Key takeaways
- The Financial institution of America® Limitless Money Rewards bank card gives a flat charge of 1.5 p.c money again on all purchases, which may be redeemed for assertion credit or direct deposits.
- The cardboard additionally comes with no annual payment and a possibility to earn a welcome bonus.
- Whereas it’s a sensible choice for Financial institution of America Most well-liked Rewards program members, these with out a Financial institution of America relationship might discover higher money again charges and longer introductory intervals on different playing cards.
Earlier than you determine if the Financial institution of America® Limitless Money Rewards bank card is price signing up for, it’s essential to know its rewards charge, charges and benefits. The Limitless Money Rewards card gives customers a flat charge of 1.5 p.c money again on all purchases. Plus, new clients can earn a $200 money again bonus after spending no less than $1,000 on purchases inside 90 days of account opening.
One other characteristic price highlighting is its introductory annual proportion charge (APR) provide (ongoing 18.24% – 28.24% Variable APR on purchases and stability transfers). Add in that there’s no annual payment, and it’s straightforward to see why the Limitless Money Rewards card is price testing.
When is the Financial institution of America Limitless Money Rewards card price it?
This card is perhaps an ideal match for you relying on the kind of rewards you’re searching for and the place you financial institution. Listed here are conditions when the Financial institution of America Limitless Money Rewards card is price it:
Whenever you choose easy, straightforward rewards
In the event you’re searching for a money again bank card that skips bonus classes and gives beneficiant flat-rate rewards as an alternative, the Financial institution of America Limitless Money Rewards card is price contemplating. In spite of everything, you’ll earn a flat 1.5 p.c money again on every thing you purchase, which might add up over time. For cardholders who wish to swipe and earn rewards with out regarding themselves with whether or not sure purchases will earn them bonus money again, this card is an efficient selection.
Even higher, redeeming your money again is as simple as incomes it. You possibly can redeem your rewards in a number of methods:
- For assertion credit
- As a deposit into an eligible Financial institution of America checking or financial savings account
- Through switch to an eligible Merrill funding account — together with 529 financial savings plans
- At checkout with Amazon or PayPal
When you have already got an account with Financial institution of America or Merrill
This Financial institution of America card is price getting for those who’re a member of the Financial institution of America Most well-liked Rewards program. This program rewards its members primarily based on how a lot cash they’ve in qualifying Financial institution of America and Merrill accounts. Right here’s a breakdown of these tiers and what you can earn:
- Gold: Should have complete stability of $20,000 to $49,999 and may earn an additional 25 p.c per greenback spent
- Platinum: Should have complete stability of $50,000 to $99,999 and may earn an additional 50 p.c per greenback spent
- Platinum Honors: Should have a complete stability of $100,000 to $999,999 and may earn an additional 75 p.c per greenback spent
- Diamond: Should have a complete stability of $1 million to $9.99 million and may earn an additional 75 p.c per greenback spent
- Diamond Honors: Should have a complete stability of $10 million and up and may earn an additional 75 p.c per greenback spent
You’ll have to keep up a median stability of no less than $20,000 for 3 months to qualify for the bottom of the 5 tiers of this program, however changing into a member helps you to earn 25 p.c to 75 p.c more money again for every greenback you spend, relying in your tier.
With the Limitless Money Rewards card, specifically, changing into a member of this program would enhance your money again charge to between 1.87 p.c and a couple of.62 p.c money again on every thing you purchase. In the event you’re capable of qualify for the upper tiers, Platinum and above, your money again charge may very well be greater than among the greatest flat-rate money again playing cards on the market.
When is the Financial institution of America Limitless Money Rewards card not price it?
Not each card is true for each circumstance. Listed here are some conditions the place the Financial institution of America Limitless Money Rewards card might not be price getting:
Whenever you wish to maximize your flat-rate money again
Until you’re a Financial institution of America buyer with a Most well-liked Rewards membership at a excessive tier, you might be higher off making use of for an additional money again card. Different issuers provide flat-rate money again playing cards that earn at a good greater flat charge, such because the Wells Fargo Lively Money® Card with limitless 2 p.c money rewards on purchases and no annual payment.
Plus, its redemption choices are comparatively numerous, permitting you to redeem your money again for assertion credit, reward playing cards and even journey by way of the Wells Fargo Rewards portal.
When your purpose is to pay down bank card debt
In the event you particularly want a card since you wish to consolidate high-interest debt, the Financial institution of America Limitless Money Rewards card might not be the strongest possibility. The cardboard gives a 0 p.c introductory APR interval for 15 billing cycles on stability transfers made within the first 60 days from account opening, adopted by an 18.24% – 28.24% Variable APR on purchases and stability transfers. Stability transfers additionally include a stability switch payment of three p.c for the primary 60 days from account opening, then 4 p.c after that — a fairly commonplace provide.
Cardholders with extra sizable bank card debt might profit from stability switch playing cards that supply introductory APRs on transferred balances for for much longer — as much as 21 months, even.
One instance is the Citi Simplicity® Card*, which gives a 0 p.c intro APR for 21 months on stability transfers made throughout the first 4 months of account opening, adopted by an APR of 18.24% – 28.99% (Variable). It has the identical intro stability switch payment of three p.c that the Limitless Money Rewards card has. After the primary 4 months of card possession, nevertheless, the stability switch payment for the Citi Simplicity will rise to five p.c.
A card with an extended introductory APR provide will help you attain your purpose of paying down debt extra simply than the Limitless Money Rewards card can.
Must you get the Financial institution of America Limitless Money Rewards card?
In the event you’re decided to have a Financial institution of America bank card, the Limitless Money Rewards card will serve you properly with its 1.5 p.c money again, with no restrict on how a lot you’ll be able to earn in a 12 months, no class restrictions and no spending caps.
Plus, its welcome bonus is comparatively straightforward to earn, so you must be capable to redeem your money again rewards very quickly. Cardholders who’ve already certified for the Most well-liked Rewards program have a good higher cause to use for this card, because of the promise of a boosted money again charge.
Nonetheless, for those who’re not a Financial institution of America loyalist, there’s no cause for you to not discover one of many different greatest money again playing cards, with greater rewards charges and longer intro APR intervals, extra enticing. Different issuers additionally provide extra versatile redemption choices, supplying you with the chance to redeem your rewards for extra than simply assertion credit and direct deposits.
The underside line
The Financial institution of America Limitless Money Rewards card is probably going price it for Financial institution of America loyalists searching for a flat-rate money again bank card. In the event you’re searching for greater rewards charges in class spending, or for those who don’t have any Financial institution of America accounts, then you definately’re seemingly higher off searching for different playing cards.
It’s additionally a good suggestion to spend a while evaluating the Limitless Money Rewards card to different Financial institution of America playing cards, such because the Financial institution of America® Personalized Money Rewards bank card. Getting preapproved for a Financial institution of America bank card will help you perceive your choices.
Don’t neglect to match this card to related choices from different issuers, too. With some analysis and comparability buying, you’re positive to search out the correct match.
The Financial institution of America bank card data on this publish was final up to date on April 8, 2025.
The details about the Citi Simplicity® Card has been collected independently by Bankrate.com. The cardboard particulars haven’t been reviewed or accredited by the cardboard issuer.
