| Last updated on February 7th, 2024
Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Unlimited Cash Rewards Credit Card
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 18.24% to 28.24% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 21.24% to 30.24% variable based on creditworthiness and Prime Rate Cash Advance APR
- 0% for 15 billing cycles Intro Purchase APR
At a Glance
The Bank of America® Unlimited Cash Rewards Credit Card offers an unlimited 1.5% back, two lengthy 0% APR periods, and a $200 statement credit offer – all for no annual fee.
- Best Benefits
- Rates & Fees
- Why Should You Apply?
- No annual fee
- Unlimited 1.5% cash back on every purchase
- 0% Intro APR for the first 15 billing cycles on purchases and balance transfers
- $200 online cash rewards bonus after you make at least $1,000 in purchases within the first 90 days from account opening
- No limit on the amount of cash back you can earn – and rewards do't expire
- Intro Purchase APR: 0% for 15 billing cycles
- Regular Purchase APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
- Intro Balance Transfer APR: 0% for 15 billing cycles for transactions made within 60 days of account opening
- Balance Transfer APR: 18.24% to 28.24% variable based on creditworthiness and Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Cash Advance APR: 21.24% to 30.24% variable based on creditworthiness and Prime Rate
- Cash Advance Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
- Penalty APR: Up to 29.99%
- Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction in U.S. dollars
- Late Payment Penalty Fee: Up to $40
- You already bank with Bank of America
- You want a simplified cash back rewards system
- You plan on carrying a balance
- You do't want to pay an annual fee
In-Depth Review: Bank of America® Unlimited Cash Rewards Credit Card
The Bank of America® Unlimited Cash Rewards Credit Card is Bank of America’s answer to Chase Freedom Unlimited®. The card earns unlimited cash back rewards on all purchases, with an introductory APR and statement credit offer – all for no annual fee.
How to Get the Card
Applying for a Bank of America credit card is a straightforward process. You’ll need the following information to complete your application:
- Full name
- Contact information (U.S. mailing address, email address, phone number)
- Social Security Number (SSN)
- Income information
- Housing details
- Employment information
Eligibility
The Bank of America Travel Rewards Card requires good or excellent credit for approval. Other card versions include student options for those looking to establish a strong credit history in college.
Pre-Qualify
You can see if you qualify for the card without harming your credit. Bank of America provides a pre-qualification page to gauge your suitability for one of Bank of America’s proprietary credit cards, including the Travel Rewards Card.
How to Earn Rewards
Welcome Offer
New accounts earn an online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of opening their account. This bonus is equivalent to 20% cash back – an excellent offer.
Earn Unlimited Cash Back
The main selling point of the Unlimited Cash Rewards Card from Bank of America is the unlimited 1.5% cash back the card earns on every eligible purchase. That rate is certainly better than the 1% back more basic cash back cards offer but struggles when compared to other offerings in the same
The Chase Freedom Unlimited (and, to a lesser extent, the Freedom Flex) is probably the most direct competitor to the card, as it also offers unlimited 1.5% back on purchases. That card, however, also offers additional rewards on select purchases, with dining and drugstore purchases earning 3% back. Other recent offerings, like the Wells Fargo Active Cash and the TD Double Up Card (not to mention the PayPal Cashback Mastercard and the Citi Double Cash), provide more rewards on everyday purchases than the Bank of America card.
Additional Savings with Preferred Rewards
Current Bank of America customers can save even more with the Unlimited Cash Rewards Card, thanks to the bank’s Preferred Rewards program. Preferred Rewards members earn between 25% and 75% more cash back on every purchase, though how much depends on their rewards tier status.
Preferred Rewards Platinum, the highest tier, for example, earns an additional 75% more cash back, but requires at least $100,000 in Bank of America banking accounts to reach. Even the lowest tier, Gold, requires a minimum of $20,000 in banking account balances, making the additional savings out of reach for many. Still, for those who qualify, the Preferred Rewards can boost the cashback potential of the card to over 2.62% cash back on every purchase.
How to Redeem Cash Back
However, one of the nice features of the card is that cash back rewards are unlimited – and do not expire as long as the cardholder’s account is active and open.
The cash back rewards are straightforward to redeem; Bank of America lets cardholders use their cash rewards towards statement credits on the card account, as deposits into Bank of America checking or savings accounts, or into an eligible investment account with Merrill.
0% Introductory APR
Successful Unlimited Cash Card applicants also receive 0% intro APR for 15 billing cycles on purchases and balance transfers. Both APR bonuses offer exceptional value, though balance transfers must be made within 60 days of opening your account to apply for the special rate. Expect a variable APR once the introductory period ends, with rates competitive with other similarly priced cards.
Bank of America Benefits
Cardholders enjoy a suite of benefits and protections through Bank of America, including:
- Balance Connect®: Balance Connect® is an optional service that can help avoid bounced checks, returned payments, and other embarrassing and frustrating events. Available to link with an eligible Bank of America checking account for overdraft protection.
- Online and Mobile Banking: Access to your money no matter where you are, thanks to Bank of America’s mobile app, available on Apple iTunes and Google Play Store.
- Account Alerts: Keep up-to-date on upcoming payment due dates, transaction alerts, and more.
- Choose to go paperless with online and digital credit card statements.
- EMV chip and pin technology for an additional layer of security.
- Access to your FICO Score each month.
Visa Benefits
The Bank of America Unlimited Cash Rewards Card is a Visa product, meaning you can expect the following essential safety and fraud protections with your account:
| Zero Fraud Liability | Cardholder Inquiry Services | Emergency Card Replacement |
| Roadside Dispatch and Auto Collision Damage Waiver | Lost/Stolen Card Reporting | ID Navigator from Norton |
Comparison
| BoA Unlimited Cash Rewards | Chase Freedom Unlimited® | Cash Magnet® Card | |
|---|---|---|---|
| Rewards | Earn an unlimited 1.5% cash back on every purchase | Earn 5% on travel through Ultimate Rewards, 3% back on drugstore purchases and dining at restaurants, and 1.5% back on all other purchases | Earn Unlimited 1.5% cash back on your purchase |
| 0% Intro APR | 15 billing cycles on purchases and balance transfers | 15 months on purchases and balance transfers | 15 months on purchases |
| Annual fee | None | None | None |
| Network | Visa | Visa | Amex |
What We Like About the Card
No Annual Fee
Seeing a basic cash back credit card with no annual fee isn’t rare, but that doesn’t make it any less of a valuable feature. There are no maintenance or annual fees associated with the Unlimited Cash Rewards Visa, making it a solid choice if you want a basic cash back card for any purchases that you aren’t already earning enhanced rewards on.
0% Intro APR
The card also provides introductory APR on purchases and transfers making it a useful tool for the Bank of America customer who wants to maximize their rewards while also paying down an existing card balance (if transferred within the first 60 days from account opening).
Things to Consider
No Bonus Categories
The Unlimited Cash Rewards Card is geared towards those who want – you guessed it – unlimited cash back on all purchases, and it meets that aim. However, the single 1.5% back category is limited when compared to other updated offers, like the Freedom Unlimited.
The Freedom Unlimited earns the same 1.5% back base rate as the Unlimited Cash Rewards but also offers bonus cash back on other categories as well:
- 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services,
- 5% cash back on travel purchased through Chase Ultimate Rewards®
When compared with these additional categories, the Bank of America options falls pretty flat.
Bank of America Ratings
How does Bank of America stack up as a credit card issuer? Here is a selection of expert and consumer ratings for Bank of America:
| BestCards | Better Business Bureau | TrustPilot |
|
2/5 |
1.5/5 |
1.5/5 |
Should You Apply for the Bank of America® Unlimited Cash Rewards Credit Card?
Overall, the Bank of America® Unlimited Cash Rewards Credit Card is a good offer for current Bank of America customers with sizable savings with the bank or Merrill investments. Those customers can maximize their cash back rewards, with the potential of up to 2.6% back far more significant than what is offered from other similar cash back cards.
However, those without sizeable Bank of America accounts might find better value elsewhere. The Chase Freedom Unlimited features a similar introductory bonus, 0% APR period, and annual fee as the Unlimited Cash Rewards, but also provides 3% back on drugstores and dining.
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