Credit Cards

Bank of America® Unlimited Cash Rewards credit card full review

The Bank of Bank of America® Unlimited Cash Rewards credit card offers the best rewards for customers who keep a minimum account balance. Read our review to learn more about this product!

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by Danilo Pereira

Published on 04/22/2022

Bank of America® Unlimited Cash Rewards credit card: earn up to 2.62% cash back on all your purchases.

BofA logo
Bank of America® Unlimited Cash Rewards credit card full review. Source: Stealth Capitalist.

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.

Bank of America® Unlimited Cash Rewards credit cards

Bank of America Unlimited Cash Rewards application

A step-by-step guide for you to apply for the Bank of America Unlimited Cash Rewards today!

Sign-up bonus$200 once you’ve made $1,000 in purchases in the first 90 of account opening
Annual fee$0
Rewards1.5% cash back for non-Preferred Rewards’ members
Up to 2.62% for Preferred Rewards members
Other perksPrefered Rewards members get ID theft protection, access to the Visa Signature Hotel Collection, loan rate reductions, and others.
APRVariable 14.24% – 24.24%

How does Bank of America® Unlimited Cash Rewards credit card work?

bank of america cash back
How does this card works? Source: Adobe Stock

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.

Bank of America® Unlimited Cash Rewards credit card pros and cons

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.

Pros

  • No minimum cash redemptions
  • $0 annual fee
  • No limited redemption amount

Cons

  • High requirements to get maximum benefits
  • 1.5% cash back isn’t so great
  • No bonus categories

My credit score needs to be good?

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.

Want to apply for the Bank of America® Unlimited Cash Rewards card?

You can apply online directly on Bank of America’s webpage. Just click on apply, add your personal info and the other information they require, and once they’ve run a credit check you will be getting the card in the shipping mail you’ve provided. 

We’ve prepared a step-by-step guide to help you through the application process in the link below.

Bank of America® Unlimited Cash Rewards credit cards

Bank of America Unlimited Cash Rewards application

A step-by-step guide for you to apply for the Bank of America Unlimited Cash Rewards today!

About the author  /  Danilo Pereira

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