Bank of America Unlimited Cash Rewards Review

Bank of America has launched a new no-fee credit card that earns up to 2.62% cash back on all purchases. For now the Bank of America Unlimited Cash Rewards Visa Signature credit card is being offered as a product change option for current cardholders, along with a $200 switch bonus. So let’s get into this short Bank of America Unlimited Cash Rewards review and see what we know so far about the new product.

Update (Feb.20, 2022): More people have received email offers to product change and get a $200 bonus. (HT: DoC)

Update (Jul.19, 2021): The card is now publicly available with the same $200 bonus.

Offer

Current cardholders (Travel Rewards and Customized Cash Rewards) have received the following offer to switch:

As a valued customer, we’re giving you early access to be among the first to switch to the NEW Bank of America® Unlimited Cash Rewards Visa Signature® credit card and start earning unlimited 1.5% cash back on all purchases. There’s no application or credit check required to accept this offer—it’s that easy.
- Get a $200 cash rewards bonus after you spend at least $1,000 on purchases within the first 90 days of receiving your new card.
- Plus save with 0% APR on new purchases for 15 months. Variable APR applies after that.
DIRECT LINK

Here’s what you need to know:

There’s no cost to switch and no application required. There will be no impact to your credit score.
Your account balance and history will automatically transfer.
Your account number won’t change. If your new card has a different expiration date, be sure to update your account information anywhere your card details are saved.
You’ll continue to enjoy no annual fee or foreign transaction fees.
Your existing points will automatically convert into cash rewards, and going forward all rewards will be redeemed for cash back.

Bank of America Unlimited Cash Rewards Details

Earn unlimited 1.5% cash back on all purchases (up to 2.62% for Preferred Rewards members)
No foreign transaction fees if you current card offers it
No annual fee.
Visa Signature benefits

Preferred Rewards Boost

Enrolled Preferred Rewards members can receive a Preferred Rewards bonus of 25% for the Gold tier, 50% for the Platinum tier or 75% for the Platinum Honors tier based on their Program tier and type of card.

To enroll in the Preferred Rewards program you must have an active, eligible Bank of America personal checking account and maintain a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, or $100,000 for the Platinum Honors tier in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill® investment accounts (such as Cash Management Accounts, 529 Plans).

Guru’s Wrap-up

Bank of America is offering the $200 to current cardholders. This is a great bonus for product changing, as there’s no application and no hard pull on your credit report.

The new Bank of America Unlimited Cash Rewards Visa Signature credit card doesn’t look like it’s available for applications yet. With a 1.5% cash back rate it falls behind several competitors that get you at least 2% cash back. But the card gets more interesting if you are a Preferred Rewards Platinum Honors member. You will then get a 75% boost that results in 2.62% cash back on all your purchases. That’s a great rate for a no-fee credit card.