7 Bank of America Unlimited Cash Benefits You Didn’t Know About
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Written by
Meghan Hunter
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Edited by
Emily Gadd
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Reviewed by
Jasmin Baron
When I first started helping readers navigate the world of cash-back credit cards, cards like the Bank of America® Unlimited Cash Rewards credit card seemed straightforward enough: flat-rate cash back on everything, no annual fee and that was it. But I’ve since discovered that there can be value beyond that base earning rate.
After researching dozens of cash back options, here are seven Bank of America Unlimited Cash Rewards card benefits that often fly under the radar.
1. Generous Welcome Bonus With Reasonable Spending Requirement
New cardholders can earn a $200 cash bonus after spending $1,000 in the first 90 days of account opening. While some premium cards offer higher bonuses, they can often require spending $3,000 to $5,000 in the first few months — a threshold that can feel overwhelming for many people. In contrast, spending $1,000 over 90 days is easily achievable with normal expenses like groceries, gas and utilities.
Once you’ve met the spending requirements, you get $200 deposited directly into your rewards account. That $200 bonus is equivalent to earning 2% cash back on $10,000 in purchases — essentially giving you a head start on your first year of rewards.
2. Flat-Rate Earnings
The simplicity of earning 2% cash back in your first year of card membership (1.5% thereafter) on every single purchase is more valuable than many people realize. In a credit card landscape increasingly dominated by rotating bonus categories, spending caps and complex earning structures, the Bank of America Unlimited Cash Rewards card offers something refreshingly straightforward: consistent rewards on everything you buy.
I’ve missed out on bonus earnings because I’ve forgotten to activate my card’s quarterly categories or exceeded spending limits without realizing it. Category cards can be lucrative for organized spenders, but they require constant attention. With this card, you never have to worry about any of that. It’s one of the many reasons it ranks high on our list of the best Bank of America credit cards.
3. Extended 0% Intro APR Period
The Unlimited Cash Rewards card’s introductory APR offer can be incredibly valuable: 0% Intro APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends a 18.24% - 28.24% Variable APR will apply.
Let’s say your water heater dies. Instead of dipping into your emergency fund or taking out a loan at a higher interest rate, you could put the expense on your new Bank of America Unlimited Cash Rewards card. Not only will you avoid interest charges, but you’ll earn cash back on the purchase, too.
This type of financing flexibility is particularly valuable for things like:
- Large home improvement projects
- Medical expenses not covered by insurance
- Major appliance purchases
- Emergency car repairs
- Consolidating high-interest debt
The key is to ensure you have a clear payoff plan before the promotional period ends, as the regular APR can mean you add a lot to your balance.
4. Enhanced Cash Back Through Preferred Rewards
Here’s where things get interesting for existing Bank of America customers. While the card advertises 1.5% cash back on all purchases (the 2% cash back intro offer doesn’t apply here), that rate can climb significantly higher if you’re enrolled in Bank of America’s Preferred Rewards program.
The Preferred Rewards program offers four tiers, which depend on how much you have on deposit with Bank of America and Merrill:
- Gold tier (25% bonus): Requires $20,000 in combined balances
- Platinum tier (50% bonus): Requires $50,000 in combined balances
- Platinum Honors tier (75% bonus): Requires $100,000 in combined balances
- Diamond Honors tier (75% bonus): Requires $1 million in combined balances
This means that the 1.5% cash back effectively becomes 1.87% on every purchase for Gold tier members. At the Platinum Honors tier, that 1.5% becomes 2.62%, making this one of the highest-earning flat-rate cards on the market. For someone spending $2,000 monthly, that’s an extra $270 per year.
5. Visa Signature Perks
The Bank of America Unlimited Cash Rewards card is a Visa Signature card, which brings with it several additional benefits. As a Visa Signature cardholder, you can usually take advantage of perks like extended warranty protection, 24/7 roadside assistance, travel and emergency support services and ID Navigator credit monitoring powered by NortonLifeLock.
Visa Signature cards also offer exclusive privileges and discounts with select merchants, but to find out exactly which benefits apply to your card, it’s best to check directly with Bank of America.
6. Museums on Us Program
Through the Museums on Us program, Bank of America cardholders get one free general admission to museums across the U.S. during the first full weekend of every month. This program includes access to some incredible spots, like The Metropolitan Museum of Art in New York City, to museums in San Francisco, Chicago, Boston and dozens of destinations nationwide.
7. BankAmeriDeals
Bank of America offers a limited-time promotions program, called BankAmeriDeals, much like Amex Offers (enrollment required) or Chase Offers, where you can activate special deals in your account to earn extra cash back at various participating merchants, including certain retailers and restaurants.
Frequently Asked Questions About Bank of America Unlimited Cash Rewards card Benefits
What is the difference between the Bank of America Unlimited Cash Rewards card and the Customized Cash Rewards card?
The Unlimited Cash Rewards card earns 2% back on all purchases for the first year of card membership (1.5% thereafter) with no category restrictions. In contrast, the Bank of America® Customized Cash Rewards credit card earns 3% in a choice category, 2% at grocery stores and wholesale clubs (up to $2,500 quarterly combined) and 1% on everything else. The Unlimited Cash Rewards card is better for simplicity and higher everyday earnings.
How does the Preferred Rewards bonus work with the Unlimited Cash Rewards card?
If you maintain $20,000 or more in combined Bank of America deposits and Merrill investment accounts, you’ll earn a 25% to 75% bonus on all cash back rewards, depending on your tier. This can boost the base 1.5% rate to as high as 2.62% for Platinum Honors members.
Can I redeem Bank of America Unlimited Cash Rewards card cash back for travel or other options?
You can redeem your cash rewards at any time and in any amount, either as statement credits on your credit card, direct deposits into your Bank of America checking or savings account or to cover purchases when shopping on Amazon.com or paying via PayPal. In essence, your cash back rewards can be used for anything you’d like.
Is there a limit to how much cash back I can earn with the Bank of America Unlimited Cash Rewards card?
No, unlike many other cash back cards, there are no quarterly or annual limits on earnings with the Unlimited Cash Rewards card. You’ll earn 2% the first year of card membership and 1.5% thereafter (or more with Preferred Rewards) on every dollar spent.
What credit score do I need to qualify for the Bank of America Unlimited Cash Rewards card?
Bank of America typically considers applicants with good to excellent credit (a 670+ FICO score). Having existing relationships with the bank can sometimes also help with approval decisions.
