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Last updated on September 8th, 2021
Bank of America® Unlimited Cash Rewards Credit Card
$200 Online Cash Rewards Bonus Offer
- Regular Purchase APR 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer APR 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Cash Advance APR 16.99% to 26.99% variable based on creditworthiness and the Prime Rate
- Annual Fee None
- Credit Needed Excellent , Good
- Intro Purchase APR 0% for 15 months
- Processing Network Visa
- No annual fee
- Unlimited 1.5% cash back on every purchase
- 0% Intro APR for the first 15 months on purchases and balance transfers
- Intro Purchase APR: 0% for 15 months
- Regular Purchase APR: 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Intro Balance Transfer APR: 0% for 15 months for transactions made within 60 days of account opening
- Balance Transfer APR: 13.99% to 23.99% variable based on creditworthiness and the Prime Rate
- Balance Transfer Transaction Fee: Either $10 or 5% of the amount of each transaction, whichever is greater
- Cash Advance APR: 16.99% to 26.99% variable based on creditworthiness and the 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
- Return Payment Penalty Fee: Up to $29
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.
Ideal for Those Who:
Already bank with Bank of America
- Want a simplified cash back rewards system
- Plan on carrying a balance
- Don’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 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 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.
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 months 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.
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.