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Introduction to the Bank of America® Unlimited Cash Rewards Credit Card
The Bank of America® Unlimited Cash Rewards Credit Card is one of the best Bank of America credit cards for those seeking a no-annual-fee card that earns 1.5% cash back on all purchases. And if you're a Bank of America Preferred Rewards customer, you may be able to boost that earning rate even higher.
$0
0% intro APR for the first 15 billing cycles on purchases and on any balance transfers made in the first 60 days
19.24% - 29.24% Variable
Earn a $200 online cash rewards bonus
Good to Excellent
- Decent welcome bonus
- Generous intro APR offer on purchases and balance transfers
- You can earn up to 75% more rewards for your spending if you’re a Bank of America Preferred Rewards customer
- 3% foreign transaction fee
- Other cards offer better travel and purchase benefits
The Bank of America® Unlimited Cash Rewards Credit Card is one of the best Bank of America credit cards for those looking for no-annual-fee card that earns a high rate of cash back on all purchases — and if you're a Bank of America Preferred Rewards customer, it has the potential to be even more lucrative. With a strong welcome bonus and introductory APR offer, it's ideal for those who prefer a straightforward cash-back card.
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- Earn unlimited 1.5% cash back on all purchases.
- If you're a Bank of America Preferred Rewards® member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
- No annual fee.
- No limit to the amount of cash back you can earn and cash rewards don't expire as long as your account remains open.
- 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that's currently 19.24% - 29.24% will apply. A 3% Intro balance transfer fee will apply for the first 60 days your account is open. After the Intro balance transfer fee offer ends, the fee for future balance transfers is 4%.
- Contactless Cards - The security of a chip card, with the convenience of a tap.
- This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.
Bank of America® Unlimited Cash Rewards Credit Card Overview
Cash-back credit cards come in all flavors, from no-annual-fee cards that earn a flat rate of return on all purchases to those with higher earnings on rotating or customized bonus categories. The Bank of America® Unlimited Cash Rewards Credit Card is one of the easiest cash-back cards to use, with a simple rewards structure, competitive welcome bonus offer, and generous intro APR.
Bank of America® Unlimited Cash Rewards Credit Card Rewards
Let's look at the card basics: Simple rewards, no annual fee.
Welcome Bonus
New cardholders can earn a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening.
No Annual Fee
The Bank of America® Unlimited Cash Rewards Credit Card has no annual fee, making it a good choice for cardholders who don't want ongoing costs.
1.5% Cash Back on Every Purchase
The Bank of America® Unlimited Cash Rewards Credit Card earns a flat rate of 1.5% cash back on all purchases with no limits, and there's no annual fee. There are no rotating categories to track or update. And if you're a Bank of America Preferred Rewards customer, you can earn 25% to 75% more cash back with the card, depending on your rewards tier. That's on par with competing no-annual-fee cards that earn cash back.
Bank of America Preferred Rewards Bonus
This card becomes a lot more compelling if you're a Bank of America Preferred Rewards customer.
What is Preferred Rewards?
The amount you have on deposit with Bank of America or invested with Merrill (Bank of America's wealth management division) determines your membership tier, which in turn gives you a bonus on the rewards you earn. At the highest level, you could earn a whopping 2.625% cash back on all purchases, which is an excellent rate of return for a no-annual-fee credit card.
Cash Back Boost: Your Bonus Earnings by Tier
Preferred Rewards Gold
25% more rewards on eligible Bank of America rewards credit card spending (earn 1.875% cash back)
Preferred Rewards Platinum
50% more rewards on eligible Bank of America rewards credit card spending (earn 2.25% cash back)
Preferred Rewards Platinum Honors
75% more rewards on eligible Bank of America rewards credit card spending (earn 2.625% cash back)
Other Preferred Rewards Perks
Waived Fees
Gold, Platinum, and Platinum members are eligible for the following waived fees:
- Monthly maintenance fees on checking and savings accounts, for up to four accounts
- ATM/Debit card rush fees
- Incoming domestic wire transfer fees
- Stop-payment fee is waived
Additional Benefits
Additional benefits are available, but vary based on tier.
- Non-Bank of America ATM fees are waived for withdrawals and transfers at the Platinum tier and above: One per statement cycle for Platinum, and unlimited for Platinum Honors and Diamond tiers
- Small safe-deposit box available for members with Platinum status or above
How to Redeem Rewards
With the Bank of America® Unlimited Cash Rewards Credit Card, you've only got a few redemption options:
- Statement credits to your credit card
- Deposits made directly into a Bank of America checking or savings account
- Credits to a qualifying Merrill Cash Management Account
- Credits to a qualifying 529 account with Merrill
There's no minimum amount for one-time redemptions as statement credits, deposits to Bank of America checking/savings accounts, or to qualifying Merrill Cash Management Accounts. However, deposits to 529 accounts, as well as automatic redemptions (available for checking/savings deposits or Cash Management Account deposits only) have a minimum $25 redemption amount.
As long as your account is open and in good standing, your rewards won't expire.
Bank of America® Unlimited Cash Rewards Credit Card Benefits and Features
The Bank of America® Unlimited Cash Rewards Credit Card doesn't have a ton of extra perks, but there are a few worth noting.
0% Intro APR
New Bank of America® Unlimited Cash Rewards Credit Card cardholders receive 19.24% - 29.24% Variable (then a 19.24% - 29.24% Variable APR). This is one of the longer balance transfer card offers available right now, and could be a great tool if you're looking to transfer high-interest balances from other cards, or just have purchases coming up you want to pay off over several billing cycles.
Free FICO Score
Primary Bank of America® Unlimited Cash Rewards Credit Card cardholders can access their FICO score for free through online banking. You can access your score through Bank of America's mobile website, or its mobile banking app for iPhone and Android. Most credit cards now offer free credit score monitoring, but it's a handy tool if you don't already have a card with this feature.
Optional Overdraft Protection
Bank of America offers an optional Balance Connect overdraft protection feature that allows you to link your eligible Bank of America deposit account to your Bank of America® Unlimited Cash Rewards Credit Card. When you opt into this service, Bank of America will automatically transfer funds from your credit card account to cover overdrafts on your deposit account, as long as you have credit available on your credit card. This service has no overdraft fees, but you'll be subject to interest on the cash advance.
Mobile Wallet Compatibility with Apple Pay, Google Pay, and Samsung Pay
You can add your Bank of America® Unlimited Cash Rewards Credit Card to digital wallets like Apple Pay, Google Pay, or Samsung Pay to use for in-person, online, or in-app transactions. Your actual card number isn't stored on your device or shared with most merchants, so this can be a more secure and convenient way to make purchases.
$0 Liability Guarantee
If your Bank of America® Unlimited Cash Rewards Credit Card is lost, stolen, or otherwise compromised, you won't be held liable for fraudulent or unauthorized transactions as long as you report the issue promptly.
Bank of America® Unlimited Cash Rewards Credit Card Fees and Fine Print
The Bank of America® Unlimited Cash Rewards Credit Card has a $0 annual fee, but there are other fees to be aware of.
Foreign Transaction Fee
This is not a good card to use if you're traveling abroad because it charges foreign transaction fees on international purchases. (If you're looking for a card without foreign transaction fees, you might consider the Bank of America® Premium Rewards® credit card).
Balance Transfer Fee
You will pay a balance transfer fee of 3% of the total transaction amount on transfers made within 60 days of opening your account. After those 60 days, the fee will be 4% of the amount of each transaction.
Cash Advance Fee & APR
Cash advances are also subject to additional fees and higher APRs than regular purchases. Direct deposit and check cash advances are charged 4% of the amount of each transaction. When you open your account, these transactions are also subject to APRs between 22.24% to 29.24%, based on your creditworthiness.
ATM, over-the-counter, same-day online, and cash equivalent cash advances are subject to a fee of 5% of the amount of each transaction, and a 29.24% APR for bank cash advances.
Who Should Get This Card?
This card is best for people who want simple, unlimited cash back without an annual fee. It is not ideal for frequent international travelers, or anyone seeking wider variety on rewards.
Bank of America® Unlimited Cash Rewards Credit Card Comparison
The Bank of America® Unlimited Cash Rewards Credit Card is a solid option, but many cards in its league offer comparable benefits. Let's look at two popular competitors.
Bank of America® Unlimited Cash Rewards Credit Card vs. Wells Fargo Active Cash® Card
The Wells Fargo Active Cash® Card has a $0 annual fee and earns 2% cash back on all purchases. This automatically makes the card worth more for anyone who doesn't hold Bank of America Preferred Rewards status.
New cardholders can earn a welcome bonus of $200 cash rewards bonus after spending $500 in purchases in the first three months from account opening. They can also take advantage of a zero-interest period: 0% intro APR on purchases and qualifying balance transfers for 15 months from account opening (then a 20.24%, 25.24%, or 29.99% variable APR).
Noteworthy additional benefits include cellphone protection, Visa Signature Concierge, roadside dispatch, travel and emergency assistance services, emergency cash disbursement and card replacement, and access to the Visa Signature Hotel Collection.
Read more in our Wells Fargo Active Cash card review.
Bank of America® Unlimited Cash Rewards Credit Card vs. Chase Freedom Unlimited®
The Chase Freedom Unlimited® has a $0 annual fee, and newcomers can earn a generous welcome bonus of additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year). New cardholders can also take advantage of an intro period of 0% intro APR on purchases and balance transfers for the first 15 months, then a 20.49% - 29.24% Variable.
This card has the highest potential for rewards out of the three compared here. The Chase Freedom Unlimited® earns 5% cash back (in the form of 5x Chase Ultimate Rewards points) on travel purchased through Chase Travel℠, 3% cash back (3x points) on dining and drugstore purchases, and 1.5% cash back (1.5x points) on everything else.
0% intro APR on purchases and balance transfers for the first 15 months cardholders also enjoy benefits including purchase protection, extended warranty, car rental insurance (secondary in the U.S., primary otherwise), trip interruption/cancellation insurance, and travel and emergency assistance services.
Read more in our Chase Freedom Unlimited review.
Bank of America® Unlimited Cash Rewards Credit Card Frequently Asked Questions
Approval for the card typically requires good to excellent credit (670+ FICO).
Cardholders can redeem rewards several ways: As a statement credit, direct deposit into a Bank of America checking or savings account, credit to a qualifying Merrill Cash Management Account, or credit to a qualifying 529 account with Merrill.
The 0% intro APR on purchases and balance transfers for the first 15 months offers strong earning rates on certain bonus categories, while the Wells Fargo Active Cash® Card earns a slightly higher rate of 2% cash back on purchases.
The Bank of America® Unlimited Cash Rewards Credit Card is worth it if you're looking for a no-frills cash-back card with a good bonus, earning rate, and intro APR offer. And if you're a Bank of America Preferred Rewards customer, it can be particularly valuable because you can earn up to 75% more rewards, depending on your rewards tier. There are other no-annual-fee cash-back cards that may be a better fit, however, like the Wells Fargo Active Cash® Card.
To be approved for the Bank of America® Unlimited Cash Rewards Credit Card, you should have at least a good credit score — meaning a FICO score of 670 or higher.
If you're below the suggested credit score to be approved for the Bank of America® Unlimited Cash Rewards Credit Card, be sure to read our guides to the best credit cards for average credit and for bad credit to find other good card options. And if you're a student, check out the Bank of America® Unlimited Cash Rewards Credit Card for Students , which has most of the same features as the regular version of the card.
The Bank of America® Unlimited Cash Rewards Credit Card is a Visa Signature card.
The Bank of America® Unlimited Cash Rewards Credit Card earns a flat 1.5% back on all purchases, while the Bank of America® Customized Cash Rewards Credit Card earns 3% back in one category of your choosing each month (things like dining, travel, gas, etc.), 2% back at grocery stores and wholesale clubs, and 1% back on everything else. Note that you'll only earn bonus cash on up to $2,500 spent per quarter — you'll then earn just 1%.
The Bank of America® Unlimited Cash Rewards Credit Card comes with a 0% intro APR for the first 15 billing cycles on purchases and on any balance transfers made in the first 60 days (then 19.24% - 29.24% Variable APR).
The Bank of America® Unlimited Cash Rewards Credit Card is a good credit card for its intended demographic — that is, those uninterested in travel and looking for an uncomplicated cash back rewards structure.
Why You Should Trust Us: How We Reviewed the Bank of America® Unlimited Cash Rewards Credit Card
The Bank of America® Unlimited Cash Rewards Credit Card is a purely cash-back-earning credit card. We arrived at its star rating of 3.4 out of 5 by comparing its benefits, earning rate, welcome bonus, and annual fee to other direct competitors.
You can read about how we rate credit cards at Business Insider for a closer look at our methodology.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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