On the surface, the unlimited cash rewards credit card of Bank of America may not seem as exciting as other cards that offer more than the guaranteed 1.5% cashback this card offers. In this Bank of America unlimited cash rewards credit card review, I’ll list all its features, rewards, and requirements, so you can determine if it is the right card for you.
With the Bank of America Unlimited Cash Rewards Credit Card, you can earn unlimited 1.5% cashback on all purchases, among many other valuable benefits. Apart from that, you do not have to pay an annual fee if you use this card.
However, today, no-annual-fee credit cards are quite commonplace, and most offer higher cashback rates. This card encourages new customers to get more of their banking needs through Bank of America by providing perks like higher interest on deposits and lower loan interests, among many others.
Read on to learn more about the Bank of America unlimited cash rewards credit card, its background, requirements, as well as pros and cons.
About the Bank of America Unlimited Cash Rewards Credit Card
The BoA unlimited cash rewards credit card is a regular card with an uncapped 1.5% rewards points. This applies to every purchase made using it. It may not sound quite as exciting as other cards, but its value tends to shine when you get an upgrade.
If you hold over $100k in a BoA or Merrill deposit or investment account, this card will quickly become one of the best of its class. If you qualify for the highest membership level, the platinum honors, the rate jumps from 1.5% to 2.63%. You can enjoy that on top of other benefits.
The Cash Reward Credit Card Features
Here are some of the other features that this credit card has:
1. $200 Cash Rewards Bonus
You stand to get an online cash reward amounting to $200. This is possible if you can make at least $1000 in the first 90 days of opening the account.
2. Unlimited Cash Back Earnings
You can earn 1.5% on each purchase made using this card. There is also no limit cap to the amount you can earn. Moreover, the cash rewards you accumulate will not expire. This means you do not need to figure out where to spend them right away.
3. Introductory 0% APR
For the first fifteen billing cycles, you will be getting a 0% annual percentage rate (APR) for any purchases. It also applies to balance transfers you made within the first sixty days of opening your account.
Once the introductory period is up, a variable APR valued between 13.99% and 23.99% is applicable. Note that there is a charge of 3% (min $10) for every balance transfer made.
4. Overdraft Protection
By linking your BoA credit card to your BoA savings account, the bank will automatically transfer funds from your credit card limit if you accidentally overdraft funds. It will prevent you from ever having to pay overdraft penalties that can be quite steep.
5. Liability Protection
If someone else got hold of your card and used it for fraudulent transactions, you will not be held liable for them.
6. Online Banking
You no longer need to wait in line at the bank when making transactions or inquire about anything. All banking needs that you may have, you can get from the Bank of America’s official website. These include inquiries about the BoA Unlimited Cash Rewards Credit Card.
Bank of America also has an official mobile app available for both iOS and Android devices. You can use this app to do almost all banking transactions while on the go.
How to Earn Rewards Using This Cash Rewards Credit Card
Earning rewards using the BoA unlimited cash rewards card is straightforward and has no other conditions. You can earn 1.5% cashback on any purchases made using the card. There is no set limit regarding the specific number of rewards you can earn.
Moreover, if you have other banking accounts with Bank of America, like a deposit account, and you qualify for their Preferred Rewards program, the number of rewards you earn will increase depending on which membership tier you are in.
Bank of America provides three rewards levels. They base such rewards on the minimum assets they have across their BoA savings and Merrill investing accounts. These are:
- Gold – $20k minimum assets, 25% rewards bonus, and 1.87% cashback
- Platinum – $50k minimum assets, 50% rewards bonus, and 2.25% cashback
- Platinum Honors – $100k minimum assets, 75% rewards bonus, and 2.63% cashback
How to Redeem the Earned Rewards
Redeeming the rewards you earned using the BoA Unlimited Rewards card is as simple as earning them. You can call the bank or go online to redeem your cash back rewards. You can use them as either statement credits or deposit amounts. Either way, you can put those on your BoA savings or checking account.
Also, you may use your rewards in your Merrill investment account. There is also an option to enroll your account into a program that automatically redeems your rewards every month. In that case, you may use the rewards however you see fit.
How to Maximize the Rewards Earned
You can earn 3% cashback on one purchase category per quarter using the customized cash rewards card. You can choose from the following:
- Drug store purchases,
- Home improvement, etc.
Also, you can earn 2% cashback on groceries and wholesale clubs and yet another 1% cash back on other purchases not yet listed.
This means that if you use the customized cash rewards card on the 3% and 2% cashback categories and the unlimited cash rewards card on everything else, you can earn even more cashback rewards. Gold, Platinum, and Platinum Honors members stand to earn anywhere from 1.875% to a whopping 5.25% cashback on your purchases.
Again, what does the Bank of America Unlimited Cash Rewards Credit Card offer? If you use the Bank of America Unlimited Cash Rewards Credit Card for your purchases, you can get a 1.5% cashback, among other benefits. You’ll also enjoy a zero annual fee.
Closest Competitors to the BoA Unlimited Cash Rewards Credit Card
If you are already a BoA Preferred Member and do not need to own more than one credit card, you can consider other products aside from the unlimited cash rewards. For instance, you can opt for the BoA Travel Rewards credit card.
This card also earns unlimited 1.5% cashback on all purchases. It also has no annual fees. However, the travel rewards have different redemption options. They cater more towards people who frequently travel.
On the other hand, you can check out Chase Freedom Unlimited if you want to get a card from Bank of America. This card also offers unlimited 1.5% cashback on all purchases. However, other purchases let you earn up to 5%, like travel reservations made through Ultimate Rewards.
BoA Unlimited Cash Rewards Credit Card Pros
1. A Generous $200 Welcome Bonus
This is possible if you make at least $1,000 worth of purchases through the card within the first 90 days of account activation. It is actually a one-time $200 bonus cashback.
2. 0% APR
This is applicable for the initial fifteen billing cycles. You will not be dealing with APR payments within the first 15 months of the account. This means you will mostly be paying for the amount borrowed only.
3. Opportunity to Earn up to 75% More Cashback Rewards If You Qualify for the BOA Preferred Rewards Program
If you qualify for the platinum honors tier (at least $100k in savings and/or investments), you will be getting a lot more cashback rewards. Also, if you pair your card with another BoA Rewards card, you can further increase the cashback earning rate.
BoA Unlimited Cash Rewards Credit Card Cons
3% Foreign Transaction Fee
Since this is technically not a travel card, you will be paying a higher foreign transaction fee than other cards.
Other Cards Provide Better Benefits
As mentioned earlier, this card is not designed for travel expenses. If you are a frequent flyer, then check out other cards.
Is It the Right Card for You?
This unlimited cash rewards card could be the best choice for you if it is your first time having one. Although you will be getting a rather meager 1.5% cashback, the other perks like 0% APR make it a worthwhile choice.
Now, if you are a loyal customer of Bank of America and have a sizeable amount deposited in your accounts with the bank, you can easily make the most out of the benefits of this card.
Conclusion – BoA Unlimited Cash Rewards Credit Card Details and Review
As mentioned before, the BoA cash rewards credit card allows users to earn an unlimited 1.5% cashback on each purchase. It also does not charge an annual fee. It comes with a $200 signup bonus and plenty of other perks.
Although this card is ideal for beginners, it would be better to have a rather significant amount deposited or invested in Bank of America and its affiliate companies. This is so you can make full use of the card’s potential. With that, the card changes from being lackluster to a rewards-earning monster.