Is The Bank of America Unlimited Cash Rewards Card Worth It?

Earlier than you resolve if the Financial institution of America® Limitless Money Rewards bank card is price signing up for, it’s essential to know its rewards fee, charges and benefits. The Limitless Money Rewards card provides customers a flat fee of 1.5 % money again on all purchases. Plus, new clients can earn a $200 money again bonus after spending at the very least $1,000 on purchases inside 90 days of account opening.

One other function price highlighting is its introductory annual share fee (APR) provide (ongoing APR is a variable 19.24 % to 29.24 percent_. Add in that there’s no annual charge, and it’s straightforward to see why the Limitless Money Rewards card is price testing.

When is the Financial institution of America Limitless Money Rewards card price it?

This card is likely to be an ideal match for you relying on the kind of rewards you’re searching for and the place you financial institution. Listed here are conditions when the Financial institution of America Limitless Money Rewards card is price it:

While you desire easy, straightforward rewards

Should you’re searching for a money again bank card that skips bonus classes and provides beneficiant flat-rate rewards as a substitute, the Financial institution of America Limitless Money Rewards card is price contemplating. In spite of everything, you’ll earn a flat 1.5 % money again on all the things you purchase, which might undoubtedly add up over time. For cardholders who merely need to swipe and earn rewards, with out regarding themselves with whether or not sure purchases will earn them bonus money again, this card is an effective alternative.

Even higher, redeeming your money again is as easy as incomes it. You may redeem your rewards in a number of methods:

• For assertion credit
• As a deposit into an eligible Financial institution of America checking or financial savings account
• Through switch to an eligible Merrill funding account — together with 529 financial savings plans
• At checkout with Amazon or PayPal

When you have already got an account with Financial institution of America or Merrill

This Financial institution of America card is price getting in the event you’re a member of the Financial institution of America Most well-liked Rewards program. This program rewards its members primarily based on how a lot cash you have got complete in qualifying Financial institution of American and Merrill accounts. Right here’s a breakdown of these tiers and what you possibly can earn:

• Gold: should have complete steadiness of $20,000 to $49,999 and might earn an additional 25 % per greenback spent
• Platinum: should have complete steadiness of $50,000 to $99,999 and might earn an additional 50 % per greenback spent
• Platinum Honors: should have a complete steadiness of $100,000 to $999,999 and might earn an additional 75 % per greenback spent
• Diamond: should have a complete steadiness of $1 million to $9.99 million and might earn an additional 75 % per greenback spent
• Diamond Honors: should have a complete steadiness of $10 million and up and might earn an additional 75 % per greenback spent

You’ll have to keep up a median steadiness of at the very least $20,000 for 3 months to qualify for the bottom of the 5 tiers of this program, however changing into a member allows you to earn 25 % to 75 % more money again for every greenback you spend, relying in your tier.

With the Limitless Money Rewards card, particularly, changing into a member of this program would enhance your money again fee to between 1.87 % and a couple of.62 % money again on all the things you purchase. Should you’re capable of qualify for the upper tiers, Platinum and above, your money again fee may very well be larger than among the greatest flat-rate money again playing cards on the market.

When is the Financial institution of America Limitless Money Rewards card not price it?

Not each card is correct for each circumstance. Listed here are some conditions the place the Financial institution of America Limitless Money Rewards card might not be price getting:

While you need to maximize your flat-rate money again

Except you’re a Financial institution of America buyer with a Most well-liked Rewards membership at a excessive tier, you could be higher off making use of for an additional money again card. Different issuers provide flat-rate money again playing cards that earn at a good larger flat fee, such because the Wells Fargo Lively Money® Card with its limitless 2 % money rewards on purchases and no annual charge.

Plus, its redemption choices are comparatively numerous, permitting you to redeem your money again for assertion credit, reward playing cards and even journey via the Wells Fargo Rewards portal.

When your purpose is to pay down bank card debt

Should you particularly want a card since you need to consolidate high-interest debt, the Financial institution of America Limitless Money Rewards card might not be the strongest choice. The cardboard provides a 0 % introductory APR interval for 15 billing cycles on steadiness transfers made within the first 60 days from account opening, adopted by a 19.24 % to 29.24 % variable APR. Steadiness transfers additionally include a steadiness switch charge of three % for the primary 60 days from account opening, then 4 % after that — a fairly customary provide.

Cardholders with extra sizable bank card debt might profit from steadiness switch playing cards that provide introductory APRs on transferred balances for for much longer — as much as 21 months, even.

One instance is the Citi Simplicity® Card*, which provides a 0 % intro APR for 21 months on steadiness transfers made throughout the first 4 months of account opening, adopted by a 19.24 % to 29.99 % variable APR. It has the identical intro steadiness switch charge of three % that the Limitless Money Rewards card has, too. After the primary 4 months of card possession, nevertheless, the steadiness switch charge for the Citi Simplicity will rise to five %.

A card with an extended introductory APR provide will help you attain your purpose of paying down debt extra simply  than the Limitless Money Rewards card can.

Do you have to get the Financial institution of America Limitless Money Rewards card?

Should you’re decided to have a Financial institution of America bank card, the Limitless Money Rewards card will serve you properly with its 1.5 % money again, with no restrict on how a lot you possibly can earn in a 12 months, no class restrictions and no spending caps.

Plus, its welcome bonus is comparatively straightforward to earn, so it’s best to have the ability to redeem your money again rewards very quickly. Cardholders who’ve already certified for the Most well-liked Rewards program have a good higher cause to use for this card, due to the promise of a boosted money again fee.

Nevertheless, in the event you’re not a Financial institution of America loyalist, there’s no cause for you to not discover one of many different greatest money again playing cards, with larger rewards charges and longer intro APR intervals, extra engaging. Different issuers additionally provide extra versatile redemption choices, supplying you with the chance to redeem your rewards for extra than simply assertion credit and direct deposits.

The underside line

The Financial institution of America Limitless Money Rewards card is probably going price it for Financial institution of America loyalists searching for a flat-rate money again bank card. Should you’re searching for larger rewards charges in class spending, or in the event you don’t have any Financial institution of America accounts, then you definitely’re doubtless higher off searching for different playing cards.

Should you nonetheless can’t resolve whether or not this money again bank card is best for you, think about exploring our information to Financial institution of America Limitless Money Rewards advantages.

It’s additionally a good suggestion to spend a while evaluating the Limitless Money Rewards card to different Financial institution of America playing cards, such because the Financial institution of America® Personalized Money Rewards bank card. Getting preapproved for a Financial institution of America bank card will help you perceive your choices.

Don’t neglect to match this card to related choices from different issuers, too. With some analysis and comparability purchasing, you’re certain to seek out the fitting match.

The Financial institution of America bank card info on this submit was final up to date on July 15, 2024.

The details about the Citi Simplicity® Card has been collected independently by Bankrate.com. The cardboard particulars haven’t been reviewed or authorised by the cardboard issuer.