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Cash back is king for Bank of America's new no annual fee credit card. The Bank of America® Unlimited Cash Rewards credit card earns 1.5% cash back on all purchases, and allows you to boost your rewards rate by 25% to 75% if you're a Bank of America Preferred Rewards member.
Additionally, you can benefit from special financing offers and an intro bonus. Read on to learn more about the Bank of America® Unlimited Cash Rewards credit card and whether you should consider applying.
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Key Benefits of the Bank of America® Unlimited Cash Rewards credit card
- Unlimited 1.5% cash back: Earning rewards is simple with this card since you don't have to worry about rotating categories or activation. You simply earn 1.5% cash back on all purchases. There's no limit to the amount of cash back you can earn, and rewards don't expire while your account remains open. Plus, you can easily redeem rewards for a statement credit or deposit them into a Bank of America checking or savings account, or an eligible Merrill account.
- Elevated cash back for Preferred Rewards members: Bank of America Preferred Rewards members can increase their cash back earnings by 25%, 50% or 75%, depending on the rewards tier they're in. Here's the cash back breakdown per tier: 1.875% for Gold, 2.25% for Platinum and 2.625% for Platinum Honors members.
- Special financing offers: You can benefit from an introductory 0% APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro period ends, a 18.24% to 28.24% variable APR applies. Ongoing balance transfers carry either a 4% or $0 fee of the amount of each transaction, whichever is greater.
- Earn an intro bonus: Simply spend a minimum of $1,000 in purchases in the first 90 days of account opening to earn a $200 online cash rewards bonus.
Is the Bank of America® Unlimited Cash Rewards credit card Right for You?
If you have an existing banking or investing relationship with Bank of America, this card can make a great addition to your wallet. Bank of America Preferred Rewards members have the potential to earn up to 2.625% cash back on every purchase, which is an unmatched rate for all purchases. That said, the account balance required for higher Preferred Rewards tiers is out of reach for most people.
Checking your credit score is a good first step to take before applying for this card since Bank of America credit cards typically require good to excellent credit. If your credit score isn't within that range, you can use Experian CreditMatch™ to find credit cards that fit your credit profile.
If you want to earn even more cash back, consider cash back cards that offer 2% back, like the Wells Fargo Active Cash® Card (Rates & Fees), with its unlimited 2% cash rewards rate on purchases.