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In July, Bank of America launched a new credit card - the Bank of America® Unlimited Cash Rewards credit card. The new card offers unlimited 1.5% cash back on all purchases with a potential increase to up to 2.62% cash back for Preferred Rewards members.
The main feature of the new Bank of America Unlimited Cash Rewards credit card is flat-rate cash back rewards. Cardmembers will automatically earn 1.5% cash back on all purchases. There are no limits on the amount of cash back you can earn, no caps, and no categories to activate. Cash rewards do not expire, and redemption options are quite interesting. You can redeem cash back for any amount, at any time for statement credits to your credit card, deposits directly into your eligible Bank of America checking or saving account, or for credits into your eligible Merrill® account.
More cash rewards will be available to members of Bank of America's Preferred Rewards program. They can earn 25% to 75% more cash back on every purchase made with the Bank of America Unlimited Cash Rewards credit card. That means 1.5% cash back can become 1.87% back, 2.25% back, or 2.62% back, depending on the rewards tier.
Here's a quick overview of the Unlimited Cash Rewards card's features:
- Earn unlimited 1.5% cash back on all purchases
- Online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of your account opening
- Introductory 0% APR for your first 15 billing cycles for purchases, and for any balance transfers made within 60 days of opening your account (after that a standard variable APR will apply)
- No annual fee
- Preferred Rewards members earn 25%-75% more cash back on every purchase.
The new Bank of America Unlimited Cash Rewards credit card is not the only rewards credit card that has been launched recently. Citibank launched an innovative Citi Custom CashSM Card with a flexible 5% cash back category. Wells Fargo announced the first credit card of its new Visa cards suite, and Chase announced the new Chase State Edge card designed to encourage credit card debt repayment.