Bank of America® Unlimited Cash Rewards Credit Card

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.

Introductory Bonuses

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
Annual fee	None	None	None
Network	Visa	Visa	Mastercard

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:

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.