$ 200 bonus and 1.5% cash back

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There have been a ton of new credit card launches in recent weeks, and now Bank of America is getting into the action with the new Bank of America® Unlimited Cash Rewards credit card.

As the name suggests, the card offers unlimited 1.5% cash back on all purchases, so there is no category of bonus to follow. It also comes with a decent welcome bonus – new cardholders can earn a $ 200 cash rewards bonus after making at least $ 1,000 in purchases within the first 90 days of opening the. account.

Read more: The best cash-back credit cards

However, if you are a Bank of America Preferred Rewards customer, you can earn 25-75% additional cash back with the Bank of America® Unlimited Cash Rewards credit card, depending on your rewards level, which can make the card much more lucrative.

Here’s what you need to know about the new Bank of America® Unlimited Cash Rewards credit card to help you decide if you should apply.

Bank of America Unlimited Cash Rewards credit card details

Earning 1.5% cash back and a $ 200 welcome bonus with a no annual fee card is not uncommon these days – for example, the Chase Freedom Unlimited® earns at least 1.5% cash back. money (or more in some categories) and offers a bonus of $ 200 after spending $ 500 in the first three months after opening the account, plus 5% cashback (5x points) in grocery stores (except from Target and Walmart) on spending up to $ 12,000 in the first year of opening the account (then 1x).

The Bank of America® Unlimited Cash Rewards credit card becomes much more attractive if you are a Bank of America Preferred Rewards customer. The amount you have on deposit with Bank of America or invested with Merrill determines your membership level, which in turn gives you a bonus on the rewards you earn. At the highest level, you could earn a whopping 2.625% cash back on all purchases, which is a great rate of return for a cash back credit card with no annual fee.

In addition to a decent bonus and 1.5% cash back on all purchases, the Bank of America® Unlimited Cash Rewards credit card comes with a 0% introductory APR for the first 15 months on purchases. and balance transfers made within the first 60 days of account opening (then a variable APR of 13.99% – 23.99%). This is a good deal if you are looking to consolidate high interest rate debt or have any major purchases ahead that you want to pay off over time.

Read more: The best low interest credit cards with 0% APR

As you would expect from a no annual fee card, the Bank of America® Unlimited Cash Rewards credit card does not offer any luxury benefits, but because it is a Visa Signature card, you enjoy benefits such as secondary car rental insurance and extended warranty protection.

With the Bank of America® Unlimited Cash Rewards credit card, you only have a few redemption options, but you can redeem any amount at any time:

• Deposit cash rewards to your eligible Bank of America bank or savings account
• Credit your eligible Merrill accounts, including 529 accounts
• Credit statement on your credit card

Rewards do not expire while your account is open and in good standing.

Alternatives to the Bank of America Unlimited Cash Rewards card

Depending on your spending habits and how you want to redeem rewards, there are other no-annual fee cards that may be better for you.

Read more: The best current credit card signup bonuses

In fact, some of the best cash back credit cards aren’t all cash back. Instead, they earn flexible reward points or miles that you can redeem for cash, travel, and more. Here are some of our favorites:

* Eligible categories for 5% cash back on the Citi Custom Cash℠ card are restaurants, gas stations, grocery stores, some travel, some transit, some streaming services, drugstores, stores home improvement, health clubs and live shows

Featured Cash Back Credit Cards From Our Partners

Featured Reward

2% cash back on all purchases

Credit needed

Good to Excellent

Featured Reward

$ 200 after spending $ 500 in the first three months after opening the account

Credit needed

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Featured Reward

$ 200 bonus after spending $ 500 on purchases in the first 3 months after opening the account

Credit needed

Good to Excellent