Bank of America Launches New Unlimited Cash Rewards Credit Card

Rhea-AI Summary

Bank of America has announced the launch of its new Unlimited Cash Rewards credit card, allowing clients to earn unlimited 1.5% cash back on all purchases without an expiration on rewards. The card includes no annual fee and enables easy redemption for statement credits or deposits. Clients enrolled in the Preferred Rewards program can earn up to 2.62% cash back. Additionally, a Business Advantage Unlimited Cash Rewards card is set to launch in October, offering similar benefits for business owners.

Positive

• Launch of the Unlimited Cash Rewards credit card with 1.5% cash back on all purchases.
• No annual fee and cash rewards do not expire.
• Opportunity to earn up to 2.62% cash back for Preferred Rewards members.
• Upcoming launch of Business Advantage Unlimited Cash Rewards card for business clients.

Negative

• None.

Bank of America today announced the launch of the Bank of America Unlimited Cash Rewards credit card, which allows clients to earn unlimited 1.5% cash back on all purchases. This new credit card is the latest among Bank of America’s suite of rewards cards, each designed to fit a variety of clients’ needs.

“We heard from our clients that they want earning rewards on their credit card to be uncomplicated,” said Jason Gaughan, credit card executive at Bank of America. “With our new Unlimited Cash Rewards card, we’ve made earning cash back on all purchases even easier, and are helping clients optimize their spending.”

Unlimited Cash Rewards Features – Clients will automatically earn 1.5% cash back on all purchases, with no limit on the amount of cash back earned. Cash rewards don’t expire, and redemption is simple: clients can redeem their cash back for any amount, at any time for statement credits or deposits directly into a Bank of America checking or savings account, or for credit to an eligible account with Merrill. The Unlimited Cash Rewards card has no annual fee.

Earn Even More with Preferred Rewards – Members of Bank of America’s Preferred Rewards program earn 25% to 75% more cash back on every purchase made with the Unlimited Cash Rewards card, depending on their rewards tier. That means the unlimited 1.5% cash back on all purchases could increase to up to 2.62% cash back.

Award-Winning Credit Card Options – The new card joins the suite of award-winning credit cards from Bank of America including the Bank of America Customized Cash Rewards credit card, which offers clients 3% cash back in a category of their choice. Cardholders choose from one of six categories including gas, online shopping, dining, travel, drug stores and home improvement. Customized Cash Rewards cardholders also earn 2% cash back at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases. Clients earn 3% and 2% cash back on the first $2,500 in combined purchases each quarter in the choice category, and at grocery stores and wholesale clubs, then earn unlimited 1% thereafter.

Coming Soon: Business Advantage Unlimited Cash Rewards – Bank of America will launch a similar credit card for business owners in October. The Business Advantage Unlimited Cash Rewards credit card will enable clients to earn unlimited 1.5% cash back on all purchases. Business Advantage Unlimited Cash Rewards clients enrolled in Preferred Rewards for Business can increase their credit card rewards bonus by 25% to 75%, depending on the rewards tier for which they qualify. The Business Advantage Unlimited Cash Rewards card will have no annual fee and rewards do not expire.

Download the Bank of America app or visit bankofamerica.com.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, approximately 17,000 ATMs, and award-winning digital banking with approximately 41 million active users, including approximately 32 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210719005428/en/

FAQ

What is the Bank of America Unlimited Cash Rewards credit card?

The Unlimited Cash Rewards credit card offers clients unlimited 1.5% cash back on all purchases with no annual fee.

When is the Business Advantage Unlimited Cash Rewards card launching?

The Business Advantage Unlimited Cash Rewards card is set to launch in October.

How much cash back can Preferred Rewards members earn with the new card?

Preferred Rewards members can earn between 25% to 75% more cash back, potentially increasing to 2.62%.

Are there any fees associated with the Unlimited Cash Rewards card?

No, the Unlimited Cash Rewards card has no annual fee.

Do cash rewards from the Unlimited Cash Rewards card expire?

No, cash rewards earned do not expire and can be redeemed at any time.