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Bank of America Unlimited Cash Rewards credit card Review SummaryThe Bank of America® Unlimited Cash Rewards credit card is a good credit card that’s worth considering if you have an excellent credit score because it has a $0 annual fee, above-average rewards, and 0% APR promotions. New cardholders start off with intro rates of 0% for 18 billing cycles on purchases and balance transfers made in the first 60 days, plus an initial bonus of $200 for spending $1,000 in the first 90 days. After the intro APR offer ends, a 16.99% - 26.99% Variable APR will apply. The card’s ongoing rewards are also very good, especially if you enjoy simplicity and consistency, as you’ll earn 1.5% cash back on all purchases. That rewards rate could be even higher if you have a banking or investing relationship with Bank of America or Merrill Edge, too. Bank of America® Unlimited Cash Rewards credit card Purchase intro APR 0% for 18 billing cycles Transfer intro APR 0% for 18 billing cycles for any balance transfers made in the first 60 days Regular APR 16.99% - 26.99% Variable Rewards Details
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Bank of America Unlimited Cash Rewards credit card Highlights$200 initial bonus for online applicantsIf you’re going to spend $1,000 within the next 90 days anyway, you might as well get $200 back from the Bank of America Unlimited Cash Rewards credit card for doing it. This card’s bonus is around average in dollar terms, compared to other credit card offers. But a lot of credit cards offering hundreds of dollars in initial bonuses require you to spend several thousand dollars to qualify. The Bank of America Unlimited Cash Rewards credit card makes things a bit easier. 1.5% cash back on all purchasesThis rewards rate is about 40% higher than the base rewards rate on the average credit card offer. Plus, cardholders can easily redeem their earnings for statement credits or deposits into other Bank of America accounts. The rewards you earn won’t expire, either. 0% for 18 billing cycles on new purchasesThe combination of this interest-free introductory period and a credit card payoff calculator can help you save a lot of money on big-ticket purchases that will take months to repay. After the intro APR offer ends, a 16.99% - 26.99% Variable APR will apply. For comparison purposes, the 0% purchase APRs available from new credit card offers last for an average of 12 months. 0% for 18 billing cycles for any balance transfers made in the first 60 daysThe Bank of America Unlimited Cash Rewards credit card’s balance transfer intro offer is better than average. It’s not completely free, however, as the card charges a balance transfer fee of 3% (min $10). Among credit cards available right now, the average balance transfer offer is 0% for 13 months, with a balance transfer fee of 2.53%. $0 annual feeThe Bank of America Unlimited Cash Rewards credit card’s $0 annual fee saves cardholders $22 per year compared to the average credit card offer. It’s not much of a differentiating factor among elite cash back credit cards with flat-rate rewards, however. Bank of America Unlimited Cash Rewards credit card Lowlights3% foreign transaction feeThe Bank of America Unlimited Cash Rewards credit card is not the best credit card to use for purchases that get processed internationally, whether you’re shopping online or traveling abroad. The cost of all such purchases will be inflated by 3%. The average credit card offer has a foreign transaction fee of just 1.52%. Furthermore, plenty of credit cards with no foreign fees are available. 16.99% - 26.99% Variable regular APRYou don’t want to carry a balance from month to month with this card when its regular APR is in effect. No matter what rate you’re assigned from the range of possibilities – 16.99% to 26.99% Variable, depending on your overall creditworthiness – it will be too high to be worth paying. The average credit card offer has a regular APR of 20.16%. Other Things to Consider About the Bank of America Unlimited Cash Rewards credit cardRewards boost for eligible Bank of America customersIf you have a Bank of America deposit account or a Merrill Edge investment account, you could get extra rewards on every purchase you make with this card. Specifically, you’ll get 25% - 75% added to your earnings, depending on your balances in eligible accounts. This is definitely a good thing for those who qualify, but it’s not unique to this particular offer. Several Bank of America rewards cards have the same deal for Preferred Rewards members. Excellent credit needed for approvalYou can check your credit score for free on WalletHub to see if you’re within range. We recommend a score of 750+ for good approval odds. Bank of America Unlimited Cash Rewards credit card vs. Popular Competitors
Questions & Answers(18 questions)Chip Lupo, Credit Card Writer You can request a Bank of America® Unlimited Cash Rewards credit card credit limit increase online, through the Bank of America mobile app, or by calling customer service at (800) 732-9194. To raise your chances of being approved
for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Bank of America has on file. Bank of America will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit. How To Get a Bank of America Unlimited Cash Rewards credit card Credit Limit Increase Online You should receive a decision in just a few seconds. If you're approved for a Bank of America Unlimited Cash Rewards credit card credit limit increase, the new limit is effective immediately. Impact of a Bank of America Unlimited Cash Rewards credit card Credit Limit Increase on Your Credit Score When you request a Bank of America Unlimited Cash Rewards
credit card credit limit increase, Bank of America will conduct a hard pull of your credit report, which will cause a short-term dip in your credit score. Bank of America cannot do a hard pull without your permission, though. Alternatively, you could be eligible for a Bank of America Unlimited Cash Rewards credit card credit limit increase without even requesting one. The Bank of
America Unlimited Cash Rewards credit card may offer an automatic credit limit increase if Bank of America's regular review of your account shows a history of on-time payments and low debt. An automatic credit limit increase involves a soft pull, which does not affect your credit score. Chip Lupo, Credit Card Writer Yes, the
Bank of America® Unlimited Cash Rewards credit card is a credit card. The Bank of America Unlimited Cash Rewards credit card has an annual fee of $0, works wherever Visa is accepted, reports to the credit bureaus, and allows you to pay off purchases over time. There are quite a few important things to know about the card before you
apply, though. Key Facts About the Bank of America Unlimited Cash Rewards Credit Card To sum things up, Bank of America Unlimited Cash Rewards credit card is a credit card, but it may or may not be the best credit card for you depending on your needs, qualifications and spending habits. You can learn more about this card from WalletHub's full review. Maria Adams, Credit Cards Moderator The easiest way you can apply for the Bank of America® Unlimited Cash Rewards credit card for Students is either online or over the phone by calling (866) 751-1257. Alternatively, you can apply for this card by visiting a Bank of America branch. Here's how to apply for the Bank of America® Unlimited Cash Rewards credit card for Students:
Lastly, keep in mind that the Bank of America® Unlimited Cash Rewards credit card for Students requires fair credit for approval. This card, though, also accepts people with limited credit. You can check your credit score for free on WalletHub to see where you stand. Is The Bank of America Unlimited Cash Rewards credit card a Visa or Mastercard?Maria Adams, Credit Cards Moderator The Bank of America® Unlimited Cash Rewards credit card is a Visa, not a Mastercard. You can use your Bank of America Unlimited Cash Rewards credit card at nearly 11 million merchants that accept Visa nationwide, and you can use it abroad in more than 200 countries and territories. There are a few differences between Visa and Mastercard credit cards, such as the network-level benefits they offer, but those differences are relatively small. The two card networks have a lot in common, including extensive worldwide acceptance. As a result, it's more worthwhile to compare individual credit card offers than to focus on getting a card from a particular network. When does the Bank of America Unlimited Cash Rewards Card report to credit bureaus?Chip Lupo, Credit Card Writer The Bank of America® Unlimited Cash Rewards credit card reports to the credit bureaus monthly, within days after the end of a cardholder's monthly billing period. Bank of America Unlimited Cash Rewards credit card reports the card's credit limit, account balance, payment history, and more to all three of the major credit bureaus: TransUnion, Equifax, and Experian. Bank of America may use a specific credit bureau more than another, depending on the applicant's home state, and other factors. Once Bank of America Unlimited Cash Rewards credit card reports your account information to a credit bureau, it may take a few days before the updates appear on your credit report. New Bank of America Unlimited Cash Rewards credit card cardholders may not see any new credit account info on their credit report for one or two billing periods after getting a card. If you'd like to review your up-to-date credit score and TransUnion credit report, you can sign up for a free account on WalletHub. That way, you'll be able to check every day to see if there's any new information about Bank of America Unlimited Cash Rewards credit card on your credit report. Can you upgrade a Bank of America Unlimited Cash Rewards credit card?Chip Lupo, Credit Card Writer Yes, you can upgrade your Bank of America® Unlimited Cash Rewards credit card to a better offer as long as you've had the card for at least several months, and you will have the best odds if your credit score and income have gone up since you applied. To see if your Bank of America Unlimited Cash Rewards credit card qualifies for an upgrade, call customer service at 1-800-732-9194. Bank of America also periodically sends targeted upgrade offers to existing cardholders by mail and email. Bank of America Unlimited Cash Rewards credit card Upgrade: What You Should Know
A Bank of America Unlimited Cash Rewards credit card upgrade typically takes just a few minutes. If you are approved, you should receive your card within 7-10 business days from the approval date. Your card number may change, and your new card will come with an updated expiration date and security code. You can use your old card until the new one arrives, and it will have all the benefits of the new card as soon as the upgrade is complete. Your current credit limit and APR will carry over to the new card, as will any unredeemed rewards, unless stated differently in the upgrade terms. How can I freeze my Bank of America Unlimited Cash Rewards Credit Card?Chip Lupo, Credit Card Writer You cannot freeze your Bank of America Unlimited Cash Rewards credit card. If your Bank of America Unlimited Cash Rewards credit card is lost or stolen, you'll need to call Bank of America credit card customer service at 1 (800) 732-9194 as soon as possible, so they can cancel the card and send you a new one. That said, it's important to remember that you won't be held responsible for unauthorized purchases, thanks to a $0 fraud liability guarantee. Does Bank of America Unlimited Cash Rewards Card offer rental car insurance?Chip Lupo, Credit Card Writer The Bank of America Unlimited Cash Rewards credit card does not offer a rental car insurance benefit. Even though the Bank of America Unlimited Cash Rewards credit card doesn't have rental car insurance, this perk is one of the handful of credit card benefits that still come with many credit card offers. If you'd like a credit card with rental car insurance, there are plenty of options. In general, credit card rental car insurance provides coverage against damage and theft of a rental vehicle, usually up to the vehicle's actual cash value, when the rental is paid for entirely with an eligible credit card. To get coverage, the cardholder must decline the rental agency's insurance plan. Does Bank of America Unlimited Cash Rewards Card have travel insurance?Was this article helpful? What's the difference between customized cash rewards and unlimited cash rewards?For the Unlimited Cash card, this means your 1.5 percent cash back rate could be boosted to 1.87 percent, 2.25 percent or 2.62 percent. With the Customized Cash card, your 3 percent category could earn 3.75 percent, 4.5 percent or 5.25 percent depending on your tier.
What is unlimited cash reward from Bank of America?The Bank of America® Unlimited Cash Rewards credit card is simple: The card earns 1.5% unlimited cash back on all purchases, redeemable as a credit card statement credit or a deposit into an eligible Bank of America account, with no minimum redemption amount, no limit on the amount of rewards and no annual fee.
Is the unlimited cash rewards card worth it?The Bank of America® Unlimited Cash Rewards credit card earns a decent 1.5% cash-back rate. That's the gold standard among cash-back credit cards and the least you should settle for on a rewards credit card if you have good credit (a FICO score of 690 or higher). The flat rate makes this card easy to manage.
What is the difference between cash rewards and cash back?Rewards credit cards offer points that can be redeemed for merchandise, flights, and more, whereas cash back cards give you a fixed dollar amount for every purchase you make.
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Bank of america unlimited cash rewards vs cash rewards
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