Bank of America Unlimited Cash Rewards Card Review

GOBankingRates Score

4.8
Quick Take: The Bank of America Unlimited Cash Rewards credit card offers 1.5% or higher cash back on all purchases, making it a great option for applicants who are interested in earning as much cash as possible. Since the card also offers an introductory APR on purchases and balance transfers for the first 18 months, it may be a good fit for consumers looking to pay off high-interest credit card debt.
  • Earning Rewards
    4.5
  • Redeeming Rewards
    5.0
  • Interest and Fees
    4.5
  • Welcome Bonus
    5.0
How did we calculate this?

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Pros

  • No annual fee
  • Generous introductory interest rate
  • Reasonable interest and fees
  • No limit on the rewards cardholders can earn
  • Rewards never expire

Cons

  • Best rewards are reserved for Bank of America customers with at least $20,000 in deposit or investment accounts
  • Good to excellent credit required

Bank of America Unlimited Cash Rewards Card Overview

The is a top pick for those who want to earn cash back without tracking rotating categories. The card offers 1.5% unlimited cash back on all purchases, and Preferred Rewards members can earn 25%-75% more cash back on every purchases. The inability for the average customer to increase their cash-back potential may be a turnoff for some.

Regardless of the cardholder’s status with Bank of America, all Unlimited Cash Rewards members have no annual fee and can earn a $200 welcome bonus after making at least $1,000 in purchases in the first 90 days of account opening.

While the card is a compelling option, it’s not for everyone. Those with poor or fair credit scores won’t be approved. Moreover, the credit card incentivizes spending, which can lead some consumers to overspend and rack up debt. The card is best for consumers who are careful with their spending and budgeting.    

Best Features of the Bank of America Unlimited Cash Rewards Card

The Bank of America Unlimited Cash Rewards credit card comes with several compelling features. Here are the details on some of the biggest advantages.

Earning Rewards

Consumers can earn cash-back rewards relatively quickly, as the card offers 1.5% cash back on all purchases. There are no categories, no limits on earned rewards and no annual fees.

Applicants who are already Bank of America customers can earn more with account balances over $20,000. The higher your balance, the more rewards you accrue:

  • Those with Bank of America deposit and investment accounts who have a combined balance of at least $20,000 and less than $50,000 will earn cash back 25% faster.
  • Members with account balances of at least $50,000 and less than $100,000 will earn rewards 50% faster.
  • Members with account balances of at least $100,000 will earn rewards 75% faster.

Consumers with at least $100,000 held in combined Bank of America accounts will earn 2.62% cash back.      

Redeeming Rewards

Bank of America makes it easy for Unlimited Cash Rewards cardholders to redeem the cash they earn. There are four ways to do so:

  • Tap on the “My Rewards” link in the Bank of America mobile app.
  • Use Bank of America’s virtual financial assistant, Erica, by tapping on the icon for this option in the mobile app and saying “I want to redeem my credit card rewards.”
  • Click on the “Rewards” tab through Bank of America’s online banking.
  • Call 800-434-8313 from 9 a.m. to 9 p.m. EST, Monday-Friday, to redeem rewards over the phone.

Once redeemed, rewards will be paid to customers in the form of a statement credit, a direct deposit into a Bank of America checking or savings account or a credit to a qualifying Merrill account.  

Interest and Fees

The Bank of America Unlimited Cash Rewards card comes with a highly competitive fee schedule and features no annual fee. The 0% introductory APR is applicable to purchases and to balance transfers made in the first 60 days of card ownership. After the 18-month introductory period, a will apply, which is in line with average APRs for cash-back credit cards. Here’s a look at the card’s rates and fees:

Fee or APR Amount
Purchase and Balance Transfer APR 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days, then
Penalty APR Up to 29.99%
Balance Transfer Fee $10 or 3%, whichever is greater
Cash Advance Fee
  • $10 or 3%, whichever is greater, for check cash advances and direct deposits
  • $10 or 5%, whichever is greater, for over-the-counter, ATM, cash equivalent and same-day online cash advances
  • Foreign Transaction Fee 3%

    Welcome Bonus

    Unlimited Cash Rewards cardholders will receive a $200 cash-back bonus when they spend $1,000 or more in the first 90 days.

    While a nice perk, there are more enticing sign-up bonuses available with other cards, like the , which offers a $350 welcome offer bonus after you spend $3,000 within the first 6 months.

    Other Features of the Bank of America Unlimited Cash Rewards Card

    Here’s a look at some other features Bank of America offers for Unlimited Cash Rewards cardholders.

    Overdraft Protection

    Cardholders who have checking accounts with Bank of America are able to use the Unlimited Cash Rewards card as overdraft protection. When the cardholder turns on overdraft protection, Bank of America will pay for any overdraft that happens on the cardholder’s checking account using the available credit on their credit card.

    Cardholders who take advantage of this service will be charged a $12 overdraft transfer fee.

    Contactless Payments

    The Bank of America Unlimited Cash Rewards credit card comes with contactless payment technology. When users make a payment with a merchant that accepts contactless payments, they’ll simply tap their card near the credit card reader rather than insert a chip or slide a card. This eliminates the need for the user to touch the payment terminal.

    Compatibility With Digital Wallets

    The credit card is compatible with popular digital wallets, including Apple Pay, Google Pay and Samsung Pay. Cardholders use their phones to make payments rather than the physical credit card itself. Digital wallets are more secure than their physical counterparts — you won’t have to worry about your physical wallet being stolen or your credit cards being misplaced.

    Access to FICO Scores

    FICO credit scores are used by more than 90% of lending institutions when determining the creditworthiness of applicants. Those that take advantage of the Bank of America Unlimited Cash Rewards credit card will be able to track and manage their FICO score for free from the Bank of America online portal.

    What Sets the Bank of America Unlimited Cash Rewards Card Apart From Its Competitors?

    The Bank of America Unlimited Cash Rewards credit card comes with no annual fee, a $200 welcome bonus after making at least $1,000 in purchases within the first 90 days of account opening and no cap on the cash back you can earn. The card gives users 1.5% cash back, but what really sets it apart is that it gives users the ability to leverage Bank of America account balances to earn cash back at a faster rate. 

    Moreover, the credit card gives users access to their credit scores and low-cost overdraft protection.

    The Bank of America Unlimited Cash Rewards card isn’t the only cash-back credit card on the market, and some people will be better served with other comparable options, including the following four.

    American Express Blue Cash Preferred Card

    The Blue Cash Preferred card from American Express comes with a 0% introductory APR on purchases and balance transfers for the first 12 months, then a APR will apply.

    Cardholders can also earn a $350 cash back welcome offer when they spend $3,000 on their new credit card in the first six months. Cardholders can also earn 3% cash back on transit and purchases at U.S. gas stations, 6% cash back on select U.S. streaming subscriptions, 6% cash back at U.S. supermarkets up to $6,000 per year, followed by 1% cash back and 1% on all other purchases.

    Discover it Cash Back Card

    The Discover it Cash Back card doesn’t charge cardholders an annual fee and comes with a 0% APR on purchases and balance transfers for 15 months. After the 0% promotional period, APRs on the card will range from on purchases and balance transfers.

    Cardholders can earn 5% cash back on rotating categories that change quarterly, like Amazon.com, grocery stores and restaurants. Cardholders will earn 1% cash back on all other purchases and enjoy an unlimited cash-back match for the first year.

    Chase Freedom Unlimited Card

    The Chase Freedom Unlimited credit card comes with a 0% introductory APR on purchases and balance transfers for the first 15 months. After the introductory period, a APR will apply, depending on the applicant’s creditworthiness.

    New cardholders earn an additional 1.5% cash back on everything they buy, up to $20,000 spent in the first year — an offer worth up to $300. This means in the first year, this card offers 6.5% cash back on travel purchased through Chase Ultimate rewards, 4.5% on drugstore purchases and dining at restaurants and 3% on all other purchases — up to $20,000 in the first year.

    Wells Fargo Active Cash Card

    The Wells Fargo Active Cash card comes with a 0% introductory APR on purchases and balance transfers for 15 months. After the introductory period, cardholders will pay a , depending on creditworthiness.

    Cardholders will earn 2% cash back on all purchases, with no rotating categories to track. Wells Fargo offers multiple ways to redeem rewards, and cash back never expires as long as your account remains open.  

    Is the Bank of America Unlimited Cash Rewards Card Right for You?

    The card is best for applicants who are already Bank of America account holders and carry $20,000 or more in deposit and investment accounts. These customers will earn a higher Preferred Rewards rate.

    The prime candidate for this card is diligent about budgeting and not likely to overspend. Research has shown that rewards-based credit cards, like those that offer cash back, have the potential to lead consumers into higher levels of debt.

    Final Take

    The Bank of America Unlimited Cash Rewards credit card may be especially compelling for current Bank of America customers with higher balances, who can earn even more cash back. The Bank of America Unlimited Cash Rewards credit card is a good option for consumers looking to earn unlimited cash back at a rate of 1.5% and enjoy a 0% APR for 18 months, followed by rates of .

    Bank of America Unlimited Cash Rewards FAQ

    Here are the answers to some commonly asked questions about the Bank of America Unlimited Cash Rewards card.
    • What credit score is needed for the Bank of America Unlimited Cash Rewards credit card?
    • Is there a limit on the rewards you can earn with this Bank of America cash-back credit card?
      • Cardholders of this Bank of America rewards card can earn unlimited cash back that will never expire.
    • Should I switch to the Bank of America Unlimited Cash Rewards card?
      • The Unlimited Cash Rewards credit card is likely a good fit if you're looking for a cash-back card that offers more than 1% back on all purchases, regardless of category. 
    • How do I get my $200 cash rewards welcome bonus from Bank of America?
      • Cardholders must spend $1,000 on the credit card within 90 days of opening the account to earn the welcome bonus. Cardholders can redeem their cash back via direct deposit into a Bank of America checking or savings account or as credit to a qualifying Merrill account. You can also opt to redeem any earned cash back for statement credits.
    • What does unlimited cash rewards mean?
      • Unlimited cash rewards means that cardholders will receive 1.5% cash back on all purchases on an unlimited basis, regardless of category, when using this credit card. There are no caps on rewards and cash back never expires.

    Cynthia Measom contributed to the reporting for this article.

    Editorial Note: This content is not provided by Bank of America. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Bank of America.

    Information is accurate as of July 20, 2022.

    All information about American Express card offers have been collected independently by GOBankingRates and have not been reviewed or approved by American Express. These offers are not available through GOBankingRates.

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    About the Author

    Joshua Rodriguez is a personal finance and investing writer with more than 10 years of experience. He is the founder of CNA Finance. His work has been featured on U.S. News & World Report, Money Talks News and several other mainstream outlets. 
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