Bank Of America released 2 new credit cards last week. One is a personal credit card, the Unlimited Cash Rewards card. The second card is the Unlimited Cash Rewards Secured card.
There’s a rumor going around that there is a Bank of America business card coming out as well. We’ll see.
Welcome bonuses and annual fees
With the Unlimited Cash Rewards card, you will get a $200 bonus after spending $1,000 within the first 90 days. You will also get an intro 0% APR offer for 15 months on purchases and balances.
The Unlimited Cash Rewards Secured card does not have a welcome bonus.
There is no annual fee on either card.
Card rewards
Both the Unlimited Cash Rewards card and the Unlimited Cash Rewards Secured card, earn an unlimited 1.5% cash back on all purchases. That makes the Unlimited Cash Rewards Secured card the highest secured point earner around!
Preferred Rewards
Guess what? You can earn even more than 1.5% cashback on all purchases, depending on if you become a Preferred Rewards member. Here’s how you can be eligible.
Bank Of America Preferred Rewards members can earn from 1.875% cashback all the way up to 2.625% cashback on all purchases! The rate depends on how much of combined balances you have in your Bank of America deposit accounts and/or in your Merrill investments accounts.
Preferred Reward members are split into 3 tiers; Gold, Platinum, and Platinum Honors. You will fall into a tier category based on your balance amounts in your Bank of America accounts. We’ll get to the breakdown in a moment.
Preferred Rewards requirements
To qualify for any of these Preferred Rewards tiers, you must have a minimum amount of a balance amount sitting in either your Bank of America deposit accounts and/or in your Merrill investments accounts, for a minimum of 3 months. After 3 months of the balances being in your accounts, you will become a Preferred Reward member.
Preferred Rewards tiers
Here’s how the Preferred Rewards member tiers work.
Gold members:
- If you have $20,000 or more in balances (or in combined balances) in your BOA and/or Merrill accounts,
- for a minimum of 3 months,
- then you will earn 25% more rewards on all purchases,
- which means that you will earn 1.875% cashback on all purchases
- and you will be considered a Gold member for the next 12 months.
Platinum members:
- If you have $50,000 or more in balances (or in combined balances) in your BOA and/or Merrill accounts,
- for a minimum of 3 months,
- then you will earn 50% more rewards on all purchases,
- which means that you will earn 2.25% cashback on all purchases
- and you will be considered a Platinum member for the next 12 months.
Platinum Honors members:
- If you have $100,000 or more in balances (or in combined balances) in your BOA and/or Merrill accounts,
- for a minimum of 3 months,
- then you will earn 75% more rewards on all purchases,
- which means that you will earn 2.625% cashback on all purchases
- and you will be considered a Platinum Honors member for the next 12 months.
Bank of America will review your account balances monthly. If at any point, you are eligible for a member upgrade, you will automatically be upgraded to the appropriate tier.
Card benefits
As for card benefits, I don’t seem to see any major benefits or protections on either card.
Bank Of America cards usually come along with standard benefits, such as extended warranty protection and purchase protection, yet I’m not sure these cards come along with the standard BOA benefits.
If anyone has already applied for the Unlimited Cash Rewards card or for the Unlimited Cash Rewards Secured card, you can email the benefits guide to [email protected] so that we can confirm the benefits. I’d appreciate it!
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