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If you’re looking for a low-maintenance, flat-rate cash back credit card, there’s no doubt that the Bank of America® Unlimited Cash Rewards credit card has come up on your radar. Whether you’re a newbie to credit card rewards or just prefer the simplicity of a rewards card with a flat rate, there could be some benefits to going with the Unlimited Cash Rewards card.
This guide will break down the Unlimited Cash Rewards card’s benefits and who might get the most out of it. Though the card is easy to use, its cash back rate is on the lower end. Nevertheless, members of the Bank of America Preferred Rewards program stand to earn the most with this card. Here’s what else you need to know if you plan on applying for the Unlimited Cash Rewards card.
Let’s start with the obvious — this card offers 1.5 percent cash back on all your purchases. This is a rather low rewards rate, especially since many flat-rate cards are now offering 2 percent cash back. But, there are some who stand to gain from this card anyway. Plus, it comes with no annual fee.
No matter how much you earn with this card, your redemption options for the cash back you earn are pretty straightforward:
This card also starts you off with a welcome offer — a $200 online cash rewards bonus, which you can earn after spending $1,000 in purchases within the first 90 days of opening your account. This breaks down to a little over $330 in spending per month, which is a reasonable requirement most won’t have trouble meeting.
If you’re a member of the Bank of America Preferred Rewards program, you’ll get a boosted cash back rate — up to 2.62 percent back depending on your checking, savings and investment account balances under your Bank of America or Merrill accounts.
By keeping a certain minimum three-month average balance across your Bank of America accounts, you could qualify for one of three status levels that give you access to a number of banking benefits, including a 25 percent to 75 percent rewards rate bonus on your card:
| Tier | Balance required | Rewards boost | Unlimited Cash Rewards rate |
|---|---|---|---|
| Gold | $20,000 < $50,000 | 25% | 1.87% |
| Platinum | $50,000 < $100,000 | 50% | 2.25% |
| Platinum Honors | $100,000 < $1 million | 75% | 2.62% |
| Diamond | $1 million < $10 million | 75% | 2.62% |
As you can see, qualifying for the Platinum Honors tier allows you to earn the maximum cash back rate of 2.62 percent with the Bank of America Unlimited Cash Rewards card. At that rate, you’ll be earning more per dollar than the best flat-rate credit cards on the market, which typically earn 2 percent back on all purchases. So, if you can maintain a higher balance in a qualifying account, you stand to earn quite a bit more.
Then, there’s the 0 percent introductory APR for both purchases and balance transfers — you’ll get a 0 percent intro APR for 15 billing cycles on purchases and on balance transfers made in the first 60 days of account opening. After the intro APR offer ends, a variable APR of 18.24 percent to 28.24 percent applies.
This makes the card ideal for a larger purchase that you can pay off over time without paying interest. Also, if you’ve got any high-interest debt you are looking to pay down, the balance transfer offer could be a great help. Keep in mind that you must transfer your balances from other credit cards within 60 days of account opening for the intro APR period to apply. You’ll also need to pay a 3 percent balance transfer fee on every balance transfer you make for 60 days from account opening, then 4%.
The Unlimited Cash Rewards card is a Visa Signature card, which means it comes with a few other perks as a result. As a Visa Signature cardholder, you’ll typically get benefits such as extended warranty coverage, 24/7 roadside dispatch, travel and emergency assistance services and ID Navigator credit monitoring via NortonLifeLock.
The total list of Visa Signature benefits includes special privileges and discounts with a variety of select merchants, but it’s best to contact Bank of America to confirm which benefits your card is eligible for.
These two benefits come with all Bank of America credit cards and are exclusive to Bank of America. BankAmeriDeals is the issuer’s limited-time offer program, similar to Amex Offers or Chase Offers. It lets you activate promotional offers in your account to get an extra percentage of cash back at participating merchants (including select retailers, restaurants and more).
Museums on Us, also available to Bank of America debit card holders, gives you free access to over 225 “cultural institutions” across the country. Simply present your Bank of America card and a valid photo ID during the first weekend of every month to unlock this benefit. (Additional terms may apply.)
Essentially, you’ll get the best cash back rate as a Preferred Rewards member. If you aren’t eligible for that program, there’s not much else you can do but swipe and enjoy the convenience of earning hassle-free cash back. You don’t have to keep up with fixed or rotating bonus categories to earn cash back with your Unlimited Cash Rewards card.
You could also pair your card with another cash back card that earns more in categories you spend a lot in. You could stay in the Bank of America family of cards and apply for the Bank of America® Customized Cash Rewards credit card, which offers a higher rate of cash back in more common spending categories like dining and grocery stores.
With this card, you’ll earn 3 percent cash back on eligible category purchases of choice (including gas; electric vehicle charging stations; online shopping; cable, streaming, internet and phone services; dining; travel; drugstores; or home improvement), 2 percent cash back at grocery stores and wholesale clubs and 1 percent cash back on all other purchases. However, 3 percent and 2 percent categories are capped at $2,500 in combined spending each quarter, after which you’ll earn 1 percent back.
The Bank of America Unlimited Cash Rewards doesn’t offer the best flat rate currently available for cash back credit cards. However, for the right person (namely, Preferred Rewards members), it can be a convenient way to earn credit card rewards. For heightened rewards, either add another higher-earning card to your wallet or aim to move up in the Preferred Rewards tiers.
The information about the Bank of America® Unlimited Cash Rewards credit card and Bank of America® Customized Cash Rewards credit card was last updated on February 8, 2024.
