The Bank of America® Unlimited Cash Rewards Credit Card is a cashback credit card designed for individuals who want to earn unlimited cashback on every purchase they make.
Offering a straightforward rewards structure, this card provides 1.5% cashback on all purchases, without any rotating categories or limits, making it a hassle-freeway to earn rewards.
It’s an excellent choice for those who prefer a simple and easy-to-understand rewards program.
About Bank of America
Bank of America is one of the largest financial institutions in the United States, offering a broad range of banking services, including credit cards, bank accounts, auto loans, and investment products.
With a history dating back over 200 years, the bank is known for its innovative financial solutions, customer service, and wide-reaching presence.
Bank of America has a strong commitment to helping customers manage their finances with ease and is consistently recognized for its digital banking tools and financial planning services.
Who is this card for?
The Bank of America® Unlimited Cash Rewards Credit Card is a great option for:
- Individuals seeking simple cashback: If you prefer a straightforward rewards program with no rotating categories or spending limits, this card is perfect for you. It offers 1.5% cashback on every purchase, making it easy to earn rewards.
- People who want to earn unlimited cashback: With unlimited cashback, you won’t have to worry about hitting any earning caps. Every eligible purchase earns you cashback.
- New cardholders looking for a bonus: The card offers a welcome bonus for new cardholders who meet the minimum spend requirement within the first 90 days. This is an added incentive for those just starting with the card.
- Bank of America customers: If you’re a Bank of America checking account holder, you can earn even more cashback when you have an eligible account, thanks to preferred rewards benefits.
Card Advantages
The Bank of America® Unlimited Cash Rewards Credit Card offers several notable advantages:
- 1.5% Unlimited Cashback on Every Purchase: One of the main benefits of this card is its ability to earn 1.5% cashback on all purchases. There are no rotating categories or spending limits, which means you can earn cashback on anything from groceries to entertainment.
- $200 Online Cash Rewards Bonus: New cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening. This is an attractive bonus that adds immediate value to your card.
- No Annual Fee: This card comes with no annual fee, allowing you to earn cashback without worrying about additional charges for card ownership.
- 0% Intro APR on Purchases and Balance Transfers: For the first 15 billing cycles, you’ll enjoy a 0% introductory APR on both purchases and balance transfers. This can be particularly useful if you’re planning on making a large purchase or transferring a balance from a high-interest card.
- No Limit on Cashback Earnings: Unlike some cards that place a cap on how much cashback you can earn, this card allows you to earn unlimited cashback on every purchase, making it a great option for those who spend frequently.
- Flexible Redemption Options: Cashback rewards can be redeemed as a statement credit, direct deposit, or check. You can also use your rewards to shop with Bank of America’s online redemption center for gift cards, travel, and more.
- Access to Bank of America’s Mobile App: Managing your account is made easy with the Bank of America mobile app. You can view your account activity, track cashback rewards, make payments, and more, all from the convenience of your phone.
- 24/7 Customer Service: Bank of America offers 24/7 customer service to assist you with any inquiries or issues that arise. Whether you have a question about your account, need help with a transaction, or require support, you can count on customer service to be available whenever you need assistance.
Additional Benefits
The Bank of America® Unlimited Cash Rewards Credit Card comes with several additional features that make it a standout option:
- Preferred Rewards Members: If you’re a member of Bank of America’s Preferred Rewards program, you can earn 25%-75% more cashback on every purchase. This is an incredible benefit for those who have an eligible checking or savings account with Bank of America.
- Mobile Wallet Compatibility: You can easily link your Bank of America® Unlimited Cash Rewards Credit Card to your mobile wallet (Apple Pay®, Google Pay®, or Samsung Pay™) for convenient, contactless payments on the go.
Fees and charges
Late Payment: Up to $40;
● Introductory APR: 0% for 15 billing cycles;
● Standard APR: 18.24% - 28.24%;
● Balance Transfer Fee: 3% fee on balance transfers in the first 60 days; afterward, 4%;
● Cash Advance: 4% of the amount of each transaction.
Expert review
The Bank of America® Unlimited Cash Rewards is a great option for those seeking unlimited cash back on all purchases.
It offers a fixed 1.5% cash back, eliminating the need for rotating categories, making it simple and predictable.
With no annual fee and a potential welcome bonus, it’s ideal for maximizing rewards without extra costs.
Additionally, Preferred Rewards members can boost their cash back rates, making this card even more valuable for loyal Bank of America customers.
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+Positive points
- Unlimited 1.5% Cash Back: Earn a consistent 1.5% cash back on all purchases without category restrictions.
- No Annual Fee: Enjoy rewards without worrying about additional costs.
- Welcome Bonus: Eligible new cardholders can earn a sign-up bonus after meeting the spending requirement.
- Preferred Rewards Boost: Bank of America Preferred Rewards members can increase their cash back rate.
- No Expiration on Rewards: Cash back does not expire as long as the account remains open.
- Negative points
- No Bonus Categories: Fixed 1.5% cash back may not be as rewarding as category-based cards.
- Foreign Transaction Fees: Charges apply for purchases made outside the U.S.
- Higher Rewards for Bank of America Customers Only: Preferred Rewards benefits require high bank balances.