(Update 7/20/21: There’s also a Student card version of this card. All the rest of the details are the same, including signup bonus, just maybe they’ll approve students easier. Could be a nice first card.)
Bank of America has launched a new Unlimited Cash Rewards consumer card which has no annual fee and earns an unlimited 1.5% cashback on all purchases. Preferred Rewards Platinum Honors members will earn 2.62% on all purchases.
Bank of America Unlimited Cash Rewards signup link | Student Version | Secured Card Version| Press Release
- Get $200 signup bonus after you spend $1,000 within 90 days.
- No annual fee
- 3% foreign transaction fee
- Card earns 1.5% cash back on all purchases with no limit. Preferred Rewards Platinum Honors members will earn 2.62% on all purchases. Rewards do not expire.
- Cash rewards can be redeemed as a statement credit to your credit or a deposit to your Bank of America checking, savings, or Merrill investing account.
- Low Introductory APR Offer of 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 Variable APR that’s currently 13.99% to 23.99% will apply. 3% fee (min $10) applies to balance transfers.
This card is similar to the old Travel Rewards card, just as cashback instead of points. This is a terrific new card since it removes the annoyance of having to redeem the rewards against travel purchases and creates a straight 2.62% cashback card with no annual fee.
A lot of people carry the Premium Rewards card, with its $95 annual fee, specifically to avoid the annoyance of having to redeem against travel. There are other advantages of the Premium Rewards, including $100 airline incidental credit, 2x (3.5x) on travel & dining purchases, and no foreign transaction fee. But if you don’t care for those benefits you can simply get the Unlimited Cash Rewards and then you won’t need the Premium Rewards card anymore.
Hopefully they’ll allow product changes from the Travel Rewards and the Premium Rewards cards to the new Unlimited Cash Rewards card. You won’t get a signup bonus when product changing, but some will prefer that to opening a new account.
Some people were targeted with a $200 bonus for product changing into this Unlimited Cash Rewards card.
There’s also a Student version of the Unlimited Cash Rewards card with all of the same details as the regular card, just maybe a bit easier for students to get approved when using that Student link. There’s also a Secured version of this card which is mostly the same, but does not have the $200 signup bonus. The bank plans to launch a similar 1.5%/2.62% Business Unlimited Cash Rewards in October.