Bank of America Cash Reward Credit Card Review
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Bank of America Unlimited Cash Rewards Card Review: Flat ane.v% Rewards with Welcome Bonus Offer
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Banking company of America® Unlimited Cash Rewards credit menu
Editor's Score: (N/A)
Editor'southward Score: (N/A)
-
Intro offer:
$200 online greenbacks rewards -
Annual fee:
$0 -
Regular April:
14.24% – 24.24% Variable Apr on purchases and balance transfers -
Recommended credit score:
670-850 (Good to Excellent)
Rewards rate:
Earn unlimited 1.v% cash dorsum on all purchases.
NextAdvisor'south Take
Pros
- Flat greenbacks back rewards with no bonus categories to track
- Cash welcome bonus
- Introductory APR for purchases and balance transfers
- No annual fee
Cons
- Lower rewards rate than some like cards
- High April after introductory offer ends
- Express redemption options
- Minimal cardholder perks
The Bottom Line
The Banking concern of America Unlimited Cash Rewards Credit Carte offers 1.v% cash dorsum on all purchases. While that'south not the highest flat rewards rate on the market today, this carte du jour does also offering a generous welcome bonus, an introductory involvement rate offer, and bonus rewards for members of Bank of America's Preferred Rewards programme.
Additional Menu Details
- 0% intro APR for 15 billing cycles purchases and residual 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
- Account alerts
- Bank of America Preferred Rewards members can earn 25% to 75% more than cash back for each dollar they spend
Bank of America Unlimited Cash Rewards Card Total Review
Carte du jour Blazon
The Bank of America Unlimited Cash Rewards Credit Card is a flat cash back credit card geared to individuals who want a simple rewards structure and cash back on every buy. However, this menu's introductory rate for purchases and residuum transfers besides makes information technology a expert 0% APR credit carte du jour pick.
Annual Fee
This credit menu doesn't charge an almanac fee.
Welcome Offer
Y'all tin earn a $200 cash bonus afterwards signing up and spending $i,000 on purchases within xc days of account opening. This bonus is comparable to welcome offers from similar cards, though it has a relatively high spending threshold to authorize — you'll need to spend about $333 or more each of your first three months.
Introductory Offer
With the Banking concern of America Unlimited Cash Rewards Credit Card, yous can pay downward purchases or rest transfers without involvement for the first fifteen statement closing dates afterward you lot open your business relationship. Get 0% intro April for 15 billing cycles on both new purchases and residue transfers fabricated within 60 days of account opening, followed past a variable APR of 14.24% to 24.24%.
Rewards
Earn a flat 1.5% back for each dollar y'all spend. That's $1.50 in rewards for every $100 in purchases made.
Fees
The Depository financial institution of America Unlimited Cash Rewards Credit Card has no annual fee, only information technology does charge a 3% foreign transaction fee when you use it for purchases abroad, making it a poor selection for international spending.
There'south also a three% (minimum $five) residue transfer fee if you decide to accept advantage of the 0% intro offer for balance transfers. A belatedly payment fee of upwards to $40 and penalisation APR of 29.99% can apply.
Other Benefits
You lot won't go a lot of perks outside of the Bank of America Unlimited Cash Rewards Card's rewards. Benefits mostly include standard offerings like fraud alerts and a free FICO credit score through mobile banking or the Banking company of America app.
However, Banking concern of America Preferred Rewards members can earn 25% to 75% more cash back for each dollar they spend. To qualify, you must have at least an boilerplate daily remainder of $twenty,000 in an eligible Depository financial institution of America business relationship, but the more cash you lot have in your deposit business relationship, the greater rewards rate you can get thanks to the Preferred Rewards tiered greenbacks dorsum boost.
Benefits of Depository financial institution of America Unlimited Cash Rewards Card
If you desire to earn a flat rate for each dollar y'all spend without worrying nigh rotating categories or earning caps, the Depository financial institution of America Unlimited Cash Rewards Credit Card could be a practiced choice. This is specially truthful if you're a Banking company of America Preferred Rewards member, in which case you can earn up to ii.62% cash dorsum on every buy depending on your tier of membership.
Pro Tip
If you already take a Depository financial institution of America business relationship, you could earn a higher rate of cash back with this card. Preferred Rewards members earn 25% to 75% more on each dollar they spend, although minimum daily rest requirements apply.
This card'southward introductory rate for purchases and balance transfers is also attractive. If you lot have a large upcoming buy or existing debt to pay off, 0% interest over 15 argument closing dates is a competitive offer. We also like this card's $200 cash bonus — welcome bonuses aren't standard among flat cash dorsum cards, so this is a proficient fashion to boost your beginning-year rewards, if you can run across the minimum spending requirement with your regular spending.
Drawbacks of Banking concern of America Unlimited Cash Rewards Card
1 big drawback of the Bank of America Unlimited Greenbacks Rewards Credit Card is its lower rewards rate than many like cards. For example, the Wells Fargo Active Cash℠ Card offers 2% cash rewards with no annual fee, and it has a like welcome bonus and introductory APR for purchases and balance transfers.
And while the college rewards rate with the Depository financial institution of America Preferred Rewards program can boost your rewards significantly, information technology can be difficult to qualify for if yous don't have a large greenbacks reserve. Earning 25% more with this plan requires an boilerplate daily residuum of $20,000 in a Depository financial institution of America account, and you'll accept to keep $100,000 on deposit with the bank to earn the highest bonus rate of 75% more than rewards. At the stop of the day, these steep requirements make it so very few people volition be able to take advantage.
Some other downside of the Bank of America Unlimited Cash Rewards Credit Card is its limited redemption options. Once you lot rack upwardly greenbacks dorsum with this bill of fare, you can only redeem it for deposits into an eligible Banking company of America account, credits to eligible Merrill accounts (including 529 accounts) or statement credits on your business relationship.
How to Use Bank of America Unlimited Cash Rewards Card
When you lot sign up for the Bank of America Unlimited Greenbacks Rewards Card, you can commencement maximizing rewards by making certain y'all spend $1,000 within ninety days of account opening. Reaching this threshold will net you $200 in bonus cash on elevation of the rewards you're already earning.
From there, use your card for purchases to earn an unlimited one.5% back on everything you purchase. If you have a large purchase you'd like to pay downward over time, or existing debt, consider taking advantage of the 0% APR offer for 15 months. If y'all plan to transfer a balance, you'll need to make the transfer within 60 days and so the introductory APR offer applies.
However y'all utilise this card'southward benefits, the most of import thing is to make certain you pay off your balance in total and on time each month. And if you take advantage of the 0% intro offering, have a plan to pay down your remainder entirely within 15 months of account opening. If you don't, yous'll wind up taking on interest on the balance at your regular variable April between 14.24% and 24.24%.
Bank of America Unlimited Cash Rewards Carte du jour Compared to Other Cards
- Intro offer:
$200 online cash rewards
- Annual fee:
$0
- Regular Apr:
xiv.24% – 24.24% Variable APR on purchases and residual transfers
- Recommended credit:
670-850 (Good to First-class)
- Learn more At our partner's secure site
Acquire More than
Wells Fargo Agile Cash℠ Menu
Editor's Score: (four.6/five)
Editor's Score: (iv.6/5)
- Intro offer:
$200 cash rewards
- Almanac fee:
$0
- Regular APR:
15.24% – 25.24% Variable April
- Recommended credit:
670-850 (Good to Excellent)
- Apply At present At Wells Fargo's secure site See Rates & Fees.
Learn More
Citi® Double Cash Carte
Editor'southward Score: (4.4/five)
Editor's Score: (four.4/5)
- Intro offer:
Due north/A
- Annual fee:
$0
- Regular APR:
14.24% – 24.24% (Variable)
- Recommended credit:
670-850 (Adept to Excellent)
- Larn more At our partner'southward secure site
Is the Depository financial institution of America Unlimited Greenbacks Rewards Bill of fare Right for You?
We similar flat cash dorsum rewards cards for their simplicity, and the Bank of America Unlimited Greenbacks Rewards card is no exception. Yet, there are other options available that earn higher cash back rates on every purchase, and may even come up with added benefits. Still, this carte du jour tin brand a good option for simple rewards, or pair well with other rewards cards in your wallet to help y'all maximize everything you lot buy.
If you are a Banking concern of America Preferred Rewards fellow member with top tier status, the Banking concern of America Unlimited Cash Rewards Credit Card could assist you earn ii.62% cash back on everything you lot buy — 1 of the highest apartment cash back rates available. But that requires at least $100,000 boilerplate balance in an eligible Banking concern of America account, which isn't realistic for many people. If you aren't a fellow member and you lot don't accept tens of thousands of dollars to put on eolith with Banking concern of America, y'all may be better off with a cash dorsum card that offers a higher flat rate of rewards and more perks.
Before you employ, compare this card with other greenbacks back credit cards to notice the best fit for your rewards goals and lifestyle.
Frequently Asked Questions (FAQ)
Does the Banking company of America Unlimited Cash Rewards Credit Carte charge a strange transaction fee?
The Bank of America Unlimited Cash Rewards Credit Carte charges a three% fee on purchases made exterior the United states of america.
How much more cash back practise you earn with Depository financial institution of America Preferred Rewards?
Bank of America Preferred Rewards members earn 25% to 75% more cash dorsum, depending on the tier of the program they qualify for. Gilt members with an average daily balance of at least $xx,000 earn 25% more rewards, Platinum members with at least $50,000 with the banking company earn 50% more rewards and Platinum Honors members who maintain an average daily residuum over $100,000 earn 75% more than rewards.
What is the annual fee on the Bank of America Unlimited Cash Rewards Credit Carte du jour?
This card does not charge an almanac fee.
How tin you redeem rewards earned with the Banking concern of America Unlimited Greenbacks Rewards Credit Carte?
Cardholders can redeem rewards for deposits into an eligible Banking concern of America business relationship, credits to eligible Merrill accounts (including 529 accounts), or statement credits.
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Source: https://time.com/nextadvisor/credit-cards/bank-of-america/bofa-unlimited-cash-rewards-card-review/
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