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Bank of America® Unlimited Cash Rewards Credit Card

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  • Our Rating 4/5 How our ratings work
  • APR18.24% - 28.24% Variable APR on purchases
  • Annual Fee$0
  • Bonus Offer $200Cash Bonus More Info

    $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

The Bank of America® Unlimited Cash Rewards credit card is a solid cash-back card with a strong bonus, especially for a card with no annual fee. If you're looking for a card that also has competitive balance transfer terms, this is one to consider.

A Rewarding Cash Back Card, Especially for Existing Bank of America Customers

The Bank of America® Unlimited Cash Rewards credit card was launched in July 2021, and it has the potential to be one of the best cash-back credit cards on the market. However, the card’s best rewards rate is reserved for wealthy Bank of America customers, so for most people, it may just be another 1.5% cash-back credit card.

However, if you’re a Bank of America Preferred Rewards member, you could earn between 25% and 75% more cash back, elevating the rewards rate to as much as 2.62% — you’ll be hard-pressed to get that high of a cash-back rate on every purchase anywhere else. Here are some of the major details of the credit card.

Pros

  • No annual fee
  • Straightforward rewards rate
  • Sign-up bonus

Cons

  • No bonus spending categories

Sign-Up Bonus

The card offers a $200 cash bonus after you spend $1,000 in the first 90 days. That bonus is on the high end for no-annual-fee cash-back credit cards, but the spending threshold is double what some similar cards require.

That said, if you have no trouble spending more than $333 per month on a credit card, the $1,000 bonus spending threshold won't be a problem. And it's still essentially a 20% rewards rate on that spending in addition to the 1.5% cash back you'll get every time you swipe.

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Chase Freedom Unlimited®

1.5%Extra Cash Back More Info

Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.

$0 1.5% - 5%Cashback More Info

Enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

Chase Sapphire Preferred®

60,000Chase Ultimate Rewards Points More Info

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $1,380 (60,000 Chase Ultimate Rewards Points * 0.023 base)

$95 1x- 5xPoints More Info

The card offers 5x points per dollar on travel booked through Chase Ultimate Rewards, 3x points on dining (including eligible takeout and delivery services), as well as 3x points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs). This card earns 2x points on all other travel spending and 1x point per dollar everywhere else. Chase broadly defines travel to include not just airfare, hotels and rental cars, but expenses like parking, tolls and public transit too.

Wells Fargo Autograph℠ Card

20,000Points More Info

Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value. Dollar Equivalent: $200 (20,000 Points * 0.01 base)

$0 1x - 3xPoints More Info

Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.

Wells Fargo Active Cash® Card

$200Cash Bonus More Info

Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

$0 2%Cashback More Info

Earn unlimited 2% cash rewards on purchases.

Intro APR

Like many cash-back credit cards, the Bank of America® Unlimited Cash Rewards credit card offers an introductory 0% APR. You'll pay no interest for 15 billing cycles on purchases, as well as on balance transfers made within the first 60 days after you open your account. After that, the card features a 18.24% - 28.24% Variable APR on purchases, based on your creditworthiness. Be aware that a 3% Intro balance transfer fee applies for the first 60 days your account is open; after that, the balance transfer fee increases to 4%.

Rewards Rate

The credit card offers unlimited 1.5% cash back on every purchase you make. But if you're a Preferred Rewards client, you'll get up to 75% more rewards. Here's how it works:

Gold

  • Earn 25% more rewards for a rewards rate of 1.87%
  • Qualify by having a three-month combined average daily balance of at least $20,000 in qualifying Bank of America and Merrill Lynch accounts

Platinum

  • Earn 50% more rewards for a rewards rate of 2.25%
  • Qualify by having a three-month combined average daily balance of at least $50,000 in qualifying Bank of America and Merrill Lynch accounts

Platinum Honors

  • Earn 75% more rewards for a rewards rate of 2.62%
  • Qualify by having a three-month combined average daily balance of at least $100,000 in qualifying Bank of America and Merrill Lynch accounts

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Chase Sapphire Preferred®

1x- 5xPoints More Info

The card offers 5x points per dollar on travel booked through Chase Ultimate Rewards, 3x points on dining (including eligible takeout and delivery services), as well as 3x points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs). This card earns 2x points on all other travel spending and 1x point per dollar everywhere else. Chase broadly defines travel to include not just airfare, hotels and rental cars, but expenses like parking, tolls and public transit too.

$95 60,000Chase Ultimate Rewards Points More Info

Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $1,380 (60,000 Chase Ultimate Rewards Points * 0.023 base)

Southwest Rapid Rewards® Premier Credit Card

1x - 3xPoints More Info

Earn 3 points for every $1 on Southwest Airlines® purchases, 2 points for every $1 on Rapid Rewards hotel and car rental partners, 2 points per $1 on local transit and commuting (including rideshare), 2 points per $1 on internet, cable, and phone services; select streaming, and 1 point for every $1 on all other purchases.

$99 Companion Pass®Southwest Rapid Rewards Points More Info

Limited-time offer: earn Companion Pass® good through 2/28/25 plus 30,000 points after you spend $4,000 on purchases in the first 3 months from account opening Dollar Equivalent:

Wells Fargo Autograph℠ Card

1x - 3xPoints More Info

Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.

$0 20,000Points More Info

Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value. Dollar Equivalent: $200 (20,000 Points * 0.01 base)

Citi Premier® Card

1X-10XPoints More Info

10X total ThankYou® Points per $1 spend on hotel, car rentals and attractions (excluding air travel) booked on the Citi Travel℠ portal through June 30, 2024. 3X -- Earn 3 Points per $1 spent at Gas Stations, Air Travel and Other Hotels 3X -- Earn 3 Points per $1 spent at Restaurants and Supermarkets 1X -- Earn 1 Point on All Other Purchases

$95 60,000Citi ThankYou Points More Info

Earn 60,000 bonus ThankYou Points after making $4,000 worth of purchases during the first three months of account opening. Dollar Equivalent: $1,080 (60,000 Citi ThankYou Points * 0.018 base)

Annual Fee

The card doesn't charge an annual fee, which is impressive for a card with this kind of rewards potential. However, there's a 3% foreign transaction fee on all international purchases, so consider using a different card that doesn't charge that fee if you plan to travel.

Credit Score

Bank of America doesn't publicly disclose its credit score requirements. However, its rewards credit cards are generally reserved for people with good or excellent credit. According to FICO®, a good credit score is 670 or higher. Just because you meet that minimum, though, it doesn't mean you're guaranteed to get approved.

Card Benefits

Like other cash-back credit cards, this one doesn't come with a lot of perks. You'll get some of the standards like FICO Score access, contactless capability and zero-liability fraud protection. But if you're looking for a credit card that offers travel perks, this one may not be right for you.

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Bottom Line

On the surface, the Bank of America® Unlimited Cash Rewards credit card's rewards rate is a dime a dozen — there are several other 1.5% and 2% cash-back credit cards from which you can choose. But if you're a Bank of America Preferred Rewards member, this card has the potential to be one of the best cash-back credit cards we've seen.

Ready to apply for the Bank of America® Unlimited Cash Rewards credit card? Start here.

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That said, take your time to consider the hoops you might have to jump through to maximize this card. And plan to shop around and compare other rewards credit cards to ensure that you find the right one for you.

BL

Ben Luthi

Ben Luthi is a personal finance and travel writer and credit card expert. He has a degree in finance from Brigham Young University and worked in financial planning, banking and auto finance before writing full-time for NerdWallet and Student Loan Hero. Ben is now a full-time freelance writer and enjoys traveling and spending time with his two kids. His work has appeared in several publications, including U.S. News & World Report, USA Today, Money, Success and Slickdeals.