Bank of America Unlimited Cash Rewards Critical Analysis


Unlimited Cash Rewards

This cash back credit card offers unlimited cash back rewards on all purchases making it a sought after card. If you enjoy simplicity when earning and redeeming rewards, then this card is for you!

Updated November 30, 2022

Bank of America® Unlimited Cash Rewards credit card

Intro Bonus
$200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening
Cash Back
1.5% 1.5% cash back

If you’re a Preferred Rewards member, you can earn 25% – 75% more cash back on every purchase.
Purchase APR
Select ‘Apply Now’ to view the current offer terms.
Balance Transfer APR
Select ‘Apply Now’ to view the current offer terms.

Critics' Overview

This flat-rate cash back card makes earning rewards easy and doesn’t charge an annual fee. It also offers an extremely generous introductory period for both purchases and balance transfers, making it stand out from most other cash back options. We dig into all the details below.

Card Details From Bank of America®

  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • If you’re a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
  • No annual fee.
  • No limit to the amount of cash back you can earn and cash rewards don’t expire.
  • Contactless Cards – The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Our Critical Analysis


  • Easily achievable bonus offer
  • Lengthy introductory APR periods
  • No annual fee
  • Preferred Rewards members can earn 25% – 75% more cash back on every purchase

  • No bonus categories
  • There is a foreign transaction fee so it’s not the best option for purchases outside of the U.S

If you have good to excellent credit and draw a hard line at paying an annual fee for your credit card then the Bank of America® Unlimited Cash Rewards credit card is an excellent choice for you. You can earn a $200 online cash rewards bonus after you make at least $1,000 in purchases on your new card in the first 90 days of account opening. You can receive your cash back in the form of a statement credit, deposits into a Bank of America account, or a credit into an eligible account with Merrill.

As for ongoing rewards, you will earn unlimited 1.5% cash back on all purchases making the Bank of America® Unlimited Cash Rewards credit card a desired cash back card. To sweeten the deal, Bank of America® Preferred Rewards program members can accelerate their cash back earnings by 25% to 75%. Your eligibility for this program is based on your Bank of America® and Merrill combined balances. If you qualify for that highest tier, then the 1.5% could go up to 2.62% cash back on every purchase.

You’ll also be able to save money with a long intro APR on purchases and balance transfers. Select ‘Apply Now’ to view the current intro APR offer details.

If you’re in the market for a card that offers a straightforward way to earn and redeem rewards, then you really can’t go wrong with the Bank of America® Unlimited Cash Rewards credit card. With no annual fee and unlimited cash back, this card is a great fit for your wallet. Select ‘Apply Now’ to view all the card details and easily apply.


Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.