The offer mentioned below for the for the Citi® Double Cash Card is no longer available. Show
A new rewards credit card has just hit the market: The Bank of America® Unlimited Cash Rewards Card enters a crowded field of cash-back cards. The Unlimited Cash Rewards Card is a no-annual fee card that earns 1.5% cash back on purchases with the ability to earn a higher cash-back rate if you're a Bank of America Preferred Rewards member. The Unlimited Cash Rewards Card has a straightforward rewards program with a twist. The card earns 1.5% cash back on everything, but it also allows you to tap into Bank of America's Preferred Rewards Program, which gives you the potential to gain an additional 25% to 75% uplift on your rewards, depending on your Preferred Rewards program member tier. Bank of America joins Wells Fargo and Citigroup which have both rolled out cash-back cards in the past few months. "Some customers choose to have flat cash-back products and we noticed that some of our customers [would] go elsewhere to seek out that type of product, because Bank of America didn't offer it," Jason Gaughan, Consumer Card Product Executive at Bank of America said. The card offers a solid welcome bonus of $200 if you spend $1,000 within the first three months of opening the card and a 15 month 0% APR introductory period on balance transfers and purchases (after, variable APR 15.49% to 25.49%). It also has a 3% foreign transaction fee, so it's not a great card for international travelers. You can redeem your cash back as a statement credit, a direct deposit into a Bank of America checking or savings account or a credit to an eligible Merrill® account. Bank of America® Unlimited Cash Rewards credit card
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Rewards totals incorporate the cash-back earned from the welcome bonus and 1.5% back Boost your cash-back earning with Preferred RewardsIn order to become a Preferred Rewards program member, you'll need at least $20,000 or more invested in a Bank of America® deposit and/or Merrill® investment account. There are three Preferred Rewards tiers. If you're in the highest tier, Platinum Honors, you earn 2.625% back on purchases with the Unlimited Cash Rewards Card. If you're in the lowest tier, Gold, you receive 1.875% back, and if you're in the middle tier, Silver, you'll earn 2.25% cash back. "...It pays to have a relationship, or a full relationship, with us [Bank of America]. The more you do with us, the more you get rewarded," Don Vecchiarello, spokesperson for Bank of America, said. The ability to earn a greater cash-back rate by being a Preferred Rewards member, up to 2.625%, potentially makes the Unlimited Cash Rewards Card the best flat-rate cash-back card currently on the market. Most other cash-back cards offer rewards rates of 1.5% to 2% back, and cards with higher cash-back rates of 5% typically have rotating categories or spending caps. Other flat-rate cash-back cardsWhile cardholders have the ability to earn more by being a Preferred Rewards Program member, there are other cash-back cards on the market with better rewards systems if you're not a member. The new product from Bank of America competes against other well-known cards in the cash-rewards space, namely the Wells Fargo Active Cash® Card, the Chase Freedom Unlimited® and the Citi® Double Cash Card Card. Some have a welcome bonus and a 0% APR introductory period. The Wells Fargo Active Cash offers 2% cash rewards on all eligible purchases and a $200 cash reward welcome bonus if you spend $1,000 in purchases within the first three months of account opening. Wells Fargo Active Cash® CardOn Wells Fargo's secure site
The Chase Freedom Unlimited offers 3% on dining at restaurants (including takeout and eligible delivery services) and drugstores and 5% cash back on travel purchased through Chase Ultimate Rewards®. Cardholders earn an additional 1.5% for all eligible purchases, on up to $20,000 spent in the first year. Chase Freedom Unlimited®
Terms apply. The Citi Double Cash Card also has a 2% cash-back on purchases; 1% when you buy and 1% as you pay but doesn't have a welcome bonus, making the Active Cash Card a stronger choice. Bottom lineRegardless of which cash-back card you choose, the Unlimited Cash Rewards Card comes with the potential to earn the highest cash-back rate, on all purchases, of many cards. You'll just need to be at least a Gold or Platinum Preferred Rewards program member to reap those rewards. Information about the Bank of America's Unlimited Cash Rewards Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication. Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party. Does Bank of America charge for foreign transactions?Bank of America will assess an international transaction fee of 3% of the converted US dollar amount. Foreign ATM operators may offer to do your currency conversion for you, but they may charge a higher fee for conversion.
Is 3% foreign transaction fee a lot?Foreign transaction fees generally range from 1 percent to 4 percent and tend to average around 3 percent of each transaction. Paying around $3 per $100 you spend may not sound that expensive, but these fees can add up if you're making a lot of purchases with your credit card on a foreign getaway.
Can I use my Bank of America Card internationally?Whenever possible, use your ATM or debit card at one of our international partner ATMs. If you use a non-partner ATM, you may be charged fees by both Bank of America and the ATM operator. A Bank of America International Transaction Fee of 3% will apply when converting your currency.
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