The Bank of America, usually abbreviated as BoA or BofA, is among the largest financial companies in the United States. The financial services holding company is headquartered in Charlotte, North Carolina. However, it started operations in San Francisco and took its current form when the NationsBank of Charlotte acquired it in 1998. There are various services you can get from the company. We shall look at the Bank of America’s Unlimited Cash Rewards shortly.
The Bank of America Unlimited Cash Rewards is a credit card from BoA that offers you 1.5% cash back on all purchases. It is one of the best cards you can have from the bank. Credit cards allow you to borrow finances from your issuing bank. The funds you borrow attract a particular interest that you should pay together with the borrowed amounts at the end of the month.
Usually, your credit card allows you to increase your scores when you use your card correctly. The more scores you have, the higher your credit limit. You might wonder what credit scores are. They are numerical expressions that determine your creditworthiness. You can have a secured or unsecured credit card. Someone with no credit score can get a secured credit card, while someone with FICO scores can get an unsecured card. The Bank of America Unlimited Cash Rewards is an unsecured credit card.
Bank of America Unlimited Cash Rewards Credit Card Rewards
The credit card offers various rewards when you use it for various transactions. These include the following.
1. 1.5% unlimited cash back on all purchases.
Every time you buy goods and services using the card, you get back 1.5% of the money you spend on your transaction. Cash backs help you save lots of money you can use on other expenses. Interestingly, there are no limits to the amount of money you can get as cash back. Also, the cash rewards do not expire; you can use them when you like.
2. $200 online cash rewards bonus
You can also get an online $200 cash rewards bonus when you make at least $1,000 purchases in the first 90 days of your account opening. The bonus is meant to lure more and more people into opening accounts with the institution.
3. Preferred Rewards members
If you are part of the Preferred Rewards membership, you can earn 25%-75% more cash back on each purchase. That means more money to use for other transactions. Therefore, you can earn up to 2.62% cash back on a single purchase.
You can benefit from the above offers if you apply for the card online by visiting the Bank of America Unlimited Cash Rewards page.
Utilizations For Bank of America Unlimited Cash Rewards Card
There are various ways to use your cash rewards card. These include the following.
1. Buy goods and services
You can use the card to buy goods and services online and at physical stores. You require your card number, CVV, and the card’s expiry dates to shop online. You can tap or swipe on the card reader machine to pay at the register at physical stores.
2. Withdraw money
You can use your card to withdraw finances from an ATM using your PIN. You only need to insert your card into the machine and enter your PIN and the amount to withdraw.
3. Obtain a convenience check
You can get a convenience check to use for your payments. If you want to purchase an item or service by check, the Bank of America can issue you a check from your card’s account.
4. Grow your scores
You can use your card to grow your scores. That way, you will have a chance to apply for loans and good-excellent score credit cards. However, growing your scores depends on your card usage. You must make timely payments to benefit to ensure your credit score remains positive.
Benefits of Bank of America Unlimited Cash Rewards Card
One can get a few benefits from the card. They include the following.
As I have mentioned, there are various rewards you can get from the card. These include the 1.5% cash back on all purchases and the $200 online cash rewards offer.
2. Zero annual fees
Annual fees are usually high for most cards. You can pay more than $50 yearly as your annual fee. With the card, you do not pay any annual fees at all. Therefore, you can save lots of money.
3. Low Introductory APR Offer
The card gives you a 0% Intro APR for purchases on your first 18 billing cycles and any balance transfers you make within the first 60 days of opening your account.
4. Free FICO scores
You can access your FICO® Score monthly for free in your online banking or your Mobile Banking app. You must opt-in to benefit from the free scores.
Limitations of Bank of America’s unlimited cash rewards credit
The card is not 100% good since there are various issues. Several limitations come with the card. They include the following.
- It charges a 3% foreign transaction fee if you use it for purchases abroad.
- A 3% balance transfer fee.
- A late payment fee of at most $40 and a 29.99% penalty APR may apply.
- High credit score requirement: 670-850 (Good to Excellent).
Bank of America Unlimited Cash Rewards for Students
The bank offers a student secured credit card that allows you to earn numerous rewards to help you with your purchases. It allows you to earn unlimited 1.5% cash back on all purchases. Such an offer for a student can help you to save a lot for your college financial transactions. Furthermore, the amount of cash back you earn does not expire.
Also, you can get a $200 online cash rewards bonus when you make at least $1,000 in your purchases in the first 90 days of your account opening. That’s a lot of money that you can use for various transactions. The card has no annual fee whatsoever.
Bank of America Unlimited Cash Rewards vs. Bank of America Customized Cash Rewards
Even though Bank of America Unlimited Cash Rewards has various perks to enjoy, the Bank of America Customized Cash Rewards has more rewards. It gives you a 3% cash back in all categories of your choice. Additionally, you get a 2% cash back at grocery stores and wholesale clubs. You also get a 1% cash back on all other purchases. The Bank of America Unlimited Cash Rewards only gives you a 1.5% cash back on all purchases.
Interestingly, the two cards have the following in common.
- No annual fees
- Low Introductory APR Offer
- Cash rewards offer
Is the Bank Of America Unlimited Cash Rewards worth it for You?
The card is worth having because of its various perks. The 1.5% cash back reward on all purchases helps you to save a lot. Also, the $200 online cash rewards offer is a lot of money that can significantly affect your financial status. The 0% Introductory APR for 18 billing cycles is worth considering.
The Bank of America, usually abbreviated as BoA or BofA, is among the largest financial companies in the United States. The financial services holding company is headquartered in Charlotte, North Carolina. The Bank of America Unlimited Cash Rewards is a credit card you can get from the bank. It requires good -excellent credit scores. The card comes with various perks that you can enjoy as you use the card.