Bank of America® Unlimited Cash Rewards review

Bank of America® Unlimited Cash Rewards Highlights

• Welcome bonus: $200 online cash rewards bonus by spending at least $1,000 in purchases within the first 90 days of account opening.
• Annual fee: $0
• Rewards: 1.5% cash back on all purchases. Preferred Rewards members can earn an extra 25% to 75% more cash back on every purchase depending on tier.

Overview

The Bank of America® Unlimited Cash Rewards credit card is a decent but not stellar no annual fee cash back rewards credit card for most. However, if you’re a Preferred Rewards member, the card could become best in class due to the 25%-75% increase in rewards rates.

With unlimited cash back on all purchases, you don’t have to worry about rewards limits. That said, unless you’re a BofA loyalist other cash back credit cards offer higher rewards with a similar fee structure, so you may want to shop around, especially if you’re a frequent traveler as this card has a hefty foreign transaction fee.

Who is the Unlimited Cash Rewards Card good for?

If you’re a Preferred Rewards member, especially at a higher tier, the Unlimited Cash Rewards card deserves a close look.

Who shouldn’t get the Unlimited Cash Rewards card?

If you’re looking to maximize your rewards and are not a BofA heavy hitter, look to a flat-rate card with higher returns such as the Wells Fargo Active Cash card. The Active Cash gives you 2% cash back compared to 1.5% with the Unlimited Cash Rewards

Bank of America® Unlimited Cash Rewards: Rewards

The Unlimited cash rewards credit card eschews rotating rewards categories in favor of a flat 1.5% cash back on all purchases. Bank of America Preferred Rewards members can earn even higher rewards with 25% to 75% more cash back on every purchase. That equates to a cash back rate of 1.87% to 2.62%. This can make it a good choice for folks who hate having to track ever-changing categories each month.

However, non-Preferred Rewards members may do better elsewhere as 1.5% isn’t the highest cash back tier offered on no annual fee cash back credit cards. Likewise, if you don’t mind tracking rotating categories, you could net a higher return with a card that offers more rewards in specific categories.

Does the Bank of America Unlimited Cash rewards credit card have a signup bonus?

You can earn a $200 online cash rewards welcome bonus by spending at least $1,000 in purchases within the first 90 days of account opening.

How to redeem Bank of America® Unlimited Cash Rewards credit card rewards

The rewards you earn with the Bank of America® Unlimited Cash Rewards credit card never expire, so you can redeem them at any time as long as your account is still open. You can redeem rewards in different ways:

Redeem to an account

Rewards can be applied as a credit to your existing credit card balance or to a Merrill Cash Management. You can also have your rewards deposited directly into a Bank of America checking or savings account or applied as a contribution to a Merrill 529 account.

There is no minimum redemption amount when you opt to apply rewards toward your credit card balance or to have them deposited into a Bank of America account or Merrill Cash Management account as a one-time redemption. However, you must deposit at least $25 into a 529 account or to set up automatic redemptions to other accounts.

Redeem for purchases

You can use rewards to pay for purchases made on Amazon.com or when you check out with PayPal on eligible purchases. If you’re feeling charitable, you can also donate rewards through PayPal Giving Fund.

Rates and fees

• Intro APR: 0% on purchases or balance transfers made within 60 days of account opening for 15 months.
• Purchase APR: 18.24%–28.24%, based on your creditworthiness
• Balance transfer APR: 18.24%–28.24%, based on your creditworthiness, plus 3% fee 
• Annual fee: $0
• Foreign transaction fee: 3%

Additional benefits

• $0 Liability guarantee: You’re not responsible for any fraudulent purchases made with your credit card.
• Overdraft protection: Bank of America’s Balance Connect service helps prevent declined purchases, returned checks and other overdrafts by automatically transferring funds from your credit card account to your eligible linked Bank of America deposit account. You must have a remaining balance available on your credit card for the service.
• Account alerts: Get email or text alerts to notify you when your payment is coming due and if a payment is posted to your account.
• Free FICO score: You can view your FICO score for free through the mobile app or online banking. Scores are updated monthly.

Credit cards similar to Bank of America® Unlimited Cash Rewards

With many no annual fee cash back rewards credit cards available, it pays to compare options before applying. One of the following credit cards that are similar to the Bank of America® Unlimited Cash Rewards credit card may be a better fit for you.

Fidelity® Rewards Visa Signature® Credit Card vs. Bank of America® Unlimited Cash Rewards

The Fidelity® Rewards Visa Signature® Credit Card is another no annual fee cash back credit card, but unlike the Bank of America® Unlimited Cash Rewards, Fidelity’s card offers unlimited 2% cash back on all purchases.

There is also no foreign transaction fee on the Fidelity card compared to a 3% fee with the Bank of America Card. Fidelity’s card also offers travel benefits, such as special offers on hotels and car rentals, emergency services and lost luggage reimbursement.

Like the Bank of America card, you can deposit your Fidelity visa rewards into an eligible Fidelity account or 529 account. Both cards provide $0 fraud liability.

Chase Freedom Unlimited® Credit Card vs. Bank of America® Unlimited Cash Rewards

Like the Bank of America® Unlimited Cash Rewards, the Chase Freedom Unlimited® Credit Card has no annual fee and provides 1.5% cash back on all eligible purchases. But unlike the Bank of America’s card, the Freedom Unlimited® card also gives 5% cash back on travel purchased through Chase Ultimate Rewards portal, 3% cash back on dining (including takeout and eligible delivery service) and 3% cash back on drugstore purchases.

The Chase card also provides additional benefits like purchase protection, travel insurance, extended warranty protection and auto rental coverage. You’ll also get access to the Chase Ultimate Rewards Portal where you can book trips with your rewards.

Is the Bank of America® Unlimited Cash Rewards card right for you?

The Bank of America® Unlimited Cash Rewards credit card is a solid choice for anyone who doesn’t want to deal with rotating rewards categories or annual fees. With unlimited 1.5% cash back—up to 2.62% for Preferred Rewards members—on all purchases, you never have to wonder what you’ll earn.

However, this is only one card in the competitive no annual fee cash back rewards category and other options may provide higher rewards for non-Preferred Rewards members. The Bank of America® Unlimited Cash Rewards credit card is also lacking in additional benefits like travel perks. The foreign transaction fee also makes it a poor option for frequent travelers.

Frequently asked questions

What is Bank of America® Unlimited Cash Rewards?

The Bank of America® Unlimited Cash Rewards is a Visa signature credit card that provides unlimited 1.5% cash back on all purchases with no annual fee.

What is the Bank of America® Unlimited Cash Rewards credit limit?

The Bank of America® Unlimited Cash Rewards credit limit will vary based on your credit worthiness. For a higher credit limit, you’ll need a good or excellent credit score.

Is it worth switching to Bank of America® Unlimited Cash Rewards?

It may be worth switching to the Bank of America® Unlimited Cash Rewards credit card if your current credit card provides lower rewards or charges an annual fee. With a flat cash back rewards program that provides an unlimited 1.5% back on all purchases, Bank of America’s card is a solid choice for everyday purchases. 

The card is a particularly good choice for Bank of America Preferred Rewards members who can earn 25% to 75% more rewards on every purchase. However, if you are a frequent traveler or don’t mind tracking rotating rewards categories, the Bank of America® Unlimited Cash Rewards credit card may not be worth it.

Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying.