Bank of America Unlimited Cash Rewards credit card review: An easy starter card for cash back
For those looking for a simple no-annual-fee cash-back card, the is worth considering. It avoids complicated benefits, boasts easy-to-track earning rates and offers a 0% introductory APR on purchases for 15 billing cycles (then a rate of 17.49% to 27.49% applies).
If you’re early in your credit card journey or looking to simplify your wallet, I recommend taking a close look at this card. Card rating*: ⭐⭐⭐½
*Card rating is based on the opinion of TPG’s editors and is not influenced by the card issuer.
Bank of America Unlimited Cash Rewards: The basics
As a no-annual-fee cash-back card, the keeps its roster of perks simple. You won’t find luxury benefits on this card, but the upside of that is that you won’t have numerous statement credits and travel perks to keep track of and maximize.
New cardholders will receive a 0% introductory APR on purchases for the first 15 billing cycles, and balance transfers for the first 60 days from account opening. (After that, a variable APR of 17.49% to 27.49% applies.)
Cardholders will also receive fraud alerts, digital wallet compatibility and the option to use their card to protect their eligible Bank of America checking account from overdraft.
Finally, you’ll earn unlimited cash back on all purchases. If you’re a BofA Rewards member, you can earn up to 75% bonus cash back on each purchase.
Bank of America Unlimited Cash Rewards pros and cons
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Bank of America Unlimited Cash Rewards benefits
One of the main appeals of the is in its ability to help cardholders consolidate debt or pay off a large purchase over time while earning cash-back rewards.
Most of its notable benefits, including account monitoring and digital wallet compatibility, are standard for virtually every credit card on the market. Still, they can offer some peace of mind and quality-of-life upgrades for anyone new to credit cards.
I appreciate the option to use your Unlimited Cash Rewards as a backup for your Bank of America checking account. If you choose to go down this path, Bank of America will automatically initiate a cash advance to cover a purchase if it would cause your checking account to go into overdraft.
While this is a great safety net for emergency transactions, keep in mind that you will need to pay a cash advance fee and will be charged interest on your cash advance if you don’t pay it off by your statement due date.
How to earn and use your rewards
For general cardholders, the earns 1.5% cash back on all purchases. That’s it — no bonus categories or spending caps to keep track of.
If you want a simple rewards strategy or you’re a beginner searching for your first rewards card, the Unlimited Cash Rewards can be a great option. I always advise earning more than 1% cash back or 1 point per dollar spent when you can, so this card checks that box.
If you’re a BofA Rewards member, you can earn anywhere from a 10% to 75% bonus on your rewards earnings. The bonus you receive depends on your status tier within the program:
- Member (no minimum balance required): 10% bonus
- Preferred Plus ($30,000 minimum combined balance): 25% bonus
- Preferred Honors ($100,000 minimum combined balance): 50% bonus
- Premier ($1,000,000 minimum combined balance): 75% bonus
Even if you don’t have substantial amounts in your Bank of America accounts, it’s worth signing up for BofA Rewards just to get that 10% rewards bonus. That will increase your rewards rate to about 1.7%.
You can redeem your cash-back rewards for a statement credit, a deposit into a Bank of America checking or savings account, or payment at Amazon.com or at PayPal checkout. While these options are fairly limited compared to what you can do with transferable rewards, they’re solid for cash-back rewards.
Where the Bank of America Unlimited Cash Rewards falls short
If you’re looking to get meaningful benefits out of your card beyond an introductory APR and basic cash-back rewards, the Bank of America Unlimited Cash Rewards will likely miss the mark for you.
It’s nice to have the option to use this card as a safety net for your checking account, but it’s not a perk that will move the needle for those seeking valuable travel and lifestyle benefits.
In addition, if you want to earn a lot of rewards on your purchases, the 1.5% base cash back rate on the Bank of America Unlimited Cash Rewards probably won’t satisfy you. Of course, you could earn more rewards as part of BofA Rewards, but you’ll need significant amounts in accounts with Bank of America to gain a substantial boost to your earning rate.
Finally, those looking to use their rewards for travel will likely find the card’s redemption options limiting. While you could always use your cash back to cover a travel purchase via a statement credit or deposit your rewards into a checking account to cover a future trip, this won’t offer the same level of value as transferable points and miles.
Is the Bank of America Unlimited Cash Rewards worth it?
If you’re a beginner looking to get your feet wet with rewards cards, have debt you want to consolidate or a large purchase you want to pay off over time, or you want to simplify your rewards wallet, the can be a great choice.
If you’re a BofA Rewards member, there’s a greater incentive to open this card, provided you’re comfortable earning cash-back rewards and are at the right status tier to earn at the rate you want.
When to apply for the Bank of America Unlimited Cash Rewards
For a limited time, new cardholders can earn a $250 online cash rewards bonus after spending $1,000 on purchases in the first 90 days from account opening.
This is an elevated offer, so now is a great time to apply if you feel this card is the right choice for you. Just keep in mind that Bank of America can be inquiry-sensitive, and some data points suggest it prefers that applicants have a preexisting relationship.
I received a denial for the , also issued by Bank of America, earlier this year; one of the reasons given was that I didn’t have an existing relationship with the issuer.
Other cards to consider if you don’t want the Bank of America Unlimited Cash Rewards
If this card doesn’t quite fit what you’re looking for, consider one of these options instead:
For additional options, check out our picks for the best cash-back credit cards.
Bottom line
In a time when many cards are becoming increasingly complicated, it’s nice to see the Bank of America Unlimited Cash Rewards keep it simple. You won’t have to track bonus categories, put a lot of thought into your redemptions or maximize certain benefits to justify an annual fee.
Whether you’re a beginner or a seasoned rewards veteran, there’s a case to be made for this card. Just remember to join BofA Rewards to maximize the cash back you can earn with this card, even if you don’t have substantial investments with Bank of America.
