Credit Cards
Bank of America® Unlimited Cash Rewards Card Review: Cashback on everything!
Discover the benefits of the Bank of America® Unlimited Cash Rewards Credit Card, including a 0% introductory APR period and no annual fee. Continue reading to explore all the details.
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Your Guide to Unlimited Cash Rewards: Exploring the benefits that keep your rewards flowing
For those seeking a hassle-free rewards experience, the Bank of America® Unlimited Cash Rewards Credit Card presents an enticing option.
Offering unlimited 1.5% cash back on all purchases and a generous welcome bonus, it aims to put more money back into your pocket.
But before you apply, let’s delve into the card’s specifics to see if it aligns with your spending patterns and financial goals.
Bank of America® Unlimited Cash Rewards Credit Card Key Features
| Annual Fee | $0. No annual fee. |
| Other Fees | Foreign Transaction Fee: 3% of each transaction in U.S. dollars<br>- Late Payment Fee: Up to $40<br>- Cash Advance Fee: Either $10 or 3% of the amount of each transaction, whichever is greater. |
| Welcome Bonus | $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening. |
| Rewards | Unlimited 1.5% cash back on all purchases.<br>- Preferred Rewards members earn a 25%–75% bonus on every purchase, increasing cash back to up to 2.62% for Platinum Honors tier members. |
| Interest Rates (APR) | Purchase APR: 0% introductory APR for the first 15 billing cycles; after that, a variable APR currently 16.99%–26.99% based on creditworthiness.<br>- Balance Transfer APR: 0% introductory APR for the first 15 billing cycles for any balance transfers made in the first 60 days; after that, a variable APR currently 16.99%–26.99% based on creditworthiness.<br>- Cash Advance APR: Variable APR currently 19.99%–29.99%. |
| Credit Score Required | Good to Excellent (typically 690–850). |
| Other Perks | No expiration on rewards as long as the account remains open.<br>- Access to FICO® Score for free within Online Banking.<br>- Overdraft Protection when linked to a Bank of America checking account.<br>- Contactless card for fast and secure payments. |
Bank of America® Unlimited Cash Rewards: Exploring its Key Features
When it comes to selecting a credit card, it’s crucial to consider both the positive and negative aspects of your options. In this regard, let’s delve into the main features of the Bank of America® Unlimited Cash Rewards card:
Pros:
- No Annual Fee: You won’t be charged an annual fee for owning this credit card.
- Indefinite bonus cash validity: Any bonus cash earned does not expire and can be redeemed at your convenience.
- Straightforward cash back rewards: With this card, you can expect a simple and transparent cash back rewards program.
- Enjoy an introductory APR period: Benefit from an initial period with a 0% Annual Percentage Rate (APR) on purchases, allowing you to save on interest charges.
- No low cash-back threshold: There is no minimum spending requirement to earn cash back rewards.
Cons:
- Cash back rate below 2%: The cash back rate offered by the Bank of America® Unlimited Cash Rewards card falls below the industry average of 2%.
- No cash refunds to other bank accounts: Cash refunds earned through this card can only be received in Bank of America accounts, limiting flexibility in fund distribution.
By carefully considering these advantages and disadvantages, you can make an informed decision about whether the Bank of America® Unlimited Cash Rewards card aligns with your financial needs and preferences.
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Understanding the Credit Score Requirement
As the Bank of America® Unlimited Cash Rewards card offers numerous benefits, it’s important to have a good to excellent credit score when applying for this credit card.
Applying for the Bank of America® Unlimited Cash Rewards
If you’re intrigued by the prospect of earning rewards through a seamless application process, we invite you to continue reading our content to discover a step-by-step guide on how to apply for the Bank of America® Unlimited Cash Rewards.
Apply for the Card: Online
The application process for the Bank of America® Unlimited Cash Rewards card is incredibly convenient.
To get started, simply visit the Bank of America website.
Next, complete the user-friendly online application form and submit it for review.
Bank of America typically provides a response within a short timeframe, often as quick as 30 seconds. This process can be even faster for existing Bank of America customers.
Is it possible to apply using a mobile app?
App While customers cannot apply for this credit card through the mobile app, once approved, they can seamlessly manage their accounts using the app’s features and functionalities.
Is the Bank of America® Unlimited Cash Rewards Credit Card Right for You?
The Bank of America® Unlimited Cash Rewards Credit Card is a strong contender for anyone looking for a straightforward, no-annual-fee cash back card. With 1.5% unlimited cash back, a solid welcome bonus, and enhanced rewards for Preferred Rewards members, it provides a hassle-free earning experience. However, if you frequently travel abroad, the 3% foreign transaction fee might be a drawback.
If you’re seeking simplicity, unlimited rewards, and strong value with no fees, this card is a fantastic choice. But if you’re after premium perks and travel benefits, there may be a better fit for you.
Looking for Something More Luxurious? Consider the AMEX Platinum
If cash back isn’t your top priority and you’d rather enjoy elite travel perks, luxury benefits, and exclusive experiences, then the American Express Platinum Card® might be worth considering.
With airport lounge access, annual travel credits, hotel elite status, and premium concierge services, the AMEX Platinum is designed for frequent travelers who want to elevate their journey.
Want to see how it compares? Read our in-depth review of the AMEX Platinum Card® here!
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