The Bank of America® Unlimited Cash Rewards Credit Card is a cashback credit card designed to help cardholders earn rewards on everyday purchases without limits.
This card provides a straightforward and no-fuss rewards structure, making it an ideal choice for consumers who prefer simplicity in managing their finances.
One of the main attractions of this card is its unlimited 1.5% cashback on all purchases, which makes it perfect for people who want to earn rewards on everything they buy.
There are no rotating categories, no spending limits, and no need to activate rewards, making it incredibly user-friendly.
Reasons to Choose the Bank of America Unlimited Cash Rewards Credit Card
- Simple Rewards Structure: The card offers a flat 1.5% cashback on every purchase, without the hassle of rotating categories or limits on rewards. This simplicity makes it a great option for individuals who want a straightforward cashback program without tracking spending categories.
- Sign-Up Bonus: New cardholders can earn a $200 cash rewards bonus after spending $1,000 in the first 90 days. This bonus adds extra value to the card and can offset some of the initial costs of the cardholder’s purchases.
- Introductory APR Offer: The 0% intro APR on purchases for 15 billing cycles provides flexibility for new cardholders who want to carry a balance without incurring interest charges. This offer can be particularly beneficial for those making large purchases or needing time to pay off their balances.
- No Annual Fee: Unlike many other rewards cards, the Bank of America® Unlimited Cash Rewards Credit Card has no annual fee, meaning cardholders can enjoy cashback rewards without paying an extra fee each year.
- Mobile Banking Benefits: Bank of America offers a user-friendly mobile app, making it easy to track spending, redeem rewards, and manage the cardholder’s account from anywhere.
- Cash Rewards Flexibility: Cashback earned with the card can be redeemed for statement credits, direct deposits into a Bank of America checking or savings account, or even used as gift cards.
Negative Factors of the Bank of America Unlimited Cash Rewards Credit Card
While the Bank of America® Unlimited Cash Rewards Credit Card offers many benefits, it also comes with a few downsides that potential cardholders should consider before applying:
Foreign Transaction Fees: One notable negative aspect of this card is its foreign transaction fee of 3% on purchases made outside of the United States.
This fee can quickly add up if you travel internationally and make purchases abroad.
Limited Introductory APR Offer on Balance Transfers: While the 0% introductory APR on purchases is appealing, it’s important to note that this offer does not apply to balance transfers.
Cardholders looking to transfer a balance from another credit card will face a standard variable APR on those transfers.
High Standard APR: After the intro period ends, the variable APR can be relatively high, ranging from 16.24% to 26.24%, depending on the cardholder’s creditworthiness.
This can be a drawback if you plan to carry a balance after the intro period.
No Bonus Categories for Higher Cashback: Unlike some other cards, the Bank of America® Unlimited Cash Rewards Credit Card does not offer higher cashback rates on specific categories like groceries, dining, or travel.
If you prefer earning more rewards on particular spending categories, this card may not be the best fit for you.
What Are the Requirements to Apply for the Bank of America Unlimited Cash Rewards Credit Card?
To apply for the Bank of America® Unlimited Cash Rewards Credit Card, applicants must meet certain requirements. These requirements typically include:
Minimum Credit Score: While the Bank of America® Unlimited Cash Rewards Credit Card does not officially list a required credit score, applicants with a good to excellent credit score (typically 670 or higher) are more likely to be approved.
Income and Employment Information: Applicants will need to provide information about their income, which may include wages, salary, or any other sources of income.
The credit card issuer uses this information to assess your ability to repay any balances you carry on the card.
U.S. Citizenship or Legal Residency: The card is available to U.S. residents who are either U.S. citizens or legal permanent residents.
Applicants must provide proof of residency as part of the application process.
Age Requirement: You must be at least 18 years of age to apply for this credit card in most states.
Valid Identification: Applicants will need to provide a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
Bank of America Relationship (Optional): While not required, individuals who already have an account with Bank of America may find it easier to apply and may have access to additional benefits, such as better APRs or more personalized service.
Fees and Costs
The Bank of America® Unlimited Cash Rewards Credit Card has several fees and costs associated with its use:
- Annual Fee: $0 (No annual fee)
- Interest Rates:
- APR for Purchases: 0% for the first 15 billing cycles, then a variable 16.24% to 26.24%
- APR for Cash Advances: 25.24% (Variable)
- Foreign Transaction Fees: 3% of each transaction in U.S. dollars
- Late Payment Fee: Up to $40 (If payment is made late)
- Returned Payment Fee: Up to $40
- Cash Advance Fee: The higher of $10 or 3% of the amount of each cash advance.
Frequently Asked Questions
How do I redeem my cashback?
Cashback can be redeemed for statement credits, direct deposits into a Bank of America checking or savings account, or gift cards.
You can also use the cashback for travel purchases through Bank of America Travel Center.
Is there a limit to the amount of cashback I can earn?
No, there are no limits to the amount of cashback you can earn. You’ll earn 1.5% cashback on all purchases, no matter how much you spend.
What is the intro APR for purchases?
The 0% intro APR on purchases is valid for the first 15 billing cycles, after which the APR will increase to a variable rate between 16.24% and 26.24%, based on your creditworthiness.
Can I transfer balances to this card?
Yes, you can transfer balances to this card. However, note that the intro APR offer does not apply to balance transfers, and you’ll incur a standard APR on those balances.
How can I apply for the Bank of America® Unlimited Cash Rewards Credit Card?
You can apply online through the Bank of America website or by visiting a branch. Make sure to have your financial details ready to complete the application process.
Conclusion
The Bank of America® Unlimited Cash Rewards Credit Card is an excellent option for those seeking a simple, straightforward cashback credit card.
With its unlimited 1.5% cashback on all purchases, a generous $200 bonus for new cardholders, and no annual fee, it offers great value without complicating things with rotating categories or restrictions.
While the foreign transaction fee and high standard APR may be drawbacks for some, the card’s benefits outweigh these negatives for many users.
If you’re looking for an easy-to-manage rewards card that offers flexibility and a solid bonus, the Bank of America® Unlimited Cash Rewards Credit Card is a strong contender that can help you maximize your rewards with little effort.
