Doctor of Credit reports on an exciting development: Bank of America is launching a new cash back credit card called the Unlimited Cash Rewards Card that basically mirrors the Travel Rewards card without the requirement to redeem rewards for travel. That’s great news because it means that while the card will earn a not-exciting 1.5% on all purchases for those without Bank of America Preferred Rewards status, it means that those with Platinum Honors status will earn 2.625% cash back on all purchases with no annual fee. That’s awesome! To add icing on the cake, Bank of America is offering some 3-2-1 cardholders a $200 bonus as a product change after $1K in purchases within 90 days with no credit pull / new account.
The Offer & Key Card Details
For more information and to find a link to apply, click the card information below to go to our Frequent Miler page for this card.
|Card Offer and Details|
- Note that this card is also being offered to some cardholders as a product change to from a Customized Cash Rewards or Travel Rewards card with the same $200 bonus after $1K in purchases in the first 90 days with no application / no credit check
Update: While this card was only initially offered as a product change, it is now available for new applicants as well. That said, those eligible for the product change bonus may find that more appealing since it involves no new account and the same bonus. Picking up an easy $200 cash bonus without adding to one’s 5/24 count could be a nice incentive.
This card is not yet available for new applications and thus far is only being offered via targeted email to existing 3-2-1 Cash Rewards cardholders. The product change offer is great since it gives a $200 bonus after $1K in purchases in 90 days with no application or credit check. That’s a super easy 20% cash back score.
This key that makes this card better than the Travel Rewards card is that rewards do not need to be redeemed for travel but rather can be taken as straight cash back. Again, while 1.5% back is not exciting at all, the key here is for Bank of America Platinum Honors members who receive a 75% bonus on credit card earnings. See this post for more detail: Bank of America cards: awesome if you’ve got $100K lying around (note that in my case, we triggered the requirements with a mix of IRA and other long-term investment accounts via Merrill Edge since there are no annual fees and no fees for trading ETFs and stocks).
I’ll be interested in seeing what this means for the Premium Rewards card. That card also offers a flat 1.5% back on most purchases (2.625% back with Platinum Honors) and 2% dining and travel (3.5% with Platinum Honors). While the card has a $100 annual travel incidental credit, it probably isn’t worth paying the $95 annual fee on that card for most people since 3.5% back on travel and dining aren’t unbeatable returns. The Premium Rewards card is also offering 2% back on grocery purchases through 12/31/21 (3.5% with Platinum Honors), but I could imagine product changing after that unless something changes.
Overall, great news here for those receiving the product change offer and great news whenever this becomes available to the masses.
H/T: Doctor of Credit