Bank of America Unlimited Cash Rewards benefits guide

Bank of America Unlimited Cash Rewards offers an attractive rewards card that stands out from its counterparts by potentially offering higher rewards rates depending on your Preferred Rewards membership tier.

This card also comes with additional advantages, including a $200 online bonus and the flexibility of redeeming rewards as statement credits, direct deposits into Bank of America checking or savings accounts, or credit transfers into eligible Merrill accounts.

1. Earn 1% cash back on all purchases

If you’re in search of a no-fee credit card that provides generous flat-rate rewards on all purchases without rotating categories, look no further than Bank of America Unlimited Cash Rewards credit card. Available to people with good or excellent credit ratings and offering an online cash rewards bonus when spending $1,000 within 90 days of opening it.

However, its 1.5% cash back rate falls short of other cards that provide 2% in certain categories and does not feature opportunities to earn elevated rewards on common expenses like gasoline or restaurants; making this card less valuable for some shoppers.

This card does have some other useful features. These include offering no foreign transaction fee and offering free monthly FICO(r) Scores from TransUnion data. Furthermore, its 0% intro APR on balance transfers and purchases lasts 18 months, making this an attractive solution if you’re trying to manage debt more effectively.

Another great advantage is there’s no minimum redemption amount, and you have your choice of redemption methods: statement credit, direct deposit into most U.S. checking or savings accounts or transfer it directly into a Merrill account for higher redemption value. In addition, Bank of America’s Preferred Rewards program rewards cardholders who reach the Platinum level an extra 75% cash back on purchases; although that may prove challenging if your banking relationship with Bank of America is limited.

But if you prefer not having to track changing categories or transfer rewards between cards, Bank of America Unlimited Cash Rewards could be an ideal no-fee card that pays you back on all purchases without restrictions or caps. Plus, its additional perks could add up over time; read up on our review.

2. Earn 2% cash back on purchases at grocery stores and wholesale clubs

Bank of America offers a 2% cash back benefit if you shop frequently at grocery stores and warehouse clubs, but it should be noted that supermarket and wholesale club purchases are categorize differently than most merchant categories due to a proprietary system using merchant category codes (MCC). As a result, stores like Walmart or Target that sell groceries alongside other products do not qualify for this 2% rate; similarly “grocery stores” exclude superstores who also sell items such as apparel, electronics or automotive parts.

Though these restrictions aren’t deal-breakers, it’s still important to consider them when selecting your card. Most cards offer three or two earnings tiers applicable only up to $2,500 in combined quarterly spending; after this amount all purchases earn one cash back per quarter. If your spending plans go beyond this threshold then opt for one that provides higher rewards categories with greater earnings potential.

This card provides a straightforward rewards structure with no annual fee, enabling you to redeem earned cash back either as credit card statement credits or deposits into your Bank of America account – with no minimum redemption requirement or limit, and your rewards that don’t expire as long as your account remains open.

As an added perk, cardholders can enjoy cash back at select cultural institutions with Bank of America’s Museums on Us perk. You’ll gain free admission to over 225 museums nationwide when showing your Bank of America card and valid photo ID.

The Unlimited Cash Rewards card doesn’t come with a sign-up bonus, but you may qualify for a $200 online cash rewards bonus by meeting minimum spend requirements in the first 90 days of card membership. Furthermore, loyal Bank of America customers with large checking, savings and Merrill investment accounts can take advantage of their Preferred Rewards program to increase your cash back rate up to 2.62 percent; making this card one of the top flat-rate cash back cards on the market!

3. Earn 3% cash back on purchases at gas stations and online shopping

The Bank of America Unlimited Cash Rewards card boasts an excellent cash back rate and comes equipped with various other perks, such as a $200 welcome bonus when spending $1,000 within 90 days – this spending requirement can easily be met if using it for everyday purchases like gas, online shopping, dining out and travel – not forgetting drug stores! In addition, this card gives back up to 2% cashback at grocery stores/wholesalers clubs plus another 1% back for all other spending categories.

Cardholders have the flexibility of selecting new 3% and 2% categories at least once every calendar month through either their online account or mobile app, though the card defaults to gas and online shopping purchases as the default options. Purchases in these categories earn cash back of up to $2,500 in any quarter before earnings unlimited 1% thereafter. Other benefits of this card include free FICO score monitoring as well as paperless statements to reduce waste by eliminating physical statements altogether.

Bank of America’s Preferred Rewards program can help you save even more, offering enhanced rewards rates of up to 2.62%) on every purchase made with this card. Joining is free and only requires qualifying checking, savings and investment accounts at Bank of America or Merrill Lynch; for the Platinum Honors Tier with its maximum acceleration in rewards rates (at least $100,000 total balance and three-month combined average daily balance over $20,000), among others.

Redeem your rewards as statement credits, deposits into your Bank of America checking or savings account (529 college savings plans included) or as credit for Merrill investment accounts. Redeeming for cash back gift cards may also be possible but may incur higher interest rates and fees – please check your rewards calculator before choosing this route!

4. Earn 1% cash back on all other purchases

This card is an ideal choice for people seeking a solid cash back credit card without worrying about keeping track of bonus categories and meeting spending caps, while Bank of America customers looking for additional rewards can take advantage of its 1% unlimited cash back rate to boost rewards further.

To qualify for the Bank of America Unlimited Cash Rewards card, a good credit score (that is 670 or higher) is required. WalletHub can help you quickly check if yours falls within this range – the free service gives a full picture!

If you possess good to excellent credit, the card allows you to instantly begin reaping rewards and building credit simultaneously. As it is intended as a credit-building card, it’s crucial that it is used responsibly; otherwise it could negatively affect both your scores and ability to borrow in future. Apply online today for your card!

Customers already with banking or investment relationships at Bank of America can maximize the benefit of this card by qualifying for Preferred Rewards, offering between 25%-75% extra cash back on all purchases. To meet this criteria, customers will need to maintain certain deposit balances in Bank of America or Merrill Lynch accounts or hold certain investments assets with them.

Bank of America Unlimited Cash Rewards may not offer the highest flat-rate cash back card on the market; it doesn’t allow users to gain additional rewards in certain categories; however, when opening an account this card comes with a $200 online cash rewards bonus when your first purchase occurs within 90 days of opening it!

Your Bank of America Preferred Rewards tiers – Gold, Platinum or Platinum Honors – could prove especially valuable to your portfolio if you qualify for one. At these levels of membership, you could earn up to 2.62% in rewards on all purchases; redeem it either through statement credit redemption, direct deposit into either your checking or savings account at Bank of America, or credit to your Merrill brokerage account.