Bank of America Unlimited Cash Rewards

bank of america unlimited cash rewards
If you spend enough within the first 3 months with this card, you’ll earn $200 bonus cash back.

At first glance, the Bank of America Unlimited Cash Rewards is a credit card that doesn’t offer much. Its rewards program uses quite the straightforward traditional cash back system and there doesn’t seem to be much more to it. However, it can become a great asset to your wallet if you know how to use it correctly or have a Bank of America or Merril account. 

But don’t be fooled for it: this is a simple and straightforward credit card. People who love no nonsense rewards programs and simple to use cards will certainly enjoy this one. After all, it doesn’t ask you to work around a bunch of categories to get the most out of the card. 

The sign-up bonus and intro offers are also interesting. Everyone wants a credit card that gives an interest rate as low as possible. It combines that with some extra points to use as you use over time. 

Are you ready to find out more about the Bank of America Unlimited Cash Rewards? Keep reading to understand how it works, main benefits, rewards, interest rates and other fees. 

bank of america unlimited cash rewards
Credit Card
Bank of America Unlimited Cash Rewards
0% intro APR $200 bonus cash back
690-850 Recommended score
How to Apply You will remain on the current site

How does Bank of America Unlimited Cash Rewards work?

The Bank of America Unlimited Cash Rewards has a simple and attractive trait: cashback. A card owner will get 1.5% cashback on every purchase they make, at whichever category. It’s simple and straightforward without many details to it. Which is great, if you’re not someone who enjoys reading pages of rules to understand how to use your card’s rewards. 

However, you might notice that this isn’t such a good number for cashback. Many annual fee-free credit cards offer 2% or more on all purchases, including some other Bank of America products. So why should you hold this credit card? 

That’s where a Bank of America account comes in. If you can keep $20.000 or more in your account, you’ll earn Gold, Platinum or Platinum Honor Status. That’s where things start to get interesting, since this credit card has some perks for those who hold such status. 

But it isn’t a Bank of America exclusive. So you can hold this credit card even without an account in this bank, but we don’t recommend it. 

Main advantages for the Bank of America Unlimited Cash Rewards

When you visit the Bank of America Unlimited Cash Rewards site, you’ll see that the main focus is on the 1,5% basic cashback everyone gets. New credit card users also get a sign up bonus that we’ll explain below. Other benefits you can look forward to after getting this card include: 

  • 1,5% cashback on all purchases (there’s no spending limit); 
  • No annual fee;
  • Eligible for 25%-75% rewards for Bank of America Preferred Rewards members; 
  • 0% intro APR for 15 months; 
  • Low ongoing variable APR. 

So you can combine the ongoing cashback and no annual fee to keep this credit card in your wallet without worries. The variable APR is also a plus, since you can transfer balances from other credit cards to pay off your debts with lower interest rates. 

Who should get this credit card?

We recommend you only consider this credit card if you’re already a Bank of America client. As we mentioned before, the cashback rate isn’t so high or tempting, especially when you consider that there are other options with no annual fees that offer more rewards. Some of them even include travel advantages. Do your research carefully before you decide on getting this card without a Bank of America account. 

Rewards program for the Bank of America Unlimited Cash Rewards

The rewards program is based on a 1,5% cash back rate for everyone without limits. You don’t have a minimum to spend to be eligible for it or a maximum. So get cash back without worries! The program gets a lot better when you have Gold, Platinum or Platinum Honor Status with Bank of America. 

For Gold status holders, the cashback gets a 25% increase, amounting to 1,87% cash back in total. Platinum status gets your 50% increase, which gets about 2,25% cash back. And Platinum Honor gets you an 85% increase, amounting to some 2,62% cash back. That makes it quite different from most competitors that have limits for their highest tiers of rewards. 

To be eligible for these rewards, you must hold a certain amount of money in your Bank of America account: 

  • $20.000 for Gold status; 
  • $50.000 for Platinum status; 
  • $100.000 for Platinum Honor status. 

Intro offer and bonus

There’s also an intro offer to look forward to when it comes to the Bank of America Unlimited Cash Rewards. As long as you spend at least $1.000 within 90 days of opening your account, you’ll get $200 cashback. 

Most card users enjoy this perk because it’s based on a small spending amount. Most families consume $1.000 in credit cards by shopping for groceries alone. So it shouldn’t be hard to get to this amount in three months. 

There’s also some advantages to the intro APR offer that comes with this card. You’ll have 0% APR for fifteen months for balance transfers that happen in the first 60 days. Make wise use of the advantage to be able to pay off some debt without worrying about interest rates. 

APRs and fees for the Bank of America Unlimited Cash Rewards

Such a simple credit card should also have simple fees, right? That’s exactly the case, as you can see below: 

  • No annual fee; 
  • 0% variable APR for 15 months; 
  • 14,74% – 24,74% variable interest rates after the first 15 billing cycles; 
  • 3% or $10 balance transfer fees after 60 days; 
  • 3% foreign transaction fee. 

You can apply as long as you have good credit scores with or without a Bank of America account. Find out more about the Bank of America Unlimited Cash Rewards and apply through the official website.

bank of america unlimited cash rewards
Credit Card
Bank of America Unlimited Cash Rewards
1,5% cash back on all purchases $200 bonus cash back
690-850 Recommended score
How to Apply You will remain on the current site
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