Bank of America Unlimited Cash Rewards card Review
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Written by
Jasmin Baron
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Edited by
Emily Gadd
The Bank of America® Unlimited Cash Rewards credit card is a cash back credit card that offers unlimited, flat-rate rewards. These rewards are especially lucrative for Bank of America Preferred Rewards® members who can earn even higher rates.
Purchase and Balance Transfer APR
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 18.24% – 28.24% Variable APR will apply.
Intro Bonus
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Cash Back
1.5% – 2% 2% cash back on all purchases for the first year from account opening.
1.5% cash back on all purchases after the first year from account opening.
If you’re a Bank of America Preferred Rewards® member, you can earn 25% – 75% more cash back on every purchase. The Preferred Rewards bonus does not apply to the .5% first year bonus.
Recommended Credit Score
Excellent/Good
670 – 850*
Annual Fee
$0
CardCritics™ Opinion
The Bank of America® Unlimited Cash Rewards credit card is an uncomplicated cash back option for those looking to keep things simple. It offers unlimited 2% cash back for the first year on every purchase (after the first year, you’ll earn 1.5% back) and does not charge an annual fee. It offers a considerable intro APR on purchases and balance transfers and a sizeable bonus as well.
Our Critical Analysis:
Bank of America® Unlimited Cash Rewards credit card
- Easily achievable bonus offer
- Generous introductory APR periods
- No annual fee
- Preferred Rewards® members can earn 25% – 75% more cash back on every purchase
PROS
- No bonus categories
- There is a foreign transaction fee so it’s not the best option for purchases outside of the U.S
CONS
If you have good to excellent credit and draw a hard line at paying an annual fee for your credit card, then the Unlimited Cash Rewards card is an excellent choice for you.
$200 Cash Rewards Welcome Bonus
You can earn a $200 online cash rewards bonus after you make at least $1,000 in purchases on your new card in the first 90 days of account opening.
Unlimited 2% Cash Back for the First Year
As for ongoing rewards, you will earn unlimited 2% cash back for the first year on all purchases. There are no rotating categories or activation requirements to worry about. After the first year from account opening, you will earn unlimited 1.5% cash back on all purchases.
To sweeten the deal, Bank of America Preferred Rewards® program members can accelerate their cash back earnings from 25%-75%.
Your eligibility for this program is based on your Bank of America and Merrill combined balances. If you qualify for that highest tier, then the 1.5% could go up to 2.62% cash back on every purchase. The Preferred Rewards bonus does not apply to the .5% first-year bonus..
How To Redeem Your Cash Back Rewards
You can receive your cash back in the form of:
- A statement credit
- Deposits into a Bank of America account
- Credit into an eligible account with Merrill
Generous Introductory APR
You’ll also be able to save money on interest with a 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 18.24% – 28.24% Variable APR 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%. However, these fees are likely much lower than the interest you are paying on another card.
The ongoing 18.24% – 28.24% Variable APR will apply after that intro period is over so it’s good to make a budget and pay that balance down within 15 billing cycles if possible.
Is It the Right Card for You?
The Unlimited Cash Rewards card may be the right fit for you if any of the following apply:
- You already use a rewards credit card that earns an elevated rate on specific categories, and you are looking for a flat-rate card you can use to earn an above-average rate on all of your other purchases.
- You don’t want to worry about what card to use on different types of purchases, you just want to earn an above-average flat rate on everything.
- You are looking for a card with a generous intro APR on purchases and/or balance transfers, but you are willing to give up a few months of an introductory rate in exchange for cash rewards benefits (most cards with longer intro APRs don’t offer rewards).
- You are an existing Bank of America customer who can leverage the Preferred Rewards program for higher rewards rates.
Card Details From Bank of America
- $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
- New Offer! Earn 2% cash back on purchases for the first year from account opening, with no limit to the amount of cash back you can earn.
- Thereafter, you’ll earn unlimited 1.5% on all purchases, with no expiration on rewards as long as your account remains open.
- With the Bank of America Preferred Rewards® program, members can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back with Preferred Rewards. The Preferred Rewards bonus does not apply to the .5% first-year bonus.
- No annual fee.
- 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 18.24% – 28.24% 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%. Balance transfers may not be used to pay any account provided by Bank of America.
- 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.
Frequently Asked Questions About the Bank of America Unlimited Cash Rewards card
These answers to some frequently asked questions will help you decide if the Bank of America Unlimited Cash Rewards card is the right card for you.
Is the welcome bonus for the Bank of America Unlimited Cash Rewards card hard to earn?
The welcome bonus is relatively easy to earn. It requires you to spend at least $1,000 within the first 90-days of account opening. That works out to about $11.12 a day to reach the spend requirement within 90 days.
Does the Bank of America Unlimited Cash Rewards card charge an annual fee?
No, the Bank of America Unlimited Cash Rewards card does not charge an annual fee.
What credit score is needed for the Bank of America Unlimited Cash Rewards card?
The Unlimited Cash Rewards card requires good to excellent credit. Typically a FICO credit score of 670* or above meets this criteria. However, having a credit score of 670 or above does not guarantee approval since other factors are taken into consideration.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics™ references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.
