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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.

Sign-Up Bonus

The card offers a $200 cash bonus after you make at least $1,000 in purchases in the first 90 days of account opening. 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 cash back you'll get every time you swipe.

Plus, as an added bonus, new cardholders earn 2% cash back on purchases for the first year from account opening (then 1.5% cash back on purchases thereafter).

Rewards Rate

After the first year from account opening, the credit card offers unlimited 1.5% cash back on every purchase you make. However, 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

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.

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.