The Bank of America Unlimited Cash Rewards Credit Card is a cashback credit card designed for individuals who want simple, unlimited rewards on every purchase.
With this card, you earn a flat 1.5% cash back on all transactions, making it an excellent choice for those who prefer straightforward rewards without category restrictions.
Additionally, this card offers a $200 welcome bonus after meeting the minimum spending requirement, and it comes with no annual fee, making it a great option for those looking to maximize rewards without extra costs.
About the Financial Institution
The Bank of America Corporation, founded in 1904, is one of the largest financial institutions in the U.S., serving millions of consumers, small businesses, and corporations.
It provides a variety of financial services, including banking, investment management, credit cards, and loans.
Bank of America is known for its robust online banking system, extensive branch network, and Preferred Rewards program, which offers enhanced benefits to customers with high balances in eligible accounts.
As the issuer of the Unlimited Cash Rewards Credit Card, Bank of America ensures secure transactions, fraud protection, and seamless digital payment options, making it a reliable choice for cardholders.
Who Is This Card For?
The Bank of America Unlimited Cash Rewards Credit Card is best suited for:
- Everyday Shoppers – Those who want to earn cash back on all purchases without tracking spending categories.
- Individuals Looking for a No-Fee Card – Since it has no annual fee, it’s an excellent option for cost-conscious users.
- Bank of America Customers – Those enrolled in Bank of America’s Preferred Rewards program can earn up to 75% more cash back, boosting the 1.5% rate to as much as 2.62% on every purchase.
- People Who Prefer Simplicity – With flat-rate rewards, there’s no need to activate categories or remember rotating bonuses.
- Those Looking for a Strong Introductory Offer – The card provides a $200 cash rewards bonus after meeting spending requirements.
Card Advantages
- Unlimited 1.5% Cash Back – Earn 1.5% cash back on all purchases, making it simple and rewarding for any type of spending.
- No Annual Fee – Enjoy unlimited cash rewards without worrying about annual costs.
- $200 Welcome Bonus – Receive $200 in cash rewards after spending $1,000 within the first 90 days.
- Higher Cash Back for Preferred Rewards Members – If you’re part of Bank of America’s Preferred Rewards program, you can boost your cash back rate to up to 2.62% on all purchases.
- 0% Introductory APR Offer – Enjoy a 0% intro APR on purchases and balance transfers for the first 15 billing cycles (then a variable APR applies).
- Flexible Redemption Options – Redeem cash rewards as a statement credit, direct deposit to a Bank of America account, or contribution to an eligible Merrill account.
- No Expiration on Rewards – Earned cash back never expires, as long as the account remains open and in good standing.
- No Minimum Redemption Amount – You can redeem any amount of cash back at any time.
Additional Benefits
- Intro APR for Balance Transfers – Transfer balances at a 0% intro APR for 15 billing cycles (3% transfer fee applies).
- FICO® Score Access – Cardholders can check their FICO® credit score for free through the Bank of America mobile app or website.
- Tap to Pay Feature – Supports contactless payments for fast and secure transactions.
- Account Alerts & Mobile Banking – Get real-time alerts for fraud protection, payment due dates, and spending insights.
- Extended Warranty & Purchase Protection – Eligible purchases may qualify for extended warranties and purchase protection against damage or theft.
Things to Consider
While the Bank of America Unlimited Cash Rewards Credit Card has many benefits, there are a few drawbacks:
- 1.5% Cash Back May Not Be the Highest Rate – Some other cards offer 2% cash back on all purchases or higher rewards in specific categories.
- No Bonus Categories – If you spend heavily in areas like dining, travel, or groceries, a category-specific rewards card might offer better returns.
- Balance Transfer Fee – Although there is a 0% intro APR for 15 months, a 3% fee applies to each balance transfer.
Fees and charges
Late Payment: Up to $40;
● Introductory APR: 0% for 15 billing cycles;
● Standard APR: 18.24% - 28.24%;
● Balance Transfer Fee: 3% fee on balance transfers in the first 60 days; afterward, 4%;
● Cash Advance: 4% of the amount of each transaction.
Expert review
The Bank of America Unlimited Cash Rewards Credit Card is a versatile cash back option offering 1.5% unlimited cash back on all purchases, with no annual fee.
It’s ideal for those seeking consistent rewards without category restrictions.
The $200 welcome bonus after spending $1,000 in the first 90 days adds strong initial value.
Preferred Rewards members can increase earnings up to 2.62% cash back.
Additionally, a 0% intro APR for 15 billing cycles on purchases and balance transfers enhances flexibility.
However, the lack of bonus categories may not appeal to those seeking higher-tiered rewards.
You will remain on this site
+Positive points
- No Annual Fee: This card has no annual fee, allowing you to earn cash back without incurring extra costs.
- 1.5% Unlimited Cash Back: Earn 1.5% cash back on every purchase, offering simplicity and flexibility.
- $200 Welcome Bonus: Receive a $200 cash rewards bonus after spending $1,000 within the first 90 days of account opening.
- 0% Introductory APR: Enjoy 0% intro APR on purchases and balance transfers for the first 15 billing cycles (then variable APR applies).
- Preferred Rewards Program: Bank of America customers can earn up to 2.62% cash back if enrolled in the Preferred Rewards program.
- Negative points
- No Bonus Categories: Unlike other cards, there are no bonus categories for higher cash back earnings in specific areas like dining or travel.
- Balance Transfer Fee: While there’s 0% APR on balance transfers, a 3% balance transfer fee applies.
- Higher APR After Intro Period: After the 0% intro APR period ends, the APR can be high, making it less ideal for carrying balances long-term.
