Financial institution of America® Limitless Money Rewards evaluation



Our take The Financial institution of America® Limitless Money Rewards bank card provides limitless 1.5% money again on all purchases with no annual payment. And when you’re a Most popular Rewards member you possibly can earn much more rewards.

Professionals

  • Limitless 1.5% money again on all purchases
  • $0 annual payment
  • 0% intro APR for 15 months on each purchases and stability transfers made inside the first 60 days of account opening

Cons

  • Different playing cards earn a better cash-back fee except you’re a Most popular Rewards member
  • Minimal further advantages
  • 3% international transaction payment

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% more money again on each buy relying on tier.

Overview

The Financial institution of America® Limitless Money Rewards bank card is an honest however not stellar no annual payment money again rewards bank card for many. Nevertheless, when you’re a Most popular Rewards member, the cardboard may develop into greatest in school as a result of 25%-75% improve 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 increased rewards with an analogous payment construction, so it’s possible you’ll need to store round, particularly when you’re a frequent traveler as this card has a hefty international transaction payment.

Who’s the Limitless Money Rewards Card good for?

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

Who shouldn’t get the Limitless Money Rewards card?

In the event you’re trying to maximize your rewards and will not be a BofA heavy hitter, look to a flat-rate card with increased returns such because the Wells Fargo Active Cash card. The Energetic Money provides 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 increased rewards with 25% to 75% more money again on each buy. That equates to a money again fee 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.

Nevertheless, non-Most popular Rewards members could do higher elsewhere as 1.5% isn’t the very best money again tier provided on no annual payment money again bank cards. Likewise, when you don’t thoughts monitoring rotating classes, you would web a better return with a card that provides extra rewards in particular classes.

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

You possibly can 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.

The best way 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 possibly can redeem rewards in numerous methods:

Redeem to an account

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

There is no such thing as a minimal redemption quantity while you decide 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. Nevertheless, it’s essential to deposit no less than $25 right into a 529 account or to arrange computerized redemptions to different accounts.

Redeem for purchases

You need to use rewards to pay for purchases made on Amazon.com or while you try with PayPal on eligible purchases. In the event you’re feeling charitable, it’s also possible to donate rewards by PayPal Giving Fund.

Charges and costs

  • 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
  • Overseas transaction payment: 3%

Extra advantages

  • $0 Legal responsibility assure: You’re not answerable for any fraudulent purchases made along with your bank card.
  • Overdraft safety: Financial institution of America’s Stability Join service helps forestall 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 have to have a remaining stability accessible in your bank card for the service.
  • Account alerts: Get electronic mail or textual content alerts to inform you when your fee is coming due and if a fee is posted to your account.
  • Free FICO rating: You possibly can view your FICO rating totally free by 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 accessible, it pays to check choices earlier than making use of. One of many following bank cards which can be 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 may be 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 inns and automobile leases, emergency providers 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 gives 1.5% money again on all eligible purchases. However in contrast to the Financial institution of America’s card, the Freedom Limitless® card additionally provides 5% money again on journey bought by 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 gives 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 e-book journeys along 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 stable 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 surprise what you’ll earn.

Nevertheless, this is just one card within the aggressive no annual payment money again rewards class and different choices could present increased 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.

Regularly 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 differ based mostly in your credit score worthiness. For a better credit score restrict, you’ll want or glorious credit score rating.

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

It might be price switching to the Financial institution of America® Limitless Money Rewards bank card in case your present bank card gives decrease rewards or prices 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 stable 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. Nevertheless, if you’re a frequent traveler or don’t thoughts monitoring rotating rewards classes, the Financial institution of America® Limitless Money Rewards bank card is probably not price it.


Please word that card particulars are correct as of the publish date, however are topic to vary 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.

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