travel notice.

How to set a Chase travel notification

Step 1: Log into your Chase.com account.

Step 2: Click on the menu icon in the left hand corner.

Step 3: Click on “Profile & Settings” in the drop-down menu.

Step 4: Click on “Travel” (located under “more settings”)

Step 5: Click “Update” on the right side of the screen (Located next to the credit card section).

Step 6: Finally, you will be able to enter your travel information. Here you should enter your destination(s) and travel date(s). Click Save!

Already out of the country? No problem! You can call Chase collect at   1-302-594-8200   to alert the issuer of your travel plans.

Citibank also lets you easily set up a travel notice online.

How to set a Citibank travel notification

Step 1: Sign into your Citi.com account.

Step 2: Click on “Services” and then “Travel Services.”

Step 3: Select “Add a Travel Notice.”

Step 4: Enter your destination(s) and travel date(s).

Step 5: Verify the phone number and email address that Citi has on file to ensure they are up to date.

To set a travel notice for Discover, you can do this by logging into your online account or by calling Discover customer service at 1-800-347-2683. 

How to set a Discover travel notification

Online Instructions:

Step 1: Log into your discover.com account.

Step 2: select the card you will be taking with you on your trip., step 3: click on the “manage” tab at the top of your screen., step 4: click on “register travel” under the “manage cards” section., step 5: enter your destination(s) and travel date(s)..

F un Fact: Like Amex, Discover credit cards are not the best when traveling internationally because they are not as widely accepted.

Wells Fargo

If trying to notify Wells Fargo of your travel plans, you can do this online, through their mobile app, or by calling the number on the back of your card.

How to set a Wells Fargo travel notification

To do this online:

Step 1: Log into your wellsfargo.com bank account.

Step 2: hover over the “accounts” drop-down menu that is located at the top of the screen., step 3: click on “manage travel plans” (located under the “manage cards” section)., step 4: enter your destination(s) and travel date(s).

Unfortunately, U.S. Bank does not allow you to set up a travel notification through your online account. You will have to contact its customer service team directly.

Why is it Important to Set up a Travel Notification?

Avoid fraudulent activity.

When you travel, especially to a different country or region, your credit card transactions may appear suspicious to the card issuer. They might flag these transactions as potentially fraud and take measures to protect your account, such as freezing it temporarily. By setting up a travel notification, you inform your credit card company about your travel plans in advance, reducing the likelihood of your legitimate transactions being blocked.

Enhanced Security

Travel notifications act as an additional layer of security for your credit card. When you notify your credit card issuer about your travel plans, they can monitor your account more closely during that period. If they notice any unusual activity, they can reach out to you to verify its authenticity or take appropriate action to protect your account.

Convenience

Without a travel notification, your credit card company might see foreign transactions as suspicious and decline them. This can be inconvenient when you’re traveling and relying on your credit card for expenses. By notifying your credit card company in advance, you can ensure uninterrupted access to your funds and enjoy a hassle-free travel experience.

Preventing Account Lockouts

Some credit card issuers have strict security measures in place, and if they detect unusual activity, they may freeze your account for your protection. While this is done to prevent fraudulent charges, it can be frustrating and time-consuming to resolve the issue while you’re away. By setting up a travel notification, you reduce the chances of your account being locked due to your legitimate transactions.

Assistance in Emergencies

In case of an emergency, having a travel notification in place allows your credit card company to better assist you. If you encounter any issues with your card while traveling, such as loss, theft, or unauthorized transactions, notifying your credit card company beforehand ensures they can provide immediate support and guidance.

To enjoy a smooth and secure experience while using your credit cards during your travels, it’s highly recommended to set up travel notifications. The process is typically straightforward and can usually be done through your credit card company’s website, mobile app, or by calling their customer service.

We know the challenges with traveling and hope that this guide will answer any questions regarding travel notifications. Our goal is to make travel simple, easier, and more fun for you!

Until next time!

xxx Sara + Josh

Travel Notification FAQ’s

What are travel notifications, how do you tell your bank you're traveling chase, how do i notify bank of america that i am traveling, how do i set up a travel notice with citibank, need more travel tips.

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How to use your rewards to book a trip through the Bank of America Travel Center

Some cardholders can earn bonus points on trips booked through the bank's travel center

Published: February 15, 2022

Author: Emily Sherman

Editor: Kaitlyn Tang

Reviewer: Liz Bingler

How we Choose

If you are a Bank of America travel cardholder, booking a trip through the bank’s travel center is a great option for redeeming points. However, you might be able to find a better deal on another booking platform.

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards , or use our CardMatch™ tool to find cards matched to your needs.

The Bank of America content was last updated on Feb. 14, 2022.

If you have the Bank of America® Travel Rewards credit card , Bank of America® Premium Rewards® credit card  or Bank of America® Business Advantage Travel Rewards World Mastercard® credit card* , you might have considered booking your next trip through the Bank of America Travel Center. However, does the Bank of America Travel Center offer good value, or are you better off redeeming points for an outside travel purchase?

Bank of America points are very flexible, and cardholders can book travel on a third-party travel site and redeem rewards for that purchase up to a year after it was made. That means you can hunt for a great deal without worrying about losing any point value. On the flip side, Bank of America Travel Rewards and Business Advantage Travel Rewards cardholders get a higher rewards rate on purchases made through the Travel Center – making it tempting to book through Bank of America.

What is the Bank of America Travel Center?

The Bank of America Travel Center is the bank’s travel booking platform, designed for travel rewards cardholders to easily redeem their points for flights, hotels and car rentals. Eligible cardholders can access the Travel Center directly from their online account to make booking their next vacation simple.

How to book a trip through the Bank of America Travel Center

When you sign into your Bank of America credit card account, you can view all the ways you can redeem your points. To get to the Travel Center right from this page, just select “Book now.”

Through your account, you’ll be able to search for a flight, hotel or car rental just like you would with any third-party booking site.

Booking flights

When you search for your preferred flight in the Bank of America Travel Center, you’ll be able to easily filter between your preferred airlines. Each search result has a score out of 10 to help you determine if it’s a good deal and flight path.

Booking hotels

Like booking a flight, booking a hotel on the Bank of America Travel Center is very straightforward. You just enter in information about your destination and travel dates. In the search results, some properties with good deals or temporary discounts are flagged as “Special Price” to help you ensure you find the best deal.

Booking car rentals

The final travel purchase you can book on the Bank of America Travel Center is a rental car. Once again, the search is very straightforward, and you’ll be presented with a wide variety of rental car providers.

Unfortunately, the Bank of America Travel Center doesn’t offer vacation packages, cruises, experiences or other kinds of travel purchases – like many other bank travel portals.

Drawbacks to booking travel through the Bank of America Travel Center

Though the Bank of America Travel Center is certainly easy to use, there are a few drawbacks to booking this way.

No hotel elite benefits

If you are part of a hotel loyalty program , you might not be able to take advantage of your elite status perks when you book through a third-party booking site. Since Bank of America points are flexible and can be redeemed for most travel purchases, frequent travelers who want to enjoy these benefits might be better off booking directly with the property itself and redeeming points for a statement credit after the fact.

Only Bank of America travel cardholders can book through the Travel Center

While some travel portals – like American Express Travel – allow anyone to book a trip on the site, the Bank of America Travel Center is limited to cardholders who earn travel rewards with the bank. If you have a checking or savings account with Bank of America or a card that just earns cash back, you can’t take advantage of the platform.

Is booking through the Bank of America Travel Center worth it?

While booking through the Bank of America Travel Center is certainly convenient, it doesn’t have much that separates it from booking on another site. You’ll get the same point value either way, and prices are competitive across booking platforms.

Bank of America Travel Center rates compared to other booking sites

In general, the prices you can find on the Bank of America Travel Center are competitive with rates on other sides. For example, take this flight from Charlotte to Chicago.

Whether you book the trip through Bank of America, United or Priceline, it’ll cost you the same amount.

Though prices are not typically better than other sites, there is one case where booking through Bank of America makes more sense. If you have a Bank of America Travel Rewards or Business Advantage Travel Rewards card, you get a higher rewards rate on purchases made through the portal. To quickly rack up points to use toward your next trip, book on the Bank of America Travel Center.

Tips for maximizing the Bank of America Travel Center

• Always compare prices to other booking sites to ensure you are getting the best deal. You can redeem points for a statement credit to cover an outside travel purchase.
• Pay any cost you can cover with points with a Bank of America Travel Rewards card or Business Advantage Travel Rewards card to earn bonus points on those purchases.
• Keep an eye out for special prices on hotels to save on your next trip.

Bottom line

The Bank of America Travel Center is a straightforward booking platform and an easy way to redeem your rewards. If you have a Bank of America Travel Rewards card, you can also earn extra points on purchases made there. However, since you can redeem points for an outside travel purchase retroactively, there aren’t many other perks to booking through Bank of America.

*All information about the Bank of America Business Advantage Travel Rewards World Mastercard credit card has been collected independently by CreditCards.com. The issuer did not provide the content, nor is it responsible for its accuracy.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Emily Sherman is a senior editor at CreditCards.com, focusing on product news and recommendations. She is also one of the founders of To Her Credit, a biweekly series of financial advice by women, for women. When she's not writing about credit cards, she's putting her own points and miles to use planning her next big vacation.

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BankAmericard benefits guide

The BankAmericard offers many compelling rewards and benefits, including 18 billing cycles of 0% APR promotional financing on both new purchases and balance transfers (followed by 12.99% to 22.99% variable APR). You can also receive a $100 statement credit if you meet the spending requirement, plus access to other valuable benefits. 

BankAmeriDeals program guide

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How to Set Up Credit Card Travel Notifications

Putting a travel notification on your credit card may prevent a major travel headache.

Set Up Credit Card Travel Notifications

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Travel notifications prevent a credit card issuer from flagging a purchase you make out of the country as fraudulent.

You might be ready for an upcoming trip, but is your credit card? Depending on your card issuer, you might need to set up a travel notification for your account.

Adding a card travel notification is easy. For most credit cards, you'll follow these steps:

• Call your credit card company, log in to its website or access its app.
• Share your travel dates and locations, if applicable.
• Submit and verify your travel notification.

This will help you avoid potential hassles and embarrassing situations when you're away.

What Are Travel Notifications?

A travel notification is essentially a setting you activate on your credit card account. "Basically, you're just telling the credit card issuer you're going to be using the card outside of the normal places you (use it). That way, they don't think someone stole your credit card," says Simon Zhen, research analyst at personal finance website MyBankTracker.com.

If you're on a road trip, you could make a card purchase in one town and then try to shop in another distant location but have your card rejected. Dan Hanks, senior vice president of credit card loyalty and servicing at PNC Bank, says if a transaction appears to be fraudulent, it may be declined, even if it is a legitimate purchase. Purchase location is just one factor credit card companies consider when flagging fraudulent transactions .

"If a customer suddenly starts using a card in a place they've never been, especially in another country, it doesn't mean we'll decline them, but it increases the chance we might stop the transaction if we think it's fraud," Hanks says.

Transactions may be marked as fraudulent and your card deactivated as a precaution, particularly if your issuer can't reach you to confirm them. If you only bring one credit card on your trip, you may have a major problem on your hands. Luckily, setting up a travel notification before you leave is an easy solution.

How to Set Up Travel Notifications

A travel notification usually requires you to provide your planned destinations and trip dates to your credit card issuer. With that information, the issuer has more knowledge to weed out fraudulent transactions from legitimate ones.

You usually have a few options to set up a travel notification. First, you can call the card issuer. "Look on the back of the card, and you can find the phone number to call. You just tell the customer service rep that you'll be traveling," Zhen says. If you prefer digital communication, you can typically set up a travel notification through the credit card company's website or app.

Each credit card company has its own travel notification policies. While many companies allow you to set up travel notifications, others may not need you to tell them about your travel plans. Below are the policies of major credit card issuers:

American Express does not request travel notifications, citing industry-leading fraud detection capabilities.

Bank of America allows you to create a travel notice up to 60 days before your trip, and it can last up to 90 days from the first day of your excursion. With one travel notice, you can set up multiple itineraries for various cards. You must provide Bank of America a contact number for when you're away from home. You can also supply details about where you'll be staying, any planned layovers and other information that may help the company monitor your account for fraud while you're traveling.

According to Barclays , a travel notification is not mandatory, but it could be wise to avoid declined purchases simply because you are traveling abroad or to a different part of the U.S. Contact the bank by phone, or access your account online or with the Barclays app to set up a notification. If you will be traveling for more than 365 days, connect with the bank by phone to set up a notification.

Capital One doesn't need notification of travel plans because of the added security of the bank's chip cards.

Chase lets you set up a travel notification up to a year before your trip. The notification can last up to 90 days. You can apply the notification to multiple cards simultaneously and list multiple destinations.

Citi permits you to add a travel notification up to 180 days before your journey and up to 89 days after your trip begins. You can set the notification for more than one card and report several destinations with one travel notification.

Discover advises setting up a notification before you embark on a trip abroad. Your travel start date can be up to 24 months in the future, and travel notifications can last up to 24 months.

PNC Bank suggests notifying it of the locations and dates of your planned travel to help eliminate phone calls to confirm your account activities. You can create travel notifications up to two years before you depart, and notifications can last up to 30 days. If your travel plans exceed 30 days, you can set up more than one travel alert.

USAA recommends a travel notification to reduce the chance of your card being blocked or flagged for unusual activity. You can set up a notification up to one year before your trip, and the notification will last up to one year from your departure. USAA does not request travel destinations.

U.S. Bank allows you to establish a travel notification for any trip within the next 90 days. Notifications can last up to 90 days. If your travel plans exceed 90 days, you can set up an additional notification at a later date.

Wells Fargo favors notification of when and where you plan to travel. Wells Fargo's travel notifications do not have any time-based restrictions, so you can set up your travel alert for as long as you'll be away and not have to set up subsequent ones.

Overall, setting up a travel notification doesn't have a downside for the customer, Hanks says. Making travel notifications easy to activate is in a credit card company's best interest. And notifications reduce the chance that a real transaction may be classified as fraudulent, which makes everyone happier.

Don't Forget About Debit Cards

"Some people set up a travel notification on a credit card but forget to set one up on their debit card," Zhen says.

While credit cards offer many protections that can be useful when traveling, especially abroad, some people may still plan to use their debit cards. If you do, make sure you set up a travel notification on your debit cards, too, so your purchases on those cards don't get flagged as fraudulent transactions when you're on your next trip.

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Comparative assessments and other editorial opinions are those of U.S. News and have not been previously reviewed, approved or endorsed by any other entities, such as banks, credit card issuers or travel companies. The content on this page is accurate as of the posting date; however, some of our partner offers may have expired.

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We're simplifying and improving the redemption experience

• An improved online redemption experience
• Access to over 150,000 hotel and resort properties
• Choose from all major car rental companies
• Enjoy greater self-service options and travel assistance over the phone

What will be the changes to my rewards program?

• Merchandise will no longer be available as a redemption option. You'll still be able to use your card to purchase merchandise at any retailer, earn points on that transaction, and redeem points for cash to offset your purchase.
• Redemption for cruises, activities, and tours is being discontinued.
• The ability to purchase points is no longer necessary and will be removed because we have simplified the process to allow you to combine points and cash for travel redemptions.
• Statement credit redemptions are available as a Cash redemption and no longer processed in the form of Hotel or Car statement credits at the travel provider.

Don't forget: You can still redeem your points for gift cards, airfare, hotels, and car rentals — as well as deposits into a checking or savings account, or receive a credit on your next statement.

Bank of America Travel Rewards credit card review: Simplicity for points beginners

Bank of America Travel Rewards credit card overview

The no-annual-fee Bank of America® Travel Rewards credit card has the potential to be a solid flat-rate card if you are a member of the Bank of America Preferred Rewards® program . However, without the Preferred Rewards earning bonus, the card falls short compared to other flat-rate cards on the market. Card Rating*: ⭐⭐⭐

* Card Rating is based on the opinion of TPG's editors and is not influenced by the card issuer.

For beginners, points and miles can seem daunting. When I first started earning credit card rewards, the idea of transferring points and trying to find the absolute best redemptions was exciting but also nerve-wracking — and I'm not alone. Many beginners give up on using credit card rewards to pay for travel because it seems too complicated.

That's where an option like the Bank of America Travel Rewards credit card comes into play. It has no annual fee and a recommended credit score of 670. Points and miles experts will likely not be amazed at the perks and redemption options, but the simplicity of this card's earning rate and redemption process provides a nice starting point for beginners.

Let's dig into the card details so you can decide if it's right for you.

Bank of America Travel Rewards welcome offer

The Bank of America Travel Rewards credit card is currently offering 25,000 bonus points after you make at least $1,000 in purchases in the first 90 days of account opening. These points are redeemable at a flat rate of 1 cent per point toward travel or dining purchases, so this bonus is worth $250 — a solid offer but significantly less valuable than what you'll find on other top travel cards .

It's not a flashy bonus, but it is easy to hit since the minimum spending requirement works out to $11.11 per day. And since the card has no annual fee, you're essentially earning rewards on purchases you would have normally made without any up-front cost.

Bank of America does have a 24-month restriction , though the details vary from card to card. The wording for the Travel Rewards card states:

"This card may not be available to you if you currently have or have had the card in the preceding 24 month period."

This means that you can get a second Travel Rewards card if you held one before but must wait 24 months after closing your old account before opening a new one.

Related: The ultimate guide to credit card application restrictions

Bank of America Travel Rewards benefits

The real benefit of the Bank of America Travel Rewards is its simplicity. There are no bonus categories, earning caps or transfer partners. For beginners, that can be a great way to start a points and miles journey.

The card offers an unlimited 1.5 points for every dollar spent on all purchases. Your points don't expire as long as you keep your account open. You'll also enjoy no booking restrictions when you redeem your points and will pay no foreign transaction fees when you swipe the card outside the U.S.

As expected with a no-annual-fee card, you won't get luxury perks with this card. However, since it is a Visa Signature card, you will still have access to certain travel protections and benefits, including:

• Auto rental insurance
• Zero fraud liability
• Roadside assistance

Again, this isn't an extensive list of benefits, but it's decent for a no-annual-fee card.

Related: How to build a no-annual-fee card strategy

Earning points on the Bank of America Travel Rewards

The Bank of America Travel Rewards card has a simple earning structure, but there's more than meets the eye. You'll earn unlimited 1.5 points per dollar on every purchase. There's no yearly cap on rewards earned, and your points won't expire for as long as your account is open.

This is a fairly standard earning rate for a no-annual-fee card, though you can find cards with more competitive reward structures . However, the rewards structure becomes much more valuable if you qualify for the Bank of America Preferred Rewards program .

To enroll in Preferred Rewards, you'll need an eligible Bank of America personal checking account and a three-month average balance of at least $20,000 across your Bank of America and Merrill accounts. There are four levels of Preferred Rewards, and each comes with an earning bonus on the Travel Rewards card.

As you can see, those with Platinum Honors and Diamond can earn 2.625 points per dollar on every purchase, which is an impressive return for everyday purchases. Plus, you'll get a savings account interest bonus, discounted banking and investing fees, and discounted rates on auto loans and mortgages.

Still, if you aren't a Preferred Rewards member, the earning rate of 1.5 points per dollar is lackluster.

Related: Stop ignoring Bank of America Preferred Rewards

Redeeming points on the Bank of America Travel Rewards

Bank of America points act more like cash-back rewards since each point is worth a flat 1 cent . You can redeem them as a statement credit for travel or dining purchases (starting at a minimum of 2,500 points). When you make a purchase, simply login, log in to your account and select any qualifying transaction from the previous 12 months.

Although travel enthusiasts may see this as a disadvantage, beginners might rejoice at this no-stress process. You don't have to think about maximizing reward redemptions or figuring out the best transfer partner for booking your travel, which can be a headache for someone looking for a simple, no-frills way to earn and use their points.

You can also use your points for a cash reward — a check or a deposit into a qualifying Bank of America account. However, you'll get a value of just 0.6 cents per point this way (2,500 points = $15), so you're much better off using them for travel or dining purchases.

Finally, you can redeem your points for gift cards, though the exact value varies by merchant.

Related: The best Bank of America credit cards of 2024

Which cards compete with the Bank of America Travel Rewards?

One of these may be a better fit if you want more perks or a different earning structure than the Bank of America Travel Rewards offers.

• If you want more perks : The Bank of America® Premium Rewards® credit card is a mid-tier travel card with a $95 annual fee. It earns the same 1.5 points per dollar base rate as the Travel Rewards card, but you'll also earn 2 points per dollar on travel and dining purchases and get more travel perks. For more information, see our full review of the Premium Rewards card .
• If you want more flexible rewards : The Capital One VentureOne Rewards Credit Card earns 1.25 miles per dollar spent on everyday purchases and 5 miles per dollar on hotels and car rentals purchased through Capital One Travel. However, the card shines by giving you access to the issuer's 15-plus transfer partners , including British Airways, Turkish Airlines and Wyndham. For more information, see our full review of the Capital One VentureOne Rewards .
• If you want even more cash back: The Chase Freedom Unlimited is another great no-annual-fee card option and offers 5% cash back on travel purchases through the Ultimate Rewards portal, 3% back at restaurants and drugstores and 1.5% back on all other purchases. For more information, see our full review of the Freedom Unlimited .

For additional options, check out our full list of the best cash-back credit cards .

Related: How to choose a cash-back credit card

Is the Bank of America Travel Rewards worth it?

If you're looking for simplicity in how you earn and redeem points, the no-annual-fee Bank of America Travel Rewards credit card could be a good option for you, especially if you're a Bank of America Preferred Rewards customer. However, more seasoned points and miles travelers will likely want a card with higher earning rates and more redemption options.

Bottom line

The Bank of America Travel Rewards card offers a simple earning rate and redemption options many beginners will appreciate. However, frequent travelers who want better earning rates and the flexibility of transfer partners should consider other options.

Apply here: Bank of America Travel Rewards credit card

How to use Bank of America travel rewards points

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Key takeaways

• The Bank of America travel rewards program can be lucrative and flexible, but the specifics of how you'll earn points in this program depend on which credit card you sign up for.
• Bank of America travel rewards points can generally be redeemed for eligible travel purchases, cash back and gift cards.
• Bank of America Preferred Rewards members can earn an additional 25 percent to 75 percent more in rewards for each dollar spent.

Many credit card issuers boast a lineup of rewards credit cards that let you earn cash back, points or miles on travel, and Bank of America is no exception. Although not as popular as travel credit cards from Chase or American Express, Bank of America travel cards can be rather lucrative and flexible — but the specifics will depend on which credit card you sign up for.

If you’re ready to give the Bank of America travel rewards program a chance, you should find out which Bank of America credit cards let you earn rewards for travel, which travel rewards benefits are offered and how to use Bank of America travel rewards points to your advantage.

Which Bank of America cards earn travel rewards?

The main two Bank of America travel rewards cards are the Bank of America® Travel Rewards credit card and the Bank of America® Premium Rewards® credit card . However, Bank of America also offers the Bank of America® Premium Rewards® Elite Credit Card * and the Bank of America® Travel Rewards credit card for Students .

Bank of America Travel Rewards credit card: Best for no annual fee

Card details.

• Welcome bonus : 25,000 online bonus points (a $250 statement credit value toward travel purchases) if you make $1,000 in purchases within 90 days of opening the account
• Rewards rate : Unlimited 1.5X points per dollar on all purchases
• Annual fee : $0
• Notable perks : No foreign transaction fees, flexible travel rewards

Bank of America Premium Rewards credit card: Best for occasional travelers

• Welcome bonus : 60,000 online bonus points (a value of $600) after spending $4,000 on purchases in the first 90 days
• Rewards rate : Unlimited 2X points per dollar on travel and dining; 1.5X points per dollar on all other purchases
• Annual fee : $95
• Notable perks : Up to $100 in statement credits per year for incidental airline expenses to cover eligible costs; up to a $100 statement credit toward Global Entry or TSA PreCheck application fees every four years; no foreign transaction fees

Bank of America Premium Rewards Elite Credit Card: Best for frequent travelers

• Welcome bonus : 75,000 online bonus points (a $750 value) after you make at least $5,000 in purchases in the first 90 days of account opening
• Rewards rate :Unlimited 2X points on dining and travel purchases; unlimited 1.5X points on all other purchases
• Annual fee : $550
• Notable perks : Up to $300 annually in airline incidental statement credits for qualifying purchases (like seat upgrades and baggage fees); up to $150 annually for eligible lifestyle conveniences (including video streaming services, food delivery, fitness subscriptions and rideshare services); up to a $100 statement credit toward Global Entry or TSA PreCheck application fees every four years; complimentary Priority Pass membership; 20 percent off on domestic or international airfare for any class when paid with points

Bank of America Travel Rewards Credit Card for Students: Best for students

• Welcome bonus : 25,000 online bonus points after spending $1,000 in purchases within the first 90 days of account opening
• Rewards rate : 1.5X points on all purchases
• Notable perks : No foreign transactions fees, flexible travel rewards

Which Bank of America travel cards do not earn travel rewards points?

Bank of America also offers a surprising number of co-branded travel credit cards that are geared to loyalists with specific brands. However, these cards do not earn Bank of America travel rewards points. These include:

• Alaska Airlines Visa® credit card
• Free Spirit® Travel More World Elite Mastercard®*
• Allways Rewards Visa® Credit Card*
• Royal Caribbean Visa Signature® card*
• Norwegian Cruise Line® World Mastercard®*
• Celebrity Cruises Visa Signature® card*
• Virgin Atlantic World Elite Mastercard® *
• Air France KLM World Elite Mastercard®*

When it comes to redeeming your Bank of America travel rewards, your options may vary depending on the card you have.

Bank of America Travel Rewards credit card and Bank of America Travel Rewards Credit Card for Students

With the Bank of America Travel Rewards credit card and the Bank of America Travel Rewards Credit Card for Students, you can use your points for:

• Cash back in the form of a check or direct deposit to an eligible Bank of America or Merrill account
• A statement credit to cover eligible travel-related purchases

Unlike with other travel rewards programs, you can use your eligible card to book travel with any eligible providers, and Bank of America’s list of qualifying travel purchases is extensive. In addition to airlines, hotels, car rentals and eligible transit, travel-related purchases also include purchases made with eligible cruise lines, parking garages, travel agencies, tourist attractions, art galleries, amusement parks and more.

From there, you can redeem your points for a travel credit statement through your Bank of America account. However, note that you’ll need at least $25 worth of points to redeem for a travel credit.

Bank of America Premium Rewards credit card

The Bank of America Premium Rewards credit card lets you cash in your rewards for:

• Travel bookings through the Bank of America Travel Center
• Cash back in the form of a statement credit or a direct deposit to an eligible Bank of America or Merrill account

Bank of America Premium Rewards Elite Credit Card

With the Bank of America Premium Rewards Elite Credit Card, you can redeem your points for:

• Travel, experiences, event tickets and more through Bank of America’s Concierge service

How to maximize Bank of America travel rewards points

To get the most of your travel rewards points with Bank of America, you should try to be as strategic as you can. When you go to redeem points, consider the ways you may be able to earn more points on your spending and any ways you can maximize your rewards .

Join the Bank of America Preferred Rewards program

One major way to earn more Bank of America travel rewards involves signing up for the Bank of America Preferred Rewards® program. Doing so can net you an additional 25 percent to 75 percent more in rewards for each dollar you spend. However, you do need to meet certain qualifications to enroll in this program, such as having:

• An active, eligible Bank of America checking account
• A three-month average combined balance of $20,000 or more in eligible Bank of America accounts and/or Merrill investment accounts

Also, keep in mind that the Bank of America Preferred Rewards program offers additional perks like savings boosters and loan discounts for members with cash on deposit. The following chart shows how much more you could earn in rewards as a member, as well as how much you need to keep in eligible accounts to qualify for each tier.

While the minimum balance requirements are high, the Bank of America Preferred Rewards program can help you earn considerably more points on your spending if you qualify. For example, Bank of America Premium Rewards credit card members in the Platinum Honors tier have the potential to earn up to 3.5X points for every dollar spent on travel and dining purchases and up to 2.62X points on other purchases.

Compare pricing in the travel portal

The Bank of America Travel Center lets you make travel bookings with over 200,000 hotels and resorts and more than 200 airlines, among other options. Since some Bank of America travel rewards credit cards let you redeem your points for either travel-related statement credits or travel booked through the Bank of America Travel Center, you should compare the prices offered in the travel portal with other travel sites. By comparing prices, you can make sure you get the best deal.

Decide whether a card with an annual fee is right for you

Finally, make sure to think about your goals before you sign up for a travel credit card from this issuer. It’s often tempting to just choose a card with no annual fee — and that might be the right move for you. However, a card with an annual fee typically comes with more benefits and perks. For example, when you pay the $95 annual fee for the Bank of America Premium Rewards card, you’ll get higher rewards rates on travel and dining spending, up to a $100 annual credit for incidental airline expenses to cover eligible costs and up to a $100 application fee credit toward Global Entry or TSA PreCheck membership every four years. All of this could easily make the annual fee worthwhile for some people.

The bottom line

Bank of America travel rewards can work differently depending on the card you sign up for, so make sure to compare the best rewards cards available before you decide on a card. In the meantime, spend some time comparing cards from this issuer to top travel rewards credit cards from other major issuers. You may find that Bank of America has what you’re looking for in a travel rewards card, but you’ll never know for sure unless you check.

*Information about the Free Spirit® Travel More World Elite Mastercard®, Allways Rewards Visa® Credit Card, Royal Caribbean Visa Signature® card, Norwegian Cruise Line® World Mastercard®, Celebrity Cruises Visa Signature® card, Virgin Atlantic World Elite Mastercard® and Air France KLM World Elite Mastercard® has been collected independently by Bankrate. Card details have not been reviewed or approved by the card issuer.

Information regarding Bank of America credit cards was last updated on January 5, 2024.

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5 Things to Do When You Get the Bank of America Travel Rewards Card

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The Bank of America® Travel Rewards credit card is a great $0 -annual-fee option that rewards users with an unlimited 1.5 points per $1 spent on everything.

The rewards system is simple: Points are worth 1 cent each toward travel. Here are five things to do when you get the Bank of America® Travel Rewards credit card .

What to do after getting a Bank of America® Travel Rewards credit card

1. mark your calendar.

That’s right, mark your calendar so you know when your bonus spending requirements are due. Here's the offer: 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases.

Be sure to have the minimum spend deadline on a calendar or as an appointment reminder in your phone so you don’t risk missing out on the sign-up bonus.

» Learn more: Bank of America Travel Rewards review: Easy rewards for easy travel

2. Start earning

Start using the Bank of America® Travel Rewards credit card for purchases. Think about switching any auto-pay bills you have to this card so you can meet the minimum spending requirement without many changes to your other personal expenses. And remember, from here on out, those bills also get you 1.5 points per $1 toward future travel.

» Learn more: Auto-paying bills by credit card

3. Link the card to electronic payment accounts

Bank of America makes it easy to use contactless payment via the Digital Wallet option. This works with digital payment platforms including the following:

Google Pay.

Samsung Pay.

FitBit Pay.

Garmin Pay.

So if you’re out on a run or forget your wallet, you can still earn travel rewards with the Bank of America® Travel Rewards credit card .

4. Sign up for paperless statements

Create less waste and help keep your account information more secure — sign up for paperless statements to receive all statement information electronically. This is a feel-good option that also means you don’t have to worry about shredding files to protect your account information.

5. Start planning a trip

Hey, you got this travel card for a reason, right? Start thinking about where you want to visit and how this credit card can help you achieve that goal. Imagine yourself on your next adventure, and have some fun thinking ahead. If you’ve got a partner or travel buddy, get them in on the ideation too. It’ll be easier to work on the financial side together if you have the shared travel bug.

Your Bank of America® Travel Rewards credit card will help get you on your next trip. Be sure to do all of these steps to maximize your rewards and get the most out of your card.

Maximize your Bank of America® Travel Rewards credit card from the get-go

Now that you have a smart travel credit card in your wallet, be mindful of your early spending to secure the bonus. Sync your automated payments to be paid for with the card, and start planning that dream vacation. The points back will help take the sting out of that first class splurge.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024 , including those best for:

Flexibility, point transfers and a large bonus: Chase Sapphire Preferred® Card

No annual fee: Bank of America® Travel Rewards credit card

Flat-rate travel rewards: Capital One Venture Rewards Credit Card

Bonus travel rewards and high-end perks: Chase Sapphire Reserve®

Luxury perks: The Platinum Card® from American Express

Business travelers: Ink Business Preferred® Credit Card

Planning a trip? Check out these articles for more inspiration and advice: Find the best travel credit card for you Is the Bank of America Travel Rewards Card for me? Earn more points and miles with these 6 strategies

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How to Set Up A Travel Notification Bank of America?

Do you always feel like you’re behind on your travel plans? Worried that something might happen and you won’t be able to get away? Travel notification banking can help solve this problem. 

With a travel notification bank, you can quickly track all your travel arrangements in one place so that if anything unexpected comes up, you’ll be able to reschedule or cancel your trip without any hassle .

In this article, we’ll show you how to set up a travel notification bank with Bank America and explain the benefits of doing so. Let’s get started!

Steps On How You Can Set Up A Travel Notification Bank Of America

No one wants their dream vacation ruined by worrying about their finances. Before you take off, set up a travel notification with Bank of America, it’s easy to do and only takes a few minutes. 

Here are steps on how you can set up a travel notification Bank of America

• Log in  to online banking or the mobile app and go to the Profile & Settings tab
• Click on the “Help & Support” tab.
• Under Contact Information, select Update Travel Plans. 
• Enter the date range for your trip and choose the length of time you’ll be gone for work or pleasure. 
• Select which  BofA cards  you will be taking.
• Fill in the essential details like a phone number
• You can also add additional family members who will be traveling with you (and provide contact information) so that they’ll receive notifications! 
• Click Submit, and all the details will be submitted.

Now, enjoy every minute of your getaway, knowing that Bank of America is watching out for you! When you’re away on your adventure, they’ll text you if any unexpected charges are made on your debit card or credit card and ask if it was yours. 

Plus, if anything changes while you’re gone – such as an unplanned stop at the ATM – they’ll notify you through text message too.

If there are any problems while you’re away, don’t worry – they’re here to help when it matters most.

Alerting Friends and Family

The first step is to let your friends and family know you’ll be out of town. You can set up a travel notification with Bank of America. It will ensure that your loved ones won’t have to worry about you while you’re away. 

All they need to do is enter your account number, their phone number, and the date you’ll be gone, then select how often they want to receive alerts. The more notifications you get, it’s better for them not to miss anything! 

If you want, you can also notify others, such as school or work, that you’ll be on vacation. In addition to alerting your loved ones, make sure to pack light so that when you return home, there’s less unpacking and cleaning up. 

Remember, too, that if there are any changes in schedule due to weather or other unforeseen events,  contact  Bank of America immediately.

Dealing With Emergencies

No one wants to think about their vacation being derailed by an emergency, but it’s always best to be prepared. If you have a Bank of America credit or debit card, you can set up travel notifications in our online banking or mobile app, so we know you’re going to be out of town and can keep an eye on your account. 

You might also want to consider using Mobile Check Deposit, which lets you deposit checks without leaving home.

Snap a photo of the front and back of the check with your smartphone. That way, we can reach out to you immediately if there’s any unusual activity. And you’ll also get alerts every time your balance dips below $50.

Packing the Essentials

Before you leave on your trip, be sure to pack all the essentials. It includes your passport, travel insurance, cash and credit cards, and a map of the area. If you’re traveling with prescription medication, bring enough for the entire trip and keep it in its original container. 

Lastly, don’t forget to pack your sense of adventure! You’ll find that when you’re away from home, you will have more time to explore and enjoy yourself than at home. You may even come up with some great ideas for how to spend your free time while traveling.

5 Things You Need To Know About Travel Notifications

If you love to travel, chances are you have some form of financial protection in place to ensure that your trip doesn’t get ruined by unforeseen circumstances that could put you in a bind. If you don’t, though, Bank of America wants to make sure you do so that you can focus on the fun part—enjoying your trip!

Here are 5 things you need to know about travel notifications.

Preparation Pays Off

The best way to avoid travel headaches is to plan and be prepared. That’s why Bank of America has a few tips to help make your next trip go smoothly. 

Be sure to review your itinerary before departing and keep it with you at all times, as well as the documents necessary for entry into the country or countries you visit. 

Don’t forget about customs requirements for items you want to bring back home; if in doubt, contact customs officials at the destination. In most cases, you can’t take plants or other agricultural products out of certain regions (including many in Canada). 

You should also check any food restrictions (particularly meat products) for some destinations like Japan. 

Let someone know where you’re going, so they can reach out to you in an emergency. If possible, consider traveling with family members who live abroad. They may have vital information that will ease communication and help them reach out during emergencies like natural disasters.

Take Advantage Of Pre-Departure Notifications

Before you leave for your trip, be sure to set up travel notifications with your bank. That way, you can avoid any potential disruptions to your account while you’re away. To do so, log into your online banking account and navigate to the Settings or Alerts section. 

From there, you can add a new travel notification by entering your travel dates and contact information. Once you’ve done that, you can rest assured that your account will be monitored while you’re away.

If It Fits Your Schedule, Change Travel Plans

Are you traveling during the coronavirus pandemic? Here are some things to keep in mind. 

• First, check the  CDC website  for travel advisories. Consider changing your plans if your destination is on the list of high-risk areas. 
• Second, make sure you have travel insurance covering you in case you get sick abroad. 
• Third, pack a supply of face masks and hand sanitizer. 
• Fourth, keep your phone charged and with you at all times in case you need to call for help. 
• Fifth, if you do get sick while traveling, take steps to stay hydrated and eat healthy food as much as possible. 

Finally, visit the doctor as soon as possible after returning home so they can give you a complete medical workup and treatment if needed.

Be Aware If There Are Fare Differences Between Airlines

If you’re planning to use your debit or credit card while traveling, you must notify your bank or credit card issuer in advance.

That way, your bank can flag your account and watch for unusual activity. You may also get better customer service if you have problems while away. 

Your bank can tell the airline about your payment history, which could make a difference in the type of seat you receive on the plane.

And by providing updates about flight delays and other changes ahead of time, you’ll have peace of mind knowing that everything is going smoothly with your travel plans.

Follow Your Bank’s App

When you’re planning a trip, be sure to set a travel notification in your bank’s app. That way, your bank will know to expect charges in a different location and won’t flag them as suspicious. You can usually set a travel notification in your bank’s app with a few clicks. 

Be sure to include the dates of your trip, where you’ll be traveling, and how many people will be traveling with you. The best time to do this is before, or when booking flights or hotels, so your bank doesn’t see those payments as fraudulent transactions. 

And if someone tries to make unauthorized withdrawals from your account while you’re gone? Your phone will alert you, so it’s easy for you to get back on the phone with customer service representatives and let them know that someone tried to access your account but failed because they were using an incorrect password.

Final Thoughts 

Remember, a travel notification bank can come in handy when you plan on traveling but don’t want to miss all that is good about your loved ones. All thanks to the Bank America travel notification services.This service gives you easy access to emergency funds for unexpected costs and hurdles abroad. 

Of course, it would be wise not to rely entirely on the bank for money in an emergency! But with these alerts in place, you can rest assured knowing everything will be fine and you won’t lose precious days just because of bad luck!

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Bank of America® Travel Rewards Credit Card review: A simple travel rewards card with basic features

Our take: The Bank of America® Travel Rewards Credit Card stands out for its simplicity: It’s a $0-annual fee card that earns simple, flat-rate rewards that you can redeem as statement credits for travel or dining.

Bank of America® Travel Rewards Credit Card: Overview

Card type: Travel

With no annual fees or foreign transaction fees, the Bank of America Travel Rewards card is an appealing choice for budget travelers or anyone who wants simplicity in their travel credit card. Although the rewards earned on this card lack the versatility you might find in cards that offer the ability to transfer rewards to loyalty programs or book travel through the card issuer’s portal, this card does allow you to redeem their points for statement credits for travel and dining, as cash back, or to purchase gift cards.

Who is the Bank of America® Travel Rewards Credit Card good for?

The Bank of America® Travel Rewards Credit Card is well-suited for budget-conscious travelers who prioritize simplicity over extravagant perks. Plus, with the card’s 0% intro APR for 15 billing cycles on purchases and balance transfers made within the first 60 days of account opening, the card can be a valuable tool for those looking to finance big-ticket purchases or consolidate their debt.

Who shouldn’t get the Bank of America® Travel Rewards Credit Card?

Those who prioritize reward flexibility, lavish travel benefits, and a substantial welcome bonus may find the Travel Rewards Credit Card less appealing. The card's modest welcome offer, and absence of transfer partners for airline or hotel loyalty programs could be drawbacks for those seeking more extensive rewards and perks. 

Bank of America® Travel Rewards Credit Card: How to earn rewards

The rewards structure is easy to understand—there are no rotating categories to keep track of or activate or different rewards rates. Cardholders earn a flat 1.5 points on all purchases. 

You’re also eligible to earn a modest welcome offer that’s worth 25,000 points, or $250, if you spend $1,000 in purchases in the first 90 days of account opening. 

How to redeem Bank of America® Travel Rewards Credit Card points

There are only a few ways to redeem your points with the Travel Rewards Card You can use your rewards to book travel, cover travel and dining purchases, get cash-back as a statement credit, and buy gift cards.

However, when you redeem for cash or gift cards, you may not get the best value. One point is valued at 0.6 cents, so 2,500 points will only give you $15. There’s a 2,500 point minimum redemption requirement, too. The redemption value for gift cards will vary.. Travel and dining credits are typically the best value for your rewards, where a point is worth one cent.

Get a statement credit for travel or dining

To redeem points with the Bank of America Travel Rewards Credit Card, you can get a statement credit to offset eligible travel—like airlines, hotels, car rentals—and dining purchases made within the past 12 months. There’s a 2,500 point minimum redemption requirement. 

When you redeem your points this way, one point is worth one cent. 

Bank of America® Travel Rewards Credit Card rates and fees

• Annual fee: $0
• Foreign transaction fee: None
• Intro APR: 0% Intro APR for 15 billing cycles on purchases made in the first 60 days of account opening, then the standard variable APR will apply.
• Purchase APR: 18.24%–28.24% variable
• 0% APR balance transfer:  0% intro APR for 15 billing cycles for any balance transfers made in the first 60 days of account opening. After that, the APR is 18.24%–28.24% variable
• Balance transfer fee: 3% for 60 days from account opening, then 4% will apply
• Penalty fee: up to $40 for late payments

Additional benefits

• Free FICO Score. Through online and the mobile banking app, you can access your FICO Score from TransUnion, which is updated monthly, for free.

Credit cards similar to Bank of America® Travel Rewards Credit Card

If you’re looking for a no-annual-fee travel card with greater flexibility than  the Bank of America Travel Rewards Card, there are other options to consider. Here’s a look at how some of the competition stacks up. 

Capital One VentureOne Rewards Credit Card vs. Bank of America® Travel Rewards Credit Card

The Capital One VentureOne Rewards Credit Card boasts a versatile rewards program, although the rewards rate is slightly lower.. The Bank of America Travel Rewards card earns  1.5 points per dollar, the VentureOne offers a slightly lower 1.25 miles per dollar, but it does earn with 5 miles per dollar on prepaid hotels and rental cars through Capital One Travel.

The VentureOne also has a decent welcome offer for a no-annual-fee card of 20,000 miles after spending $500 on purchases within 3 months from account opening. 

But the biggest benefit the VentureOne Card has over the Bank of America Travel Rewards card is the redemption flexibility. With this card, you can transfer your miles to over 15 of Capital One’s travel loyalty programs, so you can potentially wring even more value from your rewards. You can also book a trip through Capital One Travel, get reimbursed for travel purchases made within the previous 9- days, or opt for a statement credit, although like the Bank of America card, this last option is also worth less than a penny per point. 

Discover it® Miles vs. Bank of America® Travel Rewards Credit Card

Just like the Bank of America Travel Rewards Card, the Discover it® Miles card dishes out 1.5 miles on general purchases, without any annual or foreign transaction fees. But a key distinction between these two cards lies in the redemption options. You cannot use your miles to make a purchase, but you can redeem them for a statement credit against a travel purchase made within the last 180 days. Or, you can simply apply your earnings as a cash-back statement credit without any travel involved. Either way, a mile is worth a penny a point. Allowing you to take cash back at the same value as a travel reimbursement is a much better option than the less than a penny per point cash-back option on the Bank of America Travel Rewards card.  

The Discover it Miles card also goes the extra mile when it comes to a welcome offer. Instead of an upfront offer after meeting a minimum spending requirement, the issuer doubles the rewards you earn in the first year. For example, if you earned a total of 50,000 miles in the first year, you would earn an additional 50,000 miles at the end of the year.

Is the Bank of America® Travel Rewards Credit Card right for you?

The Bank of America Travel Rewards Card is best for those looking for a no-frills travel card who can take advantage of the card’s 0% APR offer. It’s also best for someone who wants to use the earnings on a travel rewards card solely for travel, and doesn’t mind not taking cash-back. 

However, potential users should be aware of its limitations, including the limitations on redemption. Most people will fare better with a card that offers 2% cash back, which is both more rewarding and allows you to use your money on anything you’d like, travel or otherwise.

Frequently asked questions

Is it hard to get a bank of america® travel rewards credit card.

Since the Bank of America Travel Rewards Card is a rewards card, you’ll likely need a good or better FICO Score, which starts at 670 or higher.However, keep in mind there is no one set score which will guarantee you’ll be approved for a card as issuers take several factors into consideration when determining approval.

Is the Bank of America® Travel Rewards Credit Card worth it?

The Bank of America Travel Rewards credit card may be worth it for some—it’s a solid option for budget-conscious travelers seeking simple rewards who may only want to redeem their rewards for travel one way.

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.

This story was originally featured on Fortune.com

This article may contain affiliate links that Microsoft and/or the publisher may receive a commission from if you buy a product or service through those links.

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BofA Survey: Majority of Small and Mid-Sized Business Owners Anticipate Revenue Growth This Year

May 1, 2024 at 8:55 AM Eastern

87% of Mid-Sized Business Owners and 65% of Small Business Owners Expect Revenue Increases Over Next 12 Months

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CHARLOTTE, NC – A majority of small and mid-sized business owners expect their revenues to increase this year, and their worries over a recession have declined substantially, according to the 2024 Bank of America Business Owner Report , conducted in partnership with Bank of America Institute. While business owners remain mindful of the impacts of inflation and interest rates on their bottom lines, both concerns have lessened since Spring 2023. And despite some lingering uncertainties over the broader economy, business owners plan to expand their businesses in the year ahead.

“Small business owners remain cautiously optimistic in 2024,” said Sharon Miller , President and Co-Head of Business Banking at Bank of America . “With anticipated revenue increases, many are focused on engaging with customers and implementing new technologies that will help them differentiate their businesses.”

The 2024 Bank of America Business Owner Report includes input from more than 1,400 small and mid-sized business owners (defined as businesses with $100,000 to $5 million and $5 million to $50 million in annual revenues, respectively). The report explores the viewpoints, goals, concerns and outlooks of business owners nationwide.

“Our report finds that most mid-sized business owners are planning to expand their businesses and hire in the coming year,” said Raul Anaya , President and Co-Head of Business Banking at Bank of America . “Most of these business owners are confident in their revenue growth as well as in the local, national and global economies.”

Business and Economic Outlook

When looking at attitudes concerning the national economy, business owners’ outlooks varied by the size of their business: 75% of mid-sized business owners expect the national economy to improve over the next 12 months, while just 33% of small business owners expect the same.

Mid-sized business owners (MSBOs) maintain a positive business outlook:

• 87% believe their revenue will increase over the next 12 months.
• 80% plan to expand their businesses in the year ahead.
• 69% plan to hire over the next 12 months.
• 84% said their revenues were higher in 2023 than in 2022.

Among small business owners (SBOs):

• 65% expect their revenue to increase in the year ahead (holding steady since last spring).
• 39% plan to expand their business over the next year.
• 30% plan to hire more employees over the next 12 months.
• 55% reported higher business revenues in 2023 than in 2022.

Top economic concerns for MSBOs include the U.S. political environment (68%), inflation (67%), supply chain (66%) and consumer spending (66%). SBOs share concern over the U.S. political environment (75%) and inflation (73%) but are also concerned about health care costs (69%) and interest rates (63%). 61% of MSBOs and 56% of SBOs noted concerns about recession, both down from 72% last spring. And while concerns over inflation have come down slightly since this time last year, 90% of MSBOs and 84% of SBOs still say that inflation is currently impacting their business.

Funding plans have increased for MSBOs in the year ahead, with 93% of MSBOs planning to obtain funding (90% in spring 2023). Financing plans have stayed steady with 54% planning to apply for a bank loan in the next 12 months. In contrast, funding and loan application plans have decreased for SBOs – with 71% planning to obtain funding for their business, down from 82% last spring; and 16% of SBOs plan to apply for a bank loan or line of credit this year, down from 24% last spring.

According to Bank of America Institute’s recent Small Business Checkpoint , small businesses have become more reliant on credit cards, with balances up 18% since 2019, based on the bank’s aggregated small business credit card data. While rising balances could raise some concerns, the Institute notes a few reasons to be less pessimistic. First, inflation increased over 22% since 2019, so inflation-adjusted credit card balances are comparable to, or even lower than, 2019 levels.

Second, across all categories of small business credit card spending, levels have come down since 2023, suggesting small businesses are taking steps to manage spending and reallocate or optimize cash flow. However, according to the Institute, while balance sheet conditions are relatively healthy for small businesses overall, an increasing portion of their credit card balances are revolving – carrying from one month to the next – after a decline in this behavior during and post pandemic. 

Running a profitable business is important to business owners and, for many, it comes with personal and professional sacrifices. 70% of SBOs say they have made tradeoffs to maintain their business’ profitability, such as increasing prices (47%), working more hours (45%) and reducing their own salary (32%).

Using Digital Tools to Optimize Operations

Business owners are implementing digital tools across their operations. Over the past 12 months, most business owners (99% of MSBOs and 71% of SBOs) have digitally optimized their business. For many, that means doing their business banking online or via an app, accepting more forms of cashless payments and/or bolstering their social media presence. Using digital tools has helped business owners save time, stay organized, reach new customers, increase customer satisfaction and manage cash flow.

The vast majority of MSBOs (89%) plan to implement artificial intelligence (AI) tools this year. They plan to use these tools to streamline their payroll and bookkeeping (57%), assist with hiring efforts (49%) and stand out from competitors (44%).

Meanwhile, SBOs also are evaluating the benefits of AI tools, albeit to a lesser extent, with 37% planning to implement AI tools this year – citing similar ways they may use the technology, including to differentiate themselves from competitors (47%), streamline their payroll and bookkeeping (36%) and assist with hiring efforts (25%).

For an in-depth look at the insights of the nation’s small and mid-sized business owners, please read the full 2024 Bank of America Business Owner Report .

2024 Bank of America Business Owner Report Methodology

Previously conducted as two separate reports for small and mid-sized business owners, this year’s report explores sentiment among businesses of different sizes.

Ipsos conducted the 2024 Bank of America Business Owner Report survey online between March 4 and March 28, 2024 using a pre-recruited online sample of small business owners. Ipsos contacted a national sample of 1,038 small business owners in the United States with annual revenue between $100,000 and $4,999,999 and employing between two and 99 employees. In addition, approximately 250 small business owners were surveyed in each of 10 target markets: Atlanta, Boston, Chicago, Dallas, Houston, Los Angeles, Miami, New York, San Francisco and Washington, D.C.  The final results for the national and designated market area segments were weighted to national benchmark standards for size, revenue and region.

Ipsos also interviewed a national sample of 377 medium-sized business owners in the United States with annual revenue between $5,000,000 and $49,999,999 and employing between two and 499 employees. The final results for this national segment and a combined sample of the small and medium-sized business owners were weighted to national benchmark standards for size, revenue and region.

Bank of America Institute is dedicated to uncovering powerful insights that move business and society forward. Established in 2022, the Institute is a think tank that draws on data and analyses from across the bank and the world to provide timely and original perspectives on the economy, sustainability, and global transformation. The Institute leverages the depth and breadth of the bank’s proprietary data, from 69 million consumer and small business clients, 57 million verified digital users, $4.1T in total payments in 2023 and $1.27T in consumer and wealth management deposits. From this robust data set, the Institute provides a unique perspective on the health of the economy. It also elevates thought leadership from throughout the bank that addresses long-term trends and shares these findings with the general public.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

Reporters may contact:

Susan Atran, Bank of America Phone: 1.646.743.0791 [email protected]

Anu Ahluwalia, Bank of America Phone: 1.646.855.3375 [email protected]

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This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.

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JPMorgan Chase and Bank of America Suffer $4,500,000,000 in Losses As ‘Unrecoverable Debt’ Soars: Report

The two largest banks in the US are declaring a loss on $4.5 billion in debts that customers are unable to pay.

JPMorgan Chase says its net charge-offs, which are debts that the bank does not expect to receive, hit $2 billion in the first quarter of this year, reports Reuters.

That’s nearly twice the amount of unrecoverable debt compared to the same quarter last year.

Meanwhile, Bank of America reported $1.5 billion in net charge-offs, a surge from $807 million a year prior.

BofA says those losses stem mainly from credit card debt that will likely never be paid.

“Bank of America is seeing ‘cracks’ in the finances of borrowers with below-prime credit scores whose household spending is affected by higher interest rates and inflation, Chief Financial Officer Alastair Borthwick told analysts on an earnings call…

While lenders earn money from interest payments, they seek to avoid situations in which customers fall so far behind on loans that they have to be written off.”

Net charge-offs are also on the rise at Citigroup and Wells Fargo as a recent poll from the Federal Reserve finds  most banks are now tightening lending standards for most types of loans.

“Banks reported tighter standards and weaker demand for home equity lines of credit (HELOCs). Moreover, for credit card, auto, and other consumer loans, standards reportedly tightened, and demand weakened on balance.”

Despite the losses, both JPMorgan Chase and Bank of America say their balance sheets are sound.

JPMorgan Chase earned $49.6 billion in profit last year, while Bank of America earned $24.9 billion.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Chairman Jordan Expands Financial Surveillance Investigation to Other Major Companies

WASHINGTON, D.C. – House Judiciary Committee Chairman Jim Jordan (R-OH) sent letters to the Chief Executive Officers of  Standard Chartered Bank USA , Truist , U.S. Bank , Wells Fargo , Western Union , Charles Schwab , Bank of America , Citibank , HSBC Bank , JPMorgan Chase , MUFG Bank , PayPal , and Santander Bank   requesting documents and communications related to the Committee's investigation of financial surveillance of American citizens, including the disclosure of private financial records to federal authorities without legal process.   Documents obtained by the Committee and Select Subcommittee on the Weaponization of the Federal Government show that the Financial Crimes Enforcement Network (FinCEN) circulated specific materials to these banks, and the Committee believes that these banking institutions possess information necessary for the investigation. The Committee previously sent letters to Bank of America, Chase, U.S. Bank, Wells Fargo, Citibank, and Truist for its probe into how the FBI worked together with banks to spy on Americans following the events of January 6, 2021, without a warrant.   The Committee also sent a letter to U.S. Treasury Secretary Janet Yellen demanding all Bank Secrecy Act filings, including Suspicious Activity Reports (SARs), that included the tag created to group all SARs related to the events following January 6, 2021. Excerpts of the letter to Charles Schwab : "After receiving documents and information from several entities, the Committee and Select Subcommittee learned that the financial surveillance occurring in the United States is much broader than the FBI simply requesting, without any legal process, a list of customers' transactions from Bank of America. On March 6, 2024, the Committee and Select Subcommittee released an interim staff report detailing its findings to date on how federal law enforcement is using private banks to pry into the private transactions of American customers. That report highlighted how, following January 6, 2021, federal law enforcement commandeered financial institutions' databases, sought to treat sweeping classes of otherwise lawful transactions as potentially 'suspicious,' and profiled Americans using Merchant Category Codes (MCCs), 'typologies,' and 'indicators' that treated protected political and religious expression as indicative of domestic violent extremism.   “The Committee and Select Subcommittee remain concerned about how and to what extent federal law enforcement and financial institutions continue to spy on Americans by weaponizing backdoor information sharing and casting sprawling classes of transactions, purchase behavior, and protected political or religious expression as potentially 'suspicious' or indicative of 'extremism.'"   Read the full letter to Treasury Secretary Yellen here . Read the full letter t o Standard Chartered Bank USA  here . Read the full lett er to Truist  here . Read the full lette r to U.S. Bank  here . Read the full letter to Wells Fargo  here . Read the full letter to Western Union  here . Read the full letter to Charles Schwab  here . Read the full letter to Bank of America  here .  Read the full letter t o Citibank  here .  Read the full letter to HSBC Bank  here .  Read the full le tter to JPMorgan Chase  here .  Read the full le tter to MUFG Bank  here .  Read the full lette r to PayPal  here .  Read the full letter to  Santander Bank  here . 

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Lawmakers Question Bank of America About Leon Black’s Payments to Epstein

A Senate committee sent a letter asking the bank whether it had adequately followed procedures before clearing $158 million in payments.

By Matthew Goldstein

A U.S. Senate committee investigating the tax avoidance work that Jeffrey Epstein, the registered sex offender, did for the private equity mogul Leon Black has questioned Bank of America over Mr. Black’s hefty payments to Mr. Epstein, according to a letter viewed by The New York Times.

This month, Senator Ron Wyden of Oregon, the chairman of the Senate Finance Committee, sent the bank a letter asking about the extent of due diligence it conducted before processing $158 million in payments that Mr. Black made to Mr. Epstein from 2012 to 2017 for that tax work.

The letter also asked whether any bank employees had raised concerns about the purpose of those payments. They included fees paid to Mr. Epstein for advising on a sophisticated trust that saved Mr. Black more than $1 billion in taxes. Banks are required to file suspicious activity reports, or SARs, with financial regulators for any transaction they consider questionable.

Mr. Black’s decades-long business dealings and personal relationship with Mr. Epstein have dogged him ever since Mr. Epstein was arrested on federal sex trafficking charges in July 2019 . (Mr. Epstein hanged himself in a federal jail a month after his arrest.) Mr. Black, a co-founder of Apollo Global Management, with a net worth of $13 billion, ultimately stepped down from all leadership posts because of the controversy.

In the letter, dated April 4, Mr. Wyden said the committee believed the payments to Mr. Epstein for tax work came from accounts Mr. Black had at Bank of America. He also asked whether any art transactions involving Mr. Epstein and Mr. Black, a well-known art collector , had raised concerns internally.

Whit Clay, a spokesman for Mr. Black, said, “The transactions the committee reviewed were both lawful and conceived, vetted and executed by reputable law firms and tax advisers.” He added that Mr. Black “has paid all taxes owed to the government” and provided detailed information to the committee.”

The role of big banks in facilitating Mr. Epstein’s sex trafficking of teenage girls and young women came under scrutiny last year when JPMorgan Chase agreed to pay $290 million to more than 100 of his victims, and Deutsche Bank reached a $75 million settlement with many of those victims.

Last summer the Senate committee announced that it was investigating the work Mr. Epstein did for Mr. Black as part of an examination of legal “tax dodging” schemes used by the ultrarich. The committee had said it wanted to learn more about Mr. Epstein’s “extraordinary compensation” package and the specific details of the tax avoidance strategies Mr. Epstein designed for Mr. Black.

Mr. Wyden, in the letter to Bank of America’s chief executive, Brian Moynihan, said the committee was trying to determine whether the solutions Mr. Epstein came up with to help Mr. Black avoid billions of dollars in taxes were “executed in a manner consistent with federal tax laws.”

A spokesman for Bank of America declined to comment.

When the federal authorities raided Mr. Epstein’s residence in the U.S. Virgin Islands in 2019, shortly after his death, they found a raft of Bank of America bank statements belonging to Mr. Black, according to documents from Mr. Epstein’s estate that were reviewed by The Times. Agents with the Federal Bureau of Investigation spread the bank statements out on the floor to photograph them.

The estate documents reviewed by The Times also show that an employee of Mr. Black’s family office asked Mr. Epstein to review a draft of the billionaire’s 1,700-page federal tax return in 2018. Mr. Epstein, according to the documents, gave him advice on hedge fund investments, distribution of Apollo partnership interests, trust and estate work, and art deals — including the sale of an Alberto Giacometti sculpture in which Mr. Epstein was a stealth buyer .

For many years, Bank of America was the main provider of art loans to Mr. Black, whose $1 billion private collection includes works by Edvard Munch, Leonardo da Vinci, Edgar Degas, Henri Matisse, Joan Miró and Pablo Picasso, according to corporate filings.

In the letter to Mr. Moynihan, Mr. Wyden also asked whether the bank had done any internal review into the sale of artwork that raised concerns about whether “Epstein was acting as a straw purchaser or seller.”

A spokesman for the Senate Finance Committee declined to comment.

Mr. Black initially downplayed his connection to Mr. Epstein . But in 2020, after The Times reported on the extensive financial and personal ties between the two men, Mr. Black asked Apollo’s board to hire the law firm Dechert to review the appropriateness of all his dealings with Mr. Epstein. The 22-page Dechert report , issued in early 2021, cleared Mr. Black of any wrongdoing or knowledge of Mr. Epstein’s predatory sexual abuse. It also concluded that Mr. Epstein had given Mr. Black legitimate tax advice.

Last year, Mr. Black, without admitting any wrongdoing, agreed to pay $62.5 million to the U.S. Virgin Islands to avoid a lawsuit arising from the territory’s investigation into the financing of Mr. Epstein’s sex-trafficking operation.

Matthew Goldstein covers Wall Street and white-collar crime and housing issues. More about Matthew Goldstein

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The Fed rate decision meeting is today. Here's their rate decision.

By Aimee Picchi

Edited By Alain Sherter

Updated on: May 1, 2024 / 3:45 PM EDT / CBS News

The Federal Reserve on Wednesday afternoon said it is holding its benchmark rate steady after an uptick in inflation, meaning that consumers aren't likely to see any near-term relief from high borrowing costs. 

At year start, about 9 in 10 economists had forecast that the Fed would cut its benchmark rate at its May 1 meeting. Yet shifting economic winds and stubbornly high inflation have complicated policy makers' plans. On Wednesday, the Fed  said  it is keeping the federal funds rate in a range of 5.25% to 5.5%, the same level it has held since the central bank's  July 2023 meeting .

The Fed is likely to hold off on cutting rates until later in 2024, with most experts now penciling the first rate reduction for the central bank's September or November meeting, FactSet's data shows. That means consumers are likely to continue grappling with higher costs for all types of loans, from credit cards to mortgages, even as the costs of goods and services remains elevated. 

"The Fed has said time and time again that inflation would be really difficult to tame, and they are more than willing to keep rates high until inflation becomes more manageable," Jacob Channel, senior economist at LendingTree, told CBS MoneyWatch. "I understand why people are concerned, and perhaps a little upset, that the Fed isn't champing at the bit to cut rates."

But, he added, if the Fed cut rates prematurely and inflation ticked up even higher, that could make the economic situation worse for many consumers and businesses. 

When is the Fed meeting this week?

The Federal Reserve's Open Market Committee announced its decision at 2 p.m. Eastern time. Fed Chair Jerome Powell will speak at a press conference at 2:30 p.m. to outline the central bank's economic outlook and answer questions about its decision. 

When will the Fed cut interest rates? 

Despite the Fed earlier this year penciling in three rate cuts in 2024 , Wall Street investors now forecast just a single cut.

At the heart of the issue is stubborn inflation , which has ticked upwards this year on higher costs for housing and gasoline, defying the Fed's efforts to tame prices. Consumer prices in March rose 3.5% on an annual basis, up from  February's increase of 3.2%  and January's  bump of 3.1%  on a year-over-year basis. 

About half of economists are forecasting a cut at the Fed's September 18 meeting, while a majority are penciling in a cut at its November 7 meeting. It's likely those cuts could amount to one-quarter of a percentage point each, rather than a juicier cut of half a percentage point, Channel noted.

"It's not surprising that investor expectations for future rate cuts have drastically decreased," said Stephen J. Rich, CEO of Mutual of America Capital Management, in an email. "At this point, we see the potential of two cuts amounting to a half of a percentage point this year."

Solita Marcelli, Chief Investment Officer Americas at UBS Global Wealth Management, also thinks the Fed will have to keep rates higher for longer. She expects the Fed to pare its key short-term rate twice this year, likely starting in September, according to a research note.

How will the Fed's decision impact your money?

Brace for continued high borrowing costs, Channel said. 

"In light of the meeting, we're probably going to have to get used to the average rate on a 30-year mortgage being above 7% again," he said. "Those 7% rates that people dread are probably going to stick around."

Credit card rates, which have reached record highs , aren't going to come down either, he noted. 

"Borrowing money will remain relatively expensive for quite some time," Channel added. "We aren't going to wake up come August and rates will be back to zero."

If there's a silver lining to this, it's for savers, who now can find higher-interest savings accounts with yields above 5%, according to Ken Tumin, banking expert at DepositAccounts.com. Other savings vehicles like certificates of deposit can also offer juicy rates. 

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Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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Critical Insights From Bank of America Analyst Ratings: What You Need To Know

13 analysts have shared their evaluations of Bank of America (NYSE:BAC) during the recent three months, expressing a mix of bullish and bearish perspectives.

The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.

The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $40.62, a high estimate of $46.00, and a low estimate of $33.00. This current average has increased by 4.15% from the previous average price target of $39.00.

Exploring Analyst Ratings: An In-Depth Overview

The standing of Bank of America among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.

Key Insights:

• Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to Bank of America. This information provides a snapshot of how analysts perceive the current state of the company.
• Rating: Analysts assign qualitative assessments to stocks, ranging from 'Outperform' to 'Underperform'. These ratings convey the analysts' expectations for the relative performance of Bank of America compared to the broader market.
• Price Targets: Understanding forecasts, analysts offer estimates for Bank of America's future value. Examining the current and prior targets provides insight into analysts' changing expectations.

Analyzing these analyst evaluations alongside relevant financial metrics can provide a comprehensive view of Bank of America's market position. Stay informed and make data-driven decisions with the assistance of our Ratings Table.

Stay up to date on Bank of America analyst ratings.

All You Need to Know About Bank of America

Bank of America is one of the largest financial institutions in the United States, with more than $3.0 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, retail lending products, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth-management services, as does its private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries but is primarily US-focused.

Breaking Down Bank of America's Financial Performance

Market Capitalization Analysis: Above industry benchmarks, the company's market capitalization emphasizes a noteworthy size, indicative of a strong market presence.

Revenue Growth: Bank of America displayed positive results in 3 months. As of 31 March, 2024, the company achieved a solid revenue growth rate of approximately 17.57% . This indicates a notable increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Financials sector.

Net Margin: Bank of America's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 23.79%, the company showcases strong profitability and effective cost management.

Return on Equity (ROE): Bank of America's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 2.32%, the company may encounter challenges in delivering satisfactory returns for shareholders.

Return on Assets (ROA): Bank of America's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 0.19%, the company may face hurdles in achieving optimal financial performance.

Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 1.26 .

What Are Analyst Ratings?

Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.

Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.

Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.

This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Federal Reserve keeps interest rates at current levels as inflation holds its grip

The Federal Reserve left its key interest rate unchanged at between 5.25% and 5.5% — the highest level in more than a decade — as annual inflation rates continued to stall.

In its statement announcing the hold, the central bank said that in recent months, there had been "a lack of further progress" toward its 2% percent inflation goal.

"Economic activity has continued to expand at a solid pace," it said. "Job gains have remained strong, and the unemployment rate has remained low. Inflation has eased over the past year but remains elevated."

Last month, the consumer price index came in at 3.5% on an annual basis, driven by rising housing costs and insurance rates, especially auto insurance.

"We're just a mile a way from the finish line," said Mark Zandi, chief economist at Moody's, referring to the economy reaching 2% inflation. "We're very close, but still not there. I do think that inflation will continue to moderate."

The Fed has sought to slow inflation by keeping interest rates elevated. By making it more expensive for businesses and consumers to borrow money, including through credit cards, the Fed hopes to reduce demand for goods and services, thereby reducing price growth.

So far, the results of doing this have been mixed. After a period of rapid interest rate hikes, the pace of inflation fell from more than 9% in the summer of 2022 to its current levels of between 3% and 4%.

But the decline has since stalled.

There are complex reasons for the lack of progress and many elements may actually be out of the Federal Reserve's control. Home and auto insurance companies continue to pass on higher costs to consumers . Meanwhile, even as many consumers struggle, post-pandemic wealth gains have left others — especially older consumers — with plenty of money to spend, despite higher prices.

Whatever the case, the wait for slower inflation has left the average consumer in an increasingly dour mood. On Tuesday, the Conference Board’s monthly Consumer Confidence Index came in at its lowest level since July 2022. Consumers expressed more concern about the current labor market situation, future business conditions, job availability and income, the group said.

Still, most analysts say the odds of a recession are remote. In the most recent GDP report, spending on services, which includes everything from restaurants to airfare to professional services, came in at 4% year-on-year, the fastest rate since 2021.

“Don’t underestimate this economy,” economists with Wells Fargo said in a report following the release.

Consumers thus appear to be sensing that the most crucial part of the economy — the jobs market — is slowing, even while prices remain elevated.

Fed Chair Jerome Powell acknowledged this complex economic environment in remarks in early March.

"The outlook is still quite uncertain," Powell said. The central bank must balance its campaign against elevated inflation with ensuring the economy does not slip into a recession.

Economists like Zandi aren't expecting the Fed to raise interest rates, either.

Instead, the Fed will likely continue to keep rates elevated — perhaps even until after the November general election so that it does not appear to favor one candidate or another.

"[Powell's] message is clear: We can’t cut rates and we’re not there yet," Zandi said. "We've still got a ways to go."

Rob Wile is a breaking business news reporter for NBC News Digital.