American Express Blue Cash Preferred® vs Bank of America® Unlimited Cash Rewards card: Which is the best?
Do you need a credit card that offers cash back? If so, which one would you use: American Express Blue Cash Preferred or Bank of America Unlimited Cash Rewards? Read our comparison to find out!
by Victória Lourenço
American Express Blue Cash Preferred® or Bank of America® Unlimited Cash Rewards: card comparison
If you’re like most middle-class Americans, you rely on your credit card to help cover your everyday expenses. But when it comes time to choose a new card, the options can be overwhelming. Do you go with the American Express Blue Cash Preferred or Bank of America Unlimited Cash Rewards card? Both cards have pros and cons, so how do you decide which is right for you? We’ll compare the two cards to help make your decision easier in this post.
The Bank of America® Unlimited Cash Rewards credit card gives you cash back on all purchases and more. See how to apply for it!
|American Express Blue Cash Preferred®||Bank of America® Unlimited Cash Rewards|
|Sign-up bonus*||You can earn $350 cash back after spending $3,000 in purchases within the first 6 months of account opening.|
|$200 online cash back bonus after spending $1,000 in purchases within the first 3 months of account opening.|
|Annual fee||$0 in the first year. After that, $95.||No annual fee.|
|Rewards*||6% cash back at U.S. Supermarkets.|
6% cash back on U.S. streaming services.
1% cash back on any other purchase.
|1.5% cash back on all purchases.|
|Other perks*||You can get 0% intro APR for 12 months on purchases.|
Access to Pay It Plan It®
|Get a 0% intro APR in the first 15 billing cycles for purchases.|
You can become a Preferred Rewards member and earn 25% to 755 more cash back on all purchases.
|APR*||13.99% to 23.99% variable APR.|
|13.99% to 23.99% variable APR.|
American Express Blue Cash Preferred®
The American Express Blue Cash Preferred® credit card is a high-end card for those who have to spend a lot on family purchases. Moreover, with this credit card, you can earn a lot of cashback if you need to spend a lot on everyday purchases. Also, even though there is an annual fee of $95, if you spend at least $40 per week at the supermarket, it will be worth it.
Moreover, this credit card can make you earn fantastic rewards and benefits. For example, you can earn $350 cash back after spending $3,000 within the first six months of account opening. Also, for you to enjoy this card even more, you can earn a $0 intro annual fee for your first year of use!
In addition, the rewards can make you fall in love with this American Express credit card. Moreover, you can earn 6% cash back at U.S. supermarkets and select U.S. streaming services. Also, you can earn 3% cash back at U.S. gas stations and transit and 1% cashback on any other purchase you make with the card! So, this credit card has a relatively high rewards rate for you to enjoy.
However, there is a spending cap on the 6% cashback bonus at U.S. supermarkets. So, you can only spend up to $6,000 per year on purchases. After that, you will earn 1% cashback only. However, this does not have to be a downside, you can analyze your spendings, and maybe they’ll fit the spending cap.
Moreover, it would be best to have a good to excellent credit score to qualify for this credit card. Also, it is essential that you analyze your finances to see if the cashback bonus and other rewards are worth the annual fee.
Bank of America® Unlimited Cash Rewards
The Bank of America® Unlimited Cash Rewards is a straightforward card because it offers 1.5% unlimited cash back on all purchases. Moreover, you can get an intro APR of 0% for the first 15 billing cycles on purchases. Also, there is no annual fee, and you can earn an excellent welcome bonus. So, the bonus offer is $200 online cashback after spending $1,000 in purchases within the first three months of account opening.
In addition, there is no limit to the amount of cash back you can earn. However, the cash back rewards are only redeemable in the form of a statement credit. Also, you can deposit your cash back into a Bank of America account.
Therefore, this Bank of America credit card can be an excellent choice for those who like to earn cash back rewards easily. Also, the redemption process is easy, and you don’t have to manage and keep track of so many bonus categories.
Moreover, you can be part of the Preferred Rewards program and earn 25% to 75% more cash back. However, it would be best to have a good to excellent credit score to have a chance of qualifying to get this credit card. Therefore, be sure to check your score before you start the application process.
Benefits of American Express Blue Cash Preferred®
- Relatively high cash back rewards rate ranges from 6% cash back to 1% cash back.
- There is a $0 intro annual fee for your first year using the card.
- You can earn $350 cash back after spending $3,000 in purchases within the first six months of account opening.
Benefits of Bank of America® Unlimited Cash Rewards
- Straightforward cash back rewards of 1.5% unlimited cash back on all purchases you make with the card.
- The cash back rewards do not have an expiration date.
- This card does not charge an annual fee.
- There is no limit to the amount of cash back rewards you can earn.
Disadvantages of American Express Blue Cash Preferred®
- There is a spending cap on the 6% cash back bonus at U.S. supermarkets. You can only spend up to $6,000.
- This card charges an annual fee of $95.
- You need a good to excellent credit score to qualify for this card.
Disadvantages of Bank of America® Unlimited Cash Rewards
- You cannot transfer your cash back rewards to another bank account.
- Some of the best rewards rates are only available to a few clients.
- You need a good to excellent credit score to qualify.
American Express Blue Cash Preferred® or Bank of America® Unlimited Cash Rewards card: which you should choose?
The Blue Cash Preferred® Card from American Express can be an excellent choice for spending a lot on family purchases. Also, if you like to make the best of cash back rewards, this credit card can be for you. Moreover, If you don’t want to think about bonus categories and all of that, maybe this card is not for you.
On the other hand, the Unlimited Cash Rewards card from Bank of America® is a simple reward-earning credit card. You can earn 1.5% cash back on every purchase you make with the card. Also, you don’t have to worry about a difficult redemption process because this card’s redemptions are easy to make.
In addition, both cards require a good to excellent credit score to qualify. Therefore, you need to check your finances and credit score to see if they fit these card’s requirements. Moreover, it is important to know if you like to have easy-to-earn rewards or make the best of bonus categories.
However, if you still want to keep looking for the best credit card for you, we can help you in another post. Therefore, check out our post below with a full review of the Citi® Double Cash card, another excellent credit card that gives fantastic cash back rewards!
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