Are all these points and miles travel credit cards too complicated for you? The AAA Member Rewards Visa Signature card is a great credit card for travelers who are just looking for simple cashback. If you are a Bank of America Preferred Rewards client, the benefits get even better.
Don’t let the name fool you–it’s not necessary to be an AAA member to apply for this card. It’s available for anyone with suitable credit. With no annual fee and bonus cashback categories like travel, gas stations, grocery stores, and drugstores, I’m surprised this card isn’t more popular.
AAA Member Rewards Card Details
- No Annual Fee
- No Foreign Transaction Fee
- 3% cash back on qualifying AAA and travel purchases
- 2% cash back on gas, grocery store and drugstore purchases
- 1% cash back on purchases everywhere else
- Redeem your points for cash back or statement credits
- $100 signup bonus after making $250 in purchases in the first 90 days
Preferred Rewards Clients
Bank of America Preferred Rewards clients get an additional 25% – 75% rewards bonus on every purchase, applied to the base earn of 1 point per $1. There are 3 tiers in Preferred Rewards. Your tier is based on your qualifying combined balances in your Bank of America banking and/or Merrill Edge and Merrill Lynch investment accounts. The following table lists the rewards earned based on each tier.
|Preferred Rewards Tier||Req’d Balance||Travel & AAA||Gas, Grocery and Drugstore||All other|
|None||$0 – $20k||3.00%||2.00%||1.00%|
|Gold||$20k – $50k||3.25%||2.25%||1.25%|
|Platinum||$50k – $100k||3.50%||2.50%||1.50%|
If you spend a lot on travel and are a Bank of America Preferred Rewards client, this is an excellent card to add to your wallet. With up to 3.75% cash back on travel and up to 2.75% cash back on gas, groceries and drugstores, this card competes well with others offering similar rewards. The only drawback is the not-so-generous $100 signup bonus. However, I think the relatively easy $250 spending requirement, no annual fee, and no foreign transaction fee make up for that.
Do any of you have this card? Let me know your thoughts in the comments.