Bank of America® Unlimited Cash Rewards Card Review: Easy Cash Back and Intro APR

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Bank of America® Unlimited Cash Rewards Credit Card
Credit Card logo for Bank of America® Unlimited Cash Rewards Credit Card
MoneyGeek Rating
4.3/ of 5
On Issuer's Site

Cash Back
Earn unlimited 1.5% cash back on all purchases.
Sign-Up Bonus
Earn $200 cash back
Annual Fee
$0
Intro APR Purchases
0% for 15 billing cycles on purchases
Recommended Credit
670–850 (Good to Excellent)

BofA Unlimited Cash Rewards Credit Card Review

The Bank of America® Unlimited Cash Rewards is a solid choice if you’re looking for straightforward cash back rewards. With a cash back score of 4.3 out of 5, it ranks ninth out of the 52 cash back cards we’ve surveyed, thanks to its unlimited 1.5% cash back on all purchases and no annual fee.

If you’re a Bank of America Preferred Rewards® member with high balances, this card deserves serious consideration. With a cash back boost between 25% and 75%, you could earn up to a competitive 2.62% cash back on every purchase. This rate surpasses the standard 2% rate offered by many top cash back cards, like the Citi Double Cash® Card. Remember that you’ll need at least $20,000 in combined balances with Bank of America or Merrill to qualify, which might not be feasible for everyone.

Still, the BofA Unlimited Cash holds its own for its simplicity — more so if you qualify for a higher cash back rate through Preferred Rewards.

BofA Unlimited Cash Rewards Cash Back Program

The BofA Unlimited Cash offers a straightforward 1.5% cash back on all purchases, making it a solid, no-fuss option. Though some competitors offer 2%, its 1.5% rate is typical among flat-rate cash back cards. With a 4.3 out of 5 rating, it ranks ninth among cash back cards.

The cash back you earn is redeemable as a direct deposit, credit to Merrill accounts or statement credit. Rewards don’t expire as long as your account remains open.

Cash Back Boost for Preferred Rewards Members

Depending on their membership tier, Bank of America Preferred Rewards® members can receive a 25% to 75% cash back boost. This means the highest possible cash back rate for the BofA Unlimited Cash is 2.62%. However, qualifying requires a combined balance of at least $20,000 across Bank of America or Merrill accounts, which may not be attainable for everyone.

Preferred Rewards® Tier
Balance Needed to Qualify
Relationship Bonus
Updated Cash Back Rate

Gold

$20,000 to $49,999

25%

1.87%

Platinum

$50,000 to $99,999

50%

2.25%

Platinum Honors, Diamond and Diamond Honors

$100,000 or more

75%

2.62%

Introductory Offers

The BofA Unlimited Cash introductory offers are good but don’t stand out among cash back cards.

Sign-Up Bonus

The card’s $200 sign-up bonus after spending $1,000 in the first 90 days is a solid offer, ranking seventh among the cash back cards we’ve surveyed. This bonus amount is typical, though some cards require a higher spend of $1,500 to $2,000 to earn it. BofA Unlimited Cash offers a 20% return, which is good but not the highest. Note that this bonus is only available when applying through select online channels.

Introductory APR Offers

The card provides a 0% introductory APR for purchases for 15 billing cycles. We give this offer a score of 3 out of 5 since it’s competitive among cash back cards but not the longest. The balance transfer offer features a 0% introductory APR for 15 billing cycles, rated 3.5 out of 5. These offers are solid and can provide a breather whether you’re managing debt or need flexibility on a big purchase.

Penalties and Fees

Like many cash back cards, the BofA Unlimited Cash card offers no annual fee. However, it has a late payment fee of up to $40 and a penalty APR of up to 29.99%, so paying your bills on time is important to avoid these charges. It’s possible to find cash back cards with no late payment fees or penalty APRs, so we rank this card 25th out of the cards we’ve surveyed.

  • Annual Fee: $0
  • Regular APR: 18.74% to 28.74% variable
  • Penalty APR: Up to 29.99% variable
  • Balance Transfer Fee: 3% for the first 60 days, then 4%
  • Foreign Transaction Fee: 3% of the U.S. dollar amount of each transaction
  • Late Payment Fee: Up to $40

Getting the Card

The BofA Unlimited Cash card is fairly accessible, requiring a credit score between 670 and 850. It’s tied for ninth place with 40 other cash back cards for recommended credit, making it attainable for many but not the easiest to qualify for.

Users often upgrade to the BofA Unlimited Cash from the Bank of America® Unlimited Cash Rewards Credit Card for Students or the Bank of America® Unlimited Cash Rewards Secured Credit Card once they qualify for the regular version of the card.

Forum discussions highlight overall satisfaction with the card’s unlimited 1.5% cash back, 0% introductory APR and no annual fee. However, some users express disappointment over the card’s lack of bonus categories.

How the BofA Unlimited Cash Compares to Other Cards

Citi Double Cash® Card

The Citi Double Cash® Card offers a 2% cash back rate on all purchases, higher than the BofA Unlimited Cash’s 1.5%. It also provides 5% cash back on purchases made through Citi Travel. Although the Citi Double Cash has a sign-up bonus with a higher spend requirement of $1,500, you have six months to reach it. Its 0% introductory APR for balance transfers lasts longer at 18 months, but there’s no introductory APR on purchases. If maximizing cash back is your priority, the Citi Double Cash is the stronger option. However, if you qualify for Preferred Rewards, the BofA Unlimited Cash can potentially offer an even higher rate.

Credit Card logo for Citi Double Cash® Card
MoneyGeek Rating
4.7/ of 5
On Issuer's Site
Rates & Fees

Blue Cash Everyday® Card From American Express

The Blue Cash Everyday® Card from American Express offers 3% cash back at U.S. supermarkets, gas stations and online shopping (up to $6,000 per year per category). For those who spend heavily in these areas, it can offer greater rewards than the BofA Unlimited Cash. However, the BofA Unlimited Cash provides a higher base rate (1.5%) on all purchases than Blue Cash Everyday’s 1%. The Blue Cash Everyday also requires $2,000 in spending within six months for its sign-up bonus. The BofA Unlimited Cash is better for consistent cash back, while the Blue Cash Everyday wins out for category rewards.

Credit Card logo for Blue Cash Everyday® Card From American Express
MoneyGeek Rating
4.2/ of 5
On Issuer's Site
Rates & Fees

Cards You Can Pair With the BofA Unlimited Cash

With its flat-rate cash back rewards, the BofA Unlimited Cash complements other cash back cards with bonus categories.

Capital One Savor Cash Rewards Credit Card

The Capital One Savor Cash Rewards Credit Card lets you earn 3% cash back on dining, groceries and entertainment. It covers several popular categories, making it a great choice to pair with the BofA Unlimited Cash. You can use the Savor for purchases within its bonus categories and the BofA Unlimited Cash for everything else. Since the Savor is also a no-annual-fee card, you can add it to your wallet without extra costs.

Credit Card logo for Capital One Savor Cash Rewards Credit Card
MoneyGeek Rating
4.7/ of 5
On Issuer's Site

Is the BofA Unlimited Cash Worth It?

If you're a Bank of America customer who qualifies for Preferred Rewards, you have to consider the BofA Unlimited Cash Rewards. However, the card is still a reliable choice for most consumers if you want uncomplicated cash back rewards. Although it doesn’t offer the highest rewards, it’s still an easy-to-manage card with all the features you’d expect from a cash back card. But if your spending is concentrated in certain categories, a cash back card with bonus categories may offer a better value.

Credit Card logo for Bank of America® Unlimited Cash Rewards Credit Card
MoneyGeek Rating
4.3/ of 5
On Issuer's Site
Rates & Fees
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BEST CASH BACK CARDS OF 2024

Still undecided about the BofA Unlimited Cash? Check out our picks for the best cash back cards of 2024 to help you find the card that best fits your needs and spending profile.

How We Evaluated the BofA Unlimited Cash

We evaluated the BofA Unlimited Cash credit card using our cash back score, reviewing 52 cards in total. The evaluation considered several factors:

  • Effective Reward Rate (50%): Measures how rewarding the card's cash back program is.
  • Annual Fee (10%): Rates the annual fee, with a 5 indicating no fee.
  • Intro Purchase Offer (5%): Rates the 0% APR offer on purchases.
  • Recommended Credit (5%): Rates the accessibility based on credit score.
  • Issuer Satisfaction (5%): Based on JD Power issuer satisfaction study.
  • Penalties (5%): Rates penalty rates and fees.
  • Regular APR (5%): Rates the regular APR.
  • Foreign Transaction (5%): Rates foreign transaction fees.
  • Offer ROI (5%): Rates the return on introductory bonus offers.

Common Questions About the BofA Unlimited Cash

We answer some frequently asked questions about the BofA Unlimited Cash to help you make an informed decision.

What is the cash back rate of the BofA Unlimited Cash offer?
Is there an annual fee for the BofA Unlimited Cash?
What is the introductory APR offer for this card?
What credit score is needed for the BofA Unlimited Cash?
Are there any bonus categories for higher cash back?

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.


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*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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