Bank of America Unlimited Cash Rewards credit card Review

The Bank of America® Unlimited Cash Rewards credit card offers a flat-rate 1.5% cash back on all purchases and a generous $200 sign-up bonus after meeting spending requirements. It also boasts a lengthy introductory APR and comes with no annual fee. While the card is decent, it becomes potentially more appealing for Bank of America Preferred Rewards members, who can earn a 25% to 75% boost in their rewards rates. However, unlike other cards with similar no-fee structures, the Unlimited Cash Rewards card offers lower overall rewards. If maximizing rewards is your priority, especially for travel, you might find better options elsewhere, considering the card’s foreign transaction fee.  

Quick Highlights

• $200 online cash bonus: Earn this bonus after making at least $1,000 in purchases within the first 90 days of opening your account.
• Unlimited 1.5% cash back: Get 1.5% on all purchases, with no category limitations.
• Enhanced rewards for Preferred Rewards members: Earn 25% to 75% more cash back on every purchase, potentially increasing your rewards rate to 2.62%.
• No annual fee: Enjoy the benefits of this card without a yearly fee.
• No cash back limits and no expiration: Earn unlimited cash back that never expires as long as your account remains open.
• 0% introductory APR: Enjoy 0% interest on purchases for the first 15 billing cycles and balance transfers within 60 days of account opening.
• Balance transfer fee: A 3% intro balance transfer fee applies for the first 60 days, then a standard fee of 4% applies to future transfers.
• Contactless payments: Benefit from the security of a chip card with the convenience of contactless payments.

Benefits of America Unlimited Cash Rewards credit card

• $0 Liability Guarantee: You will not be held responsible for any fraudulent purchases made with your credit card.

• Overdraft Protection: Bank of America’s Balance Connect service can help prevent declined purchases, returned checks, and other overdrafts by automatically transferring funds from your credit card account to your eligible linked Bank of America deposit account. Please note that this service requires a remaining balance on your credit card.

• Account Alerts: Stay informed with email or text alerts for upcoming payments and posted transactions on your account.

• Free FICO Score: Check your FICO score for free through the Bank of America mobile app or online banking. Scores are updated monthly.

• Overdraft Protection: With our Balance Connect for overdraft protection service, transfers from your credit card to your eligible Bank of America deposit account will be treated as cash advances under your Credit Card Agreement. These transfers are governed by both your Credit Card Agreement and the agreement(s) and disclosures for your deposit account. It may take up to 14 days for this service to become available after opening an account.

Rate and Fee

• Annual Fee: $0
• Intro Purchase APR: 0% Intro APR for 15 billing cycles for purchases
• Regular APR: 18.24% – 28.24% Variable APR on purchases and balance transfers
•  Intro Balance Transfers APR: 0% Intro APR for 15 billing cycles for any BTs made in the first 60 days. A fee of 3% for 60 days from account opening, then 4% will apply.
• 0% balance transfer term: 15 months
• Balance transfer fee: 3%
• Rewards Rate: 1.5% cash back on all purchases

America Unlimited Cash Rewards credit card Rewards

You can earn cash rewards when you use this card to make purchases. However, any returns, credits, or adjustments made with this card will be deducted from your purchases, even if it was not the original payment method. These deductions will apply to the Net Purchases made using the card. Please note that certain transactions are not considered purchases and will not earn cash rewards. These transactions include Balance Transfers, Cash Advances, fees, interest charges, fraudulent transactions, and certain other charges.

• 1.5% Bash Cash Rewards

For every $1 charged to this card per billing cycle, you can earn 1.5% cash back (which equals $0.015). This applies to all Net Purchases made using the card. So, use this card wisely and earn some extra cash rewards.

Bonus Cash Rewards Offer

• You can earn $200 bonus cash rewards by using your new credit card account for purchases totaling at least $1,000 within 90 days of opening the account.
• Returns, credits, and adjustments will be deducted from purchases made with this card, even if it was not the original payment method.
• This offer does not apply to Cash Advances or Balance Transfers.
• Limit one bonus cash reward offer per new account.
• This promotion is valid for new accounts opened in response to this offer and cannot be used to convert existing accounts.
• Your account must remain open with active charging privileges to receive this offer.
• Other advertised promotional bonus cash rewards offers may differ from this promotion and cannot be substituted.

Redeem Rewards

The rewards earned with the Bank of America Unlimited Cash Rewards credit card never expire, allowing you to redeem them whenever you choose. As long as your account remains open, you can save your rewards in several ways:

Apply as Credits or Deposits

You can apply your rewards as credit towards your current credit card balance or deposit them into a Merrill Cash Management account. Additionally, you can have your rewards directly deposited into a Bank of America checking or savings account or contribute them towards a Merrill 529 account.

No minimum amount is required for redemption when applying rewards towards your credit card balance or direct deposits into a Bank of America/Merrill Cash Management account as a one-time redemption. However, for 529 account contributions or automatic redemptions to other accounts, a minimum of $25 is required.

Use for Purchases

Your rewards can also be used to pay for purchases on Amazon.com or when checking out with PayPal on eligible purchases. Additionally, you can donate your rewards through PayPal Giving Fund if you wish to support a charitable cause. So, with your Bank of America Unlimited Cash Rewards credit card, you have multiple ways to redeem your rewards and make the most out of your card benefits.

Is the Bank of America® Unlimited Cash Rewards card right for you?

The Bank of America Unlimited Cash Rewards credit card caters to individuals seeking a straightforward option with no annual fees and no need to track rotating rewards categories. It offers a flat 1.5% cash back on all purchases, potentially increasing to 2.62% for Bank of America Preferred Rewards members. However, it faces competition in the crowded no-fee cash-back card market, with some alternatives offering potentially higher rewards for non-members. Additionally, the card lacks travel perks and carries a foreign transaction fee, making it less suitable for frequent travelers.

Application and Approval Information: Bank of America Unlimited Cash Rewards Credit Card

To apply Bank of America Unlimited Cash Rewards Credit Card, you must be at least 18 years of age and a resident of the United States. You also need to have a good credit score and meet the income requirements set by Bank of America.

Eligibility Criteria:

• Age: 18 years old (or 21 years old for permanent residents of Puerto Rico).
• Residence: Must reside in the U.S., its territories (Guam, Puerto Rico, Northern Mariana Islands, American Samoa, U.S. Virgin Islands), or have an APO/FPO/DPO address.
• Credit History: Bank of America will obtain your credit report(s) to assess your eligibility.
• Existing Accounts: You cannot apply if you have or had this card within the past 24 months.
• Information Sharing: You authorize Bank of America to share information about you and your account with relevant entities and for marketing purposes (with opt-out options available).

Customer Service

• Helpline Number: (866) 422-8089.
• Official Website:  Bank of America

Conclusion

The Bank of America Unlimited Cash Rewards Credit Card offers a straightforward cash back option with its unlimited 1.5% flat rate on all purchases. The $200 sign-up bonus and no annual fee add to its appeal, especially for those seeking a no-frills card with primary rewards. However, unlike other cards with similar no-fee structures, the Unlimited Cash Rewards card offers lower overall rewards. If maximizing your rewards is a priority, you might find better options elsewhere. Additionally, the card comes with a hefty foreign transaction fee, making it less suitable for frequent travelers.

Customer Service

• Helpline Number: (866) 422-8089.
• Official Website:  Bank of America