Bank of America Unlimited Cash Rewards Credit Card: Comprehensive Guide to Benefits and Features
The Bank of America Unlimited Cash Rewards Credit Card offers a straightforward approach to earning cash back. With unlimited 1.5% cash back on all purchases and no annual fee, it’s designed for those who prefer simplicity and consistency in their rewards program.
Key Features of the Bank of America Unlimited Cash Rewards Credit Card
This credit card stands out for its user-friendly features:
- Unlimited 1.5% Cash Back: Earn a flat rate of 1.5% cash back on all purchases, without the need to track categories or spending caps.
- No Annual Fee: Enjoy the benefits of the card without any annual charges.
- Introductory APR Offer: Benefit from a 0% introductory APR for 15 billing cycles on purchases and balance transfers made within the first 60 days. After the introductory period, a variable APR of 18.24%–28.24% applies .
- Preferred Rewards Program: Bank of America customers enrolled in the Preferred Rewards program can earn 25% to 75% more cash back on every purchase, potentially increasing the cash back rate to up to 2.62% .
Benefits of Using the Bank of America Unlimited Cash Rewards Credit Card
The card offers several advantages:
- Simplicity: With a flat cash back rate, there’s no need to juggle rotating categories or activate bonuses.
- Enhanced Rewards for Loyal Customers: The Preferred Rewards program rewards customers who maintain higher balances with Bank of America or Merrill accounts.
- Security Features: Benefit from $0 liability guarantee for fraudulent transactions and access to digital banking tools for account management.
- Flexible Redemption Options: Redeem cash back for statement credits, deposits into Bank of America checking or savings accounts, or for credit to eligible Merrill accounts.
Real-World Comparisons: Similar Credit Cards
Below are five popular alternatives offering competitive benefits and structures designed for consistent earners, budget-minded users, or those looking for added perks in specific categories.
To provide context, here are five comparable credit cards:
Chase Freedom Unlimited
Offers 1.5% cash back on all purchases, with additional 3% on dining and drugstore purchases, and 5% on travel booked through Chase Ultimate Rewards.
Capital One Quicksilver Cash Rewards Credit Card
Provides unlimited 1.5% cash back on every purchase, no annual fee, and a one-time $200 cash bonus after spending $500 within the first 3 months.
Wells Fargo Active Cash Card
Offers unlimited 2% cash rewards on purchases, a $200 cash rewards bonus after spending $1,000 in the first 3 months, and a 0% intro APR for 15 months.
Discover it Cash Back
Provides 5% cash back on rotating quarterly categories (activation required) and 1% on all other purchases.
Use Case: Who Should Consider This Card?
This card is ideal for:
- Everyday Spenders: Those who prefer a consistent cash back rate without tracking categories.
- Bank of America Customers: Individuals who can leverage the Preferred Rewards program for higher cash back rates.
- Budget-Conscious Users: People looking for a no-annual-fee card with straightforward rewards.
How to Apply
To apply for the Bank of America Unlimited Cash Rewards Credit Card, visit the official website:
Ensure you have the necessary personal and financial information ready for the application process.
Frequently Asked Questions
What credit score is needed for the Bank of America Unlimited Cash Rewards Credit Card?
A good to excellent credit score (typically 670 or higher) is recommended for approval.
