Fintech: Southeast News

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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

{mprestriction ids="1,4,9"}Earning 1.5% cash back and a $200 welcome bonus from a no-annual-fee card isn't uncommon nowadays — for example, the Chase Freedom Unlimited® earns at least 1.5% cash back (or more in certain categories) and offers a bonus of $200 after spending $500 in the first three months from account opening, plus 5% back (5x points) at grocery stores (excluding Target and Walmart) on up to $12,000 in spending during the first year of account opening (then 1x).

The Bank of America® Unlimited Cash Rewards Credit Card becomes a lot more interesting if you're a Bank of America Preferred Rewards customer. The amount you have on deposit with Bank of America or invested with Merrill determines your membership tier, which in turn gives you a bonus on the rewards you earn. At the highest level, you could earn a whopping 2.625% cash back on all purchases, which is an excellent rate of return for a no-annual-fee cash back credit card.

Along with a decent bonus and 1.5% back on all purchases, the Bank of America® Unlimited Cash Rewards Credit Card comes with an introductory 0% APR for the first 15 months on purchases and balance transfers made within the first 60 days of account opening (then a 13.99% - 23.99% Variable APR). That's a decent deal if you're looking to consolidate high-interest debt or have large purchases coming up that you want to pay for over time.


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