Bofa Credit Card Services – Bank of America® Unlimited Cashback Rewards Review: Unlimited 1.5% Cash Back on All Purchases No Annual Fee
The rewards you earn with the Bank of America® Unlimited Cash Rewards Credit Card never expire, so you can redeem them at any time as long as your account is open.
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Why we love this card: The Bank of America® Unlimited Cash Rewards Credit Card offers unlimited 1.5% cash back on all purchases with no annual fee. If you’re a Preferred Rewards member, you can earn even more rewards.
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The Bank of America® Unlimited Cash Rewards Credit Card is a great credit card with no annual fee. With unlimited cash for every purchase, you don’t have to worry about reward limits. That said, other cash-back credit cards offer higher rewards at similar rates, so you may want to shop around, especially if you travel frequently, as this card has a high foreign transaction fee.
The Unlimited Cash Rewards credit card eschews tiered rewards categories in favor of 1.5% cash back on all purchases. Bank of America Preferred Rewards members can earn even higher rewards, earning anywhere from 25% to 75% more cash back on every purchase. This equates to a rate of return of 1.87% to 2.62%. This can make it a good choice for people who hate keeping track of categories that change every month.
However, non-Preferred Rewards members may do better elsewhere, as the maximum cash back rate offered on annual fee cash cards is not 1.5%. Likewise, if you don’t mind following rotating categories, you can earn more with a card that offers more rewards in certain categories.
New customers can earn a $200 online bonus by spending at least $1,000 in purchases within the first 90 days of account opening. Once you reach this threshold, your rewards will appear in your account within a couple of billing cycles.
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The rewards you earn with the Bank of America® Unlimited Cash Rewards Credit Card never expire, so you can redeem them at any time as long as your account is open. You can redeem tickets in a number of ways:
Rewards can be applied to an existing credit card or credit to Merrill Cash Management. You can also deposit your rewards directly into a Bank of America checking or savings account or as a contribution to a Merrill 529 account.
There is no minimum payment amount when you choose to apply gifts to your credit card balance or deposit them as a one-time payment into a Bank of America or Merrill Cash Management account. However, you must deposit at least $25 in your 529 account or have automatic payments made to other accounts.
You can redeem rewards for purchases on Amazon.com or when you sign up with PayPal for eligible purchases. If you feel like it, you can also donate through the PayPal Giving Fund.
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The Bank of America® Unlimited Cash Rewards Credit Card is a solid choice for those who don’t want to change reward categories or annual fees. With unlimited 1.5% cash back – up to 2.62% for Preferred Rewards members – on all purchases, you’ll never have to wonder what you’re getting.
However, in this annual free competition rewards category, a card only and other opportunities may provide higher rewards for non-reward members. The Bank of America® Unlimited Cash Rewards Credit Card does not include additional perks such as travel rewards. Foreign transaction fees also make it a bad choice for frequent travelers.
There are many credit cards with no annual fees, and it pays to compare options before applying. One of the following credit cards, similar to the Bank of America® Unlimited Cash Rewards Credit Card, may be a better fit for you.
The Fidelity® Rewards Visa Signature® Credit Card is an annual fee cash back credit card, but unlike Bank of America Unlimited Cash Rewards, the Fidelity Card offers unlimited 2% cash back on all purchases.
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Also, the Fidelity card has no foreign transaction fee, compared to a 3% fee with the Bank of America Card. The Fidelity card also offers travel benefits such as hotel and car rental benefits, emergency services and lost luggage reimbursement.
Just like a Bank of America card, you can deposit Fidelity Visa rewards into your applicable Fidelity account or 529 account. Both cards offer a $0 fraud guarantee.
Like Bank of America® Unlimited Cash Rewards, the Chase Freedom Unlimited® Credit Card has no annual fee and earns 1.5% cash back on all purchases. But unlike the Bank of America card, the Freedom Unlimited® card offers 5% cash back on travel, 3% cash back on dining (including travel and qualifying services) and 3% cash back on purchases made through the Chase Ultimate Rewards portal. returns. shopping at pharmacies.
The Chase card also provides additional benefits such as purchase protection, travel insurance, extended liability coverage and car rentals. You can also visit the Chase Ultimate Rewards Portal where you can travel with your rewards.
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The Bank of America® Unlimited Cash Rewards Visa Signature Credit Card offers 1.5% cash back with no annual fee on every purchase.
Bank of America® Unlimited Cash Rewards credit limits vary based on your creditworthiness. A higher credit score requires good or excellent credit.
If your current credit card offers fewer rewards or charges an annual fee, you may want to switch to a Bank of America® Unlimited Cash Rewards credit card. With a flat cash back plan that offers unlimited 1.5% cash back on all purchases, the Bank of America card is a solid choice for everyday purchases.
The card is an especially good option for Bank of America Preferred Rewards members, who can earn up to 25% to 75% back on every purchase. However, if you’re a frequent traveler or don’t mind tracking rotating rewards categories, the Bank of America® Unlimited Cash Rewards Credit Card may not be worth it.
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Please note that card information is accurate as of the date issued, but may change at any time at the discretion of the issuer. Please contact your card issuer to confirm rates, fees and benefits before applying.
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Bank Of America: More Rewards Day (extra 2%/2x On 11/09/23)
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Earn 2x points for every $1 spent on travel and dining. Earn 1.5x points for every $1 you spend on all other purchases.
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60,000 online bonus points after making at least $4,000 in purchases within the first 90 days of account opening
The Bank of America® Premium Rewards® Credit Card is perfect for people who want a travel card with strong points and top perks without a high annual fee.
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The Bank of America® Premium Rewards® Credit Card is perfect for people who want a travel card with strong points and top perks without a high annual fee. Plus, if you’re a Bank of America Preferred Rewards customer, you can earn up to 75% more points on your spending.
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