Bank of America Unlimited Cash Rewards card provides an impressive 1.5% rewards rate on general purchases. However, this card won’t place at the top of best flat-rate cash back cards unless you are Preferred Rewards member in either Platinum or Gold tiers.
This card also comes with an attractive $200 online bonus for new customers that’s easy to earn – but is it worthwhile?
1.5% cash back on all purchases
Bank of America Unlimited Cash Rewards card provides a 1.5% flat rewards rate on all purchases for Preferred Rewards members, making it one of the top cash back cards. When combined with Platinum or higher tiers in their rewards program, which boost your rewards rate up to as high as 2.62%, making this card far superior compared to rival cards such as Citi Double Cash card which only offers flat 2% cash back and Chase Freedom Unlimited which offers up to 5% back for some travel categories and all spending spending combined.
If the Bank of America Unlimited Cash Rewards card doesn’t fit your lifestyle, there are other cards that offer higher rewards rates and longer introductory periods for balance transfers. Capital One Quicksilver Cash Rewards credit card and American Express Cash Magnet(r) Credit Card* also enable users to earn additional cash back with certain spending categories.
Bank of America Unlimited Cash Rewards card boasts a competitive cash back offer, in addition to offering an attractive $200 welcome bonus after making $1,000 worth of purchases within 90 days of opening an account. That is on par with other cash back cards’ welcome bonuses and should be manageable for most cardholders.
This credit card also features a low $0 annual fee, making it a compelling option for those who seek consistent rewards without needing to track rotating bonus categories or jump through additional hoops. Please be aware, though, that in order to qualify for this card – often considered “gold” or “platinum” level in banking parlance – a high credit score may be needed in order to be approved.
The Bank of America Unlimited Cash Rewards card is an ideal solution for anyone who’s searching for an effortless rewards credit card without complicated rewards categories, caps or gimmicks to track. No tracking categories exist here and earnings have no caps whatsoever – making this card perfect for people seeking simple cash back rewards!
2. No rotating categories
Bank of America Unlimited Cash Rewards card provides a flat 1.5% cash back rate across all spending, making it comparable to Capital One Quicksilver Cash Rewards Credit Card and American Express Cash Magnet Card*. Adding more appeal, Bank of America Preferred Rewards members can earn 25%-75% more cash back compared to non-members.
Sign-up bonuses on this card are impressively generous: new customers can earn a $200 online cash reward after making at least $1,000 in purchases in their first 90 days of opening an account, similar to other cash back cards. Redeeming earned cash back is also straightforward: either opt for statement credit or deposit it directly into any eligible Bank of America checking or savings account including 529 college savings plans.
However, this card comes with its own set of catches; specifically its foreign transaction fee of 3% on transactions made outside the US with U.S dollars. Furthermore, if you plan to make large purchases using this card it would be wiser to consider alternative offers with lower purchase and balance transfer APRs than this one.
Like other Bank of America cards, this one requires good or excellent credit in order to obtain it – this means a credit score of 670 or above which exceeds the national average. Higher scores could allow for more advantageous introductory APR offers on purchases and balance transfers.
Like other Bank of America cards, this one does have some downsides, but it’s worth considering if you want a no-fee, everyday cash back card with an attractive sign-up bonus and solid rewards rate. Also check out their other offerings with introductory APR promotions on purchases and balance transfers!
3. No annual fee
Bank of America Unlimited Cash Rewards card boasts no annual fee, which will please those looking for cards without fees. However, cardholders should note that its flat cash back rate of 1.5% is significantly lower than many competing cards’ offering bonus categories and variable cash back rates – to maximize rewards, consider opting for one with higher cash back rates that suit your spending patterns better.
Bank of America Credit Cards offer competitive welcome offers with this card’s generous $200 cash bonus after spending $1,000 within 90 days, along with standard perks like free FICO score access, no foreign transaction fee or late or over-the-limit fees. However, these perks don’t go much beyond standard usage so this card cannot be recommended as an all-around great card unless you are also a Preferred Rewards member of Bank of America.
To maximize the value of this card, you must hold significant assets with Bank of America and Merrill. Doing so can boost your rewards rate up to 2.625%! Even if you aren’t an existing Bank of America customer, however, this card offers a competitive 1.5% unlimited cash back rate with an attractive welcome bonus offer.
To be eligible for this card, you need a minimum credit score of 750 and be a Bank of America customer. Bank of America evaluates applications using an integrated approach, so having been with them for at least an extended period with solid financial history gives the best chances for approval – you can check your score free on WalletHub to gauge where you stand! You’ll also require steady income (the exact amount will depend upon individual circumstances); otherwise we offer other great cards on our list of top credit cards for every purpose!
4. High interest rate on balance transfers
This card’s initial APR for balance transfers may seem attractive, but after that there is an increased interest rate that you must consider carefully before carrying a balance on this card. Make your payments as quickly as possible to avoid additional interest charges and save yourself from incurring fees!
Bank of America rewards can be redeemed in cash back via direct deposits to Bank of America accounts or Merrill accounts (including 529 accounts) directly or as credit card statement credits; however, the redemption options may be somewhat restricted in comparison to similar cards.
Bank of America Unlimited Cash Rewards card is ideal for customers looking to maximize flat-rate rewards without worry over bonus categories. As a Preferred Rewards member at Platinum tier or higher, you could potentially earn up to 2.62% rewards on every purchase – one of the highest flat rates currently available!
To qualify, the Bank of America Unlimited Cash Rewards card requires excellent to good credit (typically defined as having a credit score of 670 or above). Your credit limit will be decided upon approval, taking into account factors like annual income and other aspects of your history. Neither an annual fee or foreign transaction fee are assessed with this card.
Before applying for the Bank of America Unlimited Cash Rewards card, read through its fine print carefully in order to understand its fees and features. Furthermore, use WalletHub to run your free credit report in order to ascertain whether your credit score qualifies you for best offers from this card; otherwise you should consider applying for another card with higher rewards rates or bonus categories that could potentially maximize earnings value.