Bank of America Unlimited Cash Rewards Credit Card

Quick Snapshot

• Annual Fee: $0
• APR: 0% intro for 15 billing cycles, then 17.74%–27.74% variable
• Rewards: 2% cash back on everything (first year), 1.5% thereafter
• Bonus: $200 after $1,000 spend in first 90 days
• Best For: Simple unlimited cash back, Bank of America customers with Preferred Rewards
• Credit Needed: Good to Excellent (670+)

Overview

The Bank of America Unlimited Cash Rewards Credit Card is the definition of simple, straightforward cash back rewards. Earn 2% cash back on all purchases during your first year, then 1.5% unlimited cash back on everything thereafter—no categories to track, no caps to worry about, no activation required. With no annual fee and a generous 15-month 0% intro APR period, this card makes earning rewards effortless.

What elevates this card from good to great is the Bank of America Preferred Rewards program. With qualifying combined balances at Bank of America and Merrill, you can earn an additional 25%–75% bonus on every purchase. This transforms the base 1.5% rate into an impressive 2.625% unlimited cash back for Platinum Honors members—rivaling many premium annual fee cards without the cost.

APR Breakdown

• Purchase APR: 0% intro APR for 15 billing cycles, then 17.74%–27.74% variable
• Balance Transfer APR: 0% intro APR for 15 billing cycles on balance transfers made in the first 60 days, then 17.74%–27.74% variable
• Cash Advance APR: Variable APR (contact issuer for current rate)
• Penalty APR: Variable (contact issuer for current rate)
• Balance Transfer Fee: Either $10 or 3% of the amount of each transfer, whichever is greater

Note: The 15-month 0% intro APR makes this excellent for large purchases or debt consolidation, while still earning cash back.

Benefits Overview

Travel Benefits

• No specific travel benefits included with this card
• Card is accepted worldwide wherever Visa or Mastercard is accepted

Everyday Benefits

• $0 Fraud Liability: You won't be held responsible for unauthorized charges made with your card or account information
• Purchase Protection: Coverage for new purchases against theft or damage
• Extended Warranty Protection: Extends manufacturer's warranty by an additional year
• FICO Score Access: View your FICO credit score for free in Online Banking and the Mobile Banking app
• Contactless Cards: Tap to pay for a fast, easy and secure way to pay in-store
• Digital Wallet Compatibility: Add your card to your digital wallet for convenient payments in stores, apps, or online
• EMV Chip Technology: Added security when you use your card at chip-enabled terminals

Lifestyle Benefits

• Set-It-and-Forget-It Rewards: No categories to track or activate—just use your card
• No Caps or Limits: Earn unlimited cash back on all purchases
• Rewards Never Expire: Cash back never expires as long as your account remains open
• Preferred Rewards Multiplier: Earn 25%–75% more cash back on every purchase with qualifying Bank of America/Merrill balances

Rewards & Cash Back

• 2% cash back on all purchases for the first year from account opening
• 1.5% cash back on all purchases after the first year
• No caps or limits on how much you can earn
• No rotating categories to activate or track
• Rewards never expire as long as your account remains open

Preferred Rewards Bonus Earning Rates

With Preferred Rewards membership, your earning rates increase significantly:

Gold Tier ($20,000+ combined balance):

• 2.5% cash back on all purchases (first year)
• 1.875% cash back on all purchases (ongoing)

Platinum Tier ($50,000+ combined balance):

• 3% cash back on all purchases (first year)
• 2.25% cash back on all purchases (ongoing)

Platinum Honors Tier ($100,000+ combined balance):

• 3.5% cash back on all purchases (first year)
• 2.625% cash back on all purchases (ongoing)

How to Redeem

• Redeem cash back as a statement credit to your account
• Redeem for direct deposit into your Bank of America checking or savings account
• Redeem for gift cards
• Redeem for merchandise
• No minimum redemption threshold
• Cash back is credited to your account automatically at the end of each statement period

Key Insight: With Platinum Honors status, this becomes one of the highest unlimited flat-rate cash back cards available—2.625% on everything with no annual fee.

Welcome Bonus

Earn $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

This is a generous welcome offer with a low spend requirement, effectively giving you a 20% return on your initial $1,000 in spending.

Fees Summary

• Annual Fee: $0
• Foreign Transaction Fee: 3% (contact issuer to confirm)
• Balance Transfer Fee: Either $10 or 3% of the amount transferred, whichever is greater
• Cash Advance Fee: Either $10 or 5% of the amount, whichever is greater (contact issuer to confirm)
• Late Payment Fee: Up to $40
• Returned Payment Fee: Up to $40

Who This Card Is Best For

Ideal For

• Simplicity seekers who want a no-hassle cash back card
• Bank of America customers who can leverage Preferred Rewards bonuses
• Diverse spenders whose purchases don't fit neatly into bonus categories
• Balance transferers needing 15 months of 0% APR to pay down debt
• First-time rewards cardholders who want straightforward earning
• Households looking to consolidate spending on one simple card
• Platinum Honors members who can earn 2.625% unlimited (elite-level rate)

Not Good For

• Category optimizers who want to maximize specific spending types
• International travelers (3% foreign transaction fee is costly abroad)
• Non-Bank of America customers who can't access Preferred Rewards
• Premium rewards seekers without Preferred Rewards (1.5% is modest)
• Travel rewards enthusiasts looking for points and transfer partners
• Those wanting elevated rates on dining, groceries, or gas

Key Pros & Cons

Pros

• No annual fee makes it accessible for long-term use
• Simple unlimited cash back structure with no categories to track or activate
• Strong 2% cash back rate on all purchases during the first year
• Extended 15-month 0% intro APR period on purchases and balance transfers
• Preferred Rewards program dramatically boosts earning rates
• With Platinum Honors (75% bonus), earn 2.625% on everything ongoing and 3.5% in first year
• No caps, limits, or spending requirements
• Cash rewards never expire while account is open
• $200 welcome bonus with low $1,000 spend requirement
• Great option for those who want simplicity without category management
• Purchase protection and extended warranty included

Cons

• Base 1.5% cash back rate after first year is lower than some competitor flat-rate cards
• 3% foreign transaction fee limits international use
• Preferred Rewards benefits require maintaining significant balances ($20K–$100K+) with Bank of America/Merrill
• No elevated categories for dining, travel, groceries, or gas
• Welcome bonus only available to new cardholders
• Variable APR can be high (up to 27.74%) after intro period
• To maximize value long-term, you need Preferred Rewards status
• Rewards don't transfer to travel partners (cash back only)

Alternatives to Consider

Card	Best For	Annual Fee	Rewards	Credit Needed
Citi Double Cash®	True 2% flat rate (1% + 1%)	$0	2% unlimited	Good+
Wells Fargo Active Cash®	Flat 2% with $200 bonus	$0	2% unlimited	Good+
Capital One Quicksilver	Flat 1.5% with intro bonus	$0	1.5% unlimited	Good+
Chase Freedom Unlimited®	Tiered cash back with Chase ecosystem	$0	3%–1.5% tiered	Good+

How the Rewards Add Up

Example Annual Value (Without Preferred Rewards)

If you spend $20,000 per year on typical expenses:

Category	Annual Spend	Reward Rate	Earned Value
All purchases (first year)	$20,000	2%	$400
Welcome bonus	—	—	$200

Total First Year Value: $600

Category	Annual Spend	Reward Rate	Earned Value
All purchases (ongoing years)	$20,000	1.5%	$300

Ongoing Annual Value: $300

Example Annual Value (With Platinum Honors - 75% Bonus)

Same $20,000 annual spending with Platinum Honors tier:

Category	Annual Spend	Reward Rate	Earned Value
All purchases (first year)	$20,000	3.5%	$700
Welcome bonus	—	—	$200

Total First Year Value: $900

Category	Annual Spend	Reward Rate	Earned Value
All purchases (ongoing years)	$20,000	2.625%	$525

Ongoing Annual Value: $525

Key Insight: Platinum Honors members earn an extra $225 per year on $20K spending compared to the base rate—without any annual fee or category management.

Should You Get This Card?

You Should Get It If…

• You want a simple, set-it-and-forget-it cash back card with no categories
• You're a Bank of America or Merrill customer with Preferred Rewards status
• You can benefit from the 15-month 0% intro APR for purchases or balance transfers
• You prefer flat-rate rewards across all spending without tracking
• You have diverse spending that doesn't align with specific bonus categories
• You're a Platinum Honors member looking for 2.625% unlimited cash back
• You want purchase protections and extended warranty on all purchases
• You value simplicity over maximizing every category

You Should Skip It If…

• You travel internationally frequently (3% foreign fee is costly)
• You want to maximize category bonuses on dining, groceries, gas, or travel
• You don't have Bank of America accounts and can't access Preferred Rewards
• You qualify for flat 2% cards like Citi Double Cash without needing Preferred Rewards
• You're looking for travel rewards points with transfer partners
• You want elevated rates on specific spending without needing $100K+ in balances
• You prefer cards with robust travel benefits and protections

Apply Now

Apply for Bank of America Unlimited Cash Rewards Credit Card

---

Information accurate as of December 2025. Terms and conditions apply. Please visit the issuer's website for the most current information.