Bank of America® Unlimited Cash Rewards credit card full review

What do I need to know about the Bank of America® Unlimited Cash Rewards credit card?

It’s easy to understand the Bank of America® Unlimited Cash Rewards credit card. The card has no minimum redemption requirement, no reward cap, and no annual fee.

It offers limitless 1.5% cash back on all transactions, redeemable as a credit card statement credit or a transfer into a compatible Bank of America account.

A standard credit card that earns 1.5% back isn’t all that exciting in an era where several banks offer no-annual-fee cards that reward customers with 2% cash back on all purchases or cards offering 1.5% cash back on general purchases along with bonus categories and generous consumer protection benefits.

For clients who can reach Platinum or Platinum Honors status in Bank of America’s Preferred Rewards Program, this card begins to shine.

Through incentives like higher interest rates on savings accounts, lower loan rates, and greater rewards on credit cards, this program seeks to get clients to do more of their banking with Bank of America.

Keep reading in order to have a better understanding of how this card works.

How do the Bank of America® Unlimited Cash Rewards credit card works?

The rewards earning rate for the Bank of America® Unlimited Cash Rewards credit card is simple: On every purchase made with the card, 1.5% cash back is earned.

Customers who are eligible for Bank of America’s Preferred Rewards program and have additional banking relationships with the company receive greater rewards based on their Preferred Rewards program tier.

Also, customers holding a minimum amount of assets across Bank of America deposit accounts and Merrill investment accounts are eligible for Bank of America’s Gold, Platinum, or Platinum Honors tiers.

 Any amount of cashback can be redeemed by cardholders at any time for statement credits, deposits into Bank of America checking or savings accounts or credits to qualified Merrill accounts.

Customers who reach Gold, Platinum, or Platinum Honors level in the Bank of America Preferred Rewards program have their cash-back earnings increased, therefore, making the Bank of America Unlimited Rewards card more than just a 1.5% cash-back card.

Status in the Preferred Rewards program must be maintained by having investment assets with Merrill or keeping deposit balances in checking or savings accounts with Bank of America.

A minimum of $20,000 in assets is required for the Gold level, $50,000 for Platinum, and $100,000 for Platinum Honors.

The Bank of America Unlimited Cash Rewards card can be a best-in-class daily cash-back card if it makes sense to hold certain investments at Merrill or transfer some assets to Merrill.

Even better, Bank of America provides a feature called auto-redemption that enables cash back to be applied automatically each month as a bank deposit or statement credit.

Although most redemption options have no minimum, you must redeem at least $25 in order to contribute to a Merrill 529 account or to set up automatic deposits into a bank account.

How much much money can you save with the Bank of America® Unlimited Cash Rewards credit card?

Your family would receive 1.5% cash back if they used their Bank of America Unlimited Cash Rewards credit card for all of their $32,072 expenditures. This equates to $481.08 in cash-back rewards every year, and $840.29 if you received the maximum 2.62% cashback.

Bank of America® Unlimited Cash Rewards credit card other benefits

No annual fee

The Bank of America® Unlimited Cash Rewards credit card has a $0 annual fee, so it can be kept in your wallet for a very long time. You won’t ever need to worry about adding up rewards to see if you’re making up the annual expense.

Decent sign-up bonus

A respectable sign-up bonus is available with the Bank of America® Unlimited Cash Rewards credit card, and it’s simple to obtain. After spending at least $1,000 in purchases within the first 90 days of creating your account, you receive a $200 online cash rewards bonus.

That’s a modest spending cap that you may probably reach with just groceries or other typical daily expenses made over the necessary period of time.

Flexible cash-back options

With the Bank of America® Unlimited Cash Rewards credit card, reward redemption options are varied.

You can redeem for 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.

Only some of these categories are available for cash-back redemption on some cards.

How to apply for the Bank of America® Unlimited Cash Rewards credit card?

If you think you can make the best out of this card, please, feel free to check our article on how to apply for the Bank of America® Unlimited Cash Rewards credit card.

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