Bank of America’s Unlimited Cash Rewards credit card offers a simple and straightforward cash-back rewards system, making it a popular choice for many consumers. This no-annual-fee card provides a competitive rewards rate, as well as an introductory 0% APR for purchases and balance transfers for a limited period, enticing those looking for a well-rounded credit card.
With the Bank of America Unlimited Cash Rewards card, cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening. While there are superior bonus offers available in the market, this bonus is consistent with many other no-annual-fee credit cards. Additionally, cardholders who qualify for Platinum Honors Preferred Rewards status can earn up to an impressive 2.62% cash back on their spending.
This card’s rewards do not expire, and there is no minimum cash-back redemption requirement, making it convenient for those who prefer a stress-free rewards system. However, this Bank of America credit card’s variable APR ranges from 17.74% to 27.74% on purchases and balance transfers, so it’s essential for potential cardholders to review their financial situation before applying.
Unlimited Cash Rewards
Bank of America Unlimited Cash Rewards credit card offers an unlimited 1.5% cash back on all purchases, making it a simple and flexible cash back card. This card also provides additional earnings for Platinum Honors Preferred Rewards members, who can potentially earn up to 2.62% cash back on their purchases. Notably, there’s no minimum for cash-back redemptions and the rewards do not expire, offering convenience and ease of use for cardholders.
0% Intro APR
A significant aspect of this card is its 0% introductory APR for both purchases and balance transfers. The 0% intro APR period can last for a considerable duration, providing cardholders with an opportunity to finance large purchases or transfer an existing balance without accumulating high-interest charges during the promotional period. However, after the intro period, the APR on purchases and balance transfers will vary between 17.74% and 27.74%, depending on your credit score and other factors.
No Annual Fee
The Bank of America Unlimited Cash Rewards credit card comes with no annual fee, making it an appealing choice for those seeking a cost-effective credit card with a simple rewards structure. Along with the lack of an annual fee, the card also offers a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening, further enhancing the card’s appeal and value to new users.
Earning and Redeeming Rewards
The Bank of America Unlimited Cash Rewards credit card allows cardholders to earn unlimited 1.5% cash back on all purchases, with no limit to the amount of cash back you can earn. The rewards rate is simple and straightforward, making it an attractive option for anyone looking to maximize their cash rewards.
While the Bank of America Unlimited Cash Rewards credit card does not have any specific bonus categories, it does offer a higher rewards rate for certain groups of clients. For individuals who are part of the Platinum Honors Preferred Rewards program, the cash back rate can be boosted, earning up to 2.62% cash back. This incentivizes cardholders to make the most of their Bank of America relationship and earn more rewards.
Bank of America offers a variety of redemption options when it comes to using your earned cash rewards. Some of the popular options include:
- Direct deposit into a Bank of America checking or savings account,
- Statement credit applied to your credit card balance,
- Personal checks mailed to your preferred address,
- Online shopping through the Bank of America shopping portal.
This flexibility in redemption options makes it easy for cardholders to use their earned rewards in a way that best suits their needs and preferences. Additionally, there is no minimum cash back redemption requirement, and your cash rewards do not expire, further enhancing the card’s simplicity and user-friendly approach.
Preferred Rewards Program
The Bank of America Preferred Rewards program is designed to benefit customers who have a strong relationship with the bank. This program offers various perks and enhancements for Merrill and Bank of America accounts, depending on the membership tier of the Preferred Rewards member.
There are three membership tiers in the Preferred Rewards program: Gold, Platinum, and Platinum Honors. Your tier is determined by your combined balance across both Bank of America and Merrill accounts. Here’s a breakdown of the tiers:
- Gold: To qualify, you must have a combined balance of $20,000 or more. At this level, you can expect a 25% boost to your credit card rewards along with priority banking services.
- Platinum: For this level, your combined balance must be $50,000 or more. Platinum members enjoy a 50% increase in credit card rewards, better rates on auto loans, higher interest rates for savings accounts, and discounts on home loans.
- Platinum Honors: To reach the top tier, you need a combined balance of $100,000 or more. This status offers the best benefits, like a 75% boost in credit card rewards, no-fee online stock and ETF trades through Merrill Edge, increased interest rates on Merrill investment accounts, and a higher Preferred Deposit rate.
Preferred Rewards members can also enjoy the following benefits:
- Merrill Investment Accounts: Higher interest rates on savings and higher deposit rates for Platinum and Platinum Honors members.
- Banking Services: Members get access to free services like no-fee ATM transactions, priority support in call centers and financial centers, and other account benefits.
- Discounts on Home Loans: Platinum and Platinum Honors members receive discounts on Bank of America home loan origination fees.
By participating in the Bank of America Preferred Rewards program, you can make the most out of your Unlimited Cash Rewards credit card and enjoy additional perks for your banking and investment relationship with BoA and Merrill.
Fees and Rates
The Bank of America Unlimited Cash Rewards Credit Card comes with a variable APR ranging from 17.99% to 27.99% on both purchases and balance transfers. The exact rate you receive will depend on your creditworthiness, so applicants with higher FICO scores can enjoy lower interest rates.
Balance Transfer and Cash Advance Fees
For those looking to take advantage of balance transfers, be aware that there may be a fee associated with the process. Typically, the balance transfer fee is 3% of the transferred amount or $10, whichever is higher. Regarding cash advances, there is a fee of either 5% or $10 per advance, whichever is greater.
Foreign Transaction Fees
One significant benefit of the Bank of America Unlimited Cash Rewards Credit Card is that it does not impose any foreign transaction fees. This makes it an ideal option for travelers who don’t want to incur additional costs when making purchases abroad.
To recap the information above, here are the key fees and rates for the Bank of America Unlimited Cash Rewards Credit Card:
- Annual fee: $0
- Regular APR: 17.99% – 27.99% variable (depending on credit score)
- Balance transfer fee: 3% of the transferred amount or $10, whichever is higher
- Cash advance fee: 5% of the amount or $10, whichever is higher
- Foreign transaction fee: None
Security and Fraud Protection
Bank of America takes security very seriously for their Bank of America® Unlimited Cash Rewards credit card holders. As a Visa Signature card, it comes with advanced chip card technology to enhance security and protect users from fraud. Additionally, Bank of America provides their clients with:
- 24/7 account monitoring for fraudulent activity
- Customizable mobile app alerts
- Zero liability protection for unauthorized transactions
Always stay protected while using your credit card with these security measures.
For a seamless and secure shopping experience, the Bank of America® Unlimited Cash Rewards credit card offers contactless payment options. With this card, you can:
- Easily make tap payments using the card’s Visa payWave feature
- Utilize digital wallets like Apple Pay, Google Pay, or Samsung Pay
These contactless cards enable cardholders to shop efficiently and securely, simplifying their everyday transactions.
The Bank of America® Unlimited Cash Rewards credit card offers even more attractive benefits:
- Overdraft Protection: Set up this feature with your eligible Bank of America checking account to help avoid costly overdraft fees.
- Extended Warranty: Receive additional coverage on eligible items purchased with your card, extending the manufacturer’s warranty.
- Collision Damage Waiver: Benefit from an auto rental collision damage waiver when you use your card to rent a car.
With these extra features, cardholders can enjoy peace of mind and additional value from their Bank of America® Unlimited Cash Rewards credit card.
The Bank of America Unlimited Cash Rewards Credit Card can be effectively managed via the Bank of America Mobile App. This app allows you to track your rewards balance, make payments, and set up alerts to help you manage your credit card efficiently. Additionally, you can also access and manage your linked Bank of America deposit, Merrill, and 529 accounts, making it convenient to keep an eye on your overall financial health in one place.
Bank of America’s online banking platform is another alternative to manage your Unlimited Cash Rewards Credit Card. The online platform enables you to check your transactions, view your rewards balance, and make payments. Furthermore, you can manage other types of accounts such as savings accounts and personalized investment accounts on the same platform.
Alerts and Notifications
Stay updated on your account activity and maintain security by setting up alerts and notifications within the Bank of America Mobile App or online banking platform. With customized alerts, you can receive notifications such as payment due reminders, balance updates, and unusual transaction alerts. This feature helps you stay informed while proactively protecting your account from potential fraud.
Alternatives and Competitors
Chase Freedom Unlimited
Chase Freedom Unlimited® is a strong competitor for those looking for a cash-back credit card. The card offers an unlimited 1.5% cash back on all purchases and a generous welcome bonus of $200 cash back after you spend $500 in the first three months. It also has a 0% introductory APR for 15 months on purchases and balance transfers, and there is no annual fee.
Wells Fargo Active Cash Card
Wells Fargo Active Cash® Card is another popular cash-back option. It offers a simple rewards structure, with 2% cash back on all purchases. This card also features a welcome bonus: you can earn $200 cash back after spending $1,000 within the first three months. Additionally, it comes with an impressive 15-month 0% introductory APR on both purchases and balance transfers. Lastly, there is no annual fee for the Wells Fargo Active Cash Card.
Citi Double Cash Card
Citi® Double Cash Card stands out by offering a unique combination of cash-back rewards. Cardholders earn 1% cash back on all purchases and another 1% cash back when they pay off their balance. This means you can earn up to 2% cash back on every purchase. The Citi Double Cash Card does not have an annual fee and provides a variable APR of 13.99% to 23.99% on balance transfers and a balance transfer fee of 5%.
Discover It Cash Back
Discover it® Cash Back is well-known for its rotating cash-back categories. Each quarter, cardholders can earn 5% cash back on up to $1,500 in purchases in various categories such as gas stations, grocery stores, and online shopping. Cardholders also earn 1% cash back on other purchases. Discover also matches all the cash back earned within the first year for new card members. Plus, the Discover it Cash Back card has no annual fee and a 0% intro APR for 14 months on both purchases and balance transfers.
Who This Card Is Best For
The Bank of America Unlimited Cash Rewards Credit Card is most suitable for individuals seeking a simple and easy-to-understand rewards system. With its unlimited 1.5% cash back on all purchases, this card is a fit for those who want a straightforward approach to earning rewards without dealing with complicated categories and point systems.
As a no-annual-fee card, the Unlimited Cash Rewards Credit Card offers a decent rewards rate without any additional costs just for holding the card. This makes it a good option for people new to rewards credit cards and those who want to avoid annual fees.
For students who want to start building their credit and earning cashback on their expenses, Bank of America also offers the Unlimited Cash Rewards for Students version. This card shares the same 1.5% cash back rate on purchases, as well as a $200 cash rewards bonus once they make $1,000 in purchases within the first 90 days of account opening.
Although the Bank of America Unlimited Cash Rewards Credit Card does not provide the highest rewards rate in the market, it complements those who are already enrolled in the Bank of America Preferred Rewards program. Members can earn 25% to 75% more value on their cashback rewards based on their program tier.
However, it’s important to note that this card is not suitable for individuals with less-than-stellar credit scores, as it is designed for people with good to excellent credit. For those rebuilding their credit, Bank of America offers the Unlimited Cash Rewards Secured Credit Card. This secured credit card shares the same 1.5% cashback rate and is a good option for people looking to improve their credit score while enjoying cash rewards.
In summary, the Bank of America Unlimited Cash Rewards Credit Card is best for those who:
- Prefer a simple, unlimited cashback system on all purchases
- Want to avoid annual fees
- Are students looking to build their credit and earn rewards
- Already participate in the Bank of America Preferred Rewards program
- Are looking for a secured credit card with cash back rewards to improve their credit score
Frequently Asked Questions
Credit score requirement?
The Bank of America Unlimited Cash Rewards Credit Card requires a good to excellent credit score for approval. Generally, this means a score of 670 or higher.
Initial credit limit?
The initial credit limit for the Bank of America Unlimited Cash Rewards Credit Card varies depending on factors such as your credit score, income, and credit history. The exact limit will be determined upon approval.
Annual fee amount?
The Bank of America Unlimited Cash Rewards Credit Card has a $0 annual fee for cardholders.
Foreign transaction fee?
The Bank of America Unlimited Cash Rewards Credit Card charges a 3% foreign transaction fee on purchases made outside the United States.
Travel insurance benefits?
The Bank of America Unlimited Cash Rewards Credit Card does not offer extensive travel insurance benefits. However, it does provide rental car collision damage waiver coverage, which protects you against theft or damage to a rental car.
Comparison to other cards?
Compared to other cash-back credit cards, the Bank of America Unlimited Cash Rewards Credit Card offers a competitive 1.5% cash-back rate on all purchases. Its $0 annual fee and welcome bonus of $200 (after spending $1,000 in the first 90 days) are also appealing. However, other cards may offer a higher rewards rate or additional benefits that may be more suitable for certain cardholders. It’s important to research and compare different options based on your needs and preferences.