Bank of America® Unlimited Cash Rewards credit card full review
Stop everything and learn about the benefits offered by the Bank of America platinum honors account, if you have one.
What You Should Know about the Bank of America® Unlimited Cash Rewards Credit Card
If you’re considering the Bank of America® Unlimited Cash Rewards credit card, here are some key points to keep in mind. This card offers the convenience of no minimum redemption requirement, no reward cap, and no annual fee.
With this card, you can earn 1.5% cash back on all transactions, which can be redeemed as a credit card statement credit or transferred into a compatible Bank of America account.
While a standard 1.5% cash back card may not be the most exciting option available, the Bank of America® Unlimited Cash Rewards credit card becomes more attractive for clients who can achieve Platinum or Platinum Honors status in the Bank of America Preferred Rewards Program.
The Preferred Rewards Program offers clients incentives such as higher interest rates on savings accounts, lower loan rates, and greater rewards on credit cards. By consolidating their banking with Bank of America, clients can maximize the benefits of this card.
How Does the Bank of America® Unlimited Cash Rewards Credit Card Work?
Earning rewards with the Bank of America® Unlimited Cash Rewards credit card is straightforward. For every purchase made with the card, you’ll earn 1.5% cash back.
If you are eligible for Bank of America’s Preferred Rewards program and have additional banking relationships with the company, you can receive even greater rewards based on your Preferred Rewards program tier. This includes holding a minimum amount of assets across Bank of America deposit accounts and Merrill investment accounts.
Redeeming your cash back is easy, with options to apply it as a statement credit, deposit it into a Bank of America checking or savings account, or credit it to qualified Merrill accounts. Clients who reach Gold, Platinum, or Platinum Honors level in the Preferred Rewards program enjoy increased cash-back earnings.
It’s important to maintain your status in the Preferred Rewards program by having investment assets with Merrill or keeping deposit balances in Bank of America checking or savings accounts. Minimum asset requirements for each tier are $20,000 for Gold, $50,000 for Platinum, and $100,000 for Platinum Honors.
For those who find it beneficial to hold certain investments at Merrill or transfer assets to Merrill, the Bank of America Unlimited Cash Rewards card can be an excellent daily cash-back card. Additionally, Bank of America offers an auto-redemption feature that allows cash back to be applied automatically each month as a bank deposit or statement credit.
While most redemption options have no minimum requirement, please note that you must redeem at least $25 in order to contribute to a Merrill 529 account or set up automatic deposits into a bank account.
How Much Money Can You Save with the Bank of America® Unlimited Cash Rewards Credit Card?
If you use your Bank of America Unlimited Cash Rewards credit card for all of your $32,072 expenditures, you can expect to receive 1.5% cash back. This translates to $481.08 in cash-back rewards annually. If you qualify for the maximum 2.62% cash back, you could earn $840.29 per year.
Other Benefits of the Bank of America® Unlimited Cash Rewards Credit Card
No Annual Fee
The Bank of America® Unlimited Cash Rewards credit card features a $0 annual fee, making it a card you can keep in your wallet for the long term without needing to worry about offsetting the expense with rewards.
Decent Sign-Up Bonus
When you open an account and spend at least $1,000 within the first 90 days, you’ll receive a $200 online cash rewards bonus. This is a manageable spending requirement that can be easily met with everyday expenses like groceries.
Flexible Cash-Back Options
With the Bank of America® Unlimited Cash Rewards credit card, you have various options for redeeming your rewards. This includes cash back as a credit to Merrill accounts (including 529 funds), a deposit to a qualifying Bank of America bank account, or a statement credit. Not all cards offer these same redemption options.
How to Apply for the Bank of America® Unlimited Cash Rewards Credit Card
If you believe the Bank of America® Unlimited Cash Rewards credit card is the right fit for you, you can find detailed information on how to apply in our article on the subject.
