Learn how to apply for the Bank of America® Unlimited Cash Rewards credit card
If you are the kind of person who has platinum honors on Bank of America, you need to learn how to apply for this card!
What do I need to know about the Bank of America® Unlimited Cash Rewards credit card?
The Bank of America® Unlimited Cash Rewards credit card is simple to grasp. The card has no annual charge, no reward cap, and no minimum redemption amount.
It provides unrestricted 1.5% (up to an astonishing $2.62!) cash back on all purchases, redeemable as a credit to a credit card statement or as a transfer to a connected Bank of America account.
Bank of America® Unlimited Cash Rewards credit card
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This card starts to shine for customers who may achieve Platinum or Platinum Honors level in Bank of America’s Preferred Rewards Program.
This initiative aims to persuade customers to conduct more of their banking with Bank of America by offering incentives such as higher interest rates on savings accounts, cheaper interest rates on loans, and more rewards on credit cards.
If you got a good relationship with BoA, you may hit a jackpot
The Bank of America Unlimited Rewards card is more than just a 1.5% cash-back card because customers who reach Gold, Platinum, or Platinum Honors level in the Bank of America Preferred Rewards program have their cash-back earnings increased.
Maintaining investment assets with Merrill or maintaining deposit balances in checking or savings accounts with Bank of America are requirements for maintaining status in the Preferred Rewards program.
For the Gold level, $50,000 is necessary in assets, and $100,000 is needed for Platinum Honors.
If it makes sense to hold some investments at Merrill or move some assets to Merrill, the Bank of America Unlimited Cash Rewards card could be the best-in-class daily cash-back card.
According to their Preferred Benefits program tier, customers who qualify for Bank of America’s Preferred Rewards program and have more banking relationships with the company receive greater rewards.
Customers are also eligible for Bank of America’s Gold, Platinum, or Platinum Honors tiers if they have a minimum amount of assets across Merrill investment accounts and Bank of America deposit accounts.
Cardholders can use any amount of cashback at any time to get statement credits, deposits into their Bank of America checking or savings accounts or credits to eligible Merrill accounts.
Who can apply for the Bank of America® Unlimited Cash Rewards credit card?
Acceptance for the card is a little more difficult because it is designed for consumers with strong to exceptional credit (above 700).
Bank of America does let customers check their prequalification for offers without executing a hard pull on their credit.
How to apply for the Bank of America® Unlimited Cash Rewards credit card?
Like most other cards, this application process is conducted online.
Applying on Bank of America’s website as a guest may take longer if you already have a BOA Login.
However, you will be requested to supply some personal information.
Although the application procedure takes a bit longer than usual because it is a credit card for people with great credit, it is not extremely challenging.
You will then need to wait for a short while before they assess your case and decide whether you qualify for your card.
But if you’re still a traditionalist, you can also submit your application by calling (800) 322-7707.
Bank of America® Unlimited Cash Rewards credit card vs REI Co-op Mastercard®
If you put the BoA card without the bonuses side to side with the REI card, the second wons, are plain and simple because of the 5% cashback on REI stores.
However, if you have platinum honors then it’s a matter of how much you spend on REI’s stuff.
You see, it is a 2.62% flat cashback vs 5% on Rei and 1.5% on other stores.
But in the end, nothing stops you from owning the 2 cards and using them to your advantage
Bank of America® Unlimited Cash Rewards credit card benefits
- No minimum is required to redeem cash back
- Rewards for cash back do not run out.
- Cardholders who use Platinum Honors Preferred Rewards can receive up to 2.62% cashback.
- No yearly fee
REI Co-op Mastercard®benefits
- If a new cardholder makes their first purchase outside of a store within 60 days of starting their account, they will receive a $100 REI gift card.
- While REI purchases earn 5% back, all other eligible purchases only get 1.5% back.
- There are no foreign transaction costs.
How to apply for the REI Co-op Mastercard®?
If you are an REI customer and got interested in the benefits, consider applying for this card here.