Apply for the Bank of America Unlimited Cash Rewards Credit Card

The Bank of America Unlimited Cash Rewards® Credit Card is a simple, yet highly rewarding credit card that offers 1.5% cashback on every purchase, making it an excellent choice for those who want straightforward and consistent rewards.

Whether you’re spending on groceries, gas, or online shopping, this card earns you cashback on all your purchases with no need to track categories.

It is ideal for individuals looking for a no-hassle cashback card with a welcome bonus and no annual fee.

Let’s take a deeper look at the features, benefits, and considerations of the Bank of America Unlimited Cash Rewards® Credit Card.

Card Overview

The Bank of America Unlimited Cash Rewards® Credit Card offers a flat 1.5% cashback rate, which might be lower than other cards in specific spending categories.

It also charges a 3% foreign transaction fee, making it less ideal for international travel.

A key consideration is its variable APR (16.99%-24.99%) after the initial 15-month 0% period, which can lead to high interest if balances aren’t paid off.

Reasons to Choose the Bank of America Unlimited Cash Rewards® Credit Card

1. Flat-Rate Cashback on All Purchases: One of the biggest selling points of the Bank of America Unlimited Cash Rewards® Credit Card is its 1.5% cashback on every purchase. There’s no need to track spending categories or worry about activation dates, making it ideal for people who prefer simplicity.
2. Generous Sign-Up Bonus: The $200 online cash rewards bonus after spending $1,000 in the first 90 days is an attractive offer. This bonus can give you a solid return on your initial spending and is an added benefit for those looking to maximize their rewards right from the start.
3. No Annual Fee: The Bank of America Unlimited Cash Rewards® Credit Card comes with no annual fee, meaning you won’t have to worry about paying a fee just to keep the card. This is a major advantage compared to other cashback cards that come with higher annual fees.
4. 0% Introductory APR for Purchases and Balance Transfers: For new cardholders, the 0% Introductory APR for the first 15 billing cycles on both purchases and balance transfers is a standout feature. If you have a large purchase or a balance transfer to make, you can carry that balance for up to 15 months without paying any interest. After the introductory period, a variable APR of 16.99% – 24.99% applies.
5. Access to Preferred Rewards Program: If you’re a Bank of America Preferred Rewards member, you can earn an even higher rate of cashback—up to 2.62% for every purchase. This is a great perk for those who already bank with Bank of America and want to take advantage of additional cashback opportunities.

How to Apply for the Card

Negative Factors of the Bank of America Unlimited Cash Rewards® Credit Card

While the Bank of America Unlimited Cash Rewards® Credit Card offers some attractive features, it also has certain limitations that might not suit everyone.

First, its 1.5% cashback rate on all purchases, while competitive, is a flat rate.

This means if you tend to spend a lot in specific categories where other cards offer higher cashback percentages—like groceries, gas, or travel—you might miss out on maximizing your rewards.

If your spending is concentrated in such bonus categories, another card might provide a better return.

Second, for those who travel internationally, this card has a notable drawback: it charges a 3% foreign transaction fee on all purchases made outside the U.S.

This can quickly add up and negate any cashback earned, making it less than ideal for frequent international travelers who wish to avoid extra charges when using their card abroad.

Fees and Costs

Here is a breakdown of the fees and costs associated with the Bank of America Unlimited Cash Rewards® Credit Card:

• Annual Fee: $0
• APR: 0% Introductory APR for 15 billing cycles for purchases and balance transfers (then 16.99% – 24.99% variable APR).
• Foreign Transaction Fee: 3% of each transaction.
• Cash Advance Fee: Either $10 or 3% of the amount of each cash advance, whichever is greater.
• Late Payment Fee: Up to $40.
• Returned Payment Fee: Up to $40.

Frequently Asked Questions about the Bank of America Unlimited Cash Rewards Credit Card

How do I redeem my cash back with the Bank of America Unlimited Cash Rewards® Credit Card?

Cashback can be redeemed for a statement credit, direct deposit into a Bank of America checking or savings account, or for a gift card or charitable donation.

What is the sign-up bonus for the Bank of America Unlimited Cash Rewards® Credit Card?

New cardholders can earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days from account opening.

Does the Bank of America Unlimited Cash Rewards® Credit Card have foreign transaction fees?

Yes, it charges a 3% foreign transaction fee for purchases made outside of the U.S.

How much cash back do I earn with the Bank of America Unlimited Cash Rewards® Credit Card?

The card offers 1.5% cash back on all purchases, with no rotating categories or limits.

Can I transfer a balance to the Bank of America Unlimited Cash Rewards® Credit Card?

Yes, you can take advantage of the 0% introductory APR on balance transfers for the first 15 billing cycles, making it a good option if you want to pay off existing credit card debt without interest.

The Bank of America Unlimited Cash Rewards® Credit Card is a fantastic option for those who want to earn cashback on every purchase with no annual fee and a solid welcome bonus.

It offers 1.5% cashback on all purchases, which is simple and rewarding, particularly for those who don’t want to manage rotating categories.

The 0% introductory APR for the first 15 months is a nice perk for new cardholders, and those who are members of Preferred Rewards can earn even more cashback.

However, the foreign transaction fees and higher APR after the intro period may be drawbacks for some.

Overall, it’s a great card for those looking for a straightforward cashback option with no annual fee.