Bank of America® Unlimited Cash Rewards Credit Card
vs. U.S. Bank Cash+® Visa Signature® Card

Updated: June 25, 2024

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Both the Bank of America® Unlimited Cash Rewards Credit Card and the U.S. Bank Cash+® Visa Signature® Card offer enticing cash back rewards and no annual fee, making them strong contenders if you’re seeking to maximize returns on your spending. While the U.S. Bank Cash+ card edges out slightly with a higher cash back potential in selected categories, the BofA Unlimited Cash offers a consistent cash back rate on all purchases, which may be more straightforward.

Considering the U.S. Bank Cash+ card's potential for higher cash back, it may be the better option if you can navigate its rewards structure effectively. But the simplicity and reliability of the BofA Unlimited Cash’s cash back on every purchase should not be overlooked.

Credit Card logo for Bank of America® Unlimited Cash Rewards Credit Card
Bank of America® Unlimited Cash Rewards Credit Card
Credit Card logo for U.S. Bank Cash+® Visa Signature® Card
U.S. Bank Cash+® Visa Signature® Card
MoneyGeek Rating
3.9/ of 5
MoneyGeek Rating
3.9/ of 5

  • Regular APR
    19.24%–29.24% variable
    19.74%–29.74% variable
    0% APR Offer
    0% for 15 billing cycles on purchases
    0% introductory APR for the first 15 billing cycles
    Intro Offer
    Earn $200 cash back
    Earn a $200 rewards bonus
    Rewards Summary
    Earn 1.5% cash back
    Earn 1%–5% cash back
    Balance Transfer Offer
    0% for 15 billing cycles on balance transfers
    0% introductory APR for the first 15 billing cycles
    Balance Transfer Fee
    3% for the first 60 days, then 4%
    3% of the amount of each transfer (minimum $5)
    Annual Fee
    $0
    $0
    Recommended Credit
    670–850 (Good to Excellent)
    670–850 (Good to Excellent)
    Penalty APR
    Up to 29.99% variable APR
    N/A
    Not sure?

Which Card Is Better for You?

You might prefer the BofA Unlimited Cash if you value simplicity in your rewards program. With a flat 1.5% cash back on all purchases and no annual fee, it's a straightforward choice for consistent earning without the need to track spending categories.

You might prefer the U.S. Bank Cash+ if you're proactive about maximizing your rewards. With the ability to earn up to 5% cash back in categories you choose and 2% on an everyday category, this card can yield high returns if you're willing to manage your spending strategically.

Head-to-Head Comparison: Card Details and Features

Evaluating features like APRs, fees, credit requirements, rewards and introductory offers will clarify which card is for you. For instance, if you prefer simple rewards, the BofA Unlimited Cash's flat rate might appeal to you, whereas the U.S. Bank Cash+ could be more lucrative if you maximize its bonus categories.

    discount icon

    Regular APR: BofA Unlimited Cash

    The BofA Unlimited Cash offers a lower starting APR, making it potentially more favorable if you're concerned with interest rates.

    annualFee icon

    Annual Fee: Tie

    Both the BofA Unlimited Cash and the U.S. Bank Cash+ have no annual fee.

    lowInterestAPR icon

    Introductory 0% APRs: Tie

    Both the BofA Unlimited Cash and the U.S. Bank Cash+ offer a 0% introductory APR for the first 15 billing cycles on both purchases and balance transfers.

    The Bank of America card charges a 3% fee on balance transfers made within the first 60 days, then 4%, while the U.S. Bank card consistently charges a 3% fee (minimum $5).

    coins icon

    Rewards: U.S. Bank Cash+

    The U.S. Bank Cash+ is better if you can maximize the 5% cash back categories, despite its rewards expiration policy and redemption limitations. By contrast, the BofA Unlimited Cash offers a straightforward 1.5% cash back on all purchases with more flexible redemption options and no expiration on rewards.

    rewards icon

    Welcome Offers: Tie

    Both the BofA Unlimited Cash and the U.S. Bank Cash+ offer a $200 bonus for meeting a $1,000 spending requirement, albeit with different time frames — 90 days for BofA and 120 days for U.S. Bank.

    creditApproved icon

    Recommended Credit Score: Tie

    Both the BofA Unlimited Cash and the U.S. Bank Cash+require a credit score range of 670 to 850, indicating they are equally accessible if you have good to excellent credit.

    autopay icon

    Penalties and Fees: Tie

    Both cards have similar penalties and fees, with slight differences in late and cash advance fees. The BofA Unlimited Cash charges up to $40 for late payments and a 3% cash advance fee, while U.S. Bank Cash+ charges up to $41 for late payments and a higher cash advance fee of 5% or $10 minimum.

    Both cards impose a 3% foreign transaction fee. However, the U.S. Bank Cash+ does not apply a penalty APR, unlike the BofA Unlimited Cash, which has a penalty APR of up to 29.99% variable.

    points icon

    Issuer Satisfaction: BofA Unlimited Cash

    The Bank of America outperforms U.S. Bank in issuer satisfaction, with a rating of 4.5 compared to 3.5.

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    Other Features & Perks: BofA Unlimited Cash

    The BofA Unlimited Cash offers better perks, offering contactless payments and a Preferred Rewards program that boosts cash back. The U.S. Bank Cash+ does not offer tangible benefits beyond its cash back.

Rewards Comparison

The U.S. Bank Cash+ card edges out the BofA Unlimited Cash in earning potential. With the ability to earn 5% cash back in two categories of your choice and 2% back in one everyday category, it caters to those who prefer to tailor their rewards to their spending habits.

The BofA Unlimited Cash, while not as lucrative in specific categories, offers a straightforward 1.5% cash back on all purchases, making it a hassle-free option if you value simplicity over maximizing rewards in specific categories.

U.S. Bank Cash+ Categories

For the U.S. Bank Cash+ card, the 5% cash back applies to the first $2,000 in combined eligible purchases each quarter in your chosen categories. The categories include:

  • TV, internet, and streaming services
  • Home utilities
  • Cell phone providers
  • Department stores
  • Electronic stores
  • Fast food
  • Ground transportation
  • Gyms/fitness centers
  • Movie theaters
  • Select clothing stores

Additionally, you can select one everyday category, such as gas stations or grocery stores, to earn 2% cash back. This flexibility can lead to significant rewards if your spending aligns with the categories offered.

The table of bonus categories helps you compare the rewards programs of both cards at a glance.

Category
BofA Unlimited Cash
U.S. Bank Cash+

Choice Categories

N/A

5% for the first $2,000 quarterly/1% thereafter

Everyday Category

N/A

2%

All Other Purchases

1.5%

1%

Redeeming Rewards

The Bofa Unlimited Cash allows for redemption through direct deposit, credit to eligible Merrill accounts, or as a statement credit, with no expiration as long as the account is active. By contrast, the U.S. Bank Cash+ requires at least $25 in cash back to redeem and limits redemptions to a statement credit or direct deposit into a U.S. Bank account, with the caveat that rewards expire after 36 months.

Methodology

MoneyGeek evaluates credit cards like the BofA Unlimited Cash and U.S. Bank Cash+ using a ranking process tailored to various use cases. This approach ensures that the score reflects the card's performance in the scenario where it provides the most value.

For cash back cards, the primary factors we consider are the effective reward rate and the return on investment for offers. These elements — along with annual fees, introductory purchase rates and issuer satisfaction — contribute to a card's overall score. For a detailed understanding of our process, you can review our ranking methodology.

FAQ: Bank of America® Unlimited Cash Rewards Credit Card vs.

What are the cash back rewards for each card?
Do either of the cards have an annual fee?
What are the introductory APR offers for these cards?
How do the APRs compare after the introductory period?
Are there foreign transaction fees for either card?

About Doug Milnes, CFA


Doug Milnes, CFA headshot

Doug Milnes is a CFA charter holder with over 10 years of experience in corporate finance and the Head of Credit Cards at MoneyGeek. Formerly, he performed valuations for Duff and Phelps and financial planning and analysis for various companies. His analysis has been cited by U.S. News and World Report, The Hill, the Los Angeles Times, The New York Times and many other outlets.

Milnes holds a master’s degree in data science from Northwestern University. He geeks out on helping people feel on top of their credit card use, from managing debt to optimizing rewards.


*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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