Bank of America Unlimited Cash Rewards credit card review: Full card details
Overview of the Bank of America Unlimited Cash Rewards credit card
the Bank of America® Unlimited Cash Rewards Credit Card offers simplified rewards where you’ll earn 1.5% cash back on all purchases with no annual fee. The card – and the cashback – can become quite lucrative for anyone with a significant banking or investment relationship with Bank of America. Card Rating*: ⭐⭐⭐½
* Card ranking based on the opinions of the TPG editorial board and not influenced by the card issuer.
the Bank of America Unlimited Cash Rewards credit card Have no annual fee and is the perfect solution for those who want simplicity in their credit card rewards. It earns unlimited 1.5% cashback on all purchases. For existing Bank of America® Preferred Rewards member, you will earn up to 75% more with up to 2.62% cashback on every purchase made.
Cash rewards do not expire as long as the account remains open. If you’re not a frequent traveler, having cash back in your pocket now instead of waiting for the “right” redemption and having to worry about points pricing sounds appealing.
Cashback can be redeemed as a deposit to your Bank of America checking or savings account, a statement credit to your credit card, and even a credit to a qualified Merrill® account lawsuit, including 529 accounts.
TPG recommends it credit score of 670 or higher to increase your chances of being approved for this card, but it’s not uncommon to be approved with a lower score.
Check out whether you should add Bank of America Unlimited Cash Rewards to your wallet.
Pros and cons of Bank of America Unlimited Cash Rewards
| Advantage | Disadvantages |
|---|---|
|
|
Bank of America Unlimited Cash Bonus welcome offer
With Bank of America Unlimited Cash Rewards card, you’ll earn a $200 online cash bonus after making $1,000 worth of purchases in the first 90 days of account opening. While there is Better bonus offers availableThis is on par with many other no-annual-fee credit card offers.
The fact that you’ll have your refund in your pocket allows you to use it for any purchase you desire – even if it’s not for travel purposes. And with a low minimum spend requirement, earning cash rewards isn’t difficult for most people.
Daily newsletter
Reward your inbox with the TPG Daily newsletter
Join over 700,000 readers to get breaking news, in-depth guides and exclusive offers from TPG experts
Related: Cash back compared to credit cards that earn points and miles
Bank of America Unlimited Cash Rewards Benefits
Similar to many other no annual fee credit cards, the above perks Bank of America Unlimited Cash Rewards credit card still limited, especially in terms of tourism.
You won’t find such perks as automatic hotel condition, Airport lounge access or free Global entry or TSA pre-check. Instead, you’ll get a card with a strong rewards structure and other Bank of America benefits, such as curbside shipping and an extended warranty.
Related: Best US bank cards
Earn cash back from Bank of America Unlimited Cash Rewards
the Bank of America Unlimited Cash Rewards credit card offers strong cash back opportunities — especially for those who qualify for the Bank of America Preferred Rewards program.
Cardholders get unlimited 1.5% cash back on all purchases, no matter what category they fall into. There’s also no limit to the amount of cash back you can earn, making this an ideal card for your everyday purchases.
Maximize your cash back with Preferred Rewards
Who qualifies for Bank of America Preferred Rewards® Program will continue to earn more money. To qualify, you need a qualifying Bank of America personal checking account and a three-month average combined balance of $20,000 or more in a Bank of America account and/or a Merrill investment account to apply . The amount of cashback earned depends on the level you fall into based on your three-month average account balance.
| Regular cardholder | Level 1 – Gold ($20,000 – $49,999) | Level 2 – Platinum ($50,000 – $99,999) | Level 3 – Platinum Title ($100,000+) |
|---|---|---|---|
| 1.5% cashback on every purchase | 1,875% cashback (25% bonus) | 2.25% cashback (50% bonus) | 2,625% cashback (75% bonus) |
So if you happen to be a Platinum Honors member in the program, you’ll get 2,625% cash back – more cash back than any other card where you’ll earn daily bonus purchases not included in the list.
And if you pair this card with another Bank of America credit card, for example Bank of America® Custom Cash Rewards Credit Card, You can even earn more when you buy certain products throughout the year.
the Bank of America Custom Cash Rewards Credit Card earn 3% cash back on a category of your choice every quarter.
Options include gas stations and electric vehicle charging stations, online shopping (including cable, streaming, internet and phone services), dining, travel, pharmacies or home improvement furnishings door. Earn 2% cash back at grocery and wholesale clubs, then 1% cash back on all other purchases—with a $2,500 limit on 3% and 2% cash back purchases % combined each quarter.
This means if you use the Bank of America Custom Cash Rewards credit card for all 3% and 2% cash back categories and use the Bank of America Unlimited Cash Rewards credit card of America for everything else – earn 1.5% cash back on those purchases – that’ll let you earn even more rewards.
Bank of America Preferred Rewards members can earn between 1.875% and 5.25% cash back – depending on your purchase category and tier.
Related: Stop skipping Bank of America Preferred Rewards
Redeem cash back on Bank of America Unlimited Cash Rewards
Redemption options for Bank of America Unlimited Cash Rewards Cardholders are somewhat limited. You have three options:
- Deposit the cash back into your Bank of America checking or savings account
- Choose a statement credit for your credit card
- Credit your cash to eligible Merrill accounts, including 529 accounts
This makes it easy to quickly access cash back rewards, but you won’t find any opportunities to redeem earned rewards for travel opportunities.
Related: Cash back vs. travel rewards: How to choose a credit card
Which cards compete with Bank of America Unlimited Cash Rewards?
If you don’t want to join the BOA ecosystem, there are many other low- or no-annual-fee or currency-flexible cash back cards that can compete with Bank of America Unlimited Cash Rewards.
For more options, please see our best of list Refund card and the best no-annual-fee cards.
Related: Chase Freedom Unlimited: A great card for beginners and pros alike
Are Bank of America Unlimited Cash Bonuses Worth It?
Since this is a flat unlimited cashback card with no annual fee, simply adding it to your wallet is enough. If you’re a Bank of America Preferred Rewards member, it’s even more justified, as you can earn up to 2,625% on all purchases with this card.
If you’re not a Preferred Rewards member, there are other non-annual cash back cards that give you more bang for your buck that you might want to consider.
Related: Power of Chase Trifecta: Sapphire Reserve, Ink Preferred and Freedom Unlimited
Bottom line
If you’re currently a Bank of America Preferred Rewards member – or if you intend to become one – you should pay attention to the suite of Bank of America credit cards, especially this one.
And if you’re looking for a simple no-annual-fee card that offers unlimited rewards and the opportunity to increase your earned cash back rewards, you’ll find a lot to like about the Zero Cash Rewards credit card. Bank of America limits.
Register here: Bank of America Unlimited Cash Rewards credit card
