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Unlimited Rewards: A Closer Look at the Bank of America Cash Rewards Credit Card

Looking for a cashback credit card that provides unlimited rewards? Bank of America has got you covered with their Unlimited Cash Rewards Credit Card.

In this article, we will take a closer look at this credit card and explore who would benefit from having it in their wallet. So, let’s dive in!

Two Types of Cashback Credit Cards

First, let’s understand what a cashback credit card is. Cashback credit cards pay you a certain percentage of your purchases back as cash rewards.

There are two main types of cashback credit cards: tiered and flat rate. Tiered cashback credit cards offer more cashback rewards on specific categories, such as gas or dining.

However, you may have to keep track of which categories have higher cashback rewards and then adjust your spending accordingly. On the other hand, flat-rate cashback credit cards offer the same cashback percentage on all purchases, regardless of the category.

Bank of America Unlimited Cash Rewards Credit Card

If you’re looking for a flat rate cashback credit card, the

Bank of America Unlimited Cash Rewards Credit Card is a great choice. It offers a simple and straightforward 1.5% cashback on all purchases, with no annual fee.

So, you can earn unlimited cashback rewards without the hassle of constantly tracking spending categories.

Description of

Bank of America Preferred Rewards Program

But wait, there’s more! Bank of America also offers a Preferred Rewards program that provides extra benefits for eligible account holders. You can be eligible for this program by having a Bank of America personal checking account and a three-month average combined balance of $20,000 or more in qualifying Bank of America deposit accounts or Merrill investment accounts.

The Preferred Rewards program comes in three tiers: Gold, Platinum, and Platinum Honors. Eligible credit card holders can earn up to a 75% bonus cashback reward on every purchase when they reach the top tier.

So, if you spend $1,000 a month, you could potentially earn up to $22.50 in cashback rewards at the Platinum Honors tier. Who Should Get the

Bank of America Unlimited Cash Rewards Credit Card?

Now that we’ve explored the features of the

Bank of America Unlimited Cash Rewards Credit Card and the Preferred Rewards program, let’s look at who would benefit from having this credit card.

Card Issuers

Of course, there are other card issuers that provide cashback credit cards. So, if you’re loyal to another card issuer, it might not make sense to switch over to Bank of America.

However, if you’re looking for a card with a simple and straightforward flat cashback rate, the

Bank of America Unlimited Cash Rewards Credit Card could be a good choice.

Flat Cashback Rate

The

Bank of America Unlimited Cash Rewards Credit Card provides a 1.5% cashback on all purchases. This flat cashback rate is great for those who prefer simplicity and don’t want to put in the effort to track different categories.

It’s also beneficial for those who spend evenly across different categories and don’t want to miss out on cashback rewards.

Bank of America Preferred Rewards Program

If you’re interested in maximizing your cashback rewards potential, the Bank of America Preferred Rewards program is a significant bonus. By being an eligible account holder, you can boost your cashback rewards by up to 75% when you reach the Platinum Honors tier.

This program is best for those who have a substantial amount of money in Bank of America deposit accounts or Merrill investment accounts.

Conclusion

In conclusion, the

Bank of America Unlimited Cash Rewards Credit Card is a great option for those seeking a simple and straightforward flat cashback rate credit card. It offers a decent 1.5% cashback on all purchases, with no annual fee.

However, what makes this card even better is the Preferred Rewards program, which can signficantly increase your cashback rewards potential. So, if you’re looking for a cashback credit card, the

Bank of America Unlimited Cash Rewards Credit Card is definitely worth considering.

Card Basics

Looking for a cashback credit card that delivers great value without any fees? The

Bank of America Unlimited Cash Rewards Credit Card provides just that.

Let’s explore the card basics, including the welcome bonus offer, cashback rewards, annual fee, cashback redemption options, and the introductory APR offer.

Welcome Bonus Offer and Cashback Rewards

The

Bank of America Unlimited Cash Rewards Credit Card comes with a high-value welcome bonus offer. Upon signing up, you can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.

This is a great way to start earning cashback rewards. The card offers unlimited 1.5% cashback on all purchases, with no expiration date.

It makes tracking your rewards simpler and ensures you never miss out on earning cashback.

No Annual Fee

While many credit cards come with annual fees, the

Bank of America Unlimited Cash Rewards Credit Card does not. The card comes without any annual fee, so you can enjoy earning cashback rewards without having to pay extra.

Various Options for Redeeming Cashback Rewards

The

Bank of America Unlimited Cash Rewards Credit Card offers several options for redeeming cashback rewards. You can choose to redeem your cashback as a statement credit, deposit it into a Bank of America checking or savings account, or choose to receive it as a contribution to a Merrill Cash Management account or Merrill 529 account.

Introductory APR Offer

The

Bank of America Unlimited Cash Rewards Credit Card also provides an introductory APR offer. You get a 0% introductory APR on purchases and balance transfers for 15 billing cycles.

After the 15 billing cycles, the APR reverts to the variable rate based on your creditworthiness. This offer can be beneficial if you plan to make a large purchase or transfer a balance from another high-interest credit card.

Benefits and Perks of

Bank of America Unlimited Cash Rewards Credit Card

The

Bank of America Unlimited Cash Rewards Credit Card provides several benefits and perks that make it a great option for earning cashback rewards.

High-Value Welcome Bonus Offer

One of the main benefits of the

Bank of America Unlimited Cash Rewards Credit Card is the high-value welcome bonus offer. Upon opening the account, you can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.

This bonus can help you earn cashback rewards faster. Unlimited 1.5% Cashback on All Purchases

Another significant benefit of the

Bank of America Unlimited Cash Rewards Credit Card is the unlimited 1.5% cashback on all purchases.

This cashback rate holds for all purchases, regardless of the category, providing simplicity and making tracking rewards easy.

No Annual Fee

The advantage of no annual fee for the

Bank of America Unlimited Cash Rewards Credit Card is evident too. You won’t have to worry about paying extra fees.

It’s great for those who want to earn cashback rewards without having to pay extra.

Several Options for Redeeming Cashback Rewards

Bank of America provides different options for redeeming cashback rewards. You can choose to use your cashback as a statement credit, deposit it into a Bank of America checking or savings account, or settle it as a contribution to a Merrill Cash Management account or Merrill 529 account.

These choices allow you to redeem your rewards in ways that best suit your financial needs.

Introductory APR Offer

The introductory APR offer makes it easier and more affordable for new cardholders to make purchases or transfer balances. The 0% introductory APR on purchases and balance transfers for 15 billing cycles provides ample time to pay off the transferred balance or make large purchases, all while avoiding high-interest fees.

Benefits of the Preferred Rewards Program

The Bank of America Preferred Rewards program is another significant benefit to look at. Eligible credit cardholders can earn up to a 75% bonus cashback rewards rate on every purchase when they reach the top tier (Platinum Honors) of the Preferred Rewards program.

Besides, the program provides other benefits such as free ATM transactions, preferred pricing on select banking products, and more.

Conclusion

Overall, the

Bank of America Unlimited Cash Rewards Credit Card is a great option if you’re interested in earning cashback rewards without any annual fees. The $200 online cash rewards bonus, unlimited 1.5% cashback on all purchases, and several options for redeeming cashback rewards make this card excellent for those seeking simplicity and flexibility.

Additionally, the introductory APR offer and Preferred Rewards program benefits further add to the value of this credit card. The

Bank of America Unlimited Cash Rewards Credit Card is a great option for those seeking a simple cashback credit card.

However, there are also drawbacks to consider, such as the high threshold for the Preferred Rewards program, no bonus categories, and foreign transaction fees. Drawbacks of

Bank of America Unlimited Cash Rewards Credit Card

High Threshold for Preferred Rewards Program

While the Preferred Rewards program can help boost cashback rewards, there is a high threshold to meet.

Eligible account holders need to have a Bank of America personal checking account with a three-month average combined balance of $20,000 or more in qualifying Bank of America deposit accounts or Merrill Investment accounts to qualify for the Platinum Honors tier.

No Bonus Categories for Earning Cashback

One notable drawback of the

Bank of America Unlimited Cash Rewards Credit Card is that it does not offer bonus cashback categories. Some other cashback credit cards offer higher cashback percentages on specific categories like gas or dining.

As a result, you might miss out on earning extra cashback if you spend significantly in any of these categories.

Foreign Transaction Fees Apply

If you’re planning to use the

Bank of America Unlimited Cash Rewards Credit Card while traveling outside the United States, you should be aware of foreign transaction fees. The card issuer charges a 3% foreign transaction fee on any purchases made outside the US.

This fee can add up to a significant amount if you’re planning to use your card frequently abroad. Earning and Redeeming Cashback Rewards

Estimation of Potential Earnings with the

Bank of America Unlimited Cash Rewards Credit Card

If you’re considering the

Bank of America Unlimited Cash Rewards Credit Card, you might be wondering how much you can potentially earn in cashback rewards.

Suppose you spend $1,000 a month on your credit card. In that case, you can potentially earn $180 a year in cashback rewards with a 1.5% cashback rate.

Keep in mind that this estimation does not include the $200 online cash rewards bonus you receive upon signing up. Unlimited 1.5% Cashback Rate on All Purchases

One of the main benefits of the

Bank of America Unlimited Cash Rewards Credit Card is the unlimited 1.5% cashback rate on all purchases.

This cashback rate does not change or expire, providing a simple and easy way to earn cashback rewards on all your purchases.

Preferred Rewards Program Boosts Earning Potential for Cardholders

Eligible Bank of America credit cardholders can also take advantage of the Preferred Rewards program to boost their cashback rewards. The program offers up to a 75% bonus cashback rate for members who reach the top tier.

So, for $1,000 a month spent with the Platinum Honors tier, potential earnings could be up to $315 a year.

Redemption Options Available for Cashback Rewards

Bank of America provides different options for redeeming your earned cashback rewards. You can choose to settle your rewards as a statement credit, deposit them in a Bank of America checking or savings account, or as a contribution to a Merrill Cash Management account or Merrill 529 account.

These choices allow you to redeem rewards in ways that best suit your financial needs.

Conclusion

In conclusion, the

Bank of America Unlimited Cash Rewards Credit Card is a great option for anyone looking for a simple and straightforward cashback credit card. Although there are drawbacks like the high threshold for the

Bank of America Preferred Rewards Program and no bonus categories, the card’s unlimited 1.5% cashback rate on all purchases is very appealing.

Additionally, the redemption options provide flexibility to how you choose to receive your rewards. Overall, the

Bank of America Unlimited Cash Rewards Credit Card is worth considering for those seeking to earn cashback rewards without any annual fees.

Bank of America Unlimited Cash Rewards Credit Card FAQs

The

Bank of America Unlimited Cash Rewards Credit Card is a popular option for individuals who prefer a simple cashback credit card. Here are the answers to some commonly asked questions about this credit card.

Overall Worth of the

Bank of America Unlimited Cash Rewards Credit Card

If you’re wondering whether the

Bank of America Unlimited Cash Rewards Credit Card is worth it, the answer depends on your lifestyle and spending habits. If you’re looking for a simple cashback credit card with no annual fee, then the card is undoubtedly worth considering.

The unlimited 1.5% cashback on all purchases and high-value sign-up bonus offer provide good value for your money. Credit Score Requirements for Getting the

Bank of America Unlimited Cash Rewards Credit Card

The credit score requirements for getting the

Bank of America Unlimited Cash Rewards Credit Card can vary but typically require a good to excellent credit score (at least 670 or higher).

However, we encourage individuals to reach out to Bank of America and consult with them before applying for the credit card. Credit Limit for the

Bank of America Unlimited Cash Rewards Credit Card

The credit limit for the

Bank of America Unlimited Cash Rewards Credit Card depends on various factors such as your credit score, credit history, and income.

For people with good credit scores and higher incomes, the credit limit may be relatively higher compared to those with lower credit scores.

Other Cards to Consider

While the

Bank of America Unlimited Cash Rewards Credit Card is a great option for those looking for a simple cashback credit card, there are other options to consider as well.

Blue Cash Preferred Card from American Express

The

Blue Cash Preferred Card from American Express is another cashback credit card that offers higher cashback rates on specific categories. The card provides a 6% cashback rate on US supermarket purchases (up to $6,000 in purchases per year, then 1%), 6% back on streaming services, 3% back on transit purchases, and 1% back on all other purchases.

However, the card comes with a $95 annual fee.

Citi Double Cash Card

The

Citi Double Cash Card provides unlimited 2% cashback rewards rate, with a 1% cashback rate when you make a purchase and another 1% when you pay your bill. Additionally, the card comes with no annual fee and a 0% APR introductory offer for balance transfers.

However, the card does not come with any sign-up bonus offers.

Conclusion

Overall, the

Bank of America Unlimited Cash Rewards Credit Card is a great option for those seeking simplicity and value in a cashback credit card. While the card does have some drawbacks, such as no bonus categories and a high threshold for the Preferred Rewards program, the unlimited 1.5

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