Bank of America Travel Rewards Payoff Calculator

Card data, May 2, 2026

• Issuer: Bank of America
• APR: 18.24-28.24% variable
• Annual fee: $0
• Rewards: 1.5x points on every purchase, 3x points on travel and dining booked through BofA Travel Center
• Points value: 1 cent each when redeemed against travel
• Preferred Rewards boost: 25% (Gold tier), 50% (Platinum tier), 75% (Platinum Honors tier) , meaning 1.5x base becomes up to 2.625x at top tier
• No foreign transaction fees

Source: Bank of America Travel Rewards terms, verified 2026-05-02.

TL;DR

The base 1.5x rate (effective 1.5%) is below 2% market leaders. The Preferred Rewards boost can push it to 2.625% at the top tier, which beats Double Cash’s flat 2% , IF you have $100,000+ in qualifying BofA assets.

For most users, this is a 1.5% no-fee travel card that competes with Capital One Quicksilver. For Bank of America Preferred Rewards Platinum Honors members, it can be the most rewarding flat-rate card available.

For revolvers, the carry-balance math is similar to other 1.5%-2% cards: even at the top boost rate, 18%+ APR overwhelms the rewards.

Math worked example

$3,000 balance at 22% APR (mid-low end), $175/mo payment:

• 22 months to payoff
• $620 interest
• Total cost: $3,620

If you also earn 1.5x on $1,000/mo new spending (at base tier):

• Rewards over 22 months: 33,000 points = $330 redemption value
• New-purchase interest at 22% (no grace period when carrying balance): roughly $130 over 22 months
• Net rewards: $200

For a top-tier Preferred Rewards member at 2.625x effective:

• Rewards over 22 months: 57,750 points = $577 redemption value
• Net rewards: ~$447

Even at the top tier, paying down the balance faster delivers more value than continuing to earn rewards on new purchases.

Run your specific Travel Rewards numbers

The pillar tool accepts the BofA Travel Rewards APR.

How Preferred Rewards tier multipliers work

The Bank of America Preferred Rewards program is based on combined balances across BofA banking and Merrill Lynch investment accounts:

• Gold tier: $20,000-$50,000 = 25% bonus
• Platinum tier: $50,000-$100,000 = 50% bonus
• Platinum Honors tier: $100,000+ = 75% bonus

The bonus applies to all credit card rewards earned that month. So 1.5x base rewards becomes 1.875x (Gold), 2.25x (Platinum), or 2.625x (Platinum Honors).

For users with significant BofA/Merrill assets, the Preferred Rewards boost can make BofA’s otherwise-mid-tier cards into top-tier rewards earners.

Avalanche priority

The Travel Rewards APR (18.24-28.24%) starts on the lower end. If your specific APR is 18-19%, it is likely below your premium travel cards, so it is NOT your avalanche priority.

Balance transfer considerations

BankAmericard (different BofA card) offers 18-month 0% APR with 3% transfer fee for new applicants , see Best balance transfer cards 2026. For an existing Travel Rewards balance, transfer to BankAmericard or to a different issuer’s 0% card.

When BofA Travel Rewards is the right card

For Bank of America Preferred Rewards Platinum Honors members ($100,000+ in BofA assets), this card’s 2.625% effective rate is among the highest on no-fee everyday cards.

For non-tier members, the 1.5% base rate is matched or beaten by Quicksilver and Double Cash.

Should you keep BofA Travel Rewards during payoff?

Yes. No annual fee, no cost to holding it. Pause new spending until balance is paid off; resume after.

Sibling BofA card

• Bank of America Customized Cash payoff calculator

Other no-fee cards

• Capital One Quicksilver payoff calculator
• Citi Double Cash payoff calculator
• Wells Fargo Active Cash payoff calculator

Related

• Credit card payoff calculator (home) , pillar tool
• Credit card payoff by card type , full hub
• Best balance transfer cards 2026 , BankAmericard is on the list

Frequently asked questions

What is the APR on Bank of America Travel Rewards?

18.24-28.24% variable as of May 2, 2026, per BofA pricing.

Does BofA Travel Rewards have an annual fee?

No, $0.

How does the Preferred Rewards boost work?

Bank of America’s Preferred Rewards program tiers customers by combined BofA + Merrill assets. Members at Gold, Platinum, or Platinum Honors tiers receive 25%, 50%, or 75% boosts respectively on credit card rewards.

Are there foreign transaction fees on BofA Travel Rewards?

No.

Are there 0% APR balance transfers on Travel Rewards?

Sometimes for new applicants. The dedicated BankAmericard offers a longer 0% promo (18 months).

What credit score do I need for BofA Travel Rewards?

Typically 700+ FICO.

Can I redeem points for cash instead of travel?

Yes, but at a lower rate (typically 0.6 cents per point for cash) vs 1 cent per point against travel.

Should I close Travel Rewards after paying off the balance?

Generally no. No annual fee, no cost to keeping open.

Is BofA Travel Rewards better than Citi Double Cash?

For non-Preferred Rewards customers: Double Cash wins (2% vs 1.5%). For Platinum Honors tier customers: Travel Rewards wins (2.625% effective vs 2%).

What is the penalty APR on Travel Rewards?

Up to 29.99% per BofA terms, triggered by 60+ days late payment.