Learn how to apply for the Bank of America® Unlimited Cash Rewards credit card
Learn how to apply for this card if you are the kind of person who has platinum honors on Bank of America.
All About the Bank of America® Unlimited Cash Rewards Credit Card
The Bank of America® Unlimited Cash Rewards credit card is a straightforward credit card option. With no annual fee, no reward cap, and no minimum redemption amount, it offers a hassle-free rewards program.
Cardholders earn 1.5% cash back on all purchases, with the opportunity to earn up to an impressive $2.62 cash back. These rewards can be redeemed as a credit on your credit card statement or transferred to a connected Bank of America account.
While the card is already rewarding on its own, it truly shines for customers who are eligible for the Platinum or Platinum Honors level in Bank of America’s Preferred Rewards Program.
The Preferred Rewards Program aims to incentivize customers to conduct more of their banking with Bank of America by offering benefits such as higher interest rates on savings accounts, lower interest rates on loans, and increased rewards on credit cards.
Unlocking Additional Rewards with Bank of America
For customers who achieve Gold, Platinum, or Platinum Honors level in Bank of America’s Preferred Rewards program, their cash-back earnings are boosted with the Bank of America Unlimited Rewards card.
In order to maintain status in the Preferred Rewards program, customers need to have investment assets with Merrill or maintain deposit balances in checking or savings accounts with Bank of America.
For Gold level, $50,000 in assets is required, while Platinum Honors level necessitates $100,000 in assets.
If it makes sense for you to hold investments with Merrill or transfer some assets, the Bank of America Unlimited Cash Rewards card can become a top-tier daily cash-back card.
Based on their Preferred Benefits program tier, customers who qualify for Bank of America’s Preferred Rewards program and have additional banking relationships with the company will enjoy greater rewards.
Eligibility for Bank of America’s Gold, Platinum, or Platinum Honors tiers is determined by having a minimum amount of assets across Merrill investment accounts and Bank of America deposit accounts.
Cardholders have the flexibility to use their cash back at any time. They can choose to apply it as statement credits, deposit it into their Bank of America checking or savings accounts, or credit it to eligible Merrill accounts.
Eligibility and Application Process
Applying for the Bank of America® Unlimited Cash Rewards credit card may be a bit more challenging, as it is designed for consumers with strong to exceptional credit (above 700).
However, Bank of America allows customers to check their prequalification for offers without impacting their credit through a hard pull.
Applying for the Bank of America® Unlimited Cash Rewards Credit Card
The application process for the Bank of America® Unlimited Cash Rewards credit card is conducted online, like most other cards.
If you are applying on Bank of America’s website as a guest, it may take longer if you already have a BOA Login.
You will be required to provide personal information during the application process. Although the application may be slightly longer due to the card’s requirements for individuals with excellent credit, it is not overly complicated.
Once the application is submitted, you will need to wait for a short period of time while Bank of America assesses your case and determines whether you qualify for the card.
If you prefer a more traditional approach, you can also submit your application by calling (800) 322-7707.
Bank of America® Unlimited Cash Rewards Credit Card vs REI Co-op Mastercard®
When comparing the Bank of America card without bonuses to the REI card, the REI Co-op Mastercard comes out on top due to its 5% cash back on REI store purchases.
However, if you have Platinum Honors status with Bank of America, it becomes a matter of how much you spend at REI for it to be more beneficial.
With the Bank of America card, you earn a flat 2.62% cash back, 5% on REI purchases, and 1.5% on other stores. Owning both cards and strategically using them can maximize your rewards.
Benefits of the Bank of America® Unlimited Cash Rewards Credit Card
- No minimum redemption amount for cash back
- Cash back rewards do not expire
- Platinum Honors Preferred Rewards members can earn up to 2.62% cash back
- No annual fee
Benefits of the REI Co-op Mastercard®
- New cardholders who make their first purchase outside of a store within 60 days of opening their account receive a $100 REI gift card
- 5% cash back on REI purchases and 1.5% cash back on all other eligible purchases
- No foreign transaction fees
How to Apply for the REI Co-op Mastercard®
If you are an REI customer interested in the benefits of the REI Co-op Mastercard, you can apply for the card here.
