Bank of America® Unlimited Cash Rewards

Quick Snapshot

• Annual Fee: $0
• APR: 19.24%-29.24% variable
• Rewards: Unlimited 1.5% cash back on every purchase
• Bonus: $200 online cash rewards bonus after $1,000 in purchases in 90 days
• Best For: Simplicity seekers who want flat-rate cash back with no categories to track
• Credit Needed: Good to Excellent (670+)

Overview

The Bank of America Unlimited Cash Rewards card is the no-fuss sibling of the Customized Cash Rewards card. Instead of choosing categories, you earn a flat 1.5% cash back on every purchase with no caps, no tiers, and no rotating categories to activate. It pairs a $200 sign-up bonus with a 0% intro APR for 15 billing cycles.

The standout feature is the Preferred Rewards integration. If you hold $20,000 or more in combined Bank of America and Merrill accounts, you qualify for Gold status and a 25% boost, bringing your flat rate to 1.875%. At the Platinum Honors tier ($100K+ in balances), the rate jumps to 2.625% on every purchase, which rivals or beats most flat-rate competitors.

With no annual fee and straightforward redemption, this card is ideal for people who want to earn solid cash back without tracking bonus categories. It is particularly compelling for BofA banking customers who can access the Preferred Rewards program.

APR Breakdown

• Purchase APR: 19.24%-29.24% variable
• Balance Transfer APR: 19.24%-29.24% variable
• Cash Advance APR: 29.99% variable
• Penalty APR: 29.99% variable

Note: A 0% intro APR applies for 15 billing cycles on purchases and balance transfers made within 60 days of account opening.

Benefits Overview

Flat-Rate Rewards

• Unlimited 1.5% cash back on every purchase
• No caps on how much cash back you can earn
• No bonus categories to track or activate
• Cash back does not expire

Preferred Rewards Boost

• Gold tier: 1.875% cash back on everything
• Platinum tier: 2.25% cash back on everything
• Platinum Honors tier: 2.625% cash back on everything
• Boost applies to all purchases with no spending caps

Introductory Offer

• 0% intro APR for 15 billing cycles on purchases
• 0% intro APR for 15 billing cycles on balance transfers made within 60 days
• $200 online cash rewards bonus

Rewards & Points

• 1.5% unlimited cash back on every purchase

Preferred Rewards members can boost the flat rate up to 2.625% on all purchases. Cash back redeemable as a statement credit, deposit to a BofA account, or through the rewards center.

Welcome Bonus

Earn a $200 online cash rewards bonus after making at least $1,000 in purchases within the first 90 days of account opening. The bonus is paid as cash rewards and typically posts within 1-2 billing cycles after meeting the requirement.

Fees Summary

• Annual Fee: $0
• Balance Transfer Fee: 3% (min $10) for the first 60 days, then 4% (min $10)
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater
• Foreign Transaction Fee: 3%
• Late Payment Fee: Up to $40
• Returned Payment Fee: Up to $29

Who This Card Is Best For

Ideal For

• Simplicity seekers who do not want to manage spending categories
• Bank of America customers with Preferred Rewards to boost to 2.625%
• Moderate spenders who want guaranteed 1.5%+ on every dollar
• Balance transfer users who need a 0% intro APR period

Not Good For

• Category optimizers who can earn more with tiered cash back cards
• International travelers due to the 3% foreign transaction fee
• Reward maximizers who prefer 2% flat-rate cards like Wells Fargo Active Cash

Key Pros & Cons

Pros

• Unlimited 1.5% cash back on every purchase with no caps
• No categories to track, activate, or manage
• $200 sign-up bonus for just $1,000 in spending
• 0% intro APR for 15 billing cycles on purchases and balance transfers
• No annual fee
• Preferred Rewards boost can raise the rate to 2.625%
• Simple and predictable rewards structure
• Cash back never expires as long as the account is open

Cons

• Base 1.5% rate is below the 2% offered by some competitors
• 3% foreign transaction fee is unfriendly for travel abroad
• Full rewards potential requires large BofA/Merrill balances
• No bonus categories means missing out on higher rates in common areas
• No travel or purchase protections included
• Variable APR after intro period can reach 29.24%
• Balance transfer fee reduces the savings of the 0% intro offer

Alternatives to Consider

How the Rewards Add Up

Example Annual Value

First-year value with bonus: $560. Preferred Rewards Platinum Honors members earn $630 on $24,000 spend, plus the $200 bonus totals $830.

Should You Get This Card?

You Should Get It If...

• You prefer a set-it-and-forget-it rewards card
• You bank with Bank of America and qualify for Preferred Rewards
• You want a reliable no-annual-fee cash back card
• You value simplicity over maximizing every category
• You need a 0% intro APR for a large purchase or balance transfer
• You want a card you can use as your default for all spending

You Should Skip It If...

• You can earn more with a 2% flat-rate card elsewhere
• You travel internationally often and want no foreign transaction fees
• You prefer to optimize spending categories for higher returns
• You do not bank with BofA and the base 1.5% rate is not competitive enough
• You want premium card perks like travel insurance or lounge access

Apply Now

Apply for Bank of America® Unlimited Cash Rewards

Information accurate as of May 2026. Terms and conditions apply. Please visit the issuer's website for the most current information.