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The Bank of America® Unlimited Cash Rewards Credit Card is a great choice if you’re looking for no-annual-fee card that earns a high rate of cash back on all purchases — and if you’re a Bank of America Preferred Rewards customer, it has the potential to be even more lucrative. With a strong welcome bonus and introductory 0% APR offer, it’s ideal for those who prefer a straightforward cash-back card.
Review: Is the Bank of America Unlimited Cash Rewards the best credit card for you?
Cash-back credit cards come in all flavors, from no-annual-fee cards that earn a flat rewards rate across all purchases to those that offer higher earnings in rotating or customized bonus categories. The Bank of America® Unlimited Cash Rewards Credit Card is one of the easiest cash-back cards to use, with a simple rewards structure, competitive welcome bonus offer, and generous intro APR.
New cardholders start off with a Bank of America® Unlimited Cash Rewards Credit Card. You’ll earn 1.5% cash back on all purchases with no limits, and there’s no annual fee. And if you’re a Bank of America Preferred Rewards customer, you can earn 25% to 75% more cash back with the Bank of America® Unlimited Cash Rewards Credit Card, depending on your rewards tier.
If you have large expenses coming up you can’t pay off all at once, or you want to consolidate other credit card debt, the Bank of America® Unlimited Cash Rewards Credit Card can save you money on interest. You’ll receive a Bank of America® Unlimited Cash Rewards Credit Card, followed by a Bank of America® Unlimited Cash Rewards Credit Card APR.
That said, if you’re looking for a credit card with travel and purchase protections or want a wide range of reward redemption options, the Bank of America® Unlimited Cash Rewards Credit Card is probably not your best choice. Instead, you might want to check out alternative no-annual-fee cards, like the Chase Freedom Unlimited®, which offers strong earning rates and more benefits.
There are also a few cards that earn a higher rate of rewards across all purchases. For instance, the Wells Fargo Active Cash® Card earns 2% cash rewards on everything you buy and comes with a welcome bonus offer of a Wells Fargo Active Cash® Card.
How to earn cash back from the Bank of America Unlimited Cash Rewards credit card
The Bank of America® Unlimited Cash Rewards Credit Card earns 1.5% cash back on all purchases. There are no rewards caps or fussy bonus categories to keep track of.
This card becomes a lot more compelling if you’re a Bank of America Preferred Rewards customer. The amount you have on deposit with Bank of America or invested with Merrill (Bank of America’s wealth management division) determines your membership tier, which in turn gives you a bonus on the rewards you earn. At the highest level, you could earn a whopping 2.625% cash back on all purchases, which is an excellent rate of return for a no-annual-fee credit card.
Bank of America Preferred Rewards tiers
Preferred Rewards Gold: 25% more rewards on eligible Bank of America rewards credit card spending (earn 1.875% cash back)Preferred Rewards Platinum: 50% more rewards on eligible Bank of America rewards credit card spending (earn 2.25% cash back)Preferred Rewards Platinum Honors: 75% more rewards on eligible Bank of America rewards credit card spending (earn 2.625% cash back)
How to use cash back from the Bank of America Unlimited Cash Rewards card
With the Bank of America® Unlimited Cash Rewards Credit Card, you’ve only got a few redemption options:
Statement credits to your credit cardDeposits made directly into a Bank of America checking or savings accountCredits to a qualifying Merrill Cash Management AccountCredits to a qualifying 529 account with Merrill
There’s no minimum amount for one-time redemptions as statement credits, deposits to BoA checking/savings accounts, or to qualifying Merrill Cash Management Accounts. However, deposits to 529 accounts, as well as automatic redemptions (available for checking/savings deposits or Cash Management Account deposits only) have a minimum $25 redemption amount.
As long as your account is open and in good standing, your rewards won’t expire.
Bank of America Unlimited Cash Rewards benefits and features
The Bank of America® Unlimited Cash Rewards Credit Card doesn’t have a ton of extra perks, but there are a few worth noting.
Introductory 0% APR
New Bank of America® Unlimited Cash Rewards Credit Card cardholders receive a Bank of America® Unlimited Cash Rewards Credit Card (then a Bank of America® Unlimited Cash Rewards Credit Card APR). This is one of the longer introductory 0% APR credit card offers available right now, and could be a great tool if you’re looking to transfer high-interest balances from other cards, or just have purchases coming up you want to pay off over several billing cycles.
Using a 0% APR offer can give you some financial breathing room, but there’s a risk involved. If you’re not able to pay off your entire balance before the introductory period expires, you could wind up with more high-interest debt.
Free FICO score
Primary Bank of America® Unlimited Cash Rewards Credit Card cardholders can access their FICO score for free through Bank of America online banking, its mobile website, or its mobile banking app for iPhone and Android. Most credit cards now offer free credit scores, but if you don’t already have a card with this feature it’s a handy tool.
Overdraft protection
Bank of America offers an optional Balance Connect overdraft protection feature that allows you to link your eligible Bank of America deposit account to your Bank of America® Unlimited Cash Rewards Credit Card. When you opt into this service, Bank of America will automatically transfer funds from your credit card account to cover overdrafts on your deposit account, as long as you have credit available on your credit card. There are no overdraft fees for this service, but you’ll be subject to interest on the cash advance.
Mobile wallet
You can add your Bank of America® Unlimited Cash Rewards Credit Card to digital wallets like Apple Pay, Google Pay, or Samsung Pay to use for in-person, online, or in-app transactions. Your actual card number isn’t stored on your device or shared with most merchants, so this can be a more secure and convenient way to make purchases.
$0 liability guarantee
If your Bank of America® Unlimited Cash Rewards Credit Card is lost, stolen, or otherwise compromised, you won’t be held liable for fraudulent or unauthorized transactions as long as you report the issue promptly.
Fees and costs
The Bank of America® Unlimited Cash Rewards Credit Card has a Bank of America® Unlimited Cash Rewards Credit Card annual fee, but there are other fees to be aware of. It’s not a good card to use if you’re traveling abroad, because it adds foreign transaction fees of 3% on international purchases.
As with most other credit cards, there are fees for late payments, balance transfers, and cash advances.
Comparison: Bank of America Unlimited Cash Rewards vs other BoA cards
Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Customized Cash Rewards Credit Card
Bank of America® Travel Rewards credit card
Annual fee
Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Customized Cash Rewards Credit Card
Bank of America® Travel Rewards credit card
Rewards rate
1.5% cash back on all purchases
3% cash back* in one category you choose each calendar month***
2% cash back at grocery stores and wholesale clubs*
1% cash back on all other purchases
1.5x points on all purchases
Welcome bonus
Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Customized Cash Rewards Credit Card
Bank of America® Travel Rewards credit card
Card benefits
Bank of America® Unlimited Cash Rewards Credit Card (then a Bank of America® Unlimited Cash Rewards Credit Card APR)
Free FICO score
Bank of America® Customized Cash Rewards Credit Card (then a Bank of America® Customized Cash Rewards Credit Card APR)
Free FICO score
Bank of America® Travel Rewards credit card (then a Bank of America® Travel Rewards credit card APR)
No foreign transaction fees
Free FICO score
Review
Bank of America Customized Cash Rewards card review
Bank of America Travel Rewards card review
*On the Bank of America® Customized Cash Rewards Credit Card, earn 3% and 2% cash back on up to the first $2,500 spent in these categories combined each quarter, then 1% cash back
***Eligible Bank of America® Customized Cash Rewards Credit Card 3% categories are gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
Bank of America Unlimited Cash Rewards vs other cash-back credit cards
Bank of America® Unlimited Cash Rewards Credit Card
Wells Fargo Active Cash℠ Card
Chase Freedom Unlimited®
Annual fee
Bank of America® Unlimited Cash Rewards Credit Card
Wells Fargo Active Cash℠ Card
Chase Freedom Unlimited®
Rewards rate
1.5% cash back on all purchases
2% cash rewards on purchases
5% cash back (5x points) on travel purchased through Chase Ultimate Rewards®
3% cash back (3x points) on dining and drugstore purchases
1.5% cash back (1.5x points) on everything else
Welcome bonus
Bank of America® Unlimited Cash Rewards Credit Card
Wells Fargo Active Cash℠ Card
Chase Freedom Unlimited®
Card benefits
Bank of America® Unlimited Cash Rewards Credit Card (then a Bank of America® Unlimited Cash Rewards Credit Card APR)
Free FICO score
Wells Fargo Active Cash® Card (then a Wells Fargo Active Cash℠ Card APR)
Cell phone protection
Visa Signature Concierge
Roadside dispatch
Travel and emergency assistance services
Emergency cash disbursement and card replacement
Access to the Visa Signature Hotel Collection
Chase Freedom Unlimited®, then a 14.99%–23.74% variable APR
Extended warranty
Car rental insurance (secondary in the US, primary otherwise)
Trip interruption/cancellation insurance
Travel and emergency assistance services
Review
Wells Fargo Active Cash card review
Chase Freedom Unlimited card review
Bank of America Unlimited Cash Rewards credit card frequently asked questions (FAQ)
Is the Bank of America Unlimited Cash Rewards worth it?
The Bank of America® Unlimited Cash Rewards Credit Card is worth it if you’re looking for a no-frills cash-back card with good bonus, earning rate, and intro APR offer. And if you’re a Bank of America Preferred Rewards customer, it can be particularly valuable because you can earn up to 75% more rewards, depending on your rewards tier.
However, if you’re not part of Preferred Rewards and are looking to earn maximum cash back on all your purchases, there are other no-annual-fee cash-back cards that may be a better fit, like the Wells Fargo Active Cash℠ Card.
What credit score do you need for the Bank of America Unlimited Cash Rewards?
To be approved for the Bank of America® Unlimited Cash Rewards Credit Card, you should have at least a good credit score — meaning a FICO score of 670 or higher, or a VantageScore of at least 700.
If you’re below that range, be sure to read our guides to the best credit cards for fair or average credit and for bad credit to find other good card options. And if you’re a student, check out the Bank of America® Unlimited Cash Rewards Credit Card for Students — it has most of the same features as the regular version of the card.
Is the Bank of America Unlimited Cash Rewards a Visa or Mastercard?
The Bank of America® Unlimited Cash Rewards Credit Card is a Visa Signature card.