The Bank of America Travel Rewards credit card allows you to earn unlimited 1.5 points on every purchase. Before applying, though, be sure your credit score meets the minimum requirements.
With its unlimited 1.5 points per dollar spent and no annual fees, the Bank of America® Travel Rewards credit card is an easy way for cardholders to earn points to redeem on travel and dining.
If you want to earn points without having to navigate the ins and outs of rotating categories and loyalty programs, this credit card might be a good option.
However, applying for a new credit card results in a hard inquiry on your credit report. Hence, it’s a good idea to have some idea of your approval odds before you apply.
While approval is never guaranteed, knowing the credit score needed for the Bank of America Travel Rewards card may improve your odds. We’ll cover the credit score you need for this card, plus steps you can take if you are denied.
What credit score is needed for the Bank of America Travel Rewards card?
To have a good chance of being approved for the Bank of America Travel Rewards card, you should have a good to excellent credit score. While each of these ranges may vary depending on the scoring model used, a good credit score is generally 670 and above.
FICO defines a good score as one between 670 and 739. A very good score is 740 to 799 and 800 and above is exceptional. Of course, the higher your score, the better. If your score is below 670, consider taking steps to raise it before applying. For the best chance of approval, aim for at least a very good credit score.
What can I do if my application is denied?
If your application is denied, you can take a few steps to appeal the decision:
- Read your rejection notice: Card issuers are required to specify a reason for your denial under the Fair Credit Reporting Act. This notice will include relevant details, such as too much debt, too many credit applications or derogatory marks on your credit report.
- Review your credit report: If you are denied, you should review your full credit report. You can request one report every 12 months from the three major credit reporting bureaus.
- Resolve credit report errors: Sometimes errors on your credit report can be holding you down. For example, there may be identity errors (information for the wrong person on your report), account status errors or balance errors. Correcting these errors will improve your credit history.
- Call the issuer’s reconsideration line: If your application is denied, you can call and make a case for yourself. You can tell the representative about new sources of income that weren’t considered or explain why you will be a good customer going forward. Any relevant information that helps strengthen your case is worth mentioning.
- Wait before reapplying: While there isn’t a definite rule about how long you should wait, giving it six months before applying again will allow the dust to settle. In the meantime, you can work on boosting your credit score.
How can I improve my score to get this card?
If you would like to apply for the Bank of America Travel Rewards credit card but are not quite in the range needed, there are a few steps you can take. Ensuring your score is high enough will be key to getting that approval. Here are some steps to boost your score:
- Pay on time: Showing that you can make your payments on time is the best way to boost your credit score. Ensure all your bills are paid on time – not just credit cards. If necessary, set up auto-pay so you never miss a payment.
- Improve credit utilization: If your utilization is too high, it will hurt your credit score. Your credit utilization ratio is your total outstanding credit divided by your total credit limit across all lines of credit. The general rule is this ratio should be 30% or lower.
- Become an authorized user: If you are struggling to raise your credit score and you have a family member with good or excellent credit, that person can make you an authorized user on his or her credit card. This will help your credit score – provided that the activity is reported to the credit bureaus and you make your payments on time.
- Get a secured credit card: Secured credit cards may not come with the same benefits as travel rewards credit cards, but they tend to have better approval odds for those with poor credit. These cards require you to put down a cash deposit, which acts as collateral for the card issuer.
While it doesn’t have some of the benefits high-end travel credit cards offer, the lack of annual fee makes the Bank of America Travel Reward card worth it for the right person. Simply put, this credit card is a solid option for those who want to flexibly earn points.
However, not everyone will be approved for the card as it requires good to excellent credit. If you are rejected, there are steps you can take, such as reviewing your rejection notice and calling the reconsideration line. Also, be sure you read your full credit report.
And if you aren’t quite in the credit score range needed yet and want to improve your credit, there is plenty you can do there, as well. For instance, paying all your bills on time, decreasing your credit utilization ratio and becoming an authorized user can improve your score.
Knowing where you stand and taking the steps necessary to raise your credit score are key to being approved for the Bank of America Travel Rewards card. Once you take those steps, you will be in a good position to make this your next travel rewards credit card.