Bank of America Unlimited Cash Rewards – How to apply

By Marcos • 12/01/2024

The Bank of America Unlimited offers unlimited cashback on all purchases, allowing you to earn rewards without needing to worry about specific categories or changes to bonus programs.

This credit card is ideal for consumers who value convenience, this card also has an exclusive loyalty program for Bank of America customers. 

It’s the perfect combination of value and flexibility, designed to simplify your financial life and help you achieve your goals.

How does the Bank of America Unlimited Cash Rewards work?

The functioning of the Bank of America Unlimited Cash Rewards It’s simple and direct. This card offers Unlimited 1.5% cash back on all purchases, without the need to monitor bonus categories or limits. 

This fixed return allows you to consistently accumulate rewards regardless of how or where you spend.

Additionally, customers participating in the program Preferred Rewards can increase your earnings by up to additional 75%, which is equivalent to a cashback of up to 2.62% on each purchase. 

This makes it an excellent choice for consumers who already have investments or accounts with Bank of America.

The card also offers an attractive welcome bonus. When you spend a specific amount in the first 90 days after approval, you’ll receive a cashback credit to start taking advantage of the card’s benefits immediately.

Main benefits of Bank of America Unlimited Cash Rewards

One of the main benefits of this card is its unlimited cashback policy. 

Unlike other cards that rely on rotating categories or limits, the Bank of America Unlimited Cash Rewards guarantees 1.5% cashback on all purchases, facilitating financial planning and maximizing returns.

The program Preferred Rewards is another big difference. If you’re a Bank of America customer with investments and savings at the bank, you can enjoy up to a 75% increase in rewards. 

This way, each purchase offers an even greater return, especially for those with a solid financial relationship with the bank.

Finally, the absence of an annual fee makes the card accessible for any consumer profile. You can enjoy all the advantages without worrying about additional costs.

Cons of Bank of America Unlimited Cash Rewards

One of them is the 3% international transaction fee, which can make it less attractive for those who travel frequently or shop on foreign websites.

Another point to consider is the base cashback limit at 1.5%, which may be lower than that offered by other cards in specific categories, such as food or travel. 

To maximize returns, you must be a participant in the Preferred Rewards program, which may not be feasible for everyone.

Additionally, the card does not offer premium benefits such as travel insurance or airport lounge access, making it less competitive for consumers looking for more sophisticated perks on their credit cards.

APR and Fees

Bank of America Unlimited Cash credit card offers special conditions for new cardholders, including a 0% introductory APR for purchases and balance transfers made within the first 15 billing cycles.

This is an excellent opportunity to organize your finances, since you can make purchases or consolidate existing debts without paying interest during this initial period.

For balance transfers made within the first 60 days after opening the account, an introductory rate of 3% is applied to the amount transferred.

After this period, balance transfers are subject to a 4% fee, which reinforces the importance of taking advantage of the benefits early on in your membership.

After the promotional period ends, a variable APR between 18.74% and 28.74% will be applied to purchases and balance transfers.

This rate is determined based on your credit history, and it is essential to maintain a good score to ensure more favorable conditions.

How to apply for the Bank of America Unlimited Cash Credit Card

Request the Bank of America Unlimited Cash It is a simple and accessible process. You can start applying directly through the Bank of America website or at a physical branch. 

The first step is to fill out the application form with your personal information such as full name, address, annual income and social security number (SSN).

During the review, the bank will evaluate your credit history and income to determine your eligibility. A good credit history increases your chances of approval and can secure a higher line of credit. 

Be sure to review your credit reports before applying to avoid surprises.

Once approved, you will receive the card within 10 business days. Activation can be done online, via the mobile app or by phone.