Bank of America Unlimited Cash Rewards – How To Apply
The Bank of America Unlimited Cash Rewards card offers a straightforward way to earn cash back.
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Offering 1.5% cash back on every purchase and no annual fee, it’s a simple choice for anyone who values ease and flexibility.
here are no rotating categories to keep track of, so you can earn rewards on everything you buy.
In this overview, we’ll take a closer look at its features, advantages, and what you need to consider before deciding if it fits your needs.
Bank of America Unlimited Cash Rewards
No Annual Fee High APRHow does Bank of America Unlimited Cash Rewards Credit Card work?
The Bank of America Unlimited Cash Rewards Credit Card offers 1.5% cash back on every purchase, with no limits or rotating categories.
New cardholders can earn a $200 bonus after spending $1,000 in the first 90 days. Cash back can be redeemed as a statement credit, direct deposit, or for gift cards and donations.
The card has no annual fee and includes perks like mobile app access for account management.
Eligible customers can earn even more cash back through the Preferred Rewards program.
Main benefits of Bank of America Unlimited Cash Rewards Credit Card
The Bank of America Unlimited Cash Rewards Credit Card offers several key benefits that make it an attractive option for many cardholders:
- Unlimited 1.5% Cash Back: You earn a straightforward 1.5% cash back on every purchase, with no limits or rotating categories to track. This makes it easy to earn rewards on all types of spending.
- $200 Bonus: New cardholders can earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days. This provides an immediate boost to your rewards balance.
- No Annual Fee: There’s no annual fee, which helps you keep your costs down while still enjoying the benefits of earning cash back on everyday purchases.
- No Foreign Transaction Fees: This card doesn’t charge foreign transaction fees, making it a solid option for those who travel abroad.
- Mobile App and Account Management: With the Bank of America mobile app, you can easily track your spending, manage your rewards, and stay on top of your account.
- Preferred Rewards Program: If you’re a Bank of America customer with an eligible checking or savings account, you can qualify for the Preferred Rewards program, which increases your cash back earning potential.
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Cons of Bank of America Unlimited Cash Rewards Credit Card
While the Bank of America Unlimited Cash Rewards Credit Card offers several advantages, it also has a few potential drawbacks to consider:
- High APR: The card comes with a relatively high interest rate, which can be costly if you carry a balance month to month. It’s important to pay off your balance in full to avoid interest charges.
- Limited Rewards Potential: While the 1.5% cash back on all purchases is consistent, some other credit cards offer higher rewards in specific categories, such as 2% or 3% cash back on dining, travel, or other categories.
- Foreign Transaction Fees: Although the card doesn’t charge foreign transaction fees, it’s worth noting that the benefits may not be as appealing for international travelers compared to other cards that offer additional travel perks or higher rewards on foreign purchases.
APR and fees
The Bank of America Unlimited Cash Rewards Credit Card has an APR ranging from 18.24% to 28.24% for purchases and cash advances, depending on your creditworthiness.
If you miss a payment, the penalty APR can increase to 29.99%. There is no annual fee, making it a cost-effective choice.
However, there are cash advance fees of $10 or 3% of the amount, and a late payment fee of up to $40. The card also has no foreign transaction fees, making it a good option for international travel.
How to apply for the Bank of America Unlimited Cash Rewards Credit Card
To apply for the Bank of America Unlimited Cash Rewards Credit Card, follow these simple steps:
- Visit the Bank of America Website: Go to the official Bank of America website and navigate to the credit card section. Look for the Unlimited Cash Rewards Credit Card under the available offers.
- Check Eligibility: Before applying, ensure you meet the eligibility requirements, which typically include a good to excellent credit score. Bank of America may also consider your income, credit history, and other factors.
- Complete the Application: Click on the “Apply Now” button and fill out the application form. You’ll need to provide personal information, such as your name, address, date of birth, Social Security number, income, and employment details.
- Review and Submit: After filling out the form, review your information to ensure everything is correct. Once you’re confident, submit your application.
