The Bank of America Unlimited Cash Rewards Card is designed for everyday spending with simple cash-back benefits. This Bank of America Unlimited Cash Rewards guide explains rewards, fees, rates, and features.
It also covers the application process and what to expect as a cardholder. Use this guide to decide if the card matches your financial needs.
Understanding the Bank of America Unlimited Cash Rewards Card
The Unlimited Cash Rewards Card is designed for people who want simple cash back without complicated categories. It offers flat-rate rewards and strong security features for everyday use.
Who the Card is Best For?
This card is best suited for individuals who spend consistently in many categories rather than focusing on travel or groceries. It appeals to users who prefer reliable cash back instead of rotating bonus categories.
Those who already bank with Bank of America may benefit more due to the Preferred Rewards program. In addition, it works well for people who pay balances in full and avoid high interest charges.
Rewards Program Overview
Cash-back programs are one of the main reasons people consider this card. The Unlimited Cash Rewards Card offers a strong combination of benefits during the first year and afterward.
Rewards are applied automatically and can be tracked through online banking or the mobile app. The program is flexible and does not limit categories, making it easy to earn consistently.
Core Reward Benefits
You earn 2% cash back on all purchases during the first year from account opening. After the first year, rewards continue at an unlimited 1.5% cash back rate.
Unlike some cards, rewards do not expire as long as the account is active. This ensures steady value for both short-term and long-term use.
Preferred Rewards Program
Bank of America Preferred Rewards members can earn additional cash back on every purchase. Depending on the tier, you may earn between 25% and 75% more rewards.
This bonus is added on top of the base cash-back rate. For loyal Bank of America customers, this program creates more long-term value.
Welcome Bonus Offer
New cardholders are often drawn to the introductory bonus. Bank of America offers a one-time cash bonus for meeting early spending requirements.
This incentive can give your rewards balance a significant boost in the first few months. The process for earning the bonus is straightforward.
$200 Online Cash Rewards Bonus
You can earn a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days. This bonus is applied to your account as statement credit.
It is a simple requirement compared to other cards that may need higher spending. This makes it appealing to a wide range of applicants.
Interest Rates and APRs
Understanding the interest rates is critical before applying. While the card has valuable introductory benefits, rates can rise significantly later.
If you plan to carry a balance, the APR structure must be considered carefully. Below is a breakdown of the card’s interest-related details.
Introductory APR
The Unlimited Cash Rewards Card offers a 0% introductory APR for the first 15 billing cycles on purchases. Balance transfers made within the first 60 days also qualify for this 0% APR.
This can be useful if you want to consolidate debt or make large purchases without immediate interest. However, it is important to pay off balances before the promotional period ends.
Standard APR and Balance Transfer Fees
After the introductory period, the card carries a variable APR ranging between 18.24% and 28.24%, depending on your credit profile. A 3% balance transfer fee applies during the first 60 days, which later increases to 4%.
These fees and rates are typical of many rewards cards but highlight the importance of timely payments. Failing to pay balances can quickly offset the value of rewards.
Fees and Costs
The card has no annual fee, making it easy to keep long term. Other fees exist, but they can be avoided with responsible use.
Annual Fee and Other Charges
This card has no annual fee, making it cost-effective compared to premium rewards cards. Foreign transaction fees may apply when using the card abroad. L
ate payments can also result in penalty fees, reducing the benefit of rewards. Understanding these costs helps you manage the card responsibly.
Security and Features
Security and account management are essential in any credit card. Bank of America includes several built-in features to protect users and enhance convenience. These tools make the card safer to use online, in-store, and while traveling.
Fraud Protection and Contactless Payments
You receive a $0 Liability Guarantee for fraudulent transactions, offering peace of mind. The card also uses contactless chip technology for faster and secure purchases.
With millions of locations accepting tap-to-pay, this feature adds convenience. These protections are important in today’s digital payment environment.
Account Tools and Alerts
You can set up account alerts to monitor balances and due dates. Overdraft protection is available when linking the card to a Bank of America checking account.
Digital Wallet compatibility allows payments via Apple Pay, Google Pay, and Samsung Pay. You can also access your FICO® Score monthly for free.
Online and Mobile Banking Benefits
Managing your account digitally is a major advantage. Bank of America online banking and its mobile app help track rewards, make payments, and monitor transactions.
These tools provide real-time access to your card activity. They also increase convenience for on-the-go account management.
Eligibility and Application Requirements
Bank of America usually requires good to excellent credit for approval. An existing relationship and verified income details may also improve your chances.
How to Apply?
You can apply for the card using different methods. The process is simple, and decisions are usually fast once your information is verified.
- Apply online through the Bank of America website.
- Apply by calling 800.932.2775 and use the priority code TC04AU if required.
- Provide standard details such as income, employment, and Social Security number.
- Receive an instant approval decision in many cases.
Online and Phone Application
You can apply directly through the Bank of America website. Another option is to call 800.932.2775 and apply with the provided priority code TC04AU.
Both methods require standard information such as income, employment, and Social Security number. Once submitted, you may receive an instant decision.
Pros and Cons of the Card
Like all credit cards, this one has advantages and disadvantages. Reviewing them can help you decide if it fits your needs.
Pros
Here are the main benefits of the card explained briefly.
- No annual fee makes it affordable to keep long term.
- Simple cash-back structure with no categories to track.
- Strong security features including fraud protection and alerts.
- Potentially higher rewards through Preferred Rewards.
Cons
Here are the key drawbacks of the card explained briefly.
- Cash back rate drops to 1.5% after the first year.
- High variable APR after introductory period.
- Foreign transaction fees may apply.
- Balance transfers carry fees that can reduce value.
Frequently Asked Questions
Readers often have recurring questions about this card. Below are common answers that provide clarity.
- Rewards do not expire as long as the account is open.
- The $200 bonus is credited once spending requirements are met.
- Balance transfers do not earn cash-back rewards.
- Preferred Rewards bonuses are applied automatically once you qualify.
- Approval typically requires a good to excellent credit score.
Contact Information
For applications, visit the Bank of America website or call 800.932.2775. Use the priority code TC04AU if required during the process.
For detailed information, review the official rates and fees page. Customer support can provide additional assistance if needed.
Conclusion – Is This Card Right for You?
The Bank of America Unlimited Cash Rewards Card provides consistent value with a simple structure. It is a strong choice for those who prefer cash back without complex rules.
While the APR can be high after the introductory period, paying balances in full avoids this issue. If you want a reliable rewards card with no annual fee, this option is worth serious consideration.
Disclaimer: All terms and conditions are subject to change by Bank of America. APRs and fees vary depending on your credit profile. Balance transfers cannot be used to pay other Bank of America accounts. It is important to read the full card agreement before applying.
