Bank of America Unlimited Cash Rewards credit card review 2024: Straightforward rewards with no annual fee

The Bank of America® Unlimited Cash Rewards credit card offers easy-to-digest cash-back rewards of 1.5% cash back on purchases with no annual fee. While this isn’t the highest rewards rate on the market, you might appreciate the card’s welcome offer and elevated rewards potential for Preferred Rewards members. Read our Bank of America Unlimited Cash Rewards card review for more details.

Bank of America Unlimited Cash Rewards credit card basics

• Annual fee: $0.
• Welcome bonus: $200 cash rewards bonus after spending $1,000 on purchases in the first 90 days of account opening.
• Rewards: Earn 1.5% cash back on purchases.
• APR: 0% intro APR for 15 billing cycles on purchases and any balance transfers made in the first 60 days, then a 18.24% to 28.24% variable APR applies. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers.
• Other perks: Optional overdraft protection, $0 liability guarantee for fraudulent transactions, free monthly FICO score. 
• Recommended credit score to qualify: Good to excellent. 

Bank of America Unlimited Cash Rewards credit card review

The Bank of America Unlimited Cash Rewards credit card is a straightforward rewards card that earns a simple and unlimited 1.5% cash back on purchases. There’s no minimum redemption amount in most cases and rewards never expire. 

One potential drawback is you can only redeem rewards as cash back to an eligible Bank of America or Merrill investment account. If you bank or invest elsewhere, your options for redemption are limited to credit card statement credits. 

It’s also worth noting that the rewards rate is not the highest you can find on a credit card. There are multiple cards that earn 2% cash-back on all purchases with no-annual-fee that also allow you to redeem your earnings as cash back to any bank account. 

One unique perk of owning a Bank of America rewards credit card is you could qualify for a rewards rate of 25% to 75% more if you’re a Bank of America Preferred Rewards member. This means those at the highest tier will earn 2.62% cash back on every purchase. The qualification for the lowest tier of Preferred Rewards starts at having an average daily balance of at least $20,000 in a qualifying Bank of America or Merrill account over three months. To earn at the 2.62% cash-back rate, you’ll need a balance of at least $100,000 in a qualifying account.

Whether you qualify for Preferred Rewards or not, the card has some other appealing features, including a $200 cash rewards bonus after spending $1,000 on purchases in the first 90 days of account opening and an introductory APR on purchases and qualifying balance transfers. 

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Bank of America® Unlimited Cash Rewards credit card

BLUEPRINT RATING

Our ratings are based on specific use cases for each card. We compared this card to others in the same category and developed our rankings based on this criteria, along with our editorial input. Note that although we chose this card as the best in its category, the right card for you will depend on your own financial circumstances.

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On Bank of America’s Secure Website

BLUEPRINT RATING

Our ratings are based on specific use cases for each card. We compared this card to others in the same category and developed our rankings based on this criteria, along with our editorial input. Note that although we chose this card as the best in its category, the right card for you will depend on your own financial circumstances.

Welcome Bonus

$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

$200

Annual Fee

$0

Regular APR

18.24% – 28.24% Variable APR on purchases and balance transfers

Credit Score

Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.

(700 – 749) Good, Excellent

Earn 1.5% unlimited cash back on all purchases.

Editor’s Take

Pros

• No annual fee.
• Welcome offer for new cardholders.
• Simple rewards program.

Cons

• Good to excellent credit required.
• No bonus categories.
• Limitations on best rewards.

The Bank of America® Unlimited Cash Rewards credit card earns cash back at a solid flat rate on every purchase, and if you’re a Bank of America loyalist, the Preferred Rewards program can boost that rate to 25% to 75% more — making a good card even better.

Card Details

• $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 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%.
• 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.

Pros

• Introductory APR: New cardholders can enjoy a lengthy low interest period of 0% intro APR for 15 billing cycles on purchases and any balance transfers made in the first 60 days, then a 18.24% to 28.24% variable APR applies. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers. 
• Welcome bonus: New cardholders can earn a $200 cash rewards bonus after spending $1,000 on purchases in the first 90 days of account opening.
• No annual fee: Use this card a lot or a little, either way, there’s no ownership cost.

Cons

• Other cards offer higher earnings: There are multiple other flat-rate cash-back cards that earn 2% back or more also for no annual fee. While this card has the potential for rewards bonuses, these are only available to consumers who qualify for Preferred Rewards. 
• Foreign transaction fees: Bank of America charges a 3% fee on any transactions you make outside of the U.S. 
• No opportunities to earn bonus rewards in certain categories: Some credit cards let you earn extra rewards for purchases at restaurants, drugstores or other common expenses, but the Unlimited Cash Rewards doesn’t offer any elevated earning categories.

Bank of America Unlimited Cash Rewards credit card rewards

The rewards from Bank of America’s Unlimited Cash Rewards credit card are simple — you’ll earn:

• 1.5% cash back on purchases.

You can redeem your earnings in three ways: 

• Statement credits. 
• Deposits into a Bank of America checking or savings account.
• Credits to a qualifying cash management or 529 account with Merrill. 

If you opt for cash deposits to a bank account, you can set up automatic redemptions. Otherwise, you’ll need to redeem your points on demand as you go. 

Bank of America Preferred Rewards members will earn a rewards bonus based on their membership tier, resulting in a higher rewards rate. Here’s what that looks like: 

TIER	AVERAGE DAILY BALANCE IN QUALIFYING ACCOUNT OVER THREE MONTHS	REWARDS BONUS	EFFECTIVE REWARDS RATE
Gold	$20,000 – $49,999	25%	1.87%
Platinum	$50,000 – $99,999	50%	2.25%
Platinum Honors	$100,000 – $999,999	75%	2.62%
Diamond	$1,000,000 – $9,999,999	75%	2.62%

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While the Bank of America Unlimited Cash Rewards credit card might not offer the most lucrative rewards on the market, it becomes more valuable if you hold Gold status or higher. 

Bank of America Unlimited Cash Rewards credit card rewards potential

Based on government data and other publicly available information, we have estimated that our sample household in the U.S. with an average income and $25,087 in expenses can likely charge a credit card.

If you charged $25,087 on your Bank of America Unlimited Cash Rewards credit card over the course of a year, you’d earn about $376.31 in cash-back rewards. If you’re a Bank of America Preferred Rewards member, expect your card to earn the following based on this annual spend:

TIER	EFFECTIVE REWARDS RATE	TOTAL REWARDS
Gold	1.87%	$469.13
Platinum	2.25%	$564.46
Platinum Honors or Diamond	2.62%	$657.28

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Bank of America Unlimited Cash Rewards credit card APR details

If you’re looking to finance a major purchase, the Unlimited Cash Rewards card offers a helpful introductory APR period of 0% intro APR for 15 billing cycles on purchases and any balance transfers made in the first 60 days, then a 18.24% to 28.24% variable APR applies. A 3% intro balance transfer fee will apply for the first 60 days; then a 4% fee applies to future balance transfers. 

How the Bank of America Unlimited Cash Rewards card compares to other cash-back credit cards

Bank of America Unlimited Cash Rewards credit card vs. Citi Double Cash® Card

The Bank of America Unlimited Cash Rewards card’s rewards rate might sound appealing until you compare it to the cash-back rate on the Citi Double Cash Card. With the Double Cash Card, you’ll earn 2% cash back on purchases — 1% when purchases are made and another 1% when they’re paid off, plus, for a limited time, 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/24. 

Citi also lets you redeem your ThankYou® points for cash back into a bank account of your choice. Alternatively, you can opt for statement credits or gift cards from various brands. Since the Double Cash Card earns a higher flat cash-back rate and also doesn’t charge an annual fee, it’s a more valuable addition to your wallet for all except those at the highest Preferred Rewards tier.

The Double Cash also offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% to 29.24%. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed in the first 4 months. After that, the fee will be 5% of each transfer (minimum $5). 

Bank of America Unlimited Cash Rewards credit card vs. Wells Fargo Active Cash® Card

The Wells Fargo Active Cash Card is another no-annual-fee card that earns 2% cash rewards on purchases. For new cardholders, it offers a $200 cash rewards bonus after spending $500 in purchases in the first three months of account opening. The Active Cash also comes with a 0% intro APR for the first 15 months on purchases and qualifying balance transfers, then a 20.24%, 25.24%, or 29.99% variable APR applies thereafter. Balance transfers made within 120 days qualify for the intro rate and fee of 3%. After that a fee of up to 5%, with a minimum of $5 applies. In addition, the Active Cash offers cellphone protection when you pay your bill with the card (subject to a $25 deductible and on up to two claims in a 12-month period), something the Bank of America Unlimited Cash Rewards card does not.

Bank of America Unlimited Cash Rewards credit card vs. Chase Sapphire Preferred® Card

If you’d prefer a card with more flexible rewards than just cash, consider the $95-annual-fee Chase Sapphire Preferred Card. This card earns 5 points per $1 on travel purchased through Chase Travel℠, 3 points per $1 on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per $1 on all other travel purchases and 1 point per $1 on all other purchases. 

Rewards can be taken as cash back, typically at a value of 1 cent per point. Or you can book travel through the Chase Travel portal at a 25% increase in value. Or, transfer points at a 1:1 rate to more than a dozen airline and hotel partners, including United Airlines, Southwest Airlines and World of Hyatt. 

New cardholders can also earn 60,000 points after spending $4,000 on purchases in the first three months of account opening. Plus, the Chase Sapphire Preferred Card comes with a variety of useful benefits, including primary rental car insurance, trip cancellation insurance and no foreign transaction fees. This makes it a more versatile choice than the Bank of America Unlimited Cash Rewards card. However, it does have an annual fee and it doesn’t come with a 0% intro APR offer. The best choice between these two will depend on what’s more important to you: A card with no annual fee or one with greater rewards flexibility. 

The Bank of America Unlimited Cash Rewards credit card is right for you if:

• You’re a Preferred Rewards member with Bank of America and qualify for the higher rewards rate.
• You prefer a credit card from Bank of America even though cards from other banks may offer better rewards or intro APR offers.

Which is the best rewards card for your unique needs? Our guide walks you through the process.

Frequently asked questions (FAQs)