| Last updated on September 12th, 2023
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
Bank of America® Unlimited Cash Rewards Credit Card Review
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.
The Unlimited Cash Rewards credit card comes with many of the same bonuses you’d expect from a card of this type. That means you can expect a fairly standard cash back statement credit offer and a lengthy 0% APR period to begin. 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.
Successful qualified 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.
Earn an Unlimited 1.5% Cash Back
The main selling point with 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.
Unlimited Cash Back Comparison
Here’s a quick breakdown of how the Unlimited Cash Rewards from Bank of America compares with two other leading contenders, the Freedom Unlimited and Double Cash Card:
BoA Unlimited Cash Rewards
Chase Freedom Unlimited®
Citi® Double Cash 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 2% back on all purchases (1% back when you purchase and 1% back when you pay)|
|0% Intro APR||15 billing cycles on purchases and balance transfers||15 months on purchases and balance transfers||18 months on balances transferred in the first 4 months|
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.
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 that qualify, the Preferred Rewards can boost the cash back potential of the card to over 2.62% cash back on every purchase.
Other Card Features
Other notable features of the Bank of America® Unlimited Cash Rewards Credit Card include EMV chip and digital wallet connectivity, meaning you can synch your card to Apple Pay, Google Pay, PayPal, or several other mobile wallets for safer purchasing. Cardholders can also take advantage of Bank of America services like overdraft protection and configurable account alerts.
Cardholders also enjoy peace of mind that’s to Visa Signature features, including:
|Zero Fraud Liability||Cardholder Inquiry Services||Emergency Card Replacement||Luxury Hotel Collection||Extended Warranty Coverage|
|Roadside Dispatch||Lost/Stolen Card Reporting||ID Navigator from Norton||Travel & Emergency Assistance|
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:
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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