Our take The Financial institution of America® Limitless Money Rewards bank card gives limitless 1.5% money again on all purchases with no annual payment. And should you’re a Most popular Rewards member you possibly can earn much more rewards.
Professionals
- Limitless 1.5% money again on all purchases
- $0 annual payment
- 0% intro APR for 15 months on each purchases and steadiness transfers made throughout the first 60 days of account opening
Cons
- Different playing cards earn the next cash-back fee except you’re a Most popular Rewards member
- Minimal further advantages
- 3% overseas transaction payment
Financial institution of America® Limitless Money Rewards Highlights
- Welcome bonus: $200 on-line money rewards bonus by spending a minimum of $1,000 in purchases throughout the first 90 days of account opening.
- Annual payment: $0
- Rewards: 1.5% money again on all purchases. Most popular Rewards members can earn an additional 25% to 75% more money again on each buy relying on tier.
Overview
The Financial institution of America® Limitless Money Rewards bank card is a good however not stellar no annual payment money again rewards bank card for many. Nonetheless, should you’re a Most popular Rewards member, the cardboard might change into greatest at school as a result of 25%-75% enhance in rewards charges.
With limitless money again on all purchases, you don’t have to fret about rewards limits. That stated, except you’re a BofA loyalist different money again bank cards supply increased rewards with an identical payment construction, so it’s possible you’ll wish to store round, particularly should you’re a frequent traveler as this card has a hefty overseas transaction payment.
Who’s the Limitless Money Rewards Card good for?
In the event you’re a Most popular Rewards member, particularly at the next tier, the Limitless Money Rewards card deserves a detailed look.
Who shouldn’t get the Limitless Money Rewards card?
In the event you’re seeking to maximize your rewards and will not be a BofA heavy hitter, look to a flat-rate card with increased returns such because the Wells Fargo Active Cash card. The Lively Money offers you 2% money again in comparison with 1.5% with the Limitless Money Rewards
Financial institution of America® Limitless Money Rewards: Rewards
The Limitless money rewards bank card eschews rotating rewards classes in favor of a flat 1.5% money again on all purchases. Financial institution of America Most popular Rewards members can earn even increased rewards with 25% to 75% more money again on each buy. That equates to a money again fee of 1.87% to 2.62%. This could make it a good selection for people who hate having to trace ever-changing classes every month.
Nonetheless, non-Most popular Rewards members might do higher elsewhere as 1.5% isn’t the very best money again tier supplied on no annual payment money again bank cards. Likewise, should you don’t thoughts monitoring rotating classes, you can web the next return with a card that gives extra rewards in particular classes.
Does the Financial institution of America Limitless Money rewards bank card have a signup bonus?
You may earn a $200 on-line money rewards welcome bonus by spending a minimum of $1,000 in purchases throughout the first 90 days of account opening.
How you can redeem Financial institution of America® Limitless Money Rewards bank card rewards
The rewards you earn with the Financial institution of America® Limitless Money Rewards bank card by no means expire, so you possibly can redeem them at any time so long as your account remains to be open. You may redeem rewards in numerous methods:
Redeem to an account
Rewards could be utilized as a credit score to your current bank card steadiness or to a Merrill Money Administration. It’s also possible to have your rewards deposited immediately right into a Financial institution of America checking or financial savings account or utilized as a contribution to a Merrill 529 account.
There isn’t a minimal redemption quantity whenever you decide to use rewards towards your bank card steadiness or to have them deposited right into a Financial institution of America account or Merrill Money Administration account as a one-time redemption. Nonetheless, you will need to deposit a minimum of $25 right into a 529 account or to arrange automated redemptions to different accounts.
Redeem for purchases
You should utilize rewards to pay for purchases made on Amazon.com or whenever you try with PayPal on eligible purchases. In the event you’re feeling charitable, you may as well donate rewards by means of PayPal Giving Fund.
Charges and charges
- Intro APR: 0% on purchases or steadiness transfers made inside 60 days of account opening for 15 months.
- Buy APR: 18.24%–28.24%, primarily based in your creditworthiness
- Steadiness switch APR: 18.24%–28.24%, primarily based in your creditworthiness, plus 3% payment
- Annual payment: $0
- Overseas transaction payment: 3%
Extra advantages
- $0 Legal responsibility assure: You’re not liable for any fraudulent purchases made along with your bank card.
- Overdraft safety: Financial institution of America’s Steadiness Join service helps stop declined purchases, returned checks and different overdrafts by robotically transferring funds out of your bank card account to your eligible linked Financial institution of America deposit account. It’s essential to have a remaining steadiness accessible in your bank card for the service.
- Account alerts: Get e-mail or textual content alerts to inform you when your cost is coming due and if a cost is posted to your account.
- Free FICO rating: You may view your FICO rating totally free by means of the cellular app or on-line banking. Scores are up to date month-to-month.
Bank cards much like Financial institution of America® Limitless Money Rewards
With many no annual payment money again rewards bank cards accessible, it pays to match choices earlier than making use of. One of many following bank cards which might be much like the Financial institution of America® Limitless Money Rewards bank card could also be a greater match for you.
Constancy® Rewards Visa Signature® Credit score Card vs. Financial institution of America® Limitless Money Rewards
The Constancy® Rewards Visa Signature® Credit score Card is one other no annual payment money again bank card, however in contrast to the Financial institution of America® Limitless Money Rewards, Constancy’s card gives limitless 2% money again on all purchases.
There’s additionally no overseas transaction payment on the Constancy card in comparison with a 3% payment with the Financial institution of America Card. Constancy’s card additionally gives journey advantages, equivalent to particular gives on resorts and automotive leases, emergency providers and misplaced baggage reimbursement.
Just like the Financial institution of America card, you possibly can deposit your Constancy visa rewards into an eligible Constancy account or 529 account. Each playing cards present $0 fraud legal responsibility.
Chase Freedom Limitless® Credit score Card vs. Financial institution of America® Limitless Money Rewards
Just like the Financial institution of America® Limitless Money Rewards, the Chase Freedom Unlimited® Credit score Card has no annual payment and offers 1.5% money again on all eligible purchases. However in contrast to the Financial institution of America’s card, the Freedom Limitless® card additionally offers 5% money again on journey bought by means of Chase Final Rewards portal, 3% money again on eating (together with takeout and eligible supply service) and three% money again on drugstore purchases.
The Chase card additionally offers further advantages like buy safety, journey insurance coverage, prolonged guarantee safety and auto rental protection. You’ll additionally get entry to the Chase Final Rewards Portal the place you possibly can ebook journeys along with your rewards.
Is the Financial institution of America® Limitless Money Rewards card best for you?
The Financial institution of America® Limitless Money Rewards bank card is a strong alternative for anybody who doesn’t wish to cope with rotating rewards classes or annual charges. With limitless 1.5% money again—as much as 2.62% for Most popular Rewards members—on all purchases, you by no means should surprise what you’ll earn.
Nonetheless, this is just one card within the aggressive no annual payment money again rewards class and different choices might present increased rewards for non-Most popular Rewards members. The Financial institution of America® Limitless Money Rewards bank card can also be missing in further advantages like journey perks. The overseas transaction payment additionally makes it a poor possibility for frequent vacationers.
Regularly requested questions
What’s Financial institution of America® Limitless Money Rewards?
The Financial institution of America® Limitless Money Rewards is a Visa signature bank card that gives limitless 1.5% money again on all purchases with no annual payment.
What’s the Financial institution of America® Limitless Money Rewards credit score restrict?
The Financial institution of America® Limitless Money Rewards credit score restrict will range primarily based in your credit score worthiness. For the next credit score restrict, you’ll want an excellent or glorious credit score rating.
Is it value switching to Financial institution of America® Limitless Money Rewards?
It could be value switching to the Financial institution of America® Limitless Money Rewards bank card in case your present bank card offers decrease rewards or costs an annual payment. With a flat money again rewards program that gives a vast 1.5% again on all purchases, Financial institution of America’s card is a strong alternative for on a regular basis purchases.
The cardboard is a very good selection for Financial institution of America Most popular Rewards members who can earn 25% to 75% extra rewards on each buy. Nonetheless, in case you are a frequent traveler or don’t thoughts monitoring rotating rewards classes, the Financial institution of America® Limitless Money Rewards bank card will not be value it.
Please word that card particulars are correct as of the publish date, however are topic to alter at any time on the discretion of the issuer. Please contact the cardboard issuer to confirm charges, charges, and advantages earlier than making use of.
