Key facts
This is a credit card for those who want a simple product that earns strong rates of cash back everywhere they make a purchase. But this card really stands out for Bank of America Preferred Rewards members who can earn 25% – 75% more rewards by having an account with an eligible Bank. These customers can earn as much as 2.62% cash back on every purchase, which is unmatched by any competitor.
Annual Fee:
$0Min. Credit Score for Approval:
670-739 * GoodAPR on Purchases:
0 % Intro APR on purchases for 15 cycles, 18.24%-28.24% thereafterAPR on Balance Transfers:
0% Intro APR on balance transfers for 15 cycles, 18.24%-28.24% thereafterBalance transfer fees
3% for 60 days from account opening, then 4%Foreign Transaction Fee:
3%This card features a cash rewards bonus for new applicants when all requirements are met, as well as a competitive promotional financing offer on both new purchases and balance transfers.
Reward multipliers
The Bank of America Unlimited Cash Rewards credit card doesn’t offer any bonus categories for travel purchases, dining purchases, wholesale clubs or other common bonus categories. All eligible purchases earn a base 1.5% cash back. However, it does offer bonuses to Preferred Rewards members of its Preferred Rewards program.
Gold Tier members, who are those with a 3-month combined average daily balances between $20,000 and $50,000, receive a 25% bonus on their rewards, which equates to unlimited 1.875% cash back on all purchases.
Platinum Tier members, those with a 3-month combined average daily balances of $50,000 to $100,000, receive a 50% bonus on their credit card rewards, which works out to 2.25%.
And those in the Platinum Honors Tier ($100,000 to $1 million) or the Diamond Tier ($1 million to $10 million), earn a 75% bonus, or 2.625% cash back.
Earns bonus points for spend in the following bonus categories:
Estimated Rewards Value: 1.5%
Key features
Unique Card Benefits
Museums on Us admission
During the first full weekend of each month, Bank of America offers its customers free admission to over 225 museums and other cultural institutions.
BankAmeriDeals®
You can access bonus cash back deals for select retailers by using Bank of America’s Mobile Banking app or by logging into its online banking site.
Customers can deposit their cash back rewards into a Bank of America checking account.
0% Intro APR on Purchases
0 % Intro APR on purchases for 15 cycles, 18.24%-28.24% thereafter
0% Intro APR on Balance Transfers
0% Intro APR on balance transfers for 15 cycles, 18.24%-28.24% thereafter
Balance Transfer Fees: 3% for 60 days from account opening, then 4%
Free Access to Credit Score
This card offers you a free FICO Score, which is generated from your TransUnion credit report. Along with your score, you’ll also receive an explanation of the key factors that influence it, and the ability to track your score month to month. You can also learn about how to maintain and improve your credit through their Better Money Habits program. Additionally, the card can help manage and consolidate high-interest credit card debt through balance transfers.
Roadside Assistance
As a Visa Signature card, the Bank of America Unlimited Cash Rewards comes with a roadside dispatch service. However, you will be responsible for all payments to service providers.
Concierge Services
As a Visa Signature card, the Bank of America Unlimited Cash Rewards card offers access to a concierge service that can assist with travel, dining and entertainment purchases. Of course, you’ll be responsible for the costs of anything they reserve or purchase on your behalf.
Travel and Emergency Assistance Services
As a Visa Signature card, the Bank of America Unlimited Cash Rewards offers travel and emergency assistance services. These services can assist you to find legal or medical help, or direct you to resources that can help you with a variety of travel problems.
No Fees for Authorized Users
You can add as many additional authorized users as you’d like, for no additional fees.
Earn more rewards by combining credit cards
Pros & cons
- Competitive levels of cash back on all purchases, and exceptional returns for Preferred Rewards members
- Simple rewards structure
- Introductory APR offers for both purchases and balance transfers
- Minimal travel insurance and purchase protection benefits
- No bonus categories that are eligible for higher rates of cash back
- 3% foreign transaction fee
Our review
With over 3,800 branches, Bank of America is a retail banking giant. It offers its Unlimited Cash Rewards Credit Card to customers who are looking to earn strong rates of cash back on all purchases, but don’t want to pay an annual fee.
Earn unlimited 1.5% cash back on all purchases
This card offers 1.5% cash back per dollar spent on all purchases, with no limits. This is very competitive for a card with no annual fee. This high rate of return comes at the expense of bonus categories, as this card doesn’t have any, like other cards do for things like travel and dining purchases.
Cash back rewards can be deposited into a Bank of America savings account, redeemed as a statement credit, or applied to an eligible Merrill account.
And unlike a Bank of America Travel Rewards card, you don’t get any statement credits towards baggage fees, or the purchase of vacation packages, just cash rewards.
However, Bank of America Preferred Rewards members can earn a 25%, 50% or 75% bonus on their rewards, depending on which tier they are in. And these are simple cash rewards, so you don’t have to redeem points to be rewarded.
Many cardholders will find this simple formula better than earning bonuses on some purchases, but a mere 1% on other purchases.
And your cash back rewards never expire so long as your account remains open and in good standing.
But what makes this card exceptional is the ability for Bank of America Preferred Rewards customers to earn as much as 2.625% cash back. That’s what you’ll get if you’re in one of the higher tiers of their program and earn a 75% bonus on your rewards earned. Others will earn a 25% or 50% bonus, which is still enough to take this card from competitive to remarkable.
Otherwise, this simple card is also one that’s light on benefits. There’s very little to no travel insurance or purchase protection policies, but you do get a free credit score, which most cards offer these days. One notable benefit is Bank of America’s Museums on Us program, which offers free access to hundreds of museums on the first full weekend of the month. This unique benefit can offer significant value to families, parents and other museum lovers.
There’s no annual fee for this card, but there is a 3% foreign transaction fee imposed on purchases processed outside of the United States. That leaves this card as a solid choice for those looking for a competitive, but basic cash back card rather than a travel rewards credit card.
However, if you also happen to be a Bank of America Premier Rewards member, then using this could be the most rewarding card that you could ever use.
Frequently asked questions
Does Bank of America Unlimited Cash Rewards Credit Card have an annual fee?
No, there’s no annual fee for this card.
Does Bank of America Unlimited Cash Rewards Credit Card get you into airport lounges?
No, this isn’t a travel rewards credit card.
Is it hard to get the Bank of America Unlimited Cash Rewards Credit Card?
Applicants should have good or excellent credit to have a strong chance of being approved fro this card.
Is it worth getting Bank of America Unlimited Cash Rewards Credit Card?
This is a competitive cash back rewards card, and it’s a very good choice for those who have Bank of America Preferred Rewards status. However it does have foreign transaction fees.
How do I earn cash with the Bank of America Unlimited Cash Rewards Credit Card?
Aside from the bonus cash back you receive when you apply for the card and complete the required spend within the stated timeframe, you earn 1.5% cash back on all purchases, with additional bonuses for those who have Bank of America Preferred Rewards status.
Is there a better credit card than the Bank of America Unlimited Cash Rewards Credit Card?
There are many different credit cards for different types of uses. There are some other credit cards that offer larger new account bonuses, higher rates of cash back or longer promotional financing offers. It’s up to cardholders to choose the best card for their individual needs. Depending on your needs, you might consider another card from our Card Explorer.
Does the Bank of America Unlimited Cash Rewards Credit Card charge foreign transaction fees?
Yes, this card has a 3% foreign transaction fee.
Does the Bank of America Unlimited Cash Rewards Credit Card have car rental coverage?
No, it doesn’t include insurance for rental cars. This may be found on a Bank of America Travel Rewards credit card or Bank of America Premium Rewards card.
Does the Bank of America Unlimited Cash Rewards Credit Card come with any Elite Status?
No, this card doesn’t offer elite status with any frequent traveler programs.
Does the Bank of America Unlimited Cash Rewards Credit Card offer extended warranty?
No, this card doesn’t offer extended warranty coverage.
Does the Bank of America Unlimited Cash Rewards Credit Card offer purchase protection?
No, this card doesn’t offer any purchase protection coverage.
Does the Bank of America Unlimited Cash Rewards Credit Card offer trip protections?
No, this card doesn’t offer any trip protections.
What credit score do I need to get a Bank of America Unlimited Cash Rewards Credit Card?
As a rough guideline, you should have a credit score of at least 670 to have a strong chance of being approved for this card.
Does the Bank of America Unlimited Cash Rewards Credit Card have Cell Phone Protection?
No, this card doesn’t offer any cell phone protection.
How Does the Bank of America Unlimited Cash Rewards Credit Card card compare with the Chase Freedom Unlimited card?
The Chase Freedom Unlimited also offers 1.5% cash back on all purchases, and features introductory 0% offers for new purchases and balance transfers. But, in addition, it features 3% cash back on drugstore purchases and 5% on travel purchased through Chase Travel(SM). It also features travel protection as well as purchase protection policies. Both cards have no annual fees.