Key takeaways
- The Financial institution of America® Limitless Money Rewards bank card affords a flat 1.5 % money again on all purchases.
- Financial institution of America Most well-liked Rewards members stand to get essentially the most out of this card since they’ll get a 25 % to 75 % boosted rewards price on all purchases.
- This card additionally comes with intro APR affords, a welcome supply, no annual price and Visa Signature perks.
In the event you’re on the lookout for a low-maintenance, flat-rate money again bank card, there’s little question that the Financial institution of America® Limitless Money Rewards bank card has come up in your radar. Whether or not you’re a beginner to bank card rewards or simply desire the simplicity of a rewards card with a flat price, there might be some advantages to going with the Limitless Money Rewards card.
This information will break down the Limitless Money Rewards card’s advantages and who may get essentially the most out of it. Although the cardboard is simple to make use of, its money again price is on the decrease finish. However, members of the Financial institution of America Most well-liked Rewards program stand to earn essentially the most with this card. Right here’s what else that you must know for those who plan on making use of for the Limitless Money Rewards card.
Financial institution of America Limitless Money Rewards incomes advantages
Flat rewards price
Let’s begin with the plain: This card affords 1.5 % money again on all of your purchases. Though the cardboard comes with no annual price, that is nonetheless a reasonably low rewards price, particularly since many flat-rate playing cards are actually providing 2 % money again. Regardless of the decrease earnings price, there are some who stand to achieve from this card anyway — supplied they’ve a banking relationship with Financial institution of America.
Simple redemption choices
Regardless of how a lot you earn with this card, your redemption choices for the money again you earn are fairly simple:
- A direct deposit to an eligible Financial institution of America checking or financial savings account
- A credit score to an eligible Merrill account, together with 529 accounts
- A press release credit score to your card
- Pay for purchases at Amazon.com or when testing with Paypal
- Possibility for computerized deposits to your eligible Merrill accounts or Financial institution of America checking or financial savings accounts
Welcome supply
This card additionally begins you off with a strong welcome supply. You may earn a $200 on-line money rewards bonus after spending $1,000 in purchases inside the first 90 days of opening your account. This breaks all the way down to about $334 in spending per thirty days, which is an affordable requirement that most individuals received’t have hassle assembly.
Boosted rewards for Financial institution of America Most well-liked Rewards program
In the event you’re a member of the Financial institution of America Most well-liked Rewards program, you’ll get a boosted money again price of as much as 2.62 % again — relying in your checking, financial savings and funding account balances beneath your Financial institution of America or Merrill accounts.
By conserving a sure minimal three-month common steadiness throughout your Financial institution of America accounts, you possibly can qualify for considered one of 4 standing ranges that offer you entry to a variety of banking advantages, together with a 25 % to 75 % rewards price bonus on the Financial institution of America Limitless Money Rewards card:
| Tier | Stability required | Rewards enhance | Limitless Money Rewards price |
|---|---|---|---|
| Gold | $20,000 < $50,000 | 25% | 1.87% |
| Platinum | $50,000 < $100,000 | 50% | 2.25% |
| Platinum Honors | $100,000 < $1 million | 75% | 2.62% |
| Diamond | $1 million < $10 million | 75% | 2.62% |
On the subject of rewards playing cards, qualifying for the Platinum Honors tier lets you earn the utmost money again price of two.62 % with the Financial institution of America Limitless Money Rewards card. At that price, you’ll be incomes extra per greenback than one of the best flat-rate bank cards available on the market, which generally earn 2 % again on all purchases. So, whereas tough to realize, sustaining a really excessive steadiness in a qualifying account means you stand to earn fairly a bit extra.
Financial institution of America Limitless Money Rewards intro APR advantages
Introductory APR on purchases and steadiness transfers
Then, there’s the 0 % introductory APR for each purchases and steadiness transfers — you’ll get a 0 % intro APR for 15 billing cycles on purchases and on steadiness transfers made within the first 60 days of account opening. After the intro APR supply ends, a variable APR of 19.24 % to 29.24 % applies.
This makes the cardboard preferrred for a bigger buy which you can repay over time with out paying curiosity. Additionally, for those who’ve obtained any high-interest debt you need to pay down, the steadiness switch supply might be an important assist.
Remember the fact that you should switch your balances from different bank cards inside 60 days of account opening for the intro APR interval to use. You’ll additionally have to pay a 3 % steadiness switch price on each steadiness switch you make for 60 days from account opening, then 4%.
Financial institution of America Limitless Money Rewards further advantages
Visa Signature perks
The Limitless Money Rewards card is a Visa Signature card, which implies it comes with just a few different perks consequently. As a Visa Signature cardholder, you’ll sometimes get advantages corresponding to prolonged guarantee protection, 24/7 roadside dispatch, journey and emergency help companies and ID Navigator credit score monitoring by way of NortonLifeLock.
The entire checklist of Visa Signature advantages consists of particular privileges and reductions with a wide range of choose retailers, but it surely’s greatest to contact Financial institution of America to substantiate which advantages your card is eligible for.
BankAmeriDeals and Museums on Us
These two advantages include all Financial institution of America bank cards and are unique to Financial institution of America. BankAmeriDeals is the issuer’s limited-time supply program, just like Amex Gives or Chase Gives. It allows you to activate promotional affords in your account to get an additional share of money again at taking part retailers (together with choose retailers, eating places and extra).
Museums on Us, additionally accessible to Financial institution of America debit card holders, offers you free entry to over 225 “cultural establishments” throughout the nation. Merely current your Financial institution of America card and a sound photograph ID in the course of the first weekend of each month to unlock this profit. (Further phrases could apply.)
Maximizing the Financial institution of America Limitless Money Rewards card
As a result of the Limitless Money Rewards card is a flat-rate money again card, there aren’t any mounted or rotating bonus classes to maintain up with. Remember the fact that you’ll get one of the best money again price as a Most well-liked Rewards member. In the event you aren’t eligible for that program, there’s not a lot else you are able to do however swipe and benefit from the comfort of incomes hassle-free money again.
You may additionally pair your card with one other money again card that earns extra in classes you spend loads in. You may keep within the Financial institution of America household of playing cards and apply for the Financial institution of America® Custom-made Money Rewards bank card, which affords the next price of money again in additional widespread spending classes like eating and grocery shops. With this card, you’ll earn 3 % money again on eligible class purchases of your alternative (together with gasoline; electrical automobile charging stations; on-line purchasing; cable, streaming, web and telephone companies; eating; journey; drugstores; or dwelling enchancment), 2 % money again at grocery shops and wholesale golf equipment and 1 % money again on all different purchases. Nonetheless, 3 % and a couple of % classes are capped at $2,500 in mixed spending every quarter, after which you’ll earn 1 % again.
The underside line
The Financial institution of America Limitless Money Rewards doesn’t supply one of the best flat price at present accessible for money again bank cards. Nonetheless, for the precise individual (particularly, Most well-liked Rewards members), it may be a handy approach to earn bank card rewards. For heightened rewards, both add one other higher-earning card to your pockets or purpose to maneuver up within the Most well-liked Rewards tiers.
The details about the Financial institution of America® Limitless Money Rewards bank card and Financial institution of America® Custom-made Money Rewards bank card was final up to date on Sept. 10, 2024.
