Bank of America Unlimited Cash Rewards Credit Card summary
- Established issuer with both points-based and cashback cards
- Additional credit card rewards for customers with more assets
- Ability to seamlessly pay credit card bill using checking account
- No high-end credit cards for frequent travelers or big spenders
- Must have a good to excellent credit score to become a cardholder
- Credit cards on offer are limited compared to competitors
Bank of America offers a robust selection of versatile general-spending credit cards, great for any consumer who doesn’t want to tie up their rewards with a single vendor or airline. The cards’ flexible rewards system allows cardholders to redeem and apply their travel rewards or cash back however they wish, whether as a statement credit against a future billing cycle or as cash directly deposited into a checking account.
The company’s credit cards are also well reviewed. Each of the five cards boasts at least a 4.3-star rating, while the bank itself holds the #1 rating in J.D. Power’s customer satisfaction surveys for both the banking advice and online and mobile app categories.
Bank of America’s credit cards are suitable for a diverse range of consumers, from those without a credit history looking to get their first credit card or those seeking a simple flat-rate rewards structure—to consumers at the high end of the market who want to upgrade to a premium card with a longer list of benefits.
The bank’s credit card offerings are especially appealing to Bank of America clients who have an existing banking relationship with the financial institution. Customers who qualify for the company’s Preferred Rewards program can get a 25%-75% rewards bonus on certain cards, depending on their rewards tier.
For example, customers not enrolled in the Preferred Rewards program would earn unlimited 1.5% back on all purchases with the Bank of America Unlimited Rewards® card. Meanwhile, Gold-tier members (who receive a 25% reward bonus) would earn unlimited 1.875% back, while Platinum-tier members (50% reward bonus) could earn unlimited 2.25% back. Platinum Honors members (75% reward bonus), those with more than $100,000 with the bank, can earn unlimited 2.625% back—making the Bank of America Unlimited Rewards® (and the Premium Rewards®) cards the highest-earning unlimited flat-rate cash back credit cards on the market today.
Additionally, those who hold checking or savings accounts with the bank can link their credit card accounts to take advantage of advanced AutoPay features, eliminating the risk of late or missed payments. However, customers must manually pay their credit card balance for at least two months before they are eligible to enroll in AutoPay.
Interest Rates and Fees
Nearly all Bank of America cards have interest rates in the mid-teens to the low twenties, and most cards, other than the bank’s travel-oriented cards, charge foreign transaction fees. However, none of Bank of America’s cards carry an annual fee other than the Premium Rewards® card, which comes at a $95 yearly cost.
|Interest Rates||Foreign Transaction Fees||Annual Fee|
|Customized Cash Rewards™ Card||13.99%-23.99% APR||3%||$0|
|Travel Rewards® Card||13.99%-23.99% APR||None||$0|
|Unlimited Rewards® Card||13.99%-23.99% APR||3%||$0|
|Premium Rewards® Card||15.99%-22.99% APR||None||$95|
Rewards & Cash Back
Every Bank of America card offers a welcome bonus, and each except for the BankAmericard® offers rewards, either in the form of points or cashback.
The Bank of America Customized Cash Rewards™ and Unlimited Rewards® cards each offer a $200 cash bonus if cardholders spent at least $1,000 in the first 90 days, while the Bank of America Travel Rewards® card offers 25,000 points on $1,000 spent within the first 90 days. Meanwhile, the Bank of America Premium Rewards® card offers a larger bonus—50,000 points on $3,000 spent in the first 90 days. Finally, the BankAmericard® offers a $100 bonus when account holders spend at least $1,000 within the first 90 days.
The Application Process
Customers can apply for a Bank of America credit card online. Applicants will need to provide their name, address, phone number, and email address. They will also need to answer questions regarding their citizenship, marital status, employment status, income, and expenses.
Approval decisions are usually made immediately after form submission, but may take 7–10 business days.
Help & Support
Customers can contact customer support via phone or live chat. Wait times for both are short, usually under 15 minutes. For general questions, customers can call (800) 432-1000. For credit card inquiries, dial (800) 732-9194. Email support is offered to existing clients only, and is not available to the general public.
Online chat and phone call hours:
Mon-Fri: 8am-9pm ET
Sat: 8am-8pm ET
Sun: 8am-5pm ET
Bank of America’s website is secured with the Transport Layer Security (TLS) protocol, safeguarding shared data from access by third parties. Additionally, clients have the option to enroll in 2-factor authentication for greater security. The bank also protects its cardholders with the $0 Liability Guarantee, meaning you won’t be responsible for losses due to fraud.
How quickly will my application be processed?
An approval or denial decision can be made in as little as 60 seconds, though certain applicants may have to wait 7-10 business days for a decision.
When will my card arrive?
Your card should arrive within 10 business days of approval.
What’s a balance transfer?
You perform a balance transfer when you transfer the outstanding loan balance on one credit card to another. Balance transfers incur a fee of 3% of the transferred amount and usually take 2-4 days to complete.
With an attractive selection of points-based and cashback rewards cards for both category-specific transactions and general spending, Bank of America has a credit card for all kinds of cardholders. Whether you’re a Preferred Rewards client looking to optimize for rewards or a student looking for your first-ever card, you can find a Bank of America credit card that works for your wallet.
This review was compiled using Bank of America’s website, including its Better Money Habits® blog.