Table of Contents
The Bank of America® Unlimited Cash Rewards has no annual fee, a flat 1.5% cashback rewards rate, and 15 months of 0% APR for purchases and balance transfers. However, it offers few notable perks to make it stand out from similar rewards cards with no interest periods.
Quick Review
The Bank of America® Unlimited Cash Rewards is a solid everyday rewards card, but it comes with foreign transaction fees, a relatively low rewards rate, and high penalty APR.
The introductory offer of 0% APR for 15 months on purchases and balance transfers is a major draw for anyone looking to consolidate their credit card debt onto a single card or pay off a large purchase over time.
The purchase APR of 16.99%–26.99% (variable) is standard for cards in this range, but bank cash advances are subject to an unusually high APR of 19.24%–31.24%. Since cash advances are used to cover overdrafts when you link your card to your Bank of America checking account—one of the card’s few notable features—you’d be better off linking a savings account instead.
You can earn unlimited 1.5% cash back with every purchase, which is a market-standard rate for flat cashback rewards. But many other rewards cards offer higher rates for purchases in special categories like gas or groceries, while offering the same 1.5% base rewards rate.
While you can earn 25%–75% more cash back through the Bank of America Preferred Rewards program, you’ll need at least $20,000 (combined between Bank of America and/or Merrill accounts) and a Bank of America account to qualify.
Overall, the Bank of America® Unlimited Cash Rewards is worthwhile if you already have an account with Bank of America and especially if you qualify for Preferred Rewards. If you’re not a Bank of America member, this card still provides a lot of value. But there are rewards cards with higher earning potential and more extensive benefits.
Bank of America® Unlimited Cash Rewards Important Details
Basic Card Details
- Credit card issuer: Bank of America
- Annual fee: $0
- Regular APR: 16.99%–26.99% (variable)
- Rewards rate: 1.5%
- Grace period: 25 days after end of billing cycle
Additional Information
- $0 liability for fraudulent transactions made with your card
- Sign up for Balance Connect and get overdraft protection when you link your card to an eligible Bank of America checking account
- Earn extra cash back through limited-time offers from BankAmeriDeals
- Get free monthly FICO Score updates through the Bank of America Mobile Banking app
- Visa Signature benefits, including reimbursement for certain travel expenses, insurance coverage, and discounts and promotional offers from a variety of retailers
Bank of America® Unlimited Cash Rewards Feature Breakdown
Fees
- Annual fee: $0
- Balance transfer fee: $10 or 3% of transfer amount (whichever is greater)
- Cash advance fee: $10 or 3%–5% of advance amount (depending on method and whichever is greater)
- Foreign transaction fee: 3%
- Late payment fee: Up to $40
Interest Rates
- Purchase APR: 16.99%–26.99% (variable)
- Intro purchase APR: 0% for 15 months
- Balance transfer APR: 16.99%–26.99% (variable)
- Intro balance transfer APR: 0% for 15 months on balances transferred in first 60 days
- Cash advance APR: 19.24%–31.24% (variable)
- Penalty APR: Up to 29.99% (variable)
Rewards
With the Bank of America® Unlimited Cash Rewards card, you earn unlimited 1.5% cash back on all purchases you make. Your rewards won’t expire for as long as your account is open and in good standing, though you will forfeit them if you ever close your account.
You can redeem your cash back as:
- Statement credits
- Electronic deposits made to your Bank of America checking or savings account
- Credit to a qualifying Cash Management Account or 529 account with Merrill
Statement credits and credits to 529 accounts must be redeemed manually, but the other methods can be set to automatically redeem.
Under most circumstances, you won’t need to meet a minimum redemption amount to get your cash back. If you redeem your cashback with the following methods, you’ll need to meet a $25 minimum before it can be redeemed:
- Automatic deposit to a Bank of America account
- Automatic deposit to a Cash Management Account
- One-time contribution to a 529 plan
Welcome Bonus
As a welcome offer, you can earn $200 in bonus cash back when you spend at least $1,000 in your first 90 days.
Preferred Rewards
You can earn increased cash back with your Bank of America® Unlimited Cash Rewards card if you qualify for and enroll in the Bank of America Preferred Rewards program.
To qualify for Preferred Rewards, you’ll need:
- Bank of America personal checking account
- Three-month daily balance of at least $20,000 between your Bank of America deposit accounts and/or Merrill investment accounts
The Preferred Rewards program offers benefits across your Bank of America accounts, ranging from increased savings rates in your savings accounts to interest rate discounts on loans.
When it comes to cash back, here’s how the bonuses compare to the balance requirements:
- Gold: 1.87% cash back ($20,000 to qualify)
- Platinum: 2.25% cash back ($50,000 to qualify)
- Platinum Honors: 2.62% cash back ($100,000 to qualify)
These rates replace the base 1.5% cash back on all purchases, meaning that the Bank of America® Unlimited Cash Rewards card potentially offers some of the highest flat cashback rates on the market.
Wire Transfers
If you purchase a wire transfer from a non-financial institution (e.g., financial services companies like Western Union) using your Bank of America® Unlimited Cash Rewards card, you will be charged a fee of either $10 or 5% of the transfer amount, whichever is greater.
Cash Advance
You can use your Bank of America® Unlimited Cash Rewards card to take out cash advances on your credit card.
Cash advances taken out with a check or direct deposit are subject to a 19.24%–29.24% variable APR, based on creditworthiness, and bank cash advances are subject to 31.24% variable APR.
Different types of cash advances also come with varying fees:
- Direct deposit or check cash advances: $10 or 3% of the advance amount, whichever is greater
- ATM, over-the-counter, same-day online, and cash equivalent advances: $10 or 5% of the advance amount, whichever is greater
Balance Transfers
You can transfer balances from other credit cards to your Bank of America® Unlimited Cash Rewards card. Balances you transfer in your first 60 days after account opening won’t be subject to APR for the next 15 months. After that, the regular balance transfer APR is 16.99%–26.99% (variable), based on your creditworthiness.
Regardless of when you transfer a balance, you’ll have to pay a fee of $10 or 3% of the amount of your balance transfer, whichever is greater.
Penalty APR
Your penalty APR will depend on your creditworthiness but is capped at 29.99% (variable). Penalty APR applies after you’ve missed two minimum monthly payments.
Other Benefits
The Bank of America® Unlimited Cash Rewards also offers a few other perks:
- $0 Fraud Liability: If someone steals your credit card, you won’t be held liable for any fraudulent transactions.
- Overdraft Protection: When you sign up for Balance Connect, you can link your Bank of America® Customized Cash Rewards card to your checking account and automatically take out cash advances to cover overdrafts.
- FICO Score Checks: Check your FICO Score for free once per month when you sign up online or via the Bank of America Mobile Banking app.
- BankAmeriDeals Offers: BankAmeriDeals lets you earn extra cash back at select retailers through limited-time cash back offers. You can activate these offers through the Bank of America mobile app.
- Visa Signature Benefits: As a Visa Signature card, the Bank of America® Unlimited Cash Rewards card gives you access to promotional offers from affiliated retailers, reimbursement for travel expenses, insurance coverage, and a variety of other perks
Credit Reporting
Bank of America reports to the credit bureaus monthly, including TransUnion, Equifax, and Experian.
Should You Get the Bank of America® Unlimited Cash Rewards?
FinanceJar verdict
The Bank of America® Unlimited Cash Rewards card is a good deal for Preferred Rewards members. However, for everyday borrowers it lacks the higher rewards rates, lower APR, and special benefits of many of its competitors. Even among Bank of America cards, this card’s introductory APR, bonus rewards offers, and cash back rate fall a bit behind.
Whether you’re looking for an everyday rewards card, a card with a long 0% intro APR period, or both, you can find better options on the market.
Who is this card for?
- Bank of America customers who want a basic rewards card: Earning a flat 1.5% cash back on every purchase means you don’t have to opt-in to rotating categories or plan out your purchases to avoid missing out on rewards. You can also get some bonus cash back if you activate BankAmeriDeals offers when they become available, which is a nice perk if you can keep on top of it.
- Bank of America customers who qualify for Preferred Rewards: You’ll get the highest possible rewards from this card if you qualify for the Preferred Rewards program. Even if you only qualify for the Gold tier, 1.87% cash back is still a higher flat rate than you’ll get with many other cards. Qualifying for the Preferred Rewards program can also mean lower fees and interest rates on mortgage, auto, and home equity loans you take out from Bank of America in the future.
Comparable Cards
To decide if the Bank of America® Travel Rewards card is right for you, here’s a look at how it stacks up against similar cards.
