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.

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.