Chase Freedom Unlimited®
vs. Bank of America® Unlimited Cash Rewards Credit Card

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Updated: June 19, 2024

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Both the Chase Freedom Unlimited® and the Bank of America® Unlimited Cash Rewards Credit Card offer enticing cash back rewards and no annual fees, making them strong contenders for your wallet. But the Freedom Unlimited edges ahead with potentially higher cash back in specific categories, which could be more lucrative for your everyday spending.

The BofA Unlimited Cash card offers a solid 1.5% cash back on all purchases and bonuses for Preferred Rewards members. But the Chase card's tiered rewards system may yield greater returns if you frequently spend on travel, dining and drugstore purchases. Both cards share the same credit score requirement, ensuring accessibility if you with good to excellent credit.

Credit Card logo for Chase Freedom Unlimited®
Chase Freedom Unlimited®
Credit Card logo for Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Unlimited Cash Rewards Credit Card
MoneyGeek Rating
4.4/ of 5
Rates & Fees
MoneyGeek Rating
4.4/ of 5
Rates & Fees

LEARN MORE

  • Regular APR
    20.49%–29.24% variable
    18.24%–28.24% variable
    0% APR Offer
    0% intro APR for 15 months
    0% for 15 billing cycles on purchases
    Intro Offer
    Earn an additional 1.5% cash back
    Earn $200 cash back
    Rewards Summary
    Earn 1.5% – 6.5% cash back
    1.5%
    Balance Transfer Offer
    0% intro APR on balance transfers for 15 months
    0% for 15 billing cycles on balance transfers
    Balance Transfer Fee
    Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either $5 or 5% of the amount of each transfer, whichever is greater
    3% for the first 60 days, then 4%
    Annual Fee
    $0
    $0
    Recommended Credit
    670–850 (Good to Excellent)
    670–850 (Good to Excellent)
    Penalty APR
    Up to 29.99% (variable)
    Up to 29.99% variable APR
    Not sure?

Which Card Is Better for You?

You might prefer the Freedom Unlimited if you dine out frequently or spend significantly on travel and drugstore purchases. With its tiered rewards system, you can earn more cash back in these categories, maximizing the benefits from your spending habits.

You might prefer the BofA Unlimited Cash if you value simplicity and consistency in your cash back rewards. This card offers a flat rate of 1.5% cash back on all purchases, making it easy to earn rewards without tracking spending categories.

Head-to-Head Comparison: Card Details and Features

Evaluating features like APRs, fees, credit requirements, rewards and introductory offers will clarify which card is for you. For instance, if you spend frequently on dining and travel, Freedom Unlimited's higher rewards rates in these categories might appeal to you, whereas the BofA Unlimited Cash offers simplicity with a flat cash back rate on all purchases.

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    Regular APR: BofA Unlimited Cash

    The BofA Unlimited Cash is better, offering a lower APR range of 18.24% to 28.24% compared with the Freedom Unlimited's 20.49% to 29.24%.

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    Annual Fee: Tie

    Both the Freedom Unlimited and the BofA Unlimited Cash have no annual fee, making them equally appealing if you’re looking to avoid extra costs.

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    Introductory 0% APRs: Tie

    Both the Freedom Unlimited and the BofA Unlimited Cash offer a 0% introductory APR on purchases and balance transfers for 15 months, making them equally attractive if you're looking to make a large purchase or transfer balances. But the Freedom Unlimited has a slightly more favorable balance transfer fee structure for the first 60 days.

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    Rewards: Freedom Unlimited

    The Freedom Unlimited is better for rewards, offering 5% on travel purchased through Chase, 3% on dining and drugstores, and 1.5% on all other purchases. Rewards do not expire as long as the account is open. The BofA Unlimited Cash offers a flat 1.5% cash back in all categories.

    rewards icon

    Welcome Offers: Freedom Unlimited

    The BofA Unlimited Cash outperforms the Freedom Unlimited, offering $200 cash back after spending $1,000 in the first 90 days. The Freedom Unlimited offers 1.5% cash back on up to $20,000 spent in the first year, potentially worth up to $300 cash back, which isn’t worth the outlay.

    creditApproved icon

    Recommended Credit Score: Freedom Unlimited

    Despite both cards catering to scores from 670 to 850, the Freedom Unlimited is more accessible for a wider range of credit scores. Its lower internal rating for recommended credit suggests that it's slightly more forgiving if you have lower scores within this range.

    autopay icon

    Penalties and Fees: BofA Unlimited Cash

    The main difference is in the cash advance fees, where the Freedom Unlimited charges either $10 or 5% of the transaction, whichever is greater, and the BofA Unlimited Cash charges 3% of each transaction. Both cards have similar penalties and fees, with late fees up to $40 and penalty APRs up to 29.99%. And both impose a 3% foreign transaction fee.

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    Issuer Satisfaction: BofA Unlimited Cash

    For issuer satisfaction, Bank of America leads with a rating of 4.5, compared with Chase's 4.1. This suggests higher overall cardholder satisfaction with Bank of America.

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    Other Features & Perks: Tie

    Both cards offer unique perks that enhance their value. The Freedom Unlimited provides free access to your credit score and identity restoration services, catering to those interested in credit monitoring and security. The BofA Unlimited Cash offers contactless payments and exclusive online offers, appealing to tech-savvy users and online shoppers.

Rewards Comparison

The Freedom Unlimited outpaces the BofA Unlimited Cash with a higher expected reward value and a more varied rewards structure. With the Freedom Unlimited, you earn 5% on travel purchased through Chase, 3% on dining and drugstore purchases and 1.5% on all other purchases. This diverse rewards rate makes it a strong contender if you spend across these categories.

The BofA Unlimited Cash card, while not as robust, still offers a solid 1.5% cash back on all purchases. It's a straightforward, no-fuss option if you prefer simplicity and do not want to track multiple reward categories.

The bonus categories for each card are shown in the following table.

Category
Freedom Unlimited
BofA Unlimited Cash

Travel

5% if purchased through portal

1.5%

Dining

3%

1.5%

Drugstores

3%

1.5%

All Other

1.5%

1.5%

Redeeming Rewards

With the BofA Unlimited Cash, you can redeem your cash back directly into a bank or Merrill account, or as a statement credit. Rewards remain valid as long as your account is active.

The Freedom Unlimited also offers versatile redemption choices, including cash back, Amazon shopping, gift cards or travel via Chase Travel, with no minimum amount required for cash back redemption. Additionally, your cash back rewards are yours for the taking indefinitely, provided your account is in good standing.

Methodology

MoneyGeek evaluates credit cards like Freedom Unlimited and BofA Unlimited Cash using a comprehensive scoring system tailored to various use cases. This approach ensures that the score reflects the card's performance in the scenario where it provides the most value.

For cash back cards, the primary factors we consider are the effective reward rate and the return on investment for offers. These elements — along with annual fees, introductory purchase rates and issuer satisfaction — contribute to a card's overall score. For a detailed understanding of our process, you can review our ranking methodology.

FAQ: Freedom Unlimited vs. BofA Unlimited Cash

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About Doug Milnes, CFA

Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.

*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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