Earn limitless money again: Financial institution of America Limitless Money Rewards bank card evaluate
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Financial institution of America Limitless Money Rewards bank card Overview
The Financial institution of America® Limitless Money Rewards bank card provides simplified rewards the place you’ll earn 1.5% money again on all purchases, with no annual payment. The cardboard — and money again — can turn out to be fairly profitable for anybody with a major banking or investing relationship with Financial institution of America. Card Score*: ⭐⭐⭐½
*Card Score 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 is the right resolution for many who need simplicity of their bank card rewards because you’ll earn a set amount of money again on all purchases you make. And for present Financial institution of America Most well-liked Reward members, you’ll earn as much as an additional 75% extra on those self same purchases. There’s additionally no restrict to the amount of money again you possibly can earn and money rewards don’t expire.
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Who is that this card for?
The Financial institution of America Limitless Money Rewards is ideal for many who need a no-annual-fee money again bank card with out having to memorize class bonuses.
Because the card provides an infinite 1.5% money again on all purchases, you possibly can have one card in your pockets to cowl all purchases with out the complexity of getting to fret about which bank card to make use of for sure purchases and class bonus caps.
That is additionally the right newbie bank card, not solely because of the simplicity of the factors earned but in addition the character of redeeming your factors. Factors could be redeemed as a deposit into your Financial institution of America checking or financial savings accounts, an announcement credit score to your bank card and even a credit score to an eligible Merrill® account, together with 529 accounts. 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.
These with present Financial institution of America accounts, particularly Most well-liked Members, will even respect incomes extra rewards — between 25% and 75% extra — for as much as 2.62% money again on each buy made.
Associated: Cease ignoring Financial institution of America Most well-liked Rewards
Strong $200 welcome bonus
With the Financial institution of America Limitless Money Rewards card, you’ll earn a $200 on-line money rewards bonus after making not less than $1,000 in purchases within the first 90 days of your account opening. Whereas there are higher bonus provides on the market, that is on par with many different provides accessible for a no-annual-fee bank card.
The truth that you’ll obtain money again in your pocket lets you use that cash on any buy you need — even when it’s not for journey functions. And with a low minimal spend requirement, incomes the money rewards bonus shouldn’t be tough for many.
Associated: Money again versus points-and-miles bank cards
Major perks and 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 gained’t discover computerized lodge standing, airport lounge entry or complimentary International Entry or TSA PreCheck. As an alternative, you’ll have a card with a powerful rewards construction and different Financial institution of America advantages, resembling roadside dispatch, and prolonged guarantee.
Incomes money again
The Financial institution of America Limitless Money Rewards bank card provides a powerful money again alternative — particularly for many 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 it falls into. There’s additionally no cap on the amount of money again you possibly can earn, making this a great card to your on a regular basis purchases.
Associated: Every little thing it’s best to find out about Financial institution of America’s Most well-liked Rewards program
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’ll must have an eligible Financial institution of America private checking account and a three-month common mixed stability of $20,000 or extra in a Financial institution of America account and/or Merrill funding accounts to enroll. The additional money again earned is determined by which tier you fall into primarily based in your three-month common account stability.
| 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 — the next money again quantity than any of the opposite playing cards you’ll 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 possibly can 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 fuel, on-line buying, eating, journey, drug retailer or residence enchancment furnishing), 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 pair 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 pair of% money again classes and use your Financial institution of America® Limitless Money Rewards bank card on every part else — incomes 1.5% money again on these purchases — that’ll help you earn much more rewards. Most well-liked Rewards members might earn wherever between 1.875% and 5.25% money again — relying on the acquisition class and your tier stage.
Redeeming money again
The redemption choices for Financial institution of America Limitless Money Rewards cardmembers are considerably restricted. You will have three choices:
- Deposit your money again into your Financial institution of America checking or financial savings account.
- Select an announcement 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 gained’t discover any alternatives to redeem your rewards earned for journey alternatives.
Which playing cards compete with the BoA Money Rewards?
If you happen to’re a Financial institution of America Most well-liked Member and also you solely need one card in your pockets, there are lots of different Financial institution of America bank cards to contemplate.
For instance, with the Financial institution of America® Journey Rewards bank card, you’ll obtain limitless 1.5 factors per greenback on on a regular basis purchases and no annual payment. Whereas this card provides a barely greater sign-up bonus, the redemption alternatives are totally different and cater to frequent vacationers.
If you happen to don’t have your coronary heart set on a Financial institution of America bank card, one other competitor is the no-annual-fee Chase Freedom Limitless. With this card, you’ll earn the identical 1.5% money again in your on a regular basis purchases. Nonetheless, you’ll additionally encounter a couple of class bonuses as the cardboard additionally earns 5% money again on journey booked via Final Rewards, 3% money again on eating (together with takeout and eligible supply providers) and three% again on drugstores. By March 2025, you’ll additionally earn 5% money again on all Lyft rides.
Associated: Chase Freedom Limitless: An amazing card for rookies and execs alike
Though the Chase Freedom Limitless doesn’t supply the chance to earn extra rewards for those who’re a Chase banking buyer, there’s the chance to make use of your factors in the direction of journey for those who pair the cardboard with one other Chase Final Rewards-earning bank card, such because the Chase Sapphire Most well-liked Card. Redeeming your factors in the direction of journey can finally put the next worth in your factors earned.
Associated: The ability of the Chase Trifecta: Sapphire Reserve, Ink Most well-liked and Freedom Limitless
Backside line
If you happen to’re at present a Financial institution of America Most well-liked Rewards member — or for those who intend to be one — it’s best to take note of the suite of Financial institution of America bank cards, particularly this one.
And for those who’re searching for a easy no-annual-fee card providing limitless rewards and the chance to extend the money again rewards earned, you’ll discover quite a bit to love within the Financial institution of America Limitless Money Rewards bank card.
Utility hyperlink: Financial institution of America® Limitless Money Rewards bank card with a $200 on-line money rewards bonus after spending $1,000 within the first three months
Further reporting by Ryan Wilcox.
