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Bank of America Unlimited Cash Rewards is a credit card for consumers who want simplicity and consistency in earning cash back.
It offers cash back of 1.5% on all purchases, regardless of the specific category, making it a useful option for everyday use.
This card has no annual fee and the ability to offer maximum cash back to customers with qualifying Bank of America accounts through the Preferred Rewards program.
This is a great option for consumers who prefer straightforward benefits, but may be less appealing for consumers looking for additional travel benefits or higher discounts on certain spending categories.
Bank of America Unlimited Cash Rewards
Earn unlimited No annualHow does Bank of America Unlimited Cash Rewards work?
The Bank of America Unlimited Cash Rewards is a simple and efficient card that offers 1.5% cash back on all purchases, regardless of category.
This cash back accumulates automatically and can be redeemed as a statement credit, direct deposit into your Bank of America account or deposit into your Merrill Investments account.
For customers who participate in the Preferred Rewards program, your cash back can increase by up to 25%, depending on your total qualifying account balance. This makes the card even more advantageous for the bank’s loyal customers.
The card also includes financial management tools such as personalized alerts and spending tracking via the Bank of America app, allowing users to easily track rewards and spending.
Main benefits of Bank of America Unlimited Cash Rewards
One of the main benefits of Bank of America Unlimited Cash Rewards is that it offers 1.5% cash back on all purchases, without the need to monitor categories or limits. Simplicity of the Back program.
Another good thing is that there is no annual fee. This eliminates fixed costs and makes the card more financially attractive.
In addition, eligible Preferred Rewards customers can earn up to 75% more cash back, maximizing the benefits for customers with larger account balances at Bank of America or Merrill.
It also supports digital wallets such as Apple Pay and Google Pay, and there are no international transaction fees, making it convenient for purchases abroad.
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Cons of Bank of America Unlimited Cash Rewards
Despite its simplicity, Bank of America Unlimited Cash Rewards is not the best choice for consumers looking for higher rewards in certain categories, such as travel or dining, possibly.
In addition, while the Preferred Rewards program is beneficial, customers must maintain a large balance in their qualifying account to take advantage of the best benefits. This could limit the card’s appeal to people who are not Bank of America or Merrill customers.
Another thing to consider is that the card does not include additional benefits such as travel insurance, airport lounge access or extended purchase protection. This can be a deciding factor for consumers who value these features.
APR and fees
Bank of America Unlimited Cash Rewards offers an introductory 0% APR on purchases and balance transfers over 18 billing cycles, allowing new cardholders to finance their first purchase interest-free for a period of time or consolidate debt. this.
After this period, the effective annual interest rate varies between 17.99% and 7.99%, depending on the customer’s creditworthiness. The card has no annual fee, so it is economically advantageous.
In addition, there are no international transaction fees, which makes it ideal for purchases made abroad or on foreign websites.
Balance transfers are subject to a fee of 3% of the amount transferred (minimum $10). If you want to take advantage of this benefit, you need to take this into account. We recommend that you pay your bill in full by the due date to avoid additional charges.
How to apply for the Bank of America Unlimited Cash Rewards
You can apply for Bank of America Unlimited Cash Rewards online on the official Bank of America website.
The process is simple and requires you to fill in a form with personal and financial information, such as annual income, address and contact details.
Once you have applied, the bank will carry out a credit analysis to determine approval.
In this case, a physical card will be sent to your registered address and a digital version will be available for immediate use in online purchases and digital wallets such as Apple Pay or Google Pay.
The card is managed via the Bank of America app, where you can track your transactions, see your accumulated repayment balance and set up automatic payments.
