Personal Finance

Benefits of the Bank of America Unlimited Cash Rewards

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The Bank of America® Unlimited Cash Rewards credit card offers middle-of-the-road rewards and standard credit card perks. But if you need a little extra time to pay for your purchases without penalty, this card gets more valuable. If you’re a Bank of America® loyalist who wants straightforward rewards and flexible redemption options, this no-annual-fee card is a solid option.

Here are some benefits of the Bank of America® Unlimited Cash Rewards credit card.

Flexible rewards

1. 1.5% back on everything

Using the Bank of America® Unlimited Cash Rewards credit card, you’ll earn an unlimited 1.5% cash back on everything. Some flat-rate credit cards earn 2% back or more, but you might have to pay an annual fee or jump through extra hoops to get that heightened rewards rate.

2. Extra rewards if you’re a Preferred Rewards member

The Bank of America® Unlimited Cash Rewards credit card gets far more valuable if you keep a significant balance in Bank of America® or Merrill accounts. If you maintain a total balance of at least $20,000, you’ll qualify for the Preferred Rewards program, which gives you extra perks through the bank.

Along with waived fees and other banking benefits, Preferred Rewards members will earn 25% to 75% more on credit card rewards, depending on the balance of your eligible Bank of America® accounts. For example, if you qualify for top-tier benefits, you could earn 2.625% back on all purchases with this card — a stellar rate for a card with a $0 annual fee.

3. Flexible redemption options

Bank of America® gives you multiple ways to redeem your Bank of America® Unlimited Cash Rewards credit card rewards. You can redeem for a statement credit or as a deposit into an eligible Bank of America® or Merrill account. So if you bank with Bank of America®, you’ll be able to use your rewards to cover recent purchases, boost your savings or invest for the future.

Introductory incentives

4. Sign-up bonus

The Bank of America® Unlimited Cash Rewards credit card has a solid sign-up bonus with a relatively easy spending threshold. The issuer phrases it this way: $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening.

5. 0% intro APR on new purchases and balance transfers

With this card, you’ll get a reprieve on interest for over a year. Here’s the offer: 0% intro APR for 15 billing cycles on purchases and balance transfers, and then the ongoing APR of 13.99% – 23.99% Variable APR. Note that you’ll need to pay a fee of 3% or $10 (whichever is greater) for any balance transfers.

If you have a large balance to transfer, you could score a credit card with a longer introductory period, like the BankAmericard® credit card, but you might need to sacrifice other perks to get it.

Visa Signature perks

6. Extended warranty

7. Purchase security

If you purchase something with your Bank of America® Unlimited Cash Rewards credit card, and the item is stolen or damaged in the first 90 days, you could be reimbursed up to $500 to replace the item. Learn more about purchase security.

8. Lost luggage reimbursement

When you use the Bank of America® Unlimited Cash Rewards credit card to purchase an airline ticket, you can be reimbursed for any lost luggage as long as you use this card to replace the missing items.

9. Travel and emergency assistance

If you experience an emergency, even if you’re traveling abroad, this can help you find and access the assistance you need. This includes medical referral assistance, emergency transportation assistance or emergency ticket replacement, no matter where you are.

More about the card

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