The Bank of America Unlimited Cash Rewards is a way to earn cashback on every purchase.
With no annual fee and a consistent 1.5% cashback rate on all transactions, it provides a hassle-free rewards experience for those who prefer not to track categories or limits.
For Bank of America customers, the card’s value increases thanks to the Preferred Rewards program, which can boost cashback earnings, making it a compelling option for existing customers.
This card is perfect for individuals who want uncomplicated cashback rewards but may not be ideal for those looking for specialized rewards in specific categories.
Bank of America Unlimited Cash Rewards
No annual fee Rewards never expireHow does the Bank of America Unlimited Cash Rewards work?
The Bank of America Unlimited Cash Rewards Credit Card allows cardholders to earn cashback on every purchase, without any rotating categories or spending limits. Here’s how it functions:
- Unlimited Cashback: Earn a straightforward 1.5% cashback on every purchase, making it easy to earn rewards without having to focus on specific categories.
- Welcome Bonus: New cardholders can receive a $200 cashback bonus after spending $1,000 within the first 90 days of account opening.
- Flexible Redemption: Cashback can be redeemed as a statement credit, direct deposit into a Bank of America account, or credited to eligible Merrill accounts.
- Preferred Rewards Program: Bank of America customers enrolled in the Preferred Rewards program can earn an additional 25% to 75% cashback, increasing the card’s value for eligible account holders.
- Digital Wallet Compatibility: The card is compatible with digital wallets, enabling easy mobile payments.
- Online Account Management: Track spending, view rewards, and manage payments through Bank of America’s website or mobile app.
Main benefits of Bank of America Unlimited Cash Rewards
The Bank of America Unlimited Cash Rewards Credit Card offers several features that make earning and redeeming cashback rewards simple and convenient:
- Flat 1.5% Cashback on All Purchases: Earn a consistent cashback rate on every transaction, without the need to focus on specific categories.
- No Annual Fee: Enjoy the benefits of the card without the cost of an annual fee.
- Flexible Redemption Options: Redeem your cashback rewards in multiple ways, such as statement credits or gift cards, giving you more freedom to use your rewards.
- Welcome Bonus: New cardholders can take advantage of a $200 cashback bonus after meeting the spending requirement, providing a strong start to earning rewards.
- Preferred Rewards Boost: Bank of America customers in the Preferred Rewards program can earn up to 2.62% cashback on all purchases, making the card even more valuable for eligible members.
- Introductory APR: Benefit from 0% APR on purchases and balance transfers for the first 18 billing cycles, helping you manage larger purchases or consolidate debt.
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Cons of Bank of America Unlimited Cash Rewards
Despite its many advantages, the Bank of America Unlimited Cash Rewards Credit Card has a few drawbacks to consider:
- Flat Earning Rate: The 1.5% cashback rate, although consistent, may not be as competitive as other cards offering higher rates in specific categories like dining or groceries.
- Limited Perks: This card does not offer extra features such as travel insurance, purchase protections, or premium benefits available with some other cards.
- Foreign Transaction Fee: A 3% foreign transaction fee applies, making it less ideal for international travel.
- Preferred Rewards Requirement for Maximum Value: To unlock the highest cashback rates, you must be enrolled in the Preferred Rewards program, which requires meeting specific balance requirements in eligible Bank of America and Merrill accounts.
APR and Fees
The Bank of America Unlimited Cash Rewards Credit Card is designed to be affordable:
- Annual Fee: $0.
- Introductory APR: 0% on purchases and balance transfers for the first 18 billing cycles.
- Standard APR: 17.49% to 27.49% variable, depending on your creditworthiness.
- Foreign Transaction Fee: 3%.
- Balance Transfer Fee: 3% of the transfer amount, with a $10 minimum.
- Cash Advance Fee: Either $10 or 3% of the transaction amount, whichever is greater.
How to apply for the Bank of America Unlimited Cash Rewards
Applying for the Bank of America Unlimited Cash Rewards Credit Card is a simple process:
Receive a Decision: Most applicants will receive a decision within minutes.ravelers who want rewards without the complexity or extra costs.
Visit the Bank of America Website: Go to the application page for the Unlimited Cash Rewards Credit Card.
Enter Your Personal Information: Fill in details such as your name, address, income, and Social Security number to complete the application.
Review the Terms: Carefully read through the terms and conditions, including the APR, fees, and rewards structure.
Submit Your Application: After reviewing and confirming your information, submit your application online.
