Bank of America® Unlimited Cash Rewards Credit Card Review: Easy Cash Back and Intro APR

The Bank of America® Unlimited Cash Rewards is a solid choice if you’re looking for straightforward cash back rewards. With a cash back score of 4.3 out of 5, it ranks ninth out of the 52 cash back cards we’ve surveyed, thanks to its unlimited 1.5% cash back on all purchases and no annual fee.

If you’re a Bank of America Preferred Rewards® member with high balances, this card deserves serious consideration. With a cash back boost between 25% and 75%, you could earn up to a competitive 2.62% cash back on every purchase. This rate surpasses the standard 2% rate offered by many top cash back cards, like the Citi Double Cash® Card. Remember that you’ll need at least $100,000 in combined balances with Bank of America or Merrill to qualify, which might not be feasible for everyone.

Still, the BofA Unlimited Cash holds its own for its simplicity — more so if you qualify for a higher cash back rate through Preferred Rewards.

The BofA Unlimited Cash offers a straightforward 1.5% cash back on all purchases, making it a solid, no-fuss option. Though some competitors offer 2%, its 1.5% rate is typical among flat-rate cash back cards. With a 4.3 out of 5 rating, it ranks ninth among cash back cards.

The cash back you earn is redeemable as a direct deposit, credit to Merrill accounts or statement credit. Rewards don’t expire as long as your account remains open.

Cash Back Boost for Preferred Rewards Members

Depending on their membership tier, Bank of America Preferred Rewards® members can receive a 25% to 75% cash back boost. This means the highest possible cash back rate for the BofA Unlimited Cash is 2.62%. However, qualifying requires a combined balance of at least $20,000 across Bank of America or Merrill accounts, which may not be attainable for everyone.

The BofA Unlimited Cash introductory offers are good but don’t stand out among cash back cards.

Welcome Bonus

The card’s $200 sign-up bonus after spending $1,000 in the first 90 days is a solid offer, ranking seventh among the cash back cards we’ve surveyed. This bonus amount is typical, though some cards require a higher spend of $1,500 to $2,000 to earn it. BofA Unlimited Cash offers a 20% return, which is good but not the highest. Note that this bonus is only available when applying through select online channels.

Introductory APR Offers

The card provides a 0% introductory APR for purchases for 15 billing cycles, then a variable APR of 18.74% – 28.74% after that. We give this offer a score of 3 out of 5 since it’s competitive among cash back cards but not the longest. The balance transfer offer features a 0% introductory APR for 15 billing cycles, rated 3.5 out of 5. These offers are solid and can provide a breather whether you’re managing debt or need flexibility on a big purchase.

Like many cash back cards, the BofA Unlimited Cash card offers no annual fee. However, it has a late payment fee of up to $40 and a penalty APR of up to 29.99%, so paying your bills on time is important to avoid these charges. It’s possible to find cash back cards with no late payment fees or penalty APRs, so we rank this card 25th out of the cards we’ve surveyed.

• Annual Fee: $0
• Regular APR: 18.74% to 28.74% variable
• Penalty APR: Up to 29.99% variable
• Balance Transfer Fee: 3% for the first 60 days, then 4%
• Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction
• Late Payment Fee: Up to $40

The BofA Unlimited Cash card is fairly accessible, requiring a credit score between 670 and 850. It’s tied for ninth place with 40 other cash back cards for recommended credit, making it attainable for many but not the easiest to qualify for.

Users often upgrade to the BofA Unlimited Cash from the Bank of America® Unlimited Cash Rewards Credit Card for Students or the Bank of America® Unlimited Cash Rewards Secured Credit Card once they qualify for the regular version of the card.

Forum discussions highlight overall satisfaction with the card’s unlimited 1.5% cash back, 0% introductory APR and no annual fee. However, some users express disappointment over the card’s lack of bonus categories.

With its flat-rate cash back rewards, the BofA Unlimited Cash complements other cash back cards with bonus categories.

We evaluated the BofA Unlimited Cash credit card using our cash back score, reviewing 52 cards in total. The evaluation considered several factors:

• Effective Reward Rate (50%): Measures how rewarding the card's cash back program is.
• Annual Fee (10%): Rates the annual fee, with a 5 indicating no fee.
• Intro Purchase Offer (5%): Rates the 0% APR offer on purchases.
• Recommended Credit (5%): Rates the accessibility based on credit score.
• Issuer Satisfaction (5%): Based on J.D. Power's issuer satisfaction study.
• Penalties (5%): Rates penalty rates and fees.
• Regular APR (5%): Rates the regular APR.
• Foreign Transaction (5%): Rates foreign transaction fees.
• Offer ROI (5%): Rates the return on introductory bonus offers.

We answer some frequently asked questions about the BofA Unlimited Cash to help you make an informed decision.

For rates and fees of the Blue Cash Everyday® Card From American Express, please click here.

For Capital One products listed on this page, some of the benefits may be provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.