Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted July 21, 2021

 

There have been a ton of new credit card launches in recent weeks, and now Bank of America is getting in on the action with the new Bank of America® Unlimited Cash Rewards Credit Card.

As implied by its name, the card earns an unlimited 1.5% cash back on all purchases, so there are no bonus categories to track. It comes with a decent welcome bonus, too — new cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening.

However, if you're a Bank of America Preferred Rewards customer, you can earn 25% to 75% more cash back with the Bank of America® Unlimited Cash Rewards Credit Card, depending on your rewards tier — which can make the card a lot more lucrative.

Here's what to know about the new Bank of America® Unlimited Cash Rewards Credit Card to help you decide if you should apply.

Pros

  • Decent welcome bonus
  • Generous 0% APR offer on purchases and balance transfers
  • You can earn up to 75% more rewards for your spending if you’re a Bank of America Preferred Rewards customer

Cons

  • 3% foreign transaction fee
  • Other cards offer better travel and purchase benefits


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