Bank of America® Unlimited Cash Rewards Credit Card Review: Simple, Unlimited Cash Back Rewards
Looking for a straightforward cash-back card? The Bank of America Unlimited Cash Rewards card offers a simple, unlimited 1.5% cash back on every purchase, and even more for Bank of America Preferred Rewards members.
| Annual Fee | $0.00 |
| Sign-up Bonus | $200 cash rewards bonus |
| Rewards Rate | 1.5%-2% cash back |
| Intro APR | 0% Intro APR for your first 15 billing cycles for purchases, and for any balance transfers made within the first 60 days of opening your account. |
| Regular APR | A Variable APR that's currently 17.49% to 27.49% will apply. Standard APR 17.49% - 27.49% variable |
| Other Fees | 3% of each transaction intro balance transfer fee for the first 60 days your account is open. After the intro balance transfer fee offer ends, the fee for all future balance transfers is 5%. |
Overview
The Bank of America® Unlimited Cash Rewards Credit Card is a strong contender in the world of no-annual-fee cards, offering a simple and predictable rewards structure. Cardholders earn an unlimited 1.5% cash back on every purchase, with a generous online offer to earn a $200 cash bonus after meeting an initial spending requirement. To sweeten the deal, the card includes a 0% introductory APR for 15 billing cycles on both new purchases and balance transfers made within the first 60 days, making it a valuable tool for financing a large purchase or paying down existing debt without interest.
Where this card truly shines is for existing Bank of America customers. Those enrolled in the Bank of America Preferred Rewards® program can earn a 25% to 75% bonus on top of their cash back, potentially boosting the rewards rate to a market-leading 2.62%. This relationship bonus transforms the card from a solid choice into a powerhouse. For those who want a straightforward, no-fuss cash back card with no annual fee, this card is a reliable option. However, it's an absolute must-have for Bank of America clients who can leverage the Preferred Rewards bonus to maximize their earnings on every purchase.
Pros & Cons
What's great
- No annual fee
- Intro APR period
- Generous sign-up bonus
- Cashback on purchases
Things to consider
- High regular APR
- High balance transfer fee
Benefits
A Simple and Rewarding Start
The Bank of America® Unlimited Cash Rewards Credit Card kicks things off with a solid welcome offer that's easy to earn. New cardholders can receive a $200 cash rewards bonus after spending just $1,000 in the first 90 days, a very achievable threshold for a card with no annual fee. For the first year, you'll earn an elevated 2% cash back on all purchases. After that, the card settles into a straightforward, unlimited 1.5% cash back on every purchase. This flat-rate structure is perfect for those who value simplicity and don't want to track rotating categories or spending caps.
A Powerful Boost for Bank of America Clients
While a 1.5% cash back rate is competitive, the true power of this card is unlocked for existing Bank of America customers. Members of the Bank of America Preferred Rewards® program receive a 25% to 75% bonus on all cash back earned. This transforms the card's earning potential, boosting the flat 1.5% rate to anywhere from 1.875% to an industry-leading 2.625% on every purchase. If you have significant balances with Bank of America or Merrill, this feature alone can make this one of the most rewarding cash back cards available.
Flexible Perks and Redemptions
Beyond rewards, the card offers a valuable introductory 0% APR for the first 15 billing cycles on both new purchases and balance transfers made in the first 60 days (a variable APR of 17.49% - 27.49% applies afterward). This provides a great opportunity to finance a large purchase or pay down existing debt without accruing interest. When it's time to use your rewards, redemption is simple and flexible. You can redeem your cash back for any amount as a statement credit, a direct deposit into an eligible Bank of America account, or even to pay for purchases at Amazon.com and with PayPal.
Drawbacks
The card's primary weakness is that its earning power is merely average unless you are a Bank of America Preferred Rewards® client. While the unlimited 1.5% cash back on all purchases is a respectable baseline, several other no-annual-fee cards offer 2% cash back without requiring a specific banking relationship. To truly maximize this card's value and earn a competitive rate, you need to hold significant balances with Bank of America to qualify for the 25% to 75% rewards bonus.
Furthermore, cardholders should be mindful of the high ongoing APR, which ranges from 17.49% - 27.49% variable. While the introductory 0% APR offer is useful for new purchases or balance transfers, this card can become very expensive if you carry a balance after that period ends. It's also worth noting that the balance transfer fee increases from 3% to a steeper 4% after the first 60 days of account opening, reducing its long-term appeal for managing debt.
Decision Guidance
This card is an essential tool for Bank of America Preferred Rewards members, as the relationship bonus elevates its flat-rate cash back to a market-leading level. For those without a BofA relationship, it's a strong choice if you prioritize a simple rewards structure and a long 0% introductory APR for purchases or balance transfers. However, if your main goal is maximizing flat-rate cash back without banking relationships, other cards offer a higher base rate.
Summary
The Bank of America® Unlimited Cash Rewards credit card is a solid no-annual-fee choice for simple 1.5% cash back, but its true value is unlocked for existing Bank of America clients. For those who qualify for the Preferred Rewards program, a rewards bonus transforms this card into a market-leading powerhouse, boosting the cash back rate up to an incredible 2.62% on all spending. While it's a reliable flat-rate card for anyone, it becomes an absolute must-have for BofA customers who can leverage the relationship bonus.