Financial institution of America Limitless Money Rewards bank card Overview
The Financial institution of America® Limitless Money Rewards bank card affords simplified rewards the place you will earn 1.5% money again on all purchases, with no annual payment. The cardboard — and money again — can change into fairly profitable for anybody with a big banking or investing relationship with Financial institution of America. Card Ranking*: ⭐⭐⭐½
*Card Ranking relies on the opinion of TPG’s editors and isn’t influenced by the cardboard issuer.
The Financial institution of America Limitless Money Rewards bank card has no annual payment and is the right answer for individuals who need simplicity of their bank card rewards. It earns an infinite 1.5% money again on all purchases. For current Financial institution of America Most well-liked Reward® members, you will earn as much as an additional 75% extra for as much as 2.62% money again on each buy made.
Money rewards do not expire so long as the account stays open. If you happen to aren’t a frequent traveler, having money again in your pocket now versus ready for the “proper” redemption and having to fret about level valuations would possibly sound interesting.
Money again will be redeemed as a deposit into your Financial institution of America checking or financial savings accounts, a press release credit score to your bank card and even a credit score to an eligible Merrill® account, together with 529 accounts.
TPG recommends you’ve gotten a credit score rating of 670 or larger to extend your possibilities of getting accredited for this card, however it isn’t unusual to get accredited with a decrease rating.
Let’s look at for those who ought to add the Financial institution of America Limitless Money Rewards to your pockets.
Financial institution of America Limitless Money Rewards professionals and cons
| Professionals | Cons |
|---|---|
|
|
Financial institution of America Limitless Money Rewards welcome supply
With the Financial institution of America Limitless Money Rewards card, you will earn a $200 on-line money rewards bonus after $1,000 in purchases within the first 90 days of your account opening. Whereas there are higher bonus affords on the market, that is on par with many different affords out there for a no-annual-fee bank card.
The truth that you will obtain money again in your pocket permits you to use that cash on any buy you want — even when it isn’t for journey functions. And with a low minimal spend requirement, incomes the money rewards bonus should not be tough for many.
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Associated: Money again versus points-and-miles bank cards
Financial institution of America Limitless Money Rewards advantages
Just like many different no-annual-fee bank cards, the perks on the Financial institution of America Limitless Money Rewards bank card are restricted, particularly on the journey entrance.
You will not discover perks like automated resort standing, airport lounge entry or complimentary World Entry or TSA PreCheck. As a substitute, you will have a card with a powerful rewards construction and different Financial institution of America advantages, akin to roadside dispatch and prolonged guarantee.
Associated: Greatest Financial institution of America playing cards
Incomes money again on the Financial institution of America Limitless Money Rewards
The Financial institution of America Limitless Money Rewards bank card affords a powerful money again alternative — particularly for individuals who qualify for Financial institution of America’s Most well-liked Rewards program.
Cardmembers earn limitless 1.5% money again on all purchases, whatever the class they fall into. There’s additionally no cap on the amount of money again you may earn, making this a perfect card to your on a regular basis purchases.
Maximizing money again with Most well-liked Rewards
These eligible for Financial institution of America’s Most well-liked Rewards® program will proceed to earn much more money again. To qualify, you will have to have an eligible Financial institution of America private checking account and a three-month common mixed steadiness of $20,000 or extra in a Financial institution of America account and/or Merrill funding account to enroll. The additional money again earned depends upon which tier you fall into based mostly in your three-month common account steadiness.
| Common cardholder | Tier 1 – Gold ($20,000 – $49,999) | Tier 2 – Platinum ($50,000 – $99,999) | Tier 3 – Platinum Honors ($100,000+) |
|---|---|---|---|
| 1.5% money again on each buy | 1.875% money again
(25% bonus) |
2.25% money again
(50% bonus) |
2.625% money again
(75% bonus) |
So for those who occur to be a Platinum Honors member inside the program, that’ll earn you 2.625% money again — a better money again quantity than any of the opposite playing cards you will earn in your on a regular basis non-category bonus purchases.
And for those who pair this card with one other Financial institution of America bank card, such because the Financial institution of America® Custom-made Money Rewards bank card, you may earn much more on sure purchases all year long.
The Financial institution of America Custom-made Money Rewards bank card earns 3% money again on one class of your alternative per quarter.
Selections embody gasoline and EV charging stations, on-line buying (together with cable, streaming, web and telephone providers), eating, journey, drugstore or dwelling enchancment furnishing. Earn 2% money again at grocery and wholesale golf equipment after which 1% money again on all different purchases — with a $2,500 cap on mixed 3% and a couple of% cash-back purchases per quarter.
This implies for those who use your Financial institution of America Custom-made Money Rewards bank card on all 3% and a couple of% money again classes and use your Financial institution of America Limitless Money Rewards bank card on all the pieces else — incomes 1.5% money again on these purchases — that’ll let you earn much more rewards.
Financial institution of America Most well-liked Rewards members may earn wherever between 1.875% and 5.25% money again — relying on the acquisition class and your tier stage.
Associated: Cease ignoring Financial institution of America Most well-liked Rewards
Redeeming money again on the Financial institution of America Limitless Money Rewards
The redemption choices for Financial institution of America Limitless Money Rewards cardmembers are considerably restricted. You’ve three choices:
- Deposit your money again into your Financial institution of America checking or financial savings account
- Select a press release credit score to your bank card
- Credit score your money again to eligible Merrill accounts, together with 529 accounts
This makes it simple to shortly entry your money again rewards, however you will not discover any alternatives to redeem your rewards earned for journey alternatives.
Associated: Money again vs. journey rewards: How to decide on a bank card
Which playing cards compete with the Financial institution of America Limitless Money Rewards?
If you happen to do not wish to be a part of the BOA ecosystem, there are lots of different low—or no-annual-fee money again playing cards or versatile foreign money that may compete with the Financial institution of America Limitless Money Rewards.
For added choices, please see our lists of the most effective cash-back playing cards and the most effective no-annual-fee playing cards.
Associated: Chase Freedom Limitless: An ideal card for freshmen and professionals alike
Is the Financial institution of America Limitless Money Rewards value it?
Since that is an infinite flat money again card with no annual payment, that alone justifies including it to your pockets. If you happen to’re a Financial institution of America Most well-liked Rewards member, it’s much more justifiable, as you would earn as much as 2.625% on all purchases with this card.
In case you are not a Most well-liked Rewards member, there are different no-annual money again playing cards that make more cash again you would possibly wish to take into account.
Associated: The facility of the Chase Trifecta: Sapphire Reserve, Ink Most well-liked and Freedom Limitless
Backside line
If you happen to’re presently a Financial institution of America Most well-liked Rewards member — or for those who intend to be one — you must take note of the suite of Financial institution of America bank cards, particularly this one.
And for those who’re in search of a easy no-annual-fee card providing limitless rewards and the chance to extend the money again rewards earned, you will discover lots to love within the Financial institution of America Limitless Money Rewards bank card.
Apply right here: Financial institution of America Limitless Money Rewards bank card
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