Bank of America Launches Unlimited Cash Rewards Card With Cash Back

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A new rewards credit card has just hit the market: The Bank of America® Unlimited Cash Rewards Card is entering a crowded cash back card realm. The Unlimited Cash Rewards Card is a no annual fee card that earns 1.5% cash back on purchases with the possibility of earning a higher cash back rate if you are a Bank of America Preferred Rewards.

The Unlimited Cash Rewards Card offers a simple rewards program with a touch. The card earns 1.5% cash back on everything, but it also allows you to take advantage of Bank of America’s Preferred Rewards program, which gives you the chance to receive an additional 25% to 75% increase on your rewards, based on your preferred rewards program. member level.

Bank of America joins Wells Fargo and Citigroup who have both rolled out new redemption cards in recent months.

“Some customers choose to have lump sum refund products and we have noticed that some of our customers go elsewhere to look for this type of product because Bank of America does not offer it,” Jason Gaughan, Head of Consumer Card Products at said Bank of America.

The card offers a solid welcome bonus of $ 200 if you spend $ 1,000 in the first three months after opening the card and a 15-month 0% introductory period on balance transfers and purchases (after, APR variable from 13.99% to 24.99%). It also has a 3% overseas transaction fee, so it’s not a good card for international travelers.

You can redeem your cash back as a statement credit, direct deposit to a Bank of America checking or savings account, or credit to an eligible Merrill® account.

Increase your cash back earnings with Preferred Rewards

To become a member of the Preferred Rewards program, you will need at least $ 20,000 invested in a Bank of America® deposit and / or Merrill® investment account.

There are three levels of preferred rewards. If you are in the highest level, Platinum Honors, you earn 2.625% on purchases with the Unlimited Cash Rewards card. If you are in the lowest level, Gold, you will receive 1.875% in return, and if you are in the middle level, Silver, you will earn 2.25% in silver.

“… It pays to have a relationship, or a full relationship, with us [Bank of America]. The more you do with us, the more you are rewarded, ”said Don Vecchiarello, spokesperson for Bank of America.

The ability to earn a higher cash back rate by being a Preferred Rewards member, up to 2.625%, potentially makes the Unlimited Cash Rewards card the best flat rate cash back card currently on the market. Most other cash back cards offer 1.5% to 2% cash back rates, and cards with 5% higher cash back rates usually have rotating categories or spending limits.

Other flat rate reimbursement cards

While cardholders have the opportunity to earn more by being a member of the Preferred Rewards program, there are other cash back cards on the market with better rewards systems if you are not a member. Bank of America’s new product competes with other well-known cards in the cash rewards business, namely Wells Fargo Active Cash.SM Card, the Chase Freedom Unlimited® and the Citi® Double Cash Card Card. Some, like the Active Cash card, offer a welcome bonus and a 0% APR introductory period.

Wells Fargo Active Cash offers 2% cash rewards on all qualifying purchases and a $ 200 cash welcome bonus if you spend $ 1,000 within the first three months of opening the account.

Wells Fargo Active Cash Card℠

  • Awards

    2% unlimited cash rewards on purchases

  • Welcome bonus

    $ 200 cash rewards bonus after spending $ 1000 on purchases in the first 3 months of account opening

  • Annual subscription

  • Intro APR

    0% APR on qualifying purchases and balance transfers during the first 15 months from account opening

  • Regular APR

    14.99% to 24.99% variable on purchases and balance transfers

  • Balance transfer fees

    3% launch fee ($ 5 minimum) for 120 days from account opening, then up to 5% ($ 5 minimum)

  • Foreign transaction fees

  • Credit needed

Chase Freedom Unlimited offers 1.5% cash back on all purchases plus 5% on grocery purchases, up to $ 12,000 in the first year, 3% on restaurants and drugstores and 5% discount on trips purchased through Chase Ultimate Rewards®. The Unlimited also has a welcome bonus of $ 200, but you will only have to spend $ 500 in the first three months after opening the account.

Chase Freedom Unlimited®

  • Awards

    Earn 5% cash back on grocery store purchases (excluding Target® or Walmart® purchases) up to $ 12,000 spent in the first year, 5% cash back on trips purchased through Chase Ultimate Rewards®, 3% on meals (including take-out) and pharmacies and 1.5% on all other purchases

  • Welcome bonus

    $ 200 cash back after spending $ 500 on purchases in the first 3 months after opening the account

  • Annual subscription

  • Intro APR

    0% for the first 15 months on purchases

  • Regular APR

    14.99% to 23.74% variable on purchases and balance transfers

  • Balance transfer fees

    Either $ 5 or 5% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

    3% of each transaction in US dollars

  • Credit needed

Citi® Double Cash Card

  • Awards

    2% Cash Back: 1% on all qualifying purchases and an additional 1% after paying your credit card bill

  • Welcome bonus

  • Annual subscription

  • Intro APR

    0% for the first 18 months on balance transfers; N / A for purchases

  • Regular APR

    13.99% – 23.99% Variable on purchases and balance transfers

  • Balance transfer fees

    Either $ 5 or 3% of the amount of each transfer, whichever is greater

  • Foreign transaction fees

  • Credit needed

At the end of the line

Whichever cash back card you choose, the unlimited cash rewards card offers the potential to earn the highest cash back rate, on all purchases, of many cards. You will just need to be at least a Gold or Platinum Preferred Rewards member to collect these rewards.

The information on the Bank of America Unlimited Cash Rewards Card was independently collected by Select and was not reviewed or provided by the card issuer prior to publication.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

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About Joan Ferguson

Joan Ferguson

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