Key takeaways
- The Bank of America® Unlimited Cash Rewards credit card offers a flat 1.5 percent cash back on all purchases.
- Bank of America Preferred Rewards members stand to get the most out of this card since they’ll get a 25 percent to 75 percent boosted rewards rate on all purchases.
- This card also comes with intro APR offers, a welcome offer, no annual fee and Visa Signature perks.
If you’re looking for a low-maintenance, flat-rate cash back credit card, there’s no doubt that the Bank of America® Unlimited Cash Rewards credit card has come up on your radar. Whether you’re a newbie to credit card rewards or just prefer the simplicity of a rewards card with a flat rate, there could be some benefits to going with the Unlimited Cash Rewards card.
This guide will break down the Unlimited Cash Rewards card’s benefits and who might get the most out of it. Though the card is easy to use, its cash back rate is on the lower end. Nevertheless, members of the Bank of America Preferred Rewards program stand to earn the most with this card. Here’s what else you need to know if you plan on applying for the Unlimited Cash Rewards card.
Bank of America Unlimited Cash Rewards earning benefits
Flat rewards rate
Let’s start with the obvious: This card offers 1.5 percent cash back on all your purchases. Although the card comes with no annual fee, this is still a rather low rewards rate, especially since many flat-rate cards are now offering 2 percent cash back. Despite the lower earnings rate, there are some who stand to gain from this card anyway — provided they have a banking relationship with Bank of America.
Straightforward redemption options
No matter how much you earn with this card, your redemption options for the cash back you earn are pretty straightforward:
- A direct deposit to an eligible Bank of America checking or savings account
- A credit to an eligible Merrill account, including 529 accounts
- A statement credit to your card
- Pay for purchases at Amazon.com or when checking out with Paypal
- Option for automatic deposits to your eligible Merrill accounts or Bank of America checking or savings accounts
Welcome offer
This card also starts you off with a solid welcome offer. You can earn a $200 online cash rewards bonus after spending $1,000 in purchases within the first 90 days of opening your account. This breaks down to about $334 in spending per month, which is a reasonable requirement that most people won’t have trouble meeting.
Boosted rewards for Bank of America Preferred Rewards program
If you’re a member of the Bank of America Preferred Rewards program, you’ll get a boosted cash back rate of up to 2.62 percent back — depending on your checking, savings and investment account balances under your Bank of America or Merrill accounts.
By keeping a certain minimum three-month average balance across your Bank of America accounts, you could qualify for one of four status levels that give you access to a number of banking benefits, including a 25 percent to 75 percent rewards rate bonus on the Bank of America Unlimited Cash Rewards card:
| Tier | Balance required | Rewards boost | Unlimited Cash Rewards rate |
|---|---|---|---|
| Gold | $20,000 < $50,000 | 25% | 1.87% |
| Platinum | $50,000 < $100,000 | 50% | 2.25% |
| Platinum Honors | $100,000 < $1 million | 75% | 2.62% |
| Diamond | $1 million < $10 million | 75% | 2.62% |
When it comes to rewards cards, qualifying for the Platinum Honors tier allows you to earn the maximum cash back rate of 2.62 percent with the Bank of America Unlimited Cash Rewards card. At that rate, you’ll be earning more per dollar than the best flat-rate credit cards on the market, which typically earn 2 percent back on all purchases. So, while difficult to achieve, maintaining a very high balance in a qualifying account means you stand to earn quite a bit more.
Bank of America Unlimited Cash Rewards intro APR benefits
Introductory APR on purchases and balance transfers
Then, there’s the 0 percent introductory APR for both purchases and balance transfers — you’ll get a 0 percent intro APR for 15 billing cycles on purchases and on balance transfers made in the first 60 days of account opening. After the intro APR offer ends, a variable APR of 19.24 percent to 29.24 percent applies.
This makes the card ideal for a larger purchase that you can pay off over time without paying interest. Also, if you’ve got any high-interest debt you are looking to pay down, the balance transfer offer could be a great help.
Keep in mind that you must transfer your balances from other credit cards within 60 days of account opening for the intro APR period to apply. You’ll also need to pay a 3 percent balance transfer fee on every balance transfer you make for 60 days from account opening, then 4%.
Bank of America Unlimited Cash Rewards additional benefits
Visa Signature perks
The Unlimited Cash Rewards card is a Visa Signature card, which means it comes with a few other perks as a result. As a Visa Signature cardholder, you’ll typically get benefits such as extended warranty coverage, 24/7 roadside dispatch, travel and emergency assistance services and ID Navigator credit monitoring via NortonLifeLock.
The total list of Visa Signature benefits includes special privileges and discounts with a variety of select merchants, but it’s best to contact Bank of America to confirm which benefits your card is eligible for.
BankAmeriDeals and Museums on Us
These two benefits come with all Bank of America credit cards and are exclusive to Bank of America. BankAmeriDeals is the issuer’s limited-time offer program, similar to Amex Offers or Chase Offers. It lets you activate promotional offers in your account to get an extra percentage of cash back at participating merchants (including select retailers, restaurants and more).
Museums on Us, also available to Bank of America debit card holders, gives you free access to over 225 “cultural institutions” across the country. Simply present your Bank of America card and a valid photo ID during the first weekend of every month to unlock this benefit. (Additional terms may apply.)
Maximizing the Bank of America Unlimited Cash Rewards card
Because the Unlimited Cash Rewards card is a flat-rate cash back card, there are no fixed or rotating bonus categories to keep up with. Keep in mind that you’ll get the best cash back rate as a Preferred Rewards member. If you aren’t eligible for that program, there’s not much else you can do but swipe and enjoy the convenience of earning hassle-free cash back.
You could also pair your card with another cash back card that earns more in categories you spend a lot in. You could stay in the Bank of America family of cards and apply for the Bank of America® Customized Cash Rewards credit card, which offers a higher rate of cash back in more common spending categories like dining and grocery stores. With this card, you’ll earn 3 percent cash back on eligible category purchases of your choice (including gas; electric vehicle charging stations; online shopping; cable, streaming, internet and phone services; dining; travel; drugstores; or home improvement), 2 percent cash back at grocery stores and wholesale clubs and 1 percent cash back on all other purchases. However, 3 percent and 2 percent categories are capped at $2,500 in combined spending each quarter, after which you’ll earn 1 percent back.
The bottom line
The Bank of America Unlimited Cash Rewards doesn’t offer the best flat rate currently available for cash back credit cards. However, for the right person (namely, Preferred Rewards members), it can be a convenient way to earn credit card rewards. For heightened rewards, either add another higher-earning card to your wallet or aim to move up in the Preferred Rewards tiers.
The information about the Bank of America® Unlimited Cash Rewards credit card and Bank of America® Customized Cash Rewards credit card was last updated on Sept. 10, 2024.
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