Bank of America Unlimited Cash Rewards Credit Card Review: No-Fuss Cash Back and an Intro APR Offer

Bank of America Unlimited Cash Rewards Benefits

Here’s an overview of the card’s top perks. Read our guide to Bank of America Unlimited Cash Rewards card benefits to go more in-depth.

Welcome Bonus

With the Bank of America Unlimited Cash Rewards card, new cardholders can earn $200 in online cash rewards after making at least $1,000 in purchases in the first 90 days from account opening. This intro offer stands out for having a relatively low minimum spending requirement, so it should be easy for most people to earn.

Solid Flat-Rate Cash Back

This card earns 1.5% cash back on all purchases. This isn’t the highest earning rate you’ll find among the best cash-back credit cards, but if you simply want to get a good return on your spending without worrying about different bonus categories for various types of purchases, it’s a decent option.

Plus, new cardholders can earn an unlimited 2% cash back on purchases for the first year from account opening — so your earning rate will be especially favorable right after you open the card. After the first year, you’ll earn 1.5% back.

It’s also worth mentioning that you can potentially boost your cash-back earnings if you’re a Bank of America Preferred Rewards member. There are four tiers to the program, starting with the Gold Tier, which requires a three-month combined average daily balance between $20,000 and $49,999 in qualifying Bank of America or Merrill accounts.

Depending on your tier, you can earn an extra 25% to 75% cash back on every purchase you make with the card. Just note that this bonus won’t apply to the first-year offer to earn an extra 0.5% cash back compared to the regular rate.

Intro APR Offer on Purchases and Balance Transfers

The Bank of America Unlimited Cash Rewards card comes with an introductory offer that applies to both purchases and balance transfers. Select ‘Apply Now’ to see the current offer terms.

This is an especially strong offer, since you have more than a year before the intro period ends.

Bank of America Unlimited Cash Rewards Drawbacks

Not the Highest Cash-Back Rate

Earning 1.5% to 2% back is pretty standard for a credit card offering a flat rate of cash back, but if you’re bent on getting the maximum rewards possible, you can probably do better. Some cash-back cards offer 3% to 5% back on certain spending categories, like dining or rotating quarterly spending categories.

However, if you only want one card and you want to keep things simple, the Bank of America Unlimited Cash Rewards card is still worth considering.

Foreign Transaction Fee

You’ll want to leave this card at home when you travel abroad, because it charges a 3% foreign transaction fee. I’ve made the mistake of mindlessly swiping my favorite everyday cash-back card while on vacation — remember to pack a credit card with no foreign transaction fees when you travel!

Short Window for Balance Transfers

If you want to take advantage of the card’s introductory APR offer for balance transfers, keep in mind that you’ll need to act quickly.

Who Is the Bank of America Unlimited Cash Rewards Credit Card Best For?

The Bank of America Unlimited Cash Rewards card is best for someone who wants to earn reliable cash back on all their spending while keeping things simple. Its flat-rate earning structure is ideal for those who have a one-card strategy and don’t care about chasing the highest earning rate possible for every single purchase they make.

This card can be particularly valuable if you qualify for the Bank of America Preferred Rewards program by meeting the minimum balance requirements, since that will boost your cash-back earnings by up to 75%.

Thanks to the card’s introductory APR offer, it’s also a good pick if you have a large purchase coming up and you need a bit of time to pay it off, or if you want to create some breathing room on an existing balance (though you’ll need to complete the balance transfer quickly upon opening the card).

Is It the Right Card for You?

The Bank of America Unlimited Cash Rewards card could be right for you if:

• You don’t want to pay an annual fee
• You prefer cash back to flexible travel rewards
• You want one card to keep your strategy simple
• You’re looking for an introductory APR period on purchases and/or balance transfers

Alternatives to the Bank of America Unlimited Cash Rewards Credit Card

If you want a cash-back card but you’re not sure that the Unlimited Cash Rewards card is the right pick for you, consider these two popular alternatives:

• Citi Double Cash® Card: This card, an advertising partner, also earns flat-rate rewards, but in this case, it’s 2% back (1% when you buy, 1% as you pay). It has no annual fee, and it also has an introductory APR offer: 0% Intro APR on balance transfers for 18 months, then 17.99% – 27.99% (Variable). A 17.99% – 27.99% (Variable) APR will apply for purchases.
• Chase Freedom Flex®: If you’d prefer to earn higher rates of cash back on certain purchases, this card is worth a look. You’ll earn 5% back on quarterly bonus categories — including things like Amazon purchases, gas stations and grocery stores, depending on the quarter — on up to $1,500 in total combined purchases each quarter you activate (then earn 1%). You’ll also earn 3% back on dining at restaurants and on drugstore purchases, with no cap, and 1% back on everything else. The Freedom Flex offers a 0% Intro APR on Purchases and Balance Transfers for 15 months, then 18.74% – 28.24% Variable APR.

I have both of these cards, and I find them worthwhile because they pair so well with other travel rewards cards in the respective loyalty programs, helping me boost my earnings with every purchase. For example, I always switch to the Chase Freedom Flex for Amazon purchases when that’s the quarterly bonus category, since I’m effectively earning 5x Chase Ultimate Rewards® points on that spending.