Unlimited Cash Rewards from Bank of America Review

As a financial expert, I often get asked about the best credit cards for maximizing cash back rewards. One card that consistently stands out for its simplicity and generous rewards is the Unlimited Cash Rewards from Bank of America. This card offers a straightforward 1.5% cash back on all purchases, a $200 cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening, and a $0 annual fee. It also features a 0% introductory APR for the first 15 statement closing dates following the opening of your account. Let’s dive into a comprehensive review to see if this card is the right fit for you.

Unlimited Cash Rewards from Bank of America Key Takeaways

Cash Back Rewards

– 1.5% Cash Back on All Purchases: This feature ensures that you earn cash back on every dollar you spend, without any categories to track or limits to worry about.

Sign-Up Bonus

– $200 Cash Rewards Bonus: You can earn a $200 cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening. This is a great incentive for new cardholders.

Introductory APR

– 0% Introductory APR: Enjoy a 0% introductory APR for the first 15 statement closing dates on both purchases and balance transfers made within 60 days of opening the account. This can be a significant advantage if you plan to make a large purchase or transfer existing debt.

Ongoing APR

– Variable APR: After the introductory period, the APR ranges from 18.24% to 28.24% for purchases and balance transfers, depending on your creditworthiness.

Fees

– No Annual Fee: There is no annual fee, making this card cost-effective for long-term use.
– Transaction Fees: Balance transfer and cash advance fees apply, which are either $10 or 3% of the transaction amount, whichever is greater.

Credit Score Requirement

– Good to Excellent Credit (670-799): This card is ideal for those with good to excellent credit scores.

Unlimited Cash Rewards from Bank of America Pros and Cons

Pros

No Annual Fee

One of the major advantages of this card is that it has no annual fee. This means you can keep the card open and continue to earn rewards without worrying about an annual cost.

Introductory APR Period

The 0% introductory APR for the first 15 statement closing dates is a standout feature. It provides a significant window to make large purchases or transfer balances without incurring interest.

Simple Cash Back Structure

The 1.5% cash back on all purchases makes it easy to earn rewards without having to track spending categories or worry about limits.

Sign-Up Bonus

The $200 cash rewards bonus is a compelling incentive for new cardholders, especially since the spending requirement is relatively low at $1,000 within the first 90 days.

Cons

Penalty APR

The penalty APR can be as high as 29.99%, which can be quite punitive if you miss a payment. It’s crucial to make timely payments to avoid this high-interest rate.

High Ongoing APR

After the introductory period, the APR ranges from 18.24% to 28.24%, which can be high compared to other cards. This makes it less ideal for carrying a balance.

Foreign Transaction Fee

The card charges a foreign transaction fee, which can add up if you frequently travel internationally. This makes it less suitable for global travelers.

Unlimited Cash Rewards from Bank of America Benefits

1.5% Cash Back on All Purchases

This is the hallmark feature of the Unlimited Cash Rewards card. The flat rate of 1.5% cash back on every purchase ensures that you consistently earn rewards without any hassle. Unlike other cards that offer higher cash back rates in specific categories, this card keeps it simple—no need to sign up for rotating categories or remember to use the card for specific types of purchases.

$200 Cash Rewards Bonus

The sign-up bonus is a substantial benefit, especially given the relatively low spending threshold of $1,000 within the first 90 days. This bonus can be particularly valuable for new cardholders looking to maximize their initial rewards.

0% Introductory APR

The 0% introductory APR for the first 15 statement closing dates is highly beneficial for those planning large purchases or needing to transfer existing balances. This can provide significant savings on interest charges during the introductory period.

No Annual Fee

The absence of an annual fee makes this card an attractive option for long-term use. You can keep the card open without worrying about an annual cost eating into your rewards.

Payment Flexibility

The card offers flexible payment options, allowing you to manage your finances more effectively. You can pay your bill online or through the mobile app, making it convenient to stay on top of your payments.

Fraud Protection

Bank of America offers robust fraud protection features, including real-time alerts for suspicious activity and zero liability for fraudulent transactions. This provides peace of mind and ensures that your account remains secure.

Free Credit Score

Cardholders have access to their FICO® Score for free, which can be a valuable tool for monitoring your credit health and identifying areas for improvement.

Good to Excellent Credit Requirement

The card is designed for individuals with good to excellent credit scores (670-799). If you fall within this range, you have a good chance of being approved and benefiting from the card’s features.

Conclusion

The Unlimited Cash Rewards from Bank of America is a solid choice for those seeking a straightforward cash back card with no annual fee. The 1.5% cash back on all purchases, combined with a $200 cash rewards bonus and a 0% introductory APR, makes it a compelling option for everyday spending and larger purchases. However, the card does come with a high ongoing APR and a penalty APR that can be quite steep, so it’s essential to make timely payments and avoid carrying a balance if possible. Additionally, the foreign transaction fee makes it less suitable for frequent international travelers.
Overall, if you have good to excellent credit and are looking for a simple, no-annual-fee card that offers consistent cash back rewards, the Unlimited Cash Rewards from Bank of America is worth considering. Its combination of benefits and ease of use makes it a valuable addition to your wallet.