Bank of America® Unlimited Cash Rewards card or Capital One Venture Rewards card: find the best choice!
Which card is better: Bank of America® Unlimited Cash Rewards or Capital One Venture Rewards card? In this comparison, we put these two credit cards side by side to see which one is the best fit for you.
by Danilo Pereira
Bank of America® Unlimited Cash Rewards credit card or Capital One Venture Rewards card: Cash Rewards or Miles? Either way, we get you covered.
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.
A step-by-step guide for you to apply for the Bank of America Unlimited Cash Rewards today!
|Bank of America® Unlimited Cash Rewards credit card||Capital One Venture Rewards credit card|
|Sign-up bonus||$200 once you’ve made $1,000 in purchases in the first 90 of account opening||60,000 bonus miles after spending $3,000 in the first 3 months from account opening|
|Rewards||1.5% cash back for non-Preferred Rewards’ members;|
Up to 2.62% for Preferred Rewards members
|2 miles per dollar on all purchases;|
5 miles per dollar on hotels booked through Capital One Travel;
5 miles per dollar on car rentals
|Other perks||Prefered Rewards members have access to ID theft protection, the Visa Signature Hotel Collection, loan rate reductions, and more.||Access to airport lounges;|
No foreign transaction fees;
Up to $100 application fee credit for Global Entry or TSA PreCheck.
|APR||Variable 14.24% – 24.24%||15.99%, 20.99%, or 23.99%, based on your creditworthiness.|
Bank of America® Unlimited Cash Rewards credit card
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.
- No limited redemption amount
- Additional interest on deposit accounts
- No minimum cash redemptions
- 1.5% cash back isn’t so great
- High requirements to get maximum benefits
- No bonus categories
Capital One Venture Rewards credit card
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.
- 5 miles per dollar in travel purchases and 2 miles in every other purchase (terms apply
- No foreign transaction fees.
- Travel and car rental insurance
- No domestic travel options to redeem miles.
- Good/excellent score required for approval
- Redeeming your miles as cashback will significantly decrease its value
Bank of America® Unlimited Cash Rewards or Capital One Venture Rewards: still not sure which is the best card option for you?
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.
About the author / Danilo Pereira
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