Bank of America Unlimited Cash Rewards Credit Card Review 2023

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Cash-back credit cards come in all flavors, from no-annual-fee cards that earn a flat rewards rate across all purchases to those that offer higher earnings in rotating or customized bonus categories. The Bank of America® Unlimited Cash Rewards Credit Card is one of the easiest cash-back cards to use, with a simple rewards structure, competitive welcome bonus offer, and generous intro APR.

Bank of America Unlimited Cash Rewards Review: Is It the Best Credit Card for You?

New cardholders start off with a $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening. You’ll earn 1.5% cash back on all purchases with no limits, and there’s no annual fee. And if you’re a Bank of America Preferred Rewards customer, you can earn 25% to 75% more cash back with the card, depending on your rewards tier.

If you have large expenses coming up you can’t pay off all at once, or you want to consolidate other credit card debt, the Bank of America® Unlimited Cash Rewards Credit Card can save you money on interest. You’ll receive a 0% intro APR for the first 18 billing cycles on purchases and on any balance transfers made in the first 60 days, followed by a 17.49% – 27.49% Variable APR.

That said, if you’re looking for a credit card with travel and purchase protections or want a wide range of reward redemption options, this card is probably not your best choice. Instead, you might want to check out alternative no-annual-fee cards, like the Chase Freedom Unlimited®, which offers strong earning rates and more benefits.

There are also a few cards that earn a higher rate of rewards across all purchases. For instance, the Wells Fargo Active Cash® Card earns 2% cash rewards on purchases and comes with a welcome bonus offer of a $200 cash rewards bonus after spending $1,000 in purchases in the first three months from account opening. 

Bank of America Unlimited Cash Rewards Credit Card Frequently Asked Questions (FAQ)

Bank of America Unlimited Cash Rewards Cash Back

BoA Unlimited Cash Rewards welcome bonus

New Bank of America® Unlimited Cash Rewards Credit Card cardholders can earn $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days from account opening. That’s on par with competing no-annual-fee cards that earn cash back.

How to earn cash back with the Unlimited Cash Rewards card

The Bank of America® Unlimited Cash Rewards Credit Card earns 1.5% cash back on all purchases. There are no rewards caps or fussy bonus categories to keep track of.

This card becomes a lot more compelling if you’re a Bank of America Preferred Rewards customer. The amount you have on deposit with Bank of America or invested with Merrill (Bank of America’s wealth management division) determines your membership tier, which in turn gives you a bonus on the rewards you earn. At the highest level, you could earn a whopping 2.625% cash back on all purchases, which is an excellent rate of return for a no-annual-fee credit card.

How to use cash back from the BofA Unlimited Cash Rewards Card

With the Bank of America® Unlimited Cash Rewards Credit Card, you’ve only got a few redemption options:

• Statement credits to your credit card
• Deposits made directly into a Bank of America checking or savings account
• Credits to a qualifying Merrill Cash Management Account
• Credits to a qualifying 529 account with Merrill 

There’s no minimum amount for one-time redemptions as statement credits, deposits to BoA checking/savings accounts, or to qualifying Merrill Cash Management Accounts. However, deposits to 529 accounts, as well as automatic redemptions (available for checking/savings deposits or Cash Management Account deposits only) have a minimum $25 redemption amount.

As long as your account is open and in good standing, your rewards won’t expire.

Bank of America Unlimited Cash Rewards Benefits and Features

The Bank of America® Unlimited Cash Rewards Credit Card doesn’t have a ton of extra perks, but there are a few worth noting.

Introductory 0% APR

New Bank of America® Unlimited Cash Rewards Credit Card cardholders receive a 0% intro APR for the first 18 billing cycles on purchases and on any balance transfers made in the first 60 days (then a 17.49% – 27.49% Variable APR). This is one of the longer balance transfer card offers available right now, and could be a great tool if you’re looking to transfer high-interest balances from other cards, or just have purchases coming up you want to pay off over several billing cycles. 

Using a 0% APR offer can give you some financial breathing room, but there’s a risk involved. If you’re not able to pay off your entire balance before the introductory period expires, you could wind up with more high-interest debt.

Free FICO score 

Primary Bank of America® Unlimited Cash Rewards Credit Card cardholders can access their FICO score for free through Bank of America online banking, its mobile website, or its mobile banking app for iPhone and Android. Most credit cards now offer free credit scores, but if you don’t already have a card with this feature it’s a handy tool.

Overdraft protection

Bank of America offers an optional Balance Connect overdraft protection feature that allows you to link your eligible Bank of America deposit account to your Bank of America® Unlimited Cash Rewards Credit Card. When you opt into this service, Bank of America will automatically transfer funds from your credit card account to cover overdrafts on your deposit account, as long as you have credit available on your credit card. There are no overdraft fees for this service, but you’ll be subject to interest on the cash advance.

Mobile wallet

You can add your Bank of America® Unlimited Cash Rewards Credit Card to digital wallets like Apple Pay, Google Pay, or Samsung Pay to use for in-person, online, or in-app transactions. Your actual card number isn’t stored on your device or shared with most merchants, so this can be a more secure and convenient way to make purchases.

$0 liability guarantee

If your Bank of America® Unlimited Cash Rewards Credit Card is lost, stolen, or otherwise compromised, you won’t be held liable for fraudulent or unauthorized transactions as long as you report the issue promptly.

Bank of America Unlimited Cash Rewards Annual Fee and Other Costs

The Bank of America® Unlimited Cash Rewards Credit Card has a $0 annual fee, but there are other fees to be aware of. It’s not a good card to use if you’re traveling abroad, because it adds foreign transaction fees of 3% on international purchases.

You’ll also receive 0% intro APR for the first 18 billing cycles on purchases and on any balance transfers made in the first 60 days (then 17.49% – 27.49% Variable). That’s a higher-than-usual 0% interest window, so it’s great if you foresee an upcoming expense that you won’t be able to pay off for several months.

As with most other credit cards, there are fees for other activities, including:

• Balance transfers: 3% of the amount of each transaction
• Cash advances: Direct deposit and check cash advances – 3% of the amount of each transaction; ATM, over-the-counter, same-day online, and cash equivalent cash advances – 5% of the amount of each transaction
• Late payments: Up to $40

Bank of America Unlimited Cash Rewards vs Bank of America Customized Cash Rewards

*On the Bank of America® Customized Cash Rewards Credit Card, earn 3% and 2% cash back on up to the first $2,500 spent in these categories combined each quarter, then 1% cash back

***Eligible Bank of America® Customized Cash Rewards Credit Card 3% categories are gas, online shopping, dining, travel, drug stores, or home improvement/furnishings

How the Bank of America Unlimited Cash Rewards Card Compares

Methodology: How we reviewed the Bank of America Unlimited Cash Rewards

The Bank of America® Unlimited Cash Rewards Credit Card is a purely cash-back-earning credit card. We arrived at its star rating of 3.9 out of 5 by comparing its benefits, earning rate, welcome bonus, and annual fee to other direct competitors.

You can read about how we rate credit cards at Insider for a closer look at our methodology.