Note: Some information in this post might be outdated. For the most current documentation and updates, please refer to the product’s original page.

The Bank of America® Unlimited Cash Rewards credit card offers a 1.5% unlimited cash back reward on all your purchases.  You can redeem your rewards as either a direct deposit into a Bank of America account or in the form of a card statement credit. No minimum redemption requirements, no limited amount of rewards, and zero annual fees. 

It’s a decent offer, but if you compare it with other cards that earn 1.5% on general purchases and up to 5% on specific bonus categories, or even a flat 2% cash back on all purchases, this card doesn’t really catch the eye. 

That is, if you haven’t yet achieved Gold, Platinum or Platinum Honors status in Bank of America’s Preferred Rewards Program. If you have that, your cash back earnings get a boost, and the meager 1.5% can go as high as 2.62%.

Have a look at a few key points about this product to see if it’s the right fit for your wallet.

In order to enjoy the best this card has to offer you must qualify for Bank of America’s Preferred Rewards program. The program has different tiers for different levels of relationship customers have with the bank. Gold, Platinum or Platinum Honors customers hold a minimum amount of assets across Merrill investing accounts and Bank of America deposit accounts.

The minimum amount required to achieve Gold status is $20,000 in assets, Platinum is $50.000 and Platinum Honors is $100,000. For that reason, this card may only become a viable option once you’ve reached a certain level of financial success. You know what they say: money makes money.

Now that you’ve been properly introduced to the wonders of this fantastic product, it’s time we take a look at its pros and cons for clarity’s sake.

Yes. This card has a lot to offer its holders, so they require something in return: that you are able to meet your financial obligations. A good to excellent credit score will usually do the job in proving that’s you.

The Bank of America® Unlimited Cash Rewards card is an excellent choice if you qualify for Bank of America’s Preferred Rewards program. The application process is simple and quick, so we’ve decided to make things easier for you and give you a step-by-step guide of the whole process below.

Go to Bank of America’s website. At the top of the page you will find the Credit Cards tab. Click on it to view a dropdown menu, and then select Cash Back Credit Cards.

Scroll down and click “Check Offers”. You will be offered the option of logging to a Bank of America account. If you qualify for the Preferred Rewards program, odds are you have an account, but if you don’t, go ahead and click to continue without logging in.

The website is going to require that you provide your first and last name, date of birth and Social Security number in order to continue. Once you hit continue, you must enter your home address. Then you have to inform your citizenship status, Social Security number and country of residence.

Once you hit Save and Continue, you are going to have to enter your employment status, annual income, source of income and monthly housing payment. You will also find the options to transfer a balance to your new credit card and add a new cardholder. Now hit save and continue.

You are almost done! Now, review the terms and conditions as the website is going to present them to you, check the box to confirm you acknowledge the terms, and hit save and continue again. Now review your information, and if everything is in place, hit “Submit my application”. 

You made it! You will receive your Bank of Bank of America® Unlimited Cash Rewards card in just a few business days.

If the Bank of Bank of America® Unlimited Cash Rewards credit card doesn’t sound appealing to you, we have an alternative.

Maybe you haven’t achieved Gold, Platinum or Platinum Honors status. In that case, you might want to consider the Chase Freedom Unlimited® card. It offers great cash back rewards and charges $0 annual fees.