Bank of America® Unlimited Cash Rewards credit card review

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Card Overview

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What are the advantages and disadvantages?

  • 1.5 percent cash back on all purchases with no spending limit
  • No annual fee
  • 25 to 75 percent more cash back on all purchases if you’re a Preferred Rewards member
  • 0 percent intro APR on both purchases and balance transfers (made within the first 60 days) for 15 billing cycles, plus a low ongoing 13.99 percent to 23.99 percent variable APR
  • Doesn’t offer many unique benefits to distinguish itself from other 1.5 percent flat-rate cash back cards
  • Carrying $25,000 to $100,000 across Bank of America accounts to qualify for Preferred Rewards status might not be attainable for many cardholders that need a no annual fee card
  • 3 percent foreign transaction fee on purchases abroad

A deeper look into the current card offer

Quick highlights

  • Rewards rate: Unlimited 1.5 percent cash back on all purchases
  • Welcome offer: $200 online bonus cash rewards after spending $1,000 in purchases within the first 90 days
  • Annual fee: $0
  • Purchase intro APR: 0 percent for 15 billing cycles
  • Balance transfer intro APR: 0 percent for 15 billing cycles for any balance transfers (if made within the first 60 days a 3 percent fee applies, minimum $10)
  • Regular APR: 13.99 percent to 23.99 percent (variable)

Sign-up bonus

By spending $1,000 on purchases within your first 90 days with the card, you’ll earn a $200 online cash rewards welcome bonus.

That’s a decent, standard sign-up bonus for a no annual fee cash back card, but you can get a slightly better value with a lower spending requirement. Some cards like the Capital One Quicksilver Cash Rewards Credit Card and the Chase Freedom Unlimited® offer the same $200 bonus for only spending $500 within the first three months. Still, $1,000 is an easy threshold to meet in three months, so the spending requirement isn’t a big deal in this case.

Rewards rate

The Bank of America Unlimited Cash is a flat-rate cash back card, which is the perfect cash back style to choose if you prefer a no-hassle rewards program or your spending falls outside of typical bonus categories and their spending limits.

How you earn

Earning rewards with the Unlimited Cash card couldn’t be easier. You’ll collect 1.5 percent cash back on all purchases, no matter how much you spend or where you shop.

The only expenses that generally won’t earn rewards are account costs like balance transfers, cash advances, fees, interest charges and fraudulent charges (naturally). Gambling-related purchases—like lottery tickets—generally don’t earn rewards either. Check with Bank of America for the specific reward restrictions related to your card.

How to redeem

Bank of America provides a solid list of redemption options for your cash rewards:

  • A direct deposit to your Bank of America checking or savings account
  • A credit to an eligible Merrill account, including 529 accounts
  • A statement credit to your card

Although you won’t be able to redeem for other cash back options like gift cards, merchandise or travel—as you can with issuers like Chase—don’t worry because these aren’t typically the most practical options for cash back anyway.

In order to redeem for a qualifying Merrill 529 account credit, you’ll need to have at least $25 in cash rewards. Automatic redemptions are also available starting at $25, but only for eligible Bank of America account direct deposits and contributions to non-529 Merrill accounts.

How much are the rewards worth?

As with most cash back cards, each percentage point of your cash back rate will earn you 1 cent per dollar of your purchase. That means you’ll earn 1.5 cents per dollar spent with the Unlimited Cash card.

Bank of America Preferred Rewards members will get extra value per dollar spent, either 1.87 cents, 2.25 cents or 2.62 cents depending on your checking, savings and investment account balances, instead of the base 1.5 cents.

Other cardholder perks

Bank of America cards don’t carry a heavy roster of benefits outside of Visa card features, but the Preferred Rewards and BankAmeriDeals programs can sprinkle a bit more cash back onto your spending.

Bank of America Preferred Rewards

Perhaps the most valuable benefit with Bank of America credit cards is the boosted rewards rate you’ll earn if you’re eligible to become a Preferred Rewards member. By keeping a certain minimum three-month average balance across your Bank of America accounts, you may automatically qualify for one of three status levels that award you a bevy of banking benefits, including a 25 percent to 75 percent rewards rate bonus:

  • Preferred Rewards Gold (at least a $20,000 balance): 25 percent boost for 1.87 percent cash back on all purchases
  • Preferred Rewards Platinum (at least a $50,000 balance): 50 percent boost for 2.25 percent cash back on all purchases
  • Preferred Rewards Platinum Honors (at least a $100,000 balance): 75 percent boost for 2.62 percent cash back on all purchases

Visa Signature perks

The Unlimited Cash is branded as a Visa Signature card and comes with a few staple perks. Bank of America states you’ll receive purchase security, extended warranty coverage, 24/7 pay-per-use Roadside Dispatch, travel and emergency assistance services along with ID Navigator credit monitoring via NortonLifeLock. The total list of Visa Signature benefits includes special privileges and discounts with a variety of select merchants, so be sure to contact Bank of America to confirm which benefits your card is eligible for.

BankAmeriDeals and Museums on Us

These two benefits come with all Bank of America credit cards and are exclusive to Bank of America. BankAmeriDeals is the issuer’s limited-time offer program, similar to Amex Offers or Chase Offers, which lets you activate promotional offers in your account to get an extra 5 to 15 percent cash back at participating merchants (like select restaurants). You’ll also be able to earn “coins” that unlock higher reward offers for regularly using the program.

Museums On Us is a bit more niche, but it’s also available for Bank of America debit cards and perfect for museum lovers. Simply presenting your Bank of America card and a valid photo ID during the first weekend of every month has provided cardholders free admission to over 225 “cultural institutions” for more than 20 years.

Rates and fees

The Unlimited Cash card doesn’t charge an annual fee, so you don’t have to worry about earning enough rewards to maintain your account each year. And if you’re considering transferring debt to a Bank of America credit card, the card is a worthwhile option since its 15-billing cycle 0 percent intro APR for balance transfers (made within the first 60 days) and purchases is longer than a few other competing cards’ zero-interest offers. The 13.99 percent to 23.99 percent variable APR afterward is also lower than competitors’—the low-end is even below the current average interest rate.

Just be aware of the 3 percent (or $10, whichever is greater) balance transfer fee. There’s also a 3 percent foreign transaction fee in case you decide to use your card while you travel, which would more than eat through any cash back you’d earn.

How the Unlimited Cash Rewards card compares to other cash back cards

The Capital One Quicksilver comes as close to a “standard” flat-rate cash back card as you could expect, offering unlimited 1.5 percent cash back, a solid $200 sign-up bonus (after spending $500 within the first three months) and a 15-month 0 percent intro purchase APR (then 15.49 percent to 25.49 percent variable APR). Comparatively, the Bank of America Unlimited Cash is a stronger card thanks to its lower ongoing APR, additional balance transfer intro APR period, decent benefits and potentially higher cash back potential with the Preferred Rewards program. The Quicksilver has a slight advantage in specific use cases, such as abroad and online, since it doesn’t charge foreign transaction fees and offers virtual credit card numbers.

The clincher for whether you should consider the Unlimited Cash card is whether you bank with Bank of America and would qualify for Preferred Rewards status. Unlimited 2.62 percent cash back would be the best flat-rate cash back rate on the market, but many cardholders may not qualify for Gold status, let alone Platinum Honors to reach that rate. If you don’t have the account balances needed to qualify for at least Platinum status, there are a few 2 percent flat-rate cash back cards that will earn you more cash back on all of your spending, such as the Wells Fargo Active Cash Card.

Other credit cards that carry higher cash back rates with bonus categories, like the Chase Freedom Unlimited, may also be more valuable reward-wise depending on how much you spend. Based on the Bureau of Labor Statistics’ average yearly spending data and a $15,900 budget, we estimate that the Unlimited Cash card earns around $239 per year while the Freedom Unlimited rakes in $353 per year due to its additional unlimited 5 percent and 3 percent bonus categories.

Similarly, the Unlimited Cash card’s sibling, the Bank of America® Customized Cash Rewards credit card, may earn more cash back based on your spending habits and gives you more flexibility than the competition. It lets you choose from one of six 3 percent cash back categories that can be swapped each month, plus 2 percent back at grocery stores and wholesale clubs. The only drawback is that the 3 percent and 2 percent categories share a $2,500 quarterly spending limit, after which you’ll earn 1 percent back. Even so, maximizing these categories (with the remaining spend earning 1 percent) would net you $359 per year. You’d need to spend about $8,034 more per year to earn that much cash back with the Unlimited Cash card.

Bank of America® Customized Cash Rewards credit card
  • 3% cash back on category purchases of choice, including gas, online shopping, dining, travel, drugstores or home improvement
  • 2% cash back at grocery stores and wholesale clubs (up to $2,500 of combined 3% and 2% category purchases each quarter, then 1%)
  • 1% cash back on all other purchases
  • $200 online bonus cash rewards after spending $1,000 in purchases within the first 90 days
  • 0% intro APR for 15 billing cycles on purchases and balance transfers (if made within the first 60 days, a 3 percent fee [minimum $10] applies); 13.99% to 23.99% variable APR afterward
Chase Freedom Unlimited®
  • 5% cash back on Chase Ultimate Rewards travel
  • 3% cash back on dining and drug store purchases
  • At least 1.5% cash back on other purchases
  • $200 cash bonus after spending $500 on purchases within the first three months
  • 15-month 0% intro purchase APR (then 14.99% to 23.74% variable APR)
Wells Fargo Active Cash℠ Card
  • Unlimited 2% cash back on purchases
  • $2$200 cash rewards bonus after spending $1,000 in purchases within the first three months
  • 15-month 0% intro APR on purchases and qualifying balance transfers (then 14.99% to 24.99% variable APR )

Bank of America® Customized Cash Rewards credit card last updated on July 19, 2021

Best cards to pair with this card

In order to maximize your flat-rate cash back card, your best move would be to pair it with a credit card that earns higher cash back on your most popular bonus categories. If you bank with Bank of America or are a Preferred Rewards member, the Customized Cash Rewards card is a prime partner. Its choice category flexibility allows you to squeeze the most cash back from your biggest expenses, while the Unlimited Cash card can earn more cash back on purchases outside your categories or beyond the quarterly spending cap.

Bankrate’s Take: Is the Unlimited Cash Rewards card worth it?

The Bank of America Unlimited Cash card lands a notch above what’s considered a standard flat-rate cash back card, but the only unique advantages Bank of America offers to set itself apart from the crowd are its Preferred Rewards, BankAmeriDeals and Museums On Us programs.

The Unlimited Cash might be the best unlimited flat-rate cash back card available if you have at least $50,000 sitting in the bank to earn 2.25 percent cash back with Platinum Preferred Rewards status (up to 2.62 percent with $100,000 and Platinum Honors status). However, many cardholders looking for a no annual fee card may not have that much money in their accounts, so a cash back card with a 2 percent flat rate or higher bonus category rates is probably a more worthwhile option.


about the author

Bankrate expert Garrett Yarbrough strives to make navigating credit cards and credit building smooth sailing for his readers. After regularly featuring his credit card, credit monitoring and identity theft analysis on, he joined the and teams as a staff writer to develop product reviews and comprehensive credit …

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Nouri Zarrugh is a writer and editor for and, focusing on product news, guides and reviews. His areas of expertise include credit card strategy, rewards programs, point valuation and credit scores, and his stories on building credit have been cited by, LifeHacker, and more. Through his thorough card reviews and…

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