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You can earn 1.5% cash back on all purchases with the Bank of America credit card. Anyone with a significant banking or investing relationship with Bank of America can make a lot of money using the card. The card rating is 12.
If you want simplicity in your credit card rewards, the Bank of America unlimited cash rewards credit card is a great solution. You will earn up to an extra 75% more on those purchases if you are a Bank of America preferred reward member. There is no limit to the amount of cash back you can get.
The Bank of America has a no annual fee cash back credit card.
Since the card offers an unlimited 1.5% cash back on all purchases, you can have one card in your wallet to cover all purchases without having to worry about which credit card to use for certain purchases.
The simplicity of the points earned makes this the perfect beginner credit card. Points can be used to make a deposit into your Bank of America checking or savings account, a statement credit to your credit card, and even a credit to an eligible Merrill account. If you aren't a frequent traveler, having cash back in your pocket now may sound appealing.
If you have a Bank of America account, you will be able to earn more rewards, between 25% and 75% more, for up to 2% cash back on every purchase.
Don't ignore Bank of America preferred rewards.
If you make at least $1,000 in purchases in the first 90 days of your account, you will get a $200 online cash rewards bonus. This is on par with other offers for a no annual fee credit card.
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Even if it is not for travel, the fact that you will get cash back in your pocket allows you to use it for anything you want. It shouldn't be difficult for most to earn the cash rewards bonus.
Cash back versus points and miles.
The perks on the Bank of America® unlimited cash rewards credit card are limited compared to other credit cards.
Automatic hotel status, airport lounge access, and complimentary Global Entry are not included in the list. You will have a Bank of America card with a rewards structure and other benefits.
Those who qualify for Bank of America's preferred rewards program can take advantage of the Bank of America unlimited cash rewards credit card.
Card members can earn unlimited 1.5% cash back on all purchases. This is a great card for everyday purchases because there is no cap on the amount of cash back you can earn.
Bank of America's preferred rewards program is related to this.
People who are eligible for Bank of America's preferred rewards program will still get more cash back. To enroll, you must have an eligible Bank of America personal checking account and a three-month average balance of $20,000 or more in a Bank of America account. Depending on which tier you fall into, you can earn extra cash back.
| Regular cardholder | Tier 1 – Gold ($20,000 – $49,999) | Tier 2 – Platinum ($50,000 – $99,999) | Tier 3 – Platinum Honors ($100,000+) |
|---|---|---|---|
| 1.5% cash back on every purchase | 1.875% cash back
The bonus is 25%. | 2.25% cash back
The bonus is 50%. | 2.625% cash back
The bonus is 75%. |
If you are a Platinum Honors member, you will earn 2.625% cash back on your everyday bonus purchases, which is more than any other card you will earn.
You can earn more on certain purchases with the Bank of America credit card if you use it with the card.
You can earn 3% cash back on gas, online shopping, dining, travel, drug store or home improvement furnishing, 2% cash back at grocery and wholesale clubs, and 1% cash back on all other purchases with the Bank of America credit card.
If you use your Bank of America credit card for 3% and 2% cash back purchases and use your Bank of America credit card for 1.5% cash back on those purchases, you will be able to earn even more rewards. Depending on the purchase category and your tier level, preferred rewards members could earn anywhere between 1.875% and 5 25% cash back.
There are a limited number of redemption options for Bank of America card members. You have three choices.
It is easy to access your cash back rewards, but you won't be able to redeem your rewards for travel opportunities.
If you are a Bank of America preferred member and only want one card in your wallet, there are many other Bank of America credit cards to consider.
You will receive 1.5 points per dollar on everyday purchases with the Bank of America Travel rewards credit card. The redemption opportunities are different and cater to frequent travelers.
If you don't want to pay an annual fee on your Bank of America credit card, Chase Freedom unlimited is a good alternative. You will earn the same cash back on your purchases with this card. 5% cash back on travel booked through Ultimate rewards, 3% cash back on dining (including takeout and eligible delivery services), and 3% back on drugstores are just a few of the category bonuses you will get with the card. You will be able to earn 5% cash back on all of the rides.
It's a great card for beginners and pros alike.
You can use your points towards travel with another Chase credit card if you pair the card with the Chase Freedom unlimited. It's possible to put a higher value on your points earned.
The power of the Chase Trifecta is shown in the following pictures.
If you want to be a Bank of America preferred rewards member, you need to pay attention to the suite of Bank of America credit cards.
You will find a lot to like in the Bank of America unlimited cash rewards credit card.
If you spend $1,000 in the first three months, you'll get a $200 online cash rewards bonus.
Ryan Wilcox reports additional information.
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