Bank of America Unlimited Cash Rewards credit limit: Hello everyone, welcome. If you’re new here, my name is Josh. In today’s Article, I’m going to talk about the Bank of America Unlimited Cash Rewards Credit Card. I will consider the main features of the card, its pros and cons. Hopefully, by the end of this Article, you will understand whether this credit card is right for you.
Main Card Functions
First, there’s a $200 sign-up bonus if you can spend at least $1,000 within the first 90 days of opening your account. For most people, this should not be too difficult to achieve. Again, the $200 sign-up bonus is definitely a plus with this credit card.
Plus, you’ll earn 1.5% cashback on all your transactions and purchases, regardless of category. In short, for every €100 spent you get €1.50 cashback, which is definitely a decent amount on average. It’s not great, but it’s not terrible either.
NO ANNUAL FEE
You get all this without paying an annual fee. With no annual fee on this card, you won’t wonder if paying the annual fee is worth it considering the benefits you get. So there is certainly nothing to lose.
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Preferred Rewards Program
In addition to the flat 1.5% cashback you can earn with this credit card, you can earn even more cashback with Bank of America’s Preferred Rewards program. You can get 25% to 75% more cashback on every purchase.
This works at different levels, depending on how much money you have in your Bank of America Merrill Lynch checking, savings or investment account. These levels include:
- Gold Level: Earn an additional 25% (1.87%) cashback on balances between $20,000 and $50,000.
- Platinum Level: Earn an additional 50% (2.25%) cashback on balances between $50,000 and $100,000.
- Platinum Tier/Diamond Tier: Earn 75% plus cash back (2.62%) on balances over $100,000.
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INTRODUCTORY APRIL 0%
Another great feature of this credit card is that you get 0% APR on purchases and balance transfers for the first 18 months. This is a good option if you have large purchases that you want to pay off over time without interest.
Balance Transfer
If you currently have another credit card with a high interest balance, you can transfer that balance to this card. You get an introductory APR of 0% for the first 18 months. However, be careful about the associated costs.
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Commissions and Fees for International Transactions
While this card offers many benefits, it also comes with certain costs:
- After the effective annual interest rate phase, the interest rate ranges from 17.99% to 27.99%, depending on your ability to pay.
- Each transaction is subject to a 3% balance transfer fee.
- International transaction fees are 3%, making them less suitable for international travel.
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Card Benefits
- Simplicity
If you value simplicity, this card is a good choice. 1.5% cash back on all purchases and no restrictions or expiry dates on rewards makes it easy to use. - NO ANNUAL FEE
There is no annual fee to worry about so there is no need to analyze whether the benefits outweigh the costs. - Intro APR 0%
An 18-month interest-free period is a good option for large purchases or debt consolidation.
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Disadvantages of the Card
- Foreign Transaction Charges
An additional 3% fee on international purchases makes the card less attractive to frequent travelers. - Average Percentage of Return
While 1.5% is competitive, some cards, like the B. Wells Fargo Active Cash, offer 2% cash back on all transactions. - Balance Transfer Fee
A 3% balance transfer fee can offset the savings, especially on larger amounts.
In short, if you value simplicity and prefer a convenient cash back system, the Bank of America Unlimited Cash Rewards Credit Card may be right for you. However, for those looking for higher award rates or travel-related benefits, there are better options.