Last updated on February 17th, 2023
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Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Unlimited Cash Rewards Credit Card
- 17.99% to 27.99% variable based on creditworthiness and Prime Rate Regular Purchase APR
- 17.99% to 27.99% variable based on creditworthiness and Prime Rate Balance Transfer APR
- 20.99% to 29.99% 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: 17.99% to 27.99% 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: 17.99% to 27.99% 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: 20.99% to 29.99% 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
Lorem ipsum dolor sit amet, consectetur The Bank of America® Unlimited Cash Rewards Credit Card is Bank of America’s answer to the Chase Freedom Unlimited. The card earns an unlimited 1.5% cash back on all purchases, with an introductory APR and statement credit offer – all for no annual fee.
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.
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 American 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 eligible investment accounts with Merrill.
Introductory Bonuses
The Unlimited Cash Rewards comes with a few introductory offers that are sure to entice applicants. The first of these offers is a $200 cash reward sign-up bonus. 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.
The second sign-up bonus is a lengthy zero-percent APR period. New accounts receive 0% intro APR for 15 billing cycles on both 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. This makes the card something of a direct competitor to other similar products, including Chase’s impressive Chase Slate Edge Visa.
Highly Competitive APR
Once the intro APR periods end, the card features a very competitive APR on both purchases and balance transfers. That rate is competitive with other comparable cards and several points lower than the average APR for a cash back credit 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 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:
- Visa Zero Fraud Liability protection
- Access to Visa Signature Concierge and the Luxury Hotel Collection
- EMV chip and contactless technology
- Digital wallet compatibility with Apple Pay, Google Pay, and more.
- Overdraft protection
- Roadside Dispatch
- Auto Rental Collision Damage Waiver
- 3% foreign transaction fee
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 Merril 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.
Those without sizeable Bank of America accounts, however, 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. Still other cards offer 2% back on all purchases. Another decent option is the Citi Custom Cash℠ Card, which offers up to 5% back with no annual fee.
The information related to Citi Custom Cash Card has been collected by BestCards.com and has not been reviewed or provided by the issuer or provider of this product or service.
