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The Bank of America® Unlimited Cash Rewards credit card lives up to its name with unlimited 1.5% cash back on purchases. Add in a 0% intro APR offer and no annual fee, and you have a sound pick for your non-category purchases. Read our full Bank of America® Unlimited Cash Rewards credit card review for more info.
On Bank of America's Secure Website.
On Bank of America's Secure Website.
Good/Excellent (670-850)
Intro APR 0% Intro APR for 15 billing cycles for purchases. 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR on purchases and balance transfers will apply. Balance transfers include a fee of 3% for 60 days from account opening, then 4%.
Purchases: 0% Intro APR for 15 billing cycles for purchases
Balance Transfers: 0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days
Regular APR
18.24% - 28.24% (Variable)
Rewards
1.5% cash back
Annual Fee
$0
Welcome Offer $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
$200 cash rewards
This is a solid pick for one-card wallet seekers who want a straightforward, unlimited cash back card – plus a strong $200 bonus & 0% Intro APR offer. It’s a particularly good fit for Bank of America Preferred Rewards members, who can earn 25%-75% more points on every purchase, depending on your tier.
This credit card is a good fit for: Bank of America Preferred Rewards members who can maximize the cash back rewards.
This card's rewards are excellent for upper-tier BoA Preferred Rewards members, but pretty unremarkable for everyone else. That said, the other perks, like the welcome bonus and intro APR offer, could still hold a lot of appeal for many folks.
From a rewards point of view, this cash back rewards card doesn't really stand out from the crowd for most people. There are a lot of 1.5% cash back cards out there, many of which have extra bone categories on top of the flat rate. Even if you just want flat-rate rewards, you can find some killer 2% cash back cards.
Everything changes if you have the savings to become a Bank of America Preferred Rewards member. Preferred Rewards members get boosted cash back on their BoA credit cards.
How much of a boost you get depends on your Preferred Rewards tier. These tiers are determined based on the total amount you have in your combined BoA savings and Merrill investment accounts.
Preferred Rewards Tier | Combined Minimum Balance | Bonus Cash Back |
---|---|---|
Gold | $20,000 to $49,999 | 25% |
Platinum | $50,000 to $99,999 | 50% |
Platinum Honors | $100,000+ | 75% |
Applying tier bonuses to the Bank of America® Unlimited Cash Rewards credit card's unlimited 1.5% cash back gets you:
For the folks who can manage to reach Platinum Honors, the boosted rewards turn the Bank of America® Unlimited Cash Rewards credit card into one of the best flat-rate rewards cards I've ever seen.
READ MORE: Best Rewards Credit Cards
Whether you're a Preferred Rewards member or not, the welcome bonus could be enough reason to get a new Bank of America® Unlimited Cash Rewards credit card.
Sure, $200 is a pretty standard welcome bonus in the no annual fee card world. But it's still $200, and you don't even need to reach an absurd spending requirement to earn it. While some cards will want $1,500 or more in spend, the Bank of America® Unlimited Cash Rewards credit card requires a very reasonable $1,000 in the first 90 days. Divide that spend by 12 months, and it shouldn't be too hard to reach organically.
READ MORE: Best Sign-Up Bonus Credit Cards
I call this the icing, but it could really be the main drive for the right cardholder. The Bank of America® Unlimited Cash Rewards credit card has a competitive intro-APR offer that gives you 15 billing cycles of 0% interest on purchases. (Then the go-to 18.24% - 28.24% (Variable) APR applies.)
Zero-interest offers are a fantastic way to pay for larger purchases over time. Normally, carrying a balance on a credit card is ridiculously expensive because of the interest fees.
With a 0% APR offer, as long as you make at least your minimum payment on time every month, you won't accrue any interest fees on your purchase balance until the offer period ends.
For instance, say you need to buy a $5,000 furnace in the middle of winter on the house you bought six months ago. (Just, you know, hypothetically.) Since your cash went to the new house, you need to finance the purchase. If you charge it to your brand-new BoA card with its 0% APR for 15 billing cycles, you could pay just $350 a month and pay off the furnace before your offer ends.
This card has some quirks that mean it won't be right for everyone -- or even most people. Make sure you think about these downsides before applying.
The long and short of things is that flat-rate 1.5% cash back, without any other categories or perks, is simply not competitive these days. And that's true no matter how you look at it:
The only way the Bank of America® Unlimited Cash Rewards credit card stands out from the competition is if you have Platinum or Platinum Honors Preferred Rewards status. This qualifies you for the rewards boost.
Unfortunately, not only would this require that you have $50,000 -- which I do not -- but you need to have that $50,000 in a BoA savings account and/or Merrill investment account.
Everything else aside, BoA savings accounts aren't good places to put a lot of savings. They have a terrible APY (even with Preferred Rewards status) that's a teeny fraction of the best high-yield savings accounts.
Learn more: The best high-yield savings accounts
This leaves investments. Merrill is a well-respected and well-rated brokerage, so you could certainly do worse than open a Merill investment account. But whether you want to move money from your current account to earn extra credit card rewards has to be a personal choice.
Even assuming you have the Preferred Rewards status to make this card worthwhile, there's another huge downside to note: the foreign transaction fees. The 3% foreign transaction fee applies to any transaction that occurs in a foreign currency or that routes through a foreign bank.
In other words, if you travel abroad with this card and make a purchase, you'll be charged an extra 3% of the transaction every time. You don't necessarily need to travel, though; certain online purchases (such as from marketplace sites) may also go through foreign banks in some cases.
That awesome 2.62% cash back rate you get with your top-tier status? Yeah, even that isn't enough to break even on a 3% foreign transaction fee. Without status, you'll only earn 1.5% cash back on a purchase with a 3% fee, so it'll cost you 1.5% every time you make a purchase abroad.
If you travel a lot but want to take advantage of Preferred Rewards status, consider picking up a secondary travel rewards card. This can help you avoid foreign transaction fees abroad while letting you still keep your BoA card for domestic purchases.
Learn more: The best travel rewards cards
We recommend comparing options to ensure the card you're selecting is the best fit for you. To make your search easier, here's a short list of standout credit cards.
Offer | Our Rating | Welcome Offer | Rewards Program | APR | Learn More |
---|---|---|---|---|---|
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Discover will match all the cash back you’ve earned at the end of your first year. N/A | 1% - 5% Cashback Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically. |
Intro: Purchases: 0%, 15 months Balance Transfers: 0%, 15 months Regular: 17.24% - 28.24% Variable APR |
||
Rating image, 5.00 out of 5 stars.
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Up to $300 cash back Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases. | 1.5% - 5% cash back Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases |
Intro: 0% Intro APR on Purchases and Balance Transfers for 15 months Purchases: 0% Intro APR on Purchases, 15 months Balance Transfers: 0% Intro APR on Balance Transfers, 15 months Regular: 20.49% - 29.24% Variable |
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website. |
|
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
60,000 bonus points Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠. | 5x on travel purchased through Chase Travel℠, 3x on dining and 2x on all other travel purchases Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, $50 Annual Chase Travel Hotel Credit, plus more. |
Intro: N/A Purchases: N/A Balance Transfers: N/A Regular: 21.49%-28.49% Variable |
Apply Now for Chase Sapphire Preferred® Card
On Chase's Secure Website. |
The Bank of America® Unlimited Cash Rewards credit card is intended for cardholders with at least good credit, which typically means credit scores of 670 or better. Bank of America will look at your entire credit profile when evaluating your application, not just your credit scores. So, you could potentially qualify with a lower credit score, but you'll have the best chances of approval if you have a good to excellent credit score.
Unlimited cash back rewards are always useful, and the Bank of America® Unlimited Cash Rewards credit card pairs them with a generous intro APR offer and a competitive welcome bonus. But the real winners with this card will be Preferred Rewards members who can boost their cash back with the bonus rewards offered to members.
That said, unless you're a Preferred Rewards member, this is a pretty typical unlimited cash back card with little to make it stand out from the crowd. Other credit cards have higher unlimited rates or bonus rewards on certain purchases that may be far more lucrative for regular cardholders.
At The Motley Fool Ascent, we rate credit cards on a five-star scale (1 = poor, 5 = best). Our rating criteria includes rewards rates, welcome bonuses, fees, and perks like travel credits and 0% intro APR offers to evaluate our ratings.
We combine these factors with an evaluation of brand reputation and customer satisfaction to ensure you're getting the best card recommendations. Learn more about how The Ascent rates credit cards.
Credit limits for the Bank of America® Unlimited Cash Rewards credit card vary by cardholder from around $1,000 to over $50,000. Bank of America uses several factors, including your annual income and credit history, to set your credit limit upon approving you for the card.
Bank of America cash rewards don't expire as long as the card account is open and in good standing.
Yes, you can use the Bank of America® Unlimited Cash Rewards credit card internationally. It charges a foreign transaction fee of 3%.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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