Bank of America® Unlimited Cash Rewards Credit Card
- Annual fee
- None
- Recommended credit
- Excellent / Good
- Card network
- Visa
- Intro purchase APR
- 0% for 15 billing cycles
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.
Our review of the Bank of America® Unlimited Cash Rewards Credit Card
The Bank of America® Unlimited Cash Rewards Credit Card is Bank of America’s response to the Chase Freedom Unlimited®. This card offers unlimited cash back rewards on all purchases, along with an introductory APR and statement credit offer, all without an annual fee.
How to Get the Card
Applying for a Bank of America credit card is a simple process. To complete your application, you will need the following information:
- Full name
- Contact information (U.S. mailing address, email address, phone number)
- Social Security Number (SSN)
- Income information
- Housing details
- Employment information
Eligibility
The Bank of America Unlimited Cash Rewards Card requires good or excellent credit for approval. There are also student options available for those looking to build credit history while in college.
Pre-Qualify
You can check if you qualify for the card without affecting your credit score. Bank of America offers a pre-qualification page to assess your suitability for one of their credit cards, including the Unlimited Cash Rewards Card.
Welcome Offer
New cardholders can earn a $200 cash rewards bonus online after making at least $1,000 in purchases within the first 90 days of opening their account. This bonus is equivalent to 20% cash back – a great offer.
Earn Unlimited Cash Back
The main attraction of the Unlimited Cash Rewards Card is the unlimited 1.5% cash back it earns on all eligible purchases. While this rate is better than what basic cash back cards offer, it falls short compared to other similar cards like the Chase Freedom Unlimited.
Additional Savings with Preferred Rewards
Bank of America customers can save more with the Unlimited Cash Rewards Card through the bank’s Preferred Rewards program. Preferred Rewards members can earn between 25% and 75% more cash back on every purchase, depending on their rewards tier status.
How to Redeem Cash Back
Cash back rewards on the card are unlimited and do not expire as long as the account remains active and open. Cardholders can easily redeem their cash rewards towards statement credits, deposits into Bank of America accounts, or into eligible investment accounts with Merrill.
0% Introductory APR
Successful applicants for the Unlimited Cash Rewards Card receive a 0% intro APR for 15 billing cycles on purchases and balance transfers. This offers exceptional value, although balance transfers must be made within 60 days of opening the account.
Bank of America Benefits
Cardholders enjoy various benefits and protections through Bank of America, including:
- Balance Connect®
- Online and Mobile Banking
- Account Alerts
- EMV chip and pin technology
- Access to FICO Score each month
- Visa Benefits
The Bank of America Unlimited Cash Rewards Card is a Visa product, offering essential safety and fraud protections to cardholders.
Comparison
| Card | Rewards | 0% Intro APR | Annual Fee |
|---|---|---|---|
| BoA Unlimited Cash | Unlimited 1.5% cash back | 15 billing cycles | None |
| Chase Freedom Unlimited® | 5% on travel, 3% on drugstores and dining, 1.5% on other purchases | 15 months on purchases and transfers | None |
| Amex Cash Magnet® | Unlimited 1.5% cash back | 15 months on purchases | None |
What We Like About the Card
- No Annual Fee: The card does not have an annual fee, making it a valuable feature for those looking for a basic cash back card.
- 0% Intro APR: Introductory APR on purchases and transfers can help cardholders maximize rewards while paying down existing balances.
Things to Consider
- No Bonus Categories: The Unlimited Cash Rewards Card offers unlimited cash back on all purchases but lacks bonus categories compared to other similar cards like the Chase Freedom Unlimited.
Should You Apply for the Bank of America® Unlimited Cash Rewards Credit Card?
The Bank of America® Unlimited Cash Rewards Credit Card is a good option for Bank of America customers with significant savings or investments with the bank. Those customers can maximize their cash back rewards, potentially earning up to 2.6% back on every purchase. However, those without substantial Bank of America accounts may find better value with other cards like the Chase Freedom Unlimited.
Card features
Benefits as listed on the original card page. They can change; confirm details with the issuer.
- 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
Who this card may suit
- 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
Rates, fees and terms
| Annual Fee | None |
|---|---|
| Intro Purchase APR | 0% for 15 billing cycles |
| Regular Purchase APR | 18.24% to 28.24% 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 | 18.24% to 28.24% 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 | 21.24% to 30.24% variable based on creditworthiness and Prime Rate |
| Cash Advance Transaction Fee | Either $10 or 3% of the amount of each transaction, whichever is greater |
| Foreign Transaction Fee | 3% of the U.S. dollar amount of each transaction in U.S. dollars |
| Penalty APR | Up to 29.99% |
| Late Payment Penalty Fee | Up to $40 |
Confirm before you apply: rates, fees and offers change often. The figures above are the ones listed on the original card page, not a current quote from the issuer. APRs are typically variable, and the rate you receive depends on your creditworthiness. Recommended credit: Excellent Credit Good Credit.
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Bank of America® Unlimited Cash Rewards Credit Card
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