Bank of America unlimited cash rewards credit card Review

Looking for a great cash-back credit card? Check out the bank of America unlimited cash rewards credit card review!

---

---

Quick Overview

The Bank of America® Unlimited Cash Rewards credit card is a good option if you’re looking for a rewards credit card with no annual fee. You’ll earn 1.5% cash back on all purchases, and there’s the potential to earn more if you have a relationship with Bank of America or Merrill Edge.

New cardholders also get intro rates of 0% for 15 billing cycles on purchases and balance transfers made in the first 60 days, plus an initial bonus of 200 online cash rewards bonus for spending $1,000 in the first 90 days.

After the intro APR offer ends, a 16.24% – 26.24% Variable APR will apply.

If you’re looking for a good rewards credit card with no annual fee, the America unlimited cash rewards card is worth considering.

---

Quick Facts

• After you make at least $1,000 in purchases within the first 90 days of account opening, you’ll get a $200 online cash rewards bonus.
• You may also earn 1.5% cash back on your purchases, which is unlimited!
• No annual fee.
• You can earn as much money back as you want and your cash rewards don’t have an expiration date.
• 0% APR for 15 billing cycles on purchases and balance transfers made in the first 60 days.
• A 3% fee (min $10) will be applied to all balance transfers after the introductory APR offer ends. The 16.24% – 26.24% Variable APR will apply afterward.
• Need a tap to pay? A contactless card is for you! With the security of a chip and the convenience of, well, not having to carry cash – it’s no wonder this type of payment method is becoming more popular.
• Bank of America’s contactless credit card is compatible with Apple Pay, Google Pay, and Samsung Pay.

---

Why should you have the Bank of America® Unlimited Cash Rewards credit card?

Here are the main benefits of having the Bank of America Cash Rewards credit card:

#1. You’ll earn an unlimited 1.5% cash back on your purchases

The America unlimited cash rewards card is a great cash-back card for people with good credit. You’ll earn an unlimited 1.5% cash back on your purchases, which is the standard among cash-back cards.

The flat rate makes it easy to manage your rewards, as there are no categories to keep track of or hoops to jump through. You can redeem your cash back as a statement credit or deposit directly into a Bank of America checking or savings account.

#2. A decent sign-up bonus accompanies it.

The Bank of America Cash Rewards credit card offers a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.

That’s a small spending threshold that you can likely meet with groceries alone or common everyday purchases over the required time frame. The bonus is decent compared to other sign-up bonuses out there, which often require you spend $3,000 to $4,000 within the first few months.

Also, this offer is only available online on select channels, so be sure to check for eligibility before applying.

All in all, the Bank of America® Unlimited Cash Rewards credit card is a decent option if you’re looking for a cashback card with a relatively low spending requirement for the sign-up bonus.

#3. Intro APR periods can help you save on interest

America unlimited cash rewards card offers a 0% APR promotion on purchases and balance transfers for the first 15 billing cycles after account opening. That means if you transfer a balance from another card within 60 days of opening your Bank of America Cash Rewards credit card, you’ll pay no interest on that balance for 15 months. Similarly,

If you make a large purchase on your Bank of America Cash Rewards credit card and can’t pay it off right away, you won’t have to worry about accruing interest on that purchase for 15 months. Just be sure to pay off your balance before the intro period ends.

#4. No annual fees to worry about

The Bank of America® Unlimited Cash Rewards credit card comes with no annual fee, so you can earn cash back without having to worry about a yearly fee eating into your rewards.

#5. Cash rewards don’t expire

Your cash rewards won’t expire as long as your account is open, and there’s no limit to how much you can earn, so you can keep racking up rewards month after month, year after year.

#6. No minimum cash back redemptions

The Bank of America Cash Rewards credit card is a great choice for anyone who wants the flexibility to redeem their rewards in several different ways. With this card, you can redeem your cash back as a deposit to an eligible Bank of America bank account, credit to Merrill accounts (including 529 accounts), or a statement credit.

This flexibility makes it easy to use your rewards in a way that best suits your needs. Additionally, there is no minimum cashback redemption amount, so you can redeem your rewards as soon as you earn them.

This makes the bank of america unlimited cash an excellent choice for anyone looking for a versatile cash back rewards card.

#7. Preferred Rewards

If you’re a Bank of America customer, you may be able to get a boosted rewards rate on your credit card. The bank of america preferred rewards offers three status levels—Gold, Platinum, and Platinum Honors—that come with progressively bigger bonuses.

To qualify, customers must maintain a minimum three-month average balance across their Bank of America accounts.

Here’s a breakdown of the rewards rates at each level:

• Preferred Rewards Gold (at least a $20,000 balance): 25 percent boost for 1.87 percent cash back on all purchases

• Preferred Rewards Platinum (at least a $50,000 balance): 50 percent boost for 2.25 percent cash back on all purchases

• Preferred Rewards Platinum Honors (at least a $100,000 balance): 75 percent boost for 2.62 percent cash back on all purchases

If you think you might be eligible for the bank of america preferred rewards, it’s definitely worth checking out. The higher rewards rate could help you save big on your everyday purchases.

#8. Visa Signature Benefits

The Visa Signature Unlimited Cash card comes with a variety of perks and benefits that can save you money and provide peace of mind.

With extended warranty coverage, 24/7 pay-per-use Roadside Dispatch, and credit monitoring from NortonLifeLock, you’ll be prepared for any emergency.

Additionally, the entire list of Visa Signature perks includes special benefits and discounts from certain merchants. The Visa Signature Unlimited Cash card is there for you whether you’re going on a trip or simply looking to save money on regular purchases.

---

The reasons you might want a different card

Here are a couple of reasons you might want to consider a different card:

#9. You don’t have good credit.

Bank of america unlimited cash has a good to excellent credit score requirement of 690-850, so if your credit score is below that, you won’t be eligible for this card. If you’re looking for a cash-back rewards card with a lower credit score requirement, you might want to consider other options, such as the Citi® Double Cash Card – 18-month BT offer.

#10. You prefer a card with rotating bonus categories.

If you’re looking for a cashback rewards card with rotating bonus categories, the Bank of America® Unlimited Cash Rewards credit card might not be the best option for you. There are other cards on the market that offer rotating bonus categories, such as the Chase Freedom® and the Discover it® Cash Back, which might be a better fit for your spending habits.

#11. You want more perks and benefits.

The bank of america unlimited cash offers 1.5% cash back on all purchases with no annual fee. While this is a decent rewards rate, there are other cards on the market that offer more generous rewards.

For example, the Wells Fargo Active Cash Card offers 2% cash back on all purchases with no annual fee. New cardholders can also enjoy 0% intro APR on Purchases and Balance Transfers for 15 months, as well as a $200 cash rewards bonus after spending $1,000 in the first 3 months.

As you can see, there are other cards that offer more perks and benefits than the Bank of America® Unlimited Cash Rewards credit card. Therefore, if you are looking for a card with more generous rewards and benefits, you may want to consider another option.

#12. APR for PR offers is lower than competitors when it comes to purchasing and balance transfers.

There are a few reasons you might not want the bank of america unlimited cash. One reason is that other companies have lower APR rates for both purchases and balance transfers.

For example, the U.S. Bank Visa Platinum Card offers a 0% introductory APR for 20 billing cycles on purchases and balance transfers, followed by an ongoing APR of 16.74% to 26.74%, subject to a balance transfer fee of 3% or $5 whichever is greater.

So, if you’re looking for a card with a lower APR, the Bank of America® Unlimited Cash Rewards credit card might not be the best option for you.

#13. 3% foreign transaction fee

Another reason you might not want the bank of america unlimited cash is that it has a 3% foreign transaction fee. So, if you travel outside of the country frequently or make purchases in a foreign currency, you might want to consider a different card that doesn’t have this fee.

#14. The best rewards are only available to cardholders with the Platinum Honors status.

For the customer who doesn’t want to be bothered with volatility and only wants a simple cash back card, the Bank of America® Unlimited Cash Rewards credit card is a good choice.

You earn unlimited 1.5% cash back on every purchase and there’s no limit to how much you can earn. You also get a $200 welcome bonus after you spend $500 on purchases in the first 90 days.

However, the best rewards are only available to cardholders with the Platinum Honors status, which requires $100,000 in deposits and investments in an eligible Bank of America or Merrill account.

The bank of America unlimited cash may not be the best choice for everyone since the Platinum Honors status, which increases earnings to 2.62%, is out of reach for some customers.

#15. Cashback cannot be credited to an account at another bank.

Another downside of the Bank of America® Unlimited Cash Rewards credit card is that the cash back you earn can only be credited to a Bank of America® checking or savings account.

So, if you don’t have an account with Bank of America®, you won’t be able to redeem your rewards.

---

The Alternative of the Bank of America® Unlimited Cash Rewards Credit Card

Till now we have discussed the reasons you might not want the Unlimited Cash Rewards credit card. But what if you are still looking for a cash-back credit card?

Here is one alternative to the Bank of America® Unlimited Cash Rewards credit card:

• Citi Double Cash Card
• Chase Freedom Unlimited
• Bank of America Premium Rewards
• Capital One Quicksilver

Let’s compare the features of these cards:

Citi Double Cash Card

The Citi Double Cash card is a great choice for anyone looking for a simple cash-back card to use for everyday spending. The card has no annual fee and earns an effective 2% on all purchases, awarded as 1% when you make a purchase and 1% when you pay for it.

Holders of premium Citi credit cards can convert their cash back into ThankYou Points and transfer those points to participating airline and hotel partners for the opportunity to get outsized value in award redemptions.

With no foreign transaction fees, the Citi Double Cash card is also a good choice for international travel.

Chase Freedom Unlimited

If you’re looking for a no-annual-fee credit card that offers generous cash back, the Chase Freedom Unlimited is a great option. You’ll earn 1.5% cash back on every purchase, and there’s also a bonus of 3% cash back on purchases at drugstores and restaurants, and 5% cash back on travel booked through Chase Ultimate Rewards.

The card also comes with several consumer protection benefits, including extended warranty protection, auto rental collision damage waiver, and trip cancellation/interruption insurance.

So if you’re looking for a card that offers great rewards and plenty of perks, the Chase Freedom Unlimited is a great choice.

Bank of America Premium Rewards

The Bank of America Premium Rewards credit card is a great option for frequent travelers. With 1.5% cash back on all purchases, 2% cash back on travel and dining, and up to 3.5% cash back with the Preferred Rewards bonus multiplier, it’s easy to earn rewards that can be used for future travel.

The annual fee is $95, but it is offset by a $100 annual airline incidental statement credit as well as a $100 Global Entry or TSA PreCheck enrollment fee credit every four years.

Travel insurance protections include trip cancellation/interruption insurance, baggage delay insurance, and emergency evacuation and transportation assistance.

Overall, the Bank of America Premium Rewards credit card is a great choice for those who often find themselves on the go.

Capital One Quicksilver

The Capital One Quicksilver and Bank of America Unlimited Cash are both great cash-back credit cards. The Quicksilver offers unlimited 1.5 percent cash back, a $200 sign-up bonus, and a 0 percent intro purchase and balance transfer APR for 15 months.

The Bank of America Unlimited Cash is a stronger card thanks to its lower ongoing APR, decent benefits, and potentially higher cash back potential with the Preferred Rewards program.

However, Quicksilver has a slight advantage in specific use cases, such as abroad and online, since it doesn’t charge foreign transaction fees and offers virtual credit card numbers.

Overall, both cards are excellent choices for anyone looking to earn cash back on their everyday spending.

---

How to redeem your rewards:

Bank of America offers a few different options when it comes to redeeming your cash rewards.

• You can have the money deposited directly into a Bank of America checking or savings account
• Or applied as a credit to an eligible Merrill account (including 529 accounts),
• or used as a statement credit towards your card balance.

There is a minimum redemption amount of $25, and automatic redemptions are available starting at that amount for eligible Bank of America account direct deposits and contributions to non-529 Merrill accounts.

Keep in mind that Merrill Edge Cash Back Rewards can only be redeemed for a qualifying Merrill 529 account credit—not for other cashback options like gift cards, merchandise, or travel.

So if you’re looking to redeem your rewards, be sure to check out all the options available through Bank of America.

---

What is the value of the rewards?

Everyone loves a good rewards program, and the Bank of America Unlimited Cash card is no exception. With this card, you’ll earn 1.5% cash back on every purchase made. But if you’re a Preferred Rewards member, you’ll get even more value per dollar spent, ranging from 1.87% to 2.62%, depending on your account balances.

---

What Is the Credit Score Needed for America Unlimited Cash card?

There is no specific credit score needed for the Bank of America Unlimited Cash card. However, applicants with a higher credit score are more likely to be approved for this card.

It’s always a good idea to check your credit score before applying for any new credit card, so you can be sure you’re getting the best possible terms

---

Final thoughts

---

FAQ