Financial institution of America® Limitless Money Rewards evaluation

Financial institution of America® Limitless Money Rewards Highlights

• Welcome bonus: $200 on-line money rewards bonus by spending no less than $1,000 in purchases inside the first 90 days of account opening.
• Annual payment: $0
• Rewards: 1.5% money again on all purchases. Most popular Rewards members can earn an additional 25% to 75% additional cash again on each buy relying on tier.

Overview

The Financial institution of America® Limitless Money Rewards bank card is a good however not stellar no annual payment money again rewards bank card for many. Nonetheless, for those who’re a Most popular Rewards member, the cardboard might change into finest in school because of the 25%-75% enhance in rewards charges.

With limitless money again on all purchases, you don’t have to fret about rewards limits. That stated, except you’re a BofA loyalist different money again bank cards supply greater rewards with an identical payment construction, so chances are you’ll need to store round, particularly for those who’re a frequent traveler as this card has a hefty international transaction payment.

Who’s the Limitless Money Rewards Card good for?

In case you’re a Most popular Rewards member, particularly at the next tier, the Limitless Money Rewards card deserves an in depth look.

Who shouldn’t get the Limitless Money Rewards card?

In case you’re trying to maximize your rewards and will not be a BofA heavy hitter, look to a flat-rate card with greater returns such because the Wells Fargo Active Cash card. The Lively Money offers you 2% money again in comparison with 1.5% with the Limitless Money Rewards

Financial institution of America® Limitless Money Rewards: Rewards

The Limitless money rewards bank card eschews rotating rewards classes in favor of a flat 1.5% money again on all purchases. Financial institution of America Most popular Rewards members can earn even greater rewards with 25% to 75% additional cash again on each buy. That equates to a money again charge of 1.87% to 2.62%. This may make it a good selection for folk who hate having to trace ever-changing classes every month.

Nonetheless, non-Most popular Rewards members might do higher elsewhere as 1.5% isn’t the very best money again tier provided on no annual payment money again bank cards. Likewise, for those who don’t thoughts monitoring rotating classes, you can internet the next return with a card that gives extra rewards in particular classes.

Does the Financial institution of America Limitless Money rewards bank card have a signup bonus?

You may earn a $200 on-line money rewards welcome bonus by spending no less than $1,000 in purchases inside the first 90 days of account opening.

Easy methods to redeem Financial institution of America® Limitless Money Rewards bank card rewards

The rewards you earn with the Financial institution of America® Limitless Money Rewards bank card by no means expire, so you possibly can redeem them at any time so long as your account continues to be open. You may redeem rewards in several methods:

Redeem to an account

Rewards could be utilized as a credit score to your current bank card stability or to a Merrill Money Administration. You too can have your rewards deposited straight right into a Financial institution of America checking or financial savings account or utilized as a contribution to a Merrill 529 account.

There isn’t any minimal redemption quantity once you choose to use rewards towards your bank card stability or to have them deposited right into a Financial institution of America account or Merrill Money Administration account as a one-time redemption. Nonetheless, you will need to deposit no less than $25 right into a 529 account or to arrange computerized redemptions to different accounts.

Redeem for purchases

You should utilize rewards to pay for purchases made on Amazon.com or once you try with PayPal on eligible purchases. In case you’re feeling charitable, you may as well donate rewards by means of PayPal Giving Fund.

Charges and charges

• Intro APR: 0% on purchases or stability transfers made inside 60 days of account opening for 15 months.
• Buy APR: 18.24%–28.24%, based mostly in your creditworthiness
• Stability switch APR: 18.24%–28.24%, based mostly in your creditworthiness, plus 3% payment 
• Annual payment: $0
• International transaction payment: 3%

Further advantages

• $0 Legal responsibility assure: You’re not accountable for any fraudulent purchases made together with your bank card.
• Overdraft safety: Financial institution of America’s Stability Join service helps stop declined purchases, returned checks and different overdrafts by routinely transferring funds out of your bank card account to your eligible linked Financial institution of America deposit account. You need to have a remaining stability out there in your bank card for the service.
• Account alerts: Get e-mail or textual content alerts to inform you when your cost is coming due and if a cost is posted to your account.
• Free FICO rating: You may view your FICO rating totally free by means of the cellular app or on-line banking. Scores are up to date month-to-month.

Bank cards much like Financial institution of America® Limitless Money Rewards

With many no annual payment money again rewards bank cards out there, it pays to check choices earlier than making use of. One of many following bank cards which are much like the Financial institution of America® Limitless Money Rewards bank card could also be a greater match for you.

Constancy® Rewards Visa Signature® Credit score Card vs. Financial institution of America® Limitless Money Rewards

The Constancy® Rewards Visa Signature® Credit score Card is one other no annual payment money again bank card, however in contrast to the Financial institution of America® Limitless Money Rewards, Constancy’s card provides limitless 2% money again on all purchases.

There’s additionally no international transaction payment on the Constancy card in comparison with a 3% payment with the Financial institution of America Card. Constancy’s card additionally provides journey advantages, resembling particular provides on resorts and automotive leases, emergency companies and misplaced baggage reimbursement.

Just like the Financial institution of America card, you possibly can deposit your Constancy visa rewards into an eligible Constancy account or 529 account. Each playing cards present $0 fraud legal responsibility.

Chase Freedom Limitless® Credit score Card vs. Financial institution of America® Limitless Money Rewards

Just like the Financial institution of America® Limitless Money Rewards, the Chase Freedom Unlimited® Credit score Card has no annual payment and supplies 1.5% money again on all eligible purchases. However in contrast to the Financial institution of America’s card, the Freedom Limitless® card additionally offers 5% money again on journey bought by means of Chase Final Rewards portal, 3% money again on eating (together with takeout and eligible supply service) and three% money again on drugstore purchases.

The Chase card additionally supplies extra advantages like buy safety, journey insurance coverage, prolonged guarantee safety and auto rental protection. You’ll additionally get entry to the Chase Final Rewards Portal the place you possibly can guide journeys together with your rewards.

Is the Financial institution of America® Limitless Money Rewards card best for you?

The Financial institution of America® Limitless Money Rewards bank card is a strong alternative for anybody who doesn’t need to take care of rotating rewards classes or annual charges. With limitless 1.5% money again—as much as 2.62% for Most popular Rewards members—on all purchases, you by no means need to marvel what you’ll earn.

Nonetheless, this is just one card within the aggressive no annual payment money again rewards class and different choices might present greater rewards for non-Most popular Rewards members. The Financial institution of America® Limitless Money Rewards bank card can be missing in extra advantages like journey perks. The international transaction payment additionally makes it a poor possibility for frequent vacationers.

Steadily requested questions

What’s Financial institution of America® Limitless Money Rewards?

The Financial institution of America® Limitless Money Rewards is a Visa signature bank card that gives limitless 1.5% money again on all purchases with no annual payment.

What’s the Financial institution of America® Limitless Money Rewards credit score restrict?

The Financial institution of America® Limitless Money Rewards credit score restrict will fluctuate based mostly in your credit score worthiness. For the next credit score restrict, you’ll want a great or wonderful credit score rating.

Is it value switching to Financial institution of America® Limitless Money Rewards?

It could be value switching to the Financial institution of America® Limitless Money Rewards bank card in case your present bank card supplies decrease rewards or expenses an annual payment. With a flat money again rewards program that gives a limiteless 1.5% again on all purchases, Financial institution of America’s card is a strong alternative for on a regular basis purchases. 

The cardboard is a very good selection for Financial institution of America Most popular Rewards members who can earn 25% to 75% extra rewards on each buy. Nonetheless, if you’re a frequent traveler or don’t thoughts monitoring rotating rewards classes, the Financial institution of America® Limitless Money Rewards bank card will not be value it.

Please observe that card particulars are correct as of the publish date, however are topic to alter at any time on the discretion of the issuer. Please contact the cardboard issuer to confirm charges, charges, and advantages earlier than making use of.