If you're looking for a low maintenance, flat rate cash back credit card, look no further than the Bank of America® Unlimited Cash Rewards Credit Card. Whether you're new to credit card rewards or you just like the simplicity of a flat rate rewards card, there may be some advantages to choosing an unlimited cash rewards card.
This guide details the benefits of the Infinity Cash Rewards Card and who can benefit the most from it. While the card is easy to use, its cash back rates are on the low end.
Members of Bank of America's Preferred Rewards program earn the most with this card, though. Here's what else you need to know about applying for the Unlimited Cash Rewards Card.
Bank of America Unlimited Cash Rewards Card Benefits. Quick highlights. Bonus rate: Unlimited 1.5% cash back on all purchases
Welcome Offer: Receive a $200 Cash Online Reward after you spend $1,000 in your first 90 days. Annual fee: $0
Introductory APR: 0% introductory APR for 18 billing cycles on purchases and balance transfers within the first 60 days. Variable APR: 17.49% to 27.49%
Reward rate. Let's start with the obvious - this card offers 1.5% cash back on all your purchases. That's a pretty low bonus rate, especially since many flat rate cards these days offer 2% cash back. But there are still some people who can benefit from this card.
As a member of Bank of America's Preferred Rewards program, you'll earn a higher rate of cash back—up to 2.62% back, depending on your checking, savings and investment account balances with Bank of America or Merrill Lynch. We'll talk more about the different tiers and how to qualify below, but it's good to know what this card is for ahead of time.
No matter how much you earn with this card, your redemption options for getting cash back are simple:
Direct deposit to your Bank of America checking or savings account. Line of credit for eligible Merrill accounts, including 529 accounts credit statement on your card
welcome to provide. Another standout card feature is the welcome offer of $200 cash back when you spend $1,000 or more on purchases within the first 90 days of your account opening. This breaks down to just over $330 a month in spending, which is a reasonable amount most people can comfortably meet.
0% Introductory APR. Then there is an introductory APR of 0% on purchases and transfers. This makes the card great for large purchases that you can pay off over time with no interest.
Also, if you have high-interest debt that you want to pay off, the offer to transfer your balance can be of great help.
Remember, you must transfer balances from other credit cards within 60 days of account opening for the APR induction period. You also have to pay a 3% balance transfer fee on every balance transfer fee you pay.
Bank of America Preferred Rewards Program By maintaining a certain minimum three-month average balance in your U.S. bank account, you can earn one of three status tiers, which entitle you to a range of banking benefits, including incentive bonuses of 25% to 75% on the card:
As you can see, qualifying for the Platinum Honors tier allows you to earn the highest cash back rate of 2.62% on the Bank of America Infinite Cash Rewards Card.
At this rate, you'll earn more per dollar than the best fixed-rate credit cards on the market, which earn just 2% on all purchases. So, if you can hold a higher balance in a qualifying account, you can earn more.
Benefits of Visa Signature. The Unlimited Cash Rewards card is a Visa signature card, so it has some benefits. As a Visa Signature cardholder, you get benefits like extended warranty coverage, 24-hour roadside assistance, and travel and emergency assistance services. You also get credit monitoring with ID Navigator through NortonLifeLock.
The full list of Visa Signature benefits includes special privileges and discounts at various select merchants, but it's best to contact Bank of America to confirm which benefits your card is eligible for.
BankAmeri with us for deals and museums
These two benefits are included with all Bank of America credit cards and are exclusive to Bank of America. BankAmeriDeals is the issuer's limited-time offers program, similar to Amex Offers or Chase Offers, which allows you to activate promotional offers in your account to get an extra 5% to 50% cash back.
Bank of America debit cardholders also have access to Museums on Us, which gives you free admission to more than 225 "cultural institutions" across the country. Simply present your Bank of America card and valid photo ID by the first weekend of each month to unlock this offer.
Maximize the Bank of America Unlimited Cash Rewards Card
Essentially, as a Preferred Rewards member, you get the best cash back rates. If you don't qualify for this program, you have no choice but to swipe your card and enjoy the convenience of earning easy cash back. You don't have to keep up with spinning bonus levels or special spending levels to earn cash back with your Infinite Cash Rewards card.
You can deposit your cash back earnings into the Bank of America account of your choice to qualify for Preferred Rewards membership. But even if you spend a lot of money on the card each year, it may take a long time to accumulate enough money to qualify for tier status in the program.
Another idea might be to pair your card with another card that earns more cash back in the categories where you spend the most. You can stay in the Bank of America credit card family and apply for the Bank of America® Custom Cash Rewards Credit Card, which offers higher cash back rates on more common spending categories like restaurants and grocery stores. If you don't mind paying a small annual fee, the Chase Sapphire Preferred® Card offers rewards in a similar category, but at a much higher rate than Unlimited Cash's 1.5% rate.
final result
The Unlimited Cash Rewards Card doesn't offer the best cash back credit card pricing. However, for the right people (i.e. Preferred Rewards members), it can be a convenient way to earn credit card rewards. For higher rewards, add another higher-earning card to your wallet, or try increasing your Preferred Rewards tier.