Bank of America Unlimited Cash Rewards Credit Card: Complete Guide and Optimization Tips

Maximize Your Everyday Spending with the Bank of America Unlimited Cash Rewards Credit Card: earn unlimited 1.5% cash back on all purchases, with no annual fee.

The Bank of America Unlimited Cash Rewards Credit Card offers a straightforward approach to earning cash back. With unlimited 1.5% cash back on all purchases and no annual fee, it’s designed for those who prefer simplicity and value in their credit card rewards.

This guide will delve into how to effectively use the card, answer common questions, and provide tips to optimize your rewards.

🧭 How to Use the Bank of America Unlimited Cash Rewards Credit Card Effectively

1. Utilize for All Purchases

Earn unlimited 1.5% cash back on every purchase, regardless of category. This flat-rate structure simplifies your rewards strategy, eliminating the need to track rotating categories or spending caps.

2. Leverage the $200 Online Cash Rewards Bonus

New cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening. Plan your spending to meet this threshold and maximize your initial rewards.

3. Take Advantage of the Introductory APR Offer

Benefit from a 0% Introductory APR for 15 billing cycles on purchases and any balance transfers made within the first 60 days. After the introductory period, a variable APR of 18.24% to 28.24% applies. 

4. Enroll in Preferred Rewards for Enhanced Cash Back

If you’re a Bank of America Preferred Rewards member, you can earn 25% to 75% more cash back on every purchase. Depending on your tier, this can increase your cash back rate up to 2.62%. 

💡 Optimization Tips: Get More Out of Your Bank of America Unlimited Cash Rewards Credit Card

• Automate Your Payments: Set up automatic payments to ensure timely payments and avoid interest charges.
• Redeem Rewards Strategically: Redeem your cash back as a statement credit, direct deposit into a Bank of America checking or savings account, or credit to an eligible Merrill account. 
• Monitor Your Spending: Use Bank of America’s online and mobile banking tools to track your spending and rewards accumulation.
• Combine with Other Bank of America Cards: Pairing this card with other Bank of America credit cards can help you maximize rewards across different spending categories.

❓ Frequently Asked Questions (FAQs)

1. What is the minimum credit score required to apply?

Applicants typically need a good to excellent credit score, generally a FICO score of 670 or higher, to qualify for the Bank of America Unlimited Cash Rewards Credit Card. However, approval also depends on other factors like income, existing debts, and overall credit history. 

2. How does the Preferred Rewards program enhance cash back earnings?

Enrolling in the Bank of America Preferred Rewards program can boost your cash back earnings:

• Gold Tier: 25% bonus (totaling 1.875% cash back)
• Platinum Tier: 50% bonus (totaling 2.25% cash back)
• Platinum Honors Tier: 75% bonus (totaling 2.625% cash back)

Eligibility for these tiers requires maintaining qualifying combined balances in Bank of America deposit and/or Merrill investment accounts. 

3. Are there any limitations or expiration dates on cash rewards?

No, the card offers unlimited 1.5% cash back on all purchases, and cash rewards do not expire as long as your account remains open and in good standing. 

4. What are the redemption options for cash rewards?

You can redeem your cash rewards in several ways:

• Statement credit to your credit card account
• Deposit into a Bank of America checking or savings account
• Credit to an eligible Merrill investment account

Redemptions can be made through Online Banking, the Mobile Banking app, or by calling customer service. 

5. Does the card offer a grace period for payments?

Yes, the card provides a grace period of at least 25 days from the end of each billing cycle. If you pay your full balance by the due date each month, you won’t incur interest charges on new purchases. 

6. Is there a foreign transaction fee?

Yes, the Bank of America Unlimited Cash Rewards Credit Card charges a foreign transaction fee, which is common among cards without an annual fee. This fee applies to purchases made outside the United States. 

7. How can I manage my credit card account online?

You can manage your account through Bank of America’s Online Banking platform or Mobile Banking app, allowing you to:

• View account balances and transactions
• Make payments
• Redeem rewards
• Set up alerts
• Request credit line increases
• Replace a lost or stolen card 

🔁 Complementary Card Pairing Strategies

To maximize your rewards, consider pairing the Bank of America Unlimited Cash Rewards Credit Card with:

• Bank of America Customized Cash Rewards Credit Card: Earn 3% cash back in a category of your choice and 2% at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter).
• Bank of America Travel Rewards Credit Card: Earn unlimited 1.5 points per $1 spent on all purchases, ideal for those who prefer travel rewards.

✅ Final Verdict: Is the Bank of America Unlimited Cash Rewards Credit Card Right for You?

The Bank of America Unlimited Cash Rewards Credit Card is a solid choice for individuals seeking a straightforward cash back card with no annual fee. Its flat 1.5% cash back on all purchases simplifies reward tracking, and the potential to boost earnings through the Preferred Rewards program adds significant value for existing Bank of America customers. 

While other cards may offer higher base cash back rates, the combination of features and benefits makes this card a competitive option for many consumers.