Bank of America Cash Rewards Credit Card Review
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Banking concern of America Unlimited Greenbacks Rewards Card Review: Apartment 1.v% Rewards with Welcome Bonus Offer
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Holly Johnson
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Bank of America® Unlimited Cash Rewards credit card
Editor'southward Score: (N/A)
Editor'southward Score: (N/A)
-
Intro offer:
$200 online cash rewards -
Annual fee:
$0 -
Regular APR:
xiv.24% – 24.24% Variable APR on purchases and balance transfers -
Recommended credit score:
670-850 (Good to Excellent)
Rewards rate:
Earn unlimited 1.v% cash back on all purchases.
NextAdvisor's Accept
Pros
- Flat cash dorsum rewards with no bonus categories to track
- Cash welcome bonus
- Introductory APR for purchases and balance transfers
- No almanac fee
Cons
- Lower rewards rate than some similar cards
- High APR after introductory offer ends
- Limited redemption options
- Minimal cardholder perks
The Bottom Line
The Bank of America Unlimited Cash Rewards Credit Carte du jour offers 1.5% cash back on all purchases. While that's not the highest flat rewards rate on the market place today, this menu does also offering a generous welcome bonus, an introductory interest charge per unit offer, and bonus rewards for members of Bank of America's Preferred Rewards plan.
Additional Card Details
- 0% intro April for xv billing cycles purchases and balance transfers made inside 60 days of account opening, followed by a variable APR of 14.24% to 24.24%
- Access to your gratis FICO credit score
- Business relationship alerts
- Bank of America Preferred Rewards members can earn 25% to 75% more than cash dorsum for each dollar they spend
Bank of America Unlimited Cash Rewards Bill of fare Full Review
Card Type
The Depository financial institution of America Unlimited Greenbacks Rewards Credit Card is a flat cash dorsum credit menu geared to individuals who want a simple rewards structure and cash back on every buy. Nonetheless, this card'due south introductory rate for purchases and balance transfers also makes it a good 0% April credit menu pick.
Almanac Fee
This credit card doesn't charge an almanac fee.
Welcome Offer
Yous tin earn a $200 cash bonus subsequently signing up and spending $one,000 on purchases within ninety days of account opening. This bonus is comparable to welcome offers from like cards, though information technology has a relatively high spending threshold to qualify — you'll need to spend about $333 or more each of your first 3 months.
Introductory Offering
With the Depository financial institution of America Unlimited Cash Rewards Credit Card, yous can pay downward purchases or residuum transfers without involvement for the outset 15 statement closing dates later you lot open your account. Get 0% intro Apr for fifteen billing cycles on both new purchases and residual transfers made inside 60 days of account opening, followed by a variable Apr of 14.24% to 24.24%.
Rewards
Earn a flat i.five% back for each dollar y'all spend. That's $ane.l in rewards for every $100 in purchases made.
Fees
The Bank of America Unlimited Cash Rewards Credit Card has no annual fee, but it does accuse a 3% strange transaction fee when you utilize it for purchases abroad, making information technology a poor choice for international spending.
There's besides a three% (minimum $five) balance transfer fee if yous decide to accept advantage of the 0% intro offer for balance transfers. A late payment fee of up to $twoscore and penalty APR of 29.99% can apply.
Other Benefits
You won't get a lot of perks outside of the Banking company of America Unlimited Cash Rewards Menu's rewards. Benefits mostly include standard offerings similar fraud alerts and a gratuitous FICO credit score through mobile banking or the Banking company of America app.
Notwithstanding, Bank of America Preferred Rewards members tin can earn 25% to 75% more cash dorsum for each dollar they spend. To qualify, you lot must have at to the lowest degree an boilerplate daily rest of $xx,000 in an eligible Bank of America account, merely the more cash y'all accept in your eolith business relationship, the greater rewards rate you can get thanks to the Preferred Rewards tiered cash dorsum boost.
Benefits of Bank of America Unlimited Greenbacks Rewards Card
If yous want to earn a flat rate for each dollar you spend without worrying nigh rotating categories or earning caps, the Bank of America Unlimited Cash Rewards Credit Card could be a expert selection. This is especially true if you're a Bank of America Preferred Rewards member, in which example you can earn up to 2.62% greenbacks dorsum on every purchase depending on your tier of membership.
Pro Tip
If yous already have a Bank of America account, you could earn a higher rate of cash dorsum with this card. Preferred Rewards members earn 25% to 75% more on each dollar they spend, although minimum daily residue requirements apply.
This card's introductory rate for purchases and balance transfers is too attractive. If you lot have a large upcoming purchase or existing debt to pay off, 0% interest over xv statement endmost dates is a competitive offer. Nosotros also similar this card's $200 cash bonus — welcome bonuses aren't standard among flat cash back cards, so this is a good way to boost your first-yr rewards, if you tin meet the minimum spending requirement with your regular spending.
Drawbacks of Bank of America Unlimited Cash Rewards Card
One big drawback of the Bank of America Unlimited Cash Rewards Credit Card is its lower rewards rate than many similar cards. For example, the Wells Fargo Active Cash℠ Card offers 2% greenbacks rewards with no annual fee, and it has a similar welcome bonus and introductory APR for purchases and rest transfers.
And while the higher rewards rate with the Banking company of America Preferred Rewards program can boost your rewards significantly, it can exist difficult to qualify for if y'all don't have a big cash reserve. Earning 25% more with this program requires an boilerplate daily balance of $20,000 in a Bank of America account, and you'll have to keep $100,000 on eolith with the depository financial institution to earn the highest bonus charge per unit of 75% more rewards. At the end of the day, these steep requirements make it then very few people will exist able to have advantage.
Another downside of the Bank of America Unlimited Cash Rewards Credit Carte is its express redemption options. Once y'all rack up greenbacks dorsum with this menu, y'all tin can only redeem it for deposits into an eligible Bank of America account, credits to eligible Merrill accounts (including 529 accounts) or statement credits on your account.
How to Use Bank of America Unlimited Cash Rewards Card
When y'all sign up for the Bank of America Unlimited Cash Rewards Menu, you tin can start maximizing rewards past making sure you spend $one,000 within 90 days of account opening. Reaching this threshold will net you $200 in bonus cash on top of the rewards you're already earning.
From there, utilise your bill of fare for purchases to earn an unlimited one.5% dorsum on everything you buy. If yous take a large buy you'd like to pay down over time, or existing debt, consider taking reward of the 0% APR offer for 15 months. If you plan to transfer a balance, you'll demand to make the transfer within sixty days and so the introductory APR offer applies.
Notwithstanding you use this card's benefits, the near important thing is to make sure you pay off your residual in full and on time each month. And if you take advantage of the 0% intro offering, have a plan to pay down your residue entirely within xv months of business relationship opening. If you don't, yous'll wind upward taking on involvement on the residuum at your regular variable APR betwixt fourteen.24% and 24.24%.
Bank of America Unlimited Cash Rewards Card Compared to Other Cards
- Intro offer:
$200 online greenbacks rewards
- Annual fee:
$0
- Regular Apr:
14.24% – 24.24% Variable APR on purchases and balance transfers
- Recommended credit:
670-850 (Good to Excellent)
- Acquire more At our partner's secure site
Learn More
Wells Fargo Agile Cash℠ Card
Editor's Score: (4.six/5)
Editor's Score: (iv.half dozen/5)
- Intro offering:
$200 cash rewards
- Annual fee:
$0
- Regular Apr:
15.24% – 25.24% Variable APR
- Recommended credit:
670-850 (Practiced to Excellent)
- Apply Now At Wells Fargo's secure site Come across Rates & Fees.
Larn More than
Citi® Double Cash Card
Editor's Score: (4.4/5)
Editor'due south Score: (four.4/5)
- Intro offer:
Northward/A
- Annual fee:
$0
- Regular APR:
14.24% – 24.24% (Variable)
- Recommended credit:
670-850 (Good to Excellent)
- Acquire more At our partner'southward secure site
Is the Bank of America Unlimited Cash Rewards Carte Right for You?
Nosotros like flat cash back rewards cards for their simplicity, and the Bank of America Unlimited Cash Rewards card is no exception. Nonetheless, there are other options available that earn higher cash back rates on every purchase, and may even come with added benefits. Still, this bill of fare can brand a good option for elementary rewards, or pair well with other rewards cards in your wallet to help y'all maximize everything yous purchase.
If you are a Depository financial institution of America Preferred Rewards member with height tier status, the Bank of America Unlimited Greenbacks Rewards Credit Card could help you earn two.62% greenbacks back on everything you lot buy — ane of the highest flat cash back rates available. But that requires at to the lowest degree $100,000 average balance in an eligible Banking company of America business relationship, which isn't realistic for many people. If you aren't a member and you don't have tens of thousands of dollars to put on deposit with Bank of America, y'all may be better off with a cash back carte that offers a higher flat rate of rewards and more perks.
Before you utilise, compare this menu with other greenbacks back credit cards to discover the best fit for your rewards goals and lifestyle.
Frequently Asked Questions (FAQ)
Does the Banking company of America Unlimited Cash Rewards Credit Card charge a strange transaction fee?
The Bank of America Unlimited Cash Rewards Credit Menu charges a 3% fee on purchases made exterior the United States.
How much more cash back do you earn with Depository financial institution of America Preferred Rewards?
Bank of America Preferred Rewards members earn 25% to 75% more cash back, depending on the tier of the program they qualify for. Gilt members with an average daily residue of at least $20,000 earn 25% more than rewards, Platinum members with at least $50,000 with the bank earn 50% more rewards and Platinum Honors members who maintain an average daily balance over $100,000 earn 75% more rewards.
What is the almanac fee on the Bank of America Unlimited Greenbacks Rewards Credit Card?
This card does non charge an annual fee.
How tin can you redeem rewards earned with the Bank of America Unlimited Greenbacks Rewards Credit Bill of fare?
Cardholders tin can redeem rewards for deposits into an eligible Bank of America account, credits to eligible Merrill accounts (including 529 accounts), or argument credits.
Source: https://time.com/nextadvisor/credit-cards/bank-of-america/bofa-unlimited-cash-rewards-card-review/
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