The Bank of America Unlimited Cash Rewards credit card isn’t just a credit card; it’s the engine of a powerful financial ecosystem. For those who are willing to strategically align their finances with Bank of America, this no-annual-fee card can be optimized to produce a cash back rate of up to 2.625% on every purchase, making it one of the most lucrative and efficient cash back instruments on the market. Let’s break down the strategy.
More Than 10 Incredible Benefits for Your Wallet
- A Powerful, Unlimited 1.5% Cash Back: This is the heart of the card’s appeal. Earn a consistent and unlimited 1.5% cash back on every purchase you make. There are no categories to track and no limits on how much you can earn. It’s that simple.
- A Fantastic $200 Welcome Bonus: Get a huge head start on your earnings! Receive a $200 cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- The Bank of America Loyalty Bonus: This is an amazing perk for bank customers. If you’re a Bank of America Preferred Rewards member, you can earn 25% to 75% more cash back on every purchase. This can boost your earning rate to an incredible 2.625% cash back on everything!
- $0 Annual Fee, Always: Enjoy all the fantastic benefits and high earning potential of this card without paying an annual fee. It’s pure value, year after year.
- A Long 0% Intro APR Period: Get an incredible 0% introductory APR for 15 billing cycles for both new purchases and any balance transfers made in the first 60 days. This gives you fantastic flexibility to finance a large purchase or pay down existing debt without interest.
- Easy, No-Fuss Redemption: Your cash back is easy to get and use. You can redeem it at any time, in any amount, for a statement credit, a direct deposit into a Bank of America checking or savings account, or for credit to a qualifying Merrill account.
- Museums on Us: Enjoy a unique and cultured perk! On the first full weekend of every month, you get free general admission to more than 225 museums and cultural institutions across the U.S.
- Free FICO Score Access: Stay on top of your credit health with free access to your FICO Score, updated monthly through your online banking or the mobile app.
- $0 Liability Guarantee: Shop with complete confidence knowing you are fully protected against fraudulent transactions.
- Digital Wallet Ready: Easily add your card to your favorite digital wallets like Apple Pay or Google Pay for quick, secure, and convenient payments with your smartphone.
- Overdraft Protection: For extra peace of mind, you can link your credit card to your Bank of America checking account to help prevent costly overdrafts (fees may apply).
Who Can Apply?
This card is a great fit for a wide range of people. You should generally meet the following criteria:
- Credit Score: It is recommended that applicants have good to excellent credit (typically a FICO score of 670 or higher).
- Age: You must be at least 18 years of age.
- Residency: You must be a U.S. resident with a valid physical U.S. address.
- Identification: A Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) is required.
How to Apply
Applying for this card is a simple and straightforward online process.
- Visit the Bank of America Website: Navigate to the official Unlimited Cash Rewards credit card application page.
- Check for Prequalification (Recommended): Bank of America has a great tool that allows you to see if you are pre-qualified for card offers with no impact on your credit score. This is a smart way to check your approval odds first.
- Complete the Application: Fill out the secure online application with your personal, contact, and financial information.
- Review the Terms: Carefully read the card’s terms, rates, and fees before submitting your application.
- Get a Quick Decision: You will often receive a decision in just a few minutes.
Optimizer’s Q&A
- What is the break-even point for moving assets to BofA to get the rewards bonus?
This requires a personal calculation. You must compare the interest/returns you currently get on your assets versus what you would get at BofA/Merrill, and then factor in the additional cash back you’d earn. For many, if the returns are comparable, the added 0.375% to 1.125% cash back on tens of thousands of dollars in annual spending can make the move highly profitable. - How does this card compare to a flat 2% cash back card if I’m not a Preferred Rewards member?
If you are not a Preferred Rewards member, a flat 2% cash back card (like the Wells Fargo Active Cash or Citi Double Cash) would offer a slightly higher base rewards rate than this card’s 1.5%. However, the Bank of America card’s powerful 0% intro APR on both purchases and balance transfers might make it the better choice depending on your immediate financial needs. - What’s the most efficient way to redeem the cash back?
The most efficient redemption is a direct deposit into a Bank of America checking or savings account, or a credit to a qualifying Merrill investment account. There are no minimums, and the cash is liquid and immediately available. - Can this card’s benefits change?
Yes. As with any credit card, the issuer can change the terms, benefits, and rewards structure. However, the Preferred Rewards program is a cornerstone of Bank of America’s retail banking strategy and has been a stable and valuable program for many years.
