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There is no shortage of cash-back credit cards on the market, especially those that seek to reward you for every purchase you make with the card. But Bank of America has released its latest card to try and shake things up a bit, and the card is actually quite a solid option — especially if you’re a member of the Bank of America Preferred Rewards program.
Bank of America® Unlimited Cash Rewards Credit Card Details
Welcome Bonus: Newly approved cardholders can earn a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of their account opening.
The Bank of America Unlimited Cash Rewards card is a no annual fee card that offers cardholders 1.5% cash-back on every $1 they spend on the card, with no annual limits to how much cash-back you can earn, and your cash-back rewards will never expire.
You’ll also receive convenient benefits like email or text account alerts and access to your FICO score updated monthly for free.
Hot Tip: How does the new Bank of America Unlimited Cash Rewards card compare to other cards offered by Bank of America? Check out our guide to the best Bank of America credit cards for cash-back and rewards to see our top picks!
Earn Up to 2.6% Back on All Purchases With No Annual Fee
Where the Unlimited Cash Rewards card really starts to get interesting is for those that are also members of the Bank of America Preferred Rewards program.
For those not familiar, Bank of America Preferred Rewards is the bank’s loyalty program that provides benefits like increased interest rates on your savings account, loan interest rate discounts, and a boost to your credit card rewards rate. The program has 3 tiers and provides the following rewards boost rates:
- Gold (requires $20,000 in deposits) — 25% rewards bonus for 1.87% cash-back
- Platinum (requires $50,000 in deposits) — 50% rewards bonus for 2.25% cash-back
- Platinum Honors (requires $100,000 in deposits) — 75% rewards bonus for 2.62% cash-back
While there are many other no annual fee credit cards out there that offer 1.5% to 2% cash-back on all purchases, there are none that offer 2.25% to 2.62% cash-back on all purchases, making the Bank of America Unlimited Cash Rewards card an excellent option for Bank of America Preferred Rewards Platinum or Platinum Honors members who want to earn as much cash-back as possible.
If you’re someone that is focused on earning travel rewards, then the Bank of America Unlimited Cash Rewards card is definitely not for you. But if you prefer to earn cash-back rewards, and you’re looking for a no annual fee option that rewards you for all of your purchases, then the Bank of America Unlimited Cash Rewards card could be a stellar option for you — especially if you’re a Bank of America Preferred Rewards member.
Featured Image Credit: A Stockphoto via Adobe Stock
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UP's Bonus Valuation
This bonus value is an estimated valuation calculated by UP after analyzing redemption options, transfer partners, award availability and how much UP would pay to buy these points.