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Bank of America® Unlimited Cash Rewards credit card

Credit needed
Good
APR
13.99% to 23.99%
Annual Fee
$0

Card Summary

Bank of America Unlimited cash Rewards credit card offers 1.5% cashback on all purchases. Your rewards are never suspended and there is no limit to the amount you can earn.

Cash can be used to redeem a statement credit or to deposit into a Bank of America savings or checking account. For the 15 first billing cycles, you will get a 0% annual percentage rate for purchases and balance transfers within 60 days.

After you have made at least $1,000 of purchases within the first 90 day, your account will be opened and activated. You'll also receive a $200 bonus in online cash rewards.

There is no annual fee for the Bank of America Unlimited Rewards credit card.

Bank of America Unlimited Rewards Credit Card Review:

While the Bank of America Unlimited Rewards credit card allows you to earn steady cash back without an annual fee, you might not be able to rack up as many rewards quickly as with cards that offer bonus categories.

The pros:

Flexible Rewards Program:

The Bank of America Unlimited cash rewards credit card allows you to earn 1.5% cashback on every purchase. This means you no longer have to limit your spending or worry about maximizing rewards.

There is no annual fee for the Bank of America Unlimited cash Rewards credit card.

An excellent introductory offer: Your APR for your 15 first billing cycles will be 0% on all balance transfers within the first 60 and 0% on all purchases.

After you have made at least $1,000 of purchases within the first 90 day after account opening, you can earn $200 in online cash rewards bonuses.

Card Summary - Cons

For transactions in foreign currencies, you will be charged a 3.3% transaction fee.

This fee is applied to purchases made abroad and currency exchanges.

There are no specialized bonuses.

The Bank of America Unlimited cash Rewards credit card has a flat rate of rewards.

A card with high-rewards categories may be better suited for frequent travelers or people who spend lots on groceries.

You will be subject to an indefinite penalty APR if you fail to pay your dues. This penalty APR can reach 29.99%. The penalty APR is indefinite and cannot be canceled.

Rates and fees

Issuer Name
Bank of America
Penalty APR
Up to 29.99% APR
Credit Needed
Good
Balance Transfer Fee
Balance Transfer Intl APRBalance transfers within the first 60-days of a balance transfer are subject to a 0% Intro APR.Transfer fee for balanceYou can choose to pay $10 or 3% depending on the transaction amount.
Annual Fee
$0
Cash Advance Fee
N/A
APR
13.99% to 23.99%
Foreign Transaction Fee
3%
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Bank of America

The Best Features

Rewards

Sign up bonus

APR Requirements

Drawbacks

Highlights

There is no annual charge. 200 online cash reward bonus on purchases of at least $1,000 within the first 90-days after account opening.

You can get 25%-75% cash back if you are a member of Preferred Rewards. This means that you can earn as much as 2.62% on each purchase.

There is no limit on how much cash you can earn, and your cash rewards won't end. For purchases and balance transfers within the first 60-days, 0% intro APR.

The 13.99%-23.99% variable APR applies after the intro APR deal ends. All balance transfer transactions are subject to a 3% (min $10), fee.

Contactless cards - A combination of the security and convenience of a card but with the ease of tapping.

You may miss this online offer if your browser leaves the page or you go to a Bank of America branch.

Benefits

How much does the Bank of America Unlimited cash Rewards credit card cost?

Annual Fee: The Bank of America Unlimited cash Rewards credit card does not have an annual fee. A wire transfer purchased from a financial institution is subject to a 5% fee or $10 minimum.

Transfer fee for balance: Minimum $10, or 3% of transaction.

Cash advance fees: $10, 3% or the total amount of any direct deposit, check cash advance or cheque cash advance; $10, or 5% for each bank cash advance. If you buy in foreign currency or make purchases that are processed overseas, the fee is 3%.

Late Payment Fee: $40 for each late payment within six billing cycles. $29 penalty for the first missed payment. You pay only the minimum amount and there is no late charge for any balances above $100.

The Bank of America Unlimited cash Rewards credit card: How to Maximize Your Rewards?

Bank of America Unlimited Cash Reward credit card offers 1.5% cashback on all purchases, with no limit. This means that you can earn rewards regardless of your spending habits. It is worth considering whether regular spending can unlock $200 in online cash rewards bonuses after you have made at least $1,000 within the first 90 day of opening your account.

If you're a Bank of America customer with Preferred Rewards, your cash rewards could be increased. The amount of money you deposit in Bank of America or Merrill accounts will determine which Preferred Rewards level you are.

Enrollment is free for those who have at least $20,000. The cash back rates for all tiers are 1.87%, 2.255%, and 2.62%. You would receive an additional $2.50 to $5, $7.50 or $7.50 if you spend enough money on rewards.

Cashback can be redeemed in one of three ways: You can apply it to your credit cards statement, deposit it in a Bank of America checking account or savings account or credit it to any qualifying Merrill account (including 529 accounts).

You can't keep rewards that you don't use if the card issuer closes.

Comparative Analysis with Other Cards

Bank of America Unlimited Rewards Credit Card vs. Citi Reward+ Card

Annual Fee: The Citi Rewards+ Card and the Bank of America Unlimited cash Rewards credit card do not charge an annual fee.

Reward: Citi Rewards+ card holders receive two points per $1 on purchases made at gas stations and supermarkets up to $6,000 annually. All other purchases earn one point per $1. Points are rounded to the nearest 10. Redeem points to redeem for gift cards and shopping on partner sites. A simpler rewards program is offered by the Bank of America Unlimited cash Rewards credit card. Earn 1.5% Cash Back on All Purchases. You may also redeem the cash for a statement credit, or in any qualifying Bank of America and Merrill accounts.

Sign up bonus: Customers who purchase at least $1,000 within the first 90 days of opening an account with Bank of America Unlimited cash Rewards credit card receive $200 in cash reward. Citi Rewards+ Cardholders earn 20,000 bonus point after spending $1,500 on purchases within the first 3 months. These points can be redeemed for $200 gift certificates at Thankyou.com.

Benefits: Bank of America Unlimited cash Rewards credit card offers fraud protection and free access to credit scores. Citi Rewards+ Card offers fraud protection and 24/7 customer support. Citi Entertainment also gives you special access to tickets for Citi Entertainment events.

Bank of America Unlimited Rewards credit card vs. Bank of America Customized Cash Rewards credit cards

Annual Fee: The Bank of America Unlimited cash Rewards credit card and the Bank of America Customized Rewards credit cards do not have an annual fee.

Rewards: The Bank of America Unlimited cash rewards credit card earns 1.5% cashback on all purchases. However, the Bank of America Customized cash Rewards credit card earns a different cashback system. Spend $2,500 at eligible wholesale clubs and grocery stores to earn quarterly cash back at a rate of 2.5% and 3.3%. Other purchases receive 1% cashback, while gas and online shopping earns 3% cashback.

Sign up bonus: Both the Bank of America Unlimited cash Rewards card and Bank of America Customized cash rewards card offer the same signup bonus. If customers spend $1,000 in the first three months after opening an account, they can get a $200 cash bonus.

The benefits of both cards include protection against fraud and free access to your FICO Credit Score.

Redeeming Rewards

Maximizing Rewards

Annual Fees

Conclusion

Do you want the Bank of America Unlimited cash Rewards credit card?

If you are:

You want a simple flat rate cashback program.
You can avoid APR penalty Avoid making many purchases from abroad.
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No late fees. Reduced interest charges. Pay off

Bank of America