Bank of America's other cash-back credit cards are tiered rewards cards, which means users earn bonus cash back in certain spending categories but just 1% back on most of their purchases. With the new Bank of America Unlimited Cash Rewards credit card, they will get 1.5% back on every purchase you make, regardless of the category. Besides, the Bank of America Preferred Rewards members, can get between 25% and 75% more cashback with the card.
The no-annual-fee card also offers a USD 200 cash bonus when users spend at least USD 1,000 in the first 90 days from account opening. Additionally, they will receive a 0% APR for 15 months on purchases, as well as on balance transfers made during the first 60 days. After that, the variable APR jumps to 13.99% to 23.99%, based on creditworthiness.
According to Investopedia, the Preferred Rewards program is designed for wealthier Bank of America customers who have at least USD 20,000 in three-month average daily combined balances between Bank of America deposit accounts and Merrill Lynch investment accounts. With USD 20,000, you are a gold member and will get 25% more rewards with the bank's credit cards, among other perks. With a balance of USD 50,000, you will get 50% more, and you will get 75% more once you reach a balance of USD 100,000.
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