But the real magic happens when you’re a Bank of America Preferred Rewards member! Your already great cash back rate can soar by an additional 25% to 75%, meaning you could be earning up to an incredible 2.625% cash back on everything you buy.
With no annual fee, a valuable welcome bonus, and an introductory APR offer, this card isn’t just about earning rewards—it’s about making your entire financial relationship with Bank of America work smarter and harder for you.
Benefits: Your Path to Maximized Cash Back
The Bank of America Unlimited Cash Rewards credit card is packed with features designed to deliver exceptional value and convenience, especially for Bank of America banking clients.
- Simple Unlimited 1.5% Cash Back: Enjoy the ultimate simplicity with a flat 1.5% cash back on all purchases, everywhere, every time. There are no rotating categories to activate or spending limits to monitor on this base rate, making it incredibly easy to earn rewards on everything you buy.
- Preferred Rewards Bonus – Up to 75% More Cash Back: This is where the card truly shines! If you’re a Bank of America Preferred Rewards member, you can earn 25%, 50%, or even 75% more cash back on every purchase.
- Absolutely No Annual Fee: Maximize your savings and rewards without any yearly cost. This card offers its fantastic cash back potential and valuable benefits with a $0 annual fee, ensuring every dollar of cash back earned goes directly to you.
- Valuable Welcome Bonus: Kickstart your cash back earnings with an attractive introductory offer! New cardholders can often earn a $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.
- 0% Introductory APR Offer: Get a head start on paying off new purchases or existing balances. This card frequently comes with a 0% introductory APR for the first 15 billing cycles on purchases, and on balance transfers made within the first 60 days.
- Flexible Redemption Options: Your cash back, your choice! Redeem your rewards with ease for a statement credit, a direct deposit into a Bank of America checking or savings account, or as a credit to an eligible Merrill investment account.
- No Minimum to Redeem: Enjoy complete flexibility when accessing your rewards. You can redeem your cash back for any amount, at any time, with no minimum redemption requirement. Whether it’s a few dollars or a few hundred, the choice is yours.
- BankAmeriDeals: Unlock extra savings and cash back with BankAmeriDeals. This program gives you access to personalized deals at participating merchants, allowing you to earn additional cash back (often 5-15%) on top of your regular card earnings.
Who Can Apply: Eligibility Criteria
Eligibility for the Bank of America Unlimited Cash Rewards credit card is focused on U.S. residents, including new immigrants who have established a U.S. financial presence.
- Age: You must be at least 18 years old (or 21 in some states).
- U.S. Residency: You must have a valid U.S. physical address.
- SSN or ITIN: You must have a valid U.S. Social Security Number (SSN). Bank of America is also known to accept an Individual Taxpayer Identification Number (ITIN) for credit card applications, which is particularly helpful for new immigrants. You may need to apply in-branch or call if using an ITIN.
- Good to Excellent Credit: A good to excellent U.S. credit score (generally FICO score of 670 or higher) is typically recommended for approval.
How to Apply: The Application Process
Applying for the card is a straightforward online process.
- Visit the Bank of America Website: Navigate to the credit cards section on the official Bank of America website.
- Select the Card: Find the Bank of America Unlimited Cash Rewards credit card.
- Review the Details: Carefully read through the card’s features, the welcome offer, introductory APR details, and terms and conditions.
- Click “Apply Now”: Begin the secure online application form. Bank of America may offer a pre-qualification tool that doesn’t impact your credit score.
- Provide Your Information: Fill out the form with your personal details, including your full name, U.S. address, date of birth, SSN or ITIN, and financial information such as your annual income and employment status.
- Consent to a Credit Check: As part of the process, you must authorize Bank of America to perform a “hard” credit inquiry.
- Review and Submit: Double-check all information for accuracy and submit the application.
- Await a Decision: In many cases, you will receive a decision online within seconds. If further review is needed, Bank of America will notify you of their decision via mail within a few business days.
Frequently Asked Questions (FAQ)
- What are the qualifying balance tiers for Preferred Rewards?
Gold: $20,000-$49,999; Platinum: $50,000-$99,999; Platinum Honors: $100,000+. - Does this card charge foreign transaction fees?
Yes, this card typically charges a foreign transaction fee of 3% of the U.S. dollar amount of each transaction. - Is this card good for someone new to the U.S.?
Yes, if you can meet the eligibility requirements (especially if applying with an ITIN and opening a BofA bank account), its no annual fee and simple rewards make it a solid choice.
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