Both the Bank of America® Unlimited Cash Rewards and the Capital One Venture Rewards card come with a robust rewards program which is going to help you make the most out of your spending.

Whether you are a frequent traveler looking to maximize mileage or a penny hoarder eager to get as much money back from your purchases as possible, both of these cards will give you substantial welcome bonuses.

However, when it comes down to the fine print they are significantly different and tailored with two separate and distinct sets of demands. Furthermore, these cards are not meant to just anyone. Both require excellent credit score and substantial cash flows for you to enjoy their benefits at its maximum.

Have a look at the comparison between the Bank of America® Unlimited Cash Rewards and the Capital One Venture Rewards.

The Bank of Bank of America® Unlimited Cash Rewards can be either a regular cashback card or a super cashback card, depending on your relationship status with Bank of America.

In order to fully enjoy its benefits you must qualify for Bank of America’s Preferred Rewards program. Clients are ranked as Gold, Platinum or Platinum honors depending on the amount of assets they keep across Bank of America deposit accounts or Merrill investing accounts.

Gold clients have at least $20,000 in assets, Platinum clients have at least $50,000 and Platinum Honors ones have at least $100,000. So the Bank of Bank of America® Unlimited Cash Rewards card is a very exclusive card, and may only become an advantageous option if you’ve already reached a certain level of financial success.

Even though this card offers a number of benefits and perks, its main focus is maximizing cash back rewards. If you don’t qualify for the Preferred Rewards program, you earn 1.5%. But once you have reached Gold status, rewards start to become juicier.

Gold clients earn 1.87% cash back on all purchases, while Platinum clients earn 2.25% and Platinum Honors earn a substantial 2.62%. Remember, we are not talking about bonus categories here. These are every-purchase earnings you seldom find in the market.

Let’s wrap this up with a few benefits and cons of the Bank of Bank of America® Unlimited Cash Rewards.

Frequent travelers will be well served by the Capital One Venture Rewards card. How does $600 worth of miles as a welcome bonus sound to you? 

Just wait until you hear about the extra travel perks it offers. You will be covered from end to end when you travel, From car rental insurance to airport lounges, to purchase protections and zero foreign transaction fees.

The card isn’t just for anyone who wishes to get their hands on some succulent mileage though. In order to get it you must have an excellent credit score, and make enough purchases to justify its $95 annual fee.

The card doesn’t work with bonus categories. This is good if you like simplicity. But if you are an optimizer who likes to do some heavy lifting when it comes to extracting everything you can from credit cards, it’s not such a huge advantage.

The card’s rewards are flexible and easily redeemable not only for airline purchases, but also hotel reservations or statement credit. They can be transferred to over 15 travel partners as well, although transfer ratios are at less than 1:1 ratio, and airline partners do not include any large U.S. airlines.

We are going to put some of the above mentioned pros and cons side by side so that you can get a clear picture to weigh them in and make an informed decision.

Choosing a credit card that fits your needs can be a daunting task. There are so many choices out there, it’s easy to get overwhelmed and just let go. But doing this kind of heavy lifting does pay off once you start cashing in on those nice rewards.

If none of the above mentioned cards are what you are looking for, you might want to check out another option we have prepared for you in the link below.