Understanding Bank of America Unlimited Cash Rewards Credit Score

To understand Bank of America's Unlimited Cash Rewards credit score, it's essential to know that this score is based on the FICO 8 credit scoring model. This model evaluates your credit history, payment history, credit utilization, length of credit history, and new credit inquiries.

The Bank of America Unlimited Cash Rewards credit card requires a good credit score to be approved, typically 700 or higher. This is because the credit card issuer wants to minimize the risk of lending to individuals with poor credit habits.

To improve your credit score, focus on making on-time payments, keeping credit utilization below 30%, and avoiding new credit inquiries. By following these simple habits, you can improve your credit score over time and qualify for better credit cards and loan offers.

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Earning rewards with the Bank of America Unlimited Cash Rewards credit card is a great way to build credit and earn some extra cash back on your purchases.

You can earn unlimited 1.5% cash back on all eligible purchases with no limits. This is an exceptional cash back earning rate that provides a great bonus for regularly using the card.

Rewards apply towards statement credits on the card account, deposits into Bank of America checking or savings accounts, or into eligible investment accounts with Merrill.

Rewards never expire with the Unlimited Cash Rewards Secured Credit Card, nor is there a cap on the total number of rewards earnable by the account holder.

If you're a Bank of America Preferred Rewards customer, you can earn 25% to 75% more cash back with the card, depending on your rewards tier.

Here are the rewards boost rates for Bank of America Preferred Rewards members:

New cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening.

The Bank of America Unlimited Cash Rewards credit card offers several features and benefits that make it an attractive option for those looking to build credit and earn rewards.

You can earn unlimited 1.5% cash back on all purchases, making it a very generous rate for general purchases on a credit-building card.

The card comes with a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening, which can be a great incentive to start using the card.

There is no annual fee, making it a cost-effective option for those who want to earn rewards without paying extra.

Here are some of the key features of the card:

The card also offers contactless payment and EMV chip technology, making it a convenient option for those who want to make payments on the go.

You can add your Bank of America Unlimited Cash Rewards Credit Card to digital wallets like Apple Pay, Google Pay, or Samsung Pay to use for in-person, online, or in-app transactions.

Your actual card number isn't stored on your device or shared with most merchants, so this can be a more secure and convenient way to make purchases.

The Bank of America Unlimited Cash Rewards Credit Card is compatible with popular digital wallets, making it easy to use for transactions.

This compatibility also means you can take advantage of features like contactless payment and EMV chip technology, which provides an additional layer of security.

The Bank of America Unlimited Cash Rewards Secured Card has a lot to offer. There is no annual fee, making it a great option for those who want to avoid extra charges.

You can earn a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening. This is a great incentive to start using the card and building your credit.

One of the standout features of this card is its cash back rewards. You can earn unlimited 1.5% cash back on all purchases, which is a very generous rate for general purchases on a credit-building card.

Here's a quick rundown of the rewards rate:

The card also offers a 0% intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. This can be a big help for those who want to save money on interest charges.

After the intro APR offer ends, a 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. A 3% intro balance transfer fee will apply for the first 60 days your account is open.

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The Bank of America Unlimited Cash Rewards credit card has a few fees to be aware of. The annual fee is waived, making it a good choice for cardholders who don't want ongoing costs.

You'll pay a balance transfer fee of 3% of the total transaction amount on transfers made within 60 days of opening your account, which increases to 4% after that. Additionally, cash advances come with fees and higher APRs, with direct deposit and check cash advances charged 4% of the amount of each transaction.

The foreign transaction fee is 3 percent, and the intro balance transfer fee is 3 percent of the amount of each transaction for the first 60 days, after which it increases to 4 percent. Missed payments or carrying balances will result in higher fees, including a potential penalty APR of up to 29.99%.

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The Bank of America Unlimited Cash Rewards Credit Card has a big advantage: no annual fee. This makes it a good choice for cardholders who don't want ongoing costs.

The card has no annual fee, which can save you money in the long run. I've seen many people struggle with annual fees on their credit cards, so it's great to see a card that avoids this expense.

The card's rewards program is also worth noting, but we'll dive into that in another section. For now, let's focus on the benefits of having no annual fee.

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The Bank of America Unlimited Cash Rewards Credit Card has a range of fees and charges that you should be aware of. The card has no annual fee, which is a great perk for those who don't want ongoing costs.

You'll pay a balance transfer fee of 3% of the total transaction amount on transfers made within 60 days of opening your account, or 4% after that. This fee is applied to the amount of each transaction, so it's essential to factor it into your balance transfer plans.

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The foreign transaction fee is 3.3% of the transaction amount, which is applied to purchases made abroad and currency exchanges. This fee limits the card's appeal for students planning to travel or study abroad.

The intro balance transfer fee is 3% of the amount of each transaction for the first 60 days, after which it increases to 4%. This means you'll need to pay attention to the balance transfer terms and conditions to avoid higher fees.

The card also has a penalty APR of up to 29.99% if you fail to pay your dues. This penalty APR is indefinite and cannot be canceled, so it's crucial to make timely payments to avoid this fee.

Here's a summary of the key fees and charges:

The Unlimited Cash Rewards Secured Credit Card offers a straightforward rewards program, but things get more interesting with the Bank of America Preferred Rewards Bonus.

Rewards with the card apply towards statement credits on the card account, deposits into Bank of America checking or savings accounts, or into eligible investment accounts with Merrill. These redemption options don’t include travel or other perks but provide a great resource for those looking to establish good financial habits.

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With the Preferred Rewards Gold tier, you'll earn 25% more rewards on eligible Bank of America rewards credit card spending, which translates to 1.875% cash back. This is a notable boost, but there's even more to gain with higher tiers.

The Preferred Rewards Platinum tier offers 50% more rewards on eligible Bank of America rewards credit card spending, resulting in 2.25% cash back. This is a significant increase, making it well worth considering if you meet the requirements.

The top tier, Preferred Rewards Platinum Honors, provides 75% more rewards on eligible Bank of America rewards credit card spending, earning you a whopping 2.625% cash back. This is the highest rewards rate available with the card, making it a compelling option for those who can take advantage of it.

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