Review of the Bank of America Unlimited Cash Rewards Credit Card: Earn Unlimited Cash Back Without an Annual Fee

Overview of the Bank of America Unlimited Cash Rewards Credit Card

The Bank of America® Unlimited Cash Rewards credit card provides straightforward rewards, allowing you to earn 1.5% cash back on every purchase, all without an annual fee. This card—and its cash back—can be particularly advantageous for those with a strong banking or investment connection to Bank of America. Card Rating*: ⭐⭐⭐½

*Card Rating reflects the views of TPG's editors and is not swayed by the card issuer.

The Bank of America Unlimited Cash Rewards credit card comes with no annual fee and is ideal for those seeking simplicity in credit card rewards. It offers unlimited 1.5% cash back on all purchases. Additionally, existing Bank of America Preferred Reward® members can earn up to an extra 75%, bringing the total to 2.62% cash back on every purchase.

As long as your account is active, cash rewards will never expire. If you're not a regular traveler, having cash back available now rather than waiting for the perfect redemption and stressing over point values may be more appealing.

You can redeem cash back by transferring it to your Bank of America checking or savings account, applying it as a statement credit on your credit card, or even crediting an eligible Merrill® account, including 529 plans.

TPG advises that a credit score of 670 or higher can enhance your chances of card approval, though it's not unusual to be approved with a lower score.

Let's consider whether adding the Bank of America Unlimited Cash Rewards card to your wallet is the right move.

Advantages and disadvantages of the Bank of America Unlimited Cash Rewards card

Welcome offer for the Bank of America Unlimited Cash Rewards card

With the Bank of America Unlimited Cash Rewards card, you can earn a $200 cash rewards bonus after making $1,000 in purchases within the first 90 days of opening your account. While there are more lucrative bonus offers available, this bonus is competitive with many other no-annual-fee credit cards.

Receiving cash back means you can spend that money on whatever you want, even if it's not travel-related. Plus, with a low minimum spending threshold, most people should find it easy to earn the cash rewards bonus.

Benefits of the Bank of America Unlimited Cash Rewards card

Like many other no-annual-fee credit cards, the benefits of the Bank of America Unlimited Cash Rewards credit card are somewhat limited, particularly regarding travel.

You won't find features such as automatic hotel status, airport lounge access, or complimentary Global Entry or TSA PreCheck. Instead, you’ll enjoy a solid rewards structure along with additional Bank of America benefits, including roadside dispatch and extended warranty coverage.

How to earn cash back with the Bank of America Unlimited Cash Rewards card

The Bank of America Unlimited Cash Rewards credit card provides an excellent cash back opportunity, particularly for those enrolled in Bank of America's Preferred Rewards program.

Cardholders earn an unlimited 1.5% cash back on every purchase, no matter the category. With no cap on earnings, this card is perfect for everyday spending.

How to maximize cash back with Preferred Rewards

Individuals who qualify for the Bank of America's Preferred Rewards® program can earn even greater cash back. To be eligible, you need an eligible personal checking account with Bank of America and a three-month average combined balance of at least $20,000 in Bank of America accounts and/or Merrill investment accounts. The additional cash back varies based on your tier determined by your average account balance over three months.

As a Platinum Honors member within the program, you can earn 2.625% cash back—this is a higher rate than any other card for your everyday non-category bonus purchases.

Additionally, if you combine this card with another Bank of America credit card, like the Bank of America® Customized Cash Rewards credit card, you can increase your cash back on certain purchases throughout the year.

The Bank of America Customized Cash Rewards credit card offers 3% cash back on one selected category every quarter.

Available categories include gas and EV charging stations, online shopping (covering cable, streaming, internet, and phone services), dining, travel, drugstore purchases, or home improvement supplies. You earn 2% cash back at grocery and wholesale clubs, and 1% on all other purchases, with a limit of $2,500 on combined 3% and 2% cash-back purchases each quarter.

This means that by using your Bank of America Customized Cash Rewards credit card for all 3% and 2% cash back categories, and your Bank of America Unlimited Cash Rewards credit card for everything else—earning 1.5% cash back on those purchases—you can maximize your rewards.

Members of the Bank of America Preferred Rewards program can earn between 1.875% and 5.25% cash back, depending on the purchase category and your tier level.

How to redeem cash back with the Bank of America Unlimited Cash Rewards card

The options for redeeming cash back for Bank of America Unlimited Cash Rewards cardholders are somewhat limited. You have three choices:

1. Transfer your cash back into your Bank of America checking or savings account
2. Apply it as a statement credit on your credit card
3. Deposit your cash back into eligible Merrill accounts, including 529 plans

This allows for quick access to your cash back rewards, but there are no options to redeem those rewards for travel benefits.

Which cards rival the Bank of America Unlimited Cash Rewards?

If you're not interested in joining the BOA ecosystem, there are numerous other low- or no-annual-fee cash back cards and flexible currency options that can compete with the Bank of America Unlimited Cash Rewards.

• For higher cash back: The Wells Fargo Active Cash® Card offers unlimited 2% cash back with no annual fee (see rates and fees). It also features a $200 welcome bonus after spending just $500 in the first three months. For more details, check out our full review of the Wells Fargo Active Cash credit card.
• For Chase enthusiasts: The Chase Freedom Unlimited® has no annual fee and earns at least 1.5% cash back on all purchases. It also offers additional category bonuses, earning 5% cash back on travel booked through Chase Travel℠, 3% cash back on dining (including takeout and eligible delivery services), and 3% back at drugstores. Through March 2025, you'll also receive 5% cash back on all Lyft rides. Additionally, the cash back earned can be converted to points if you have a card that earns Chase Ultimate Rewards, giving you access to Chase's extensive transfer partners. For more information, refer to our full review of the Chase Freedom Unlimited card.
• For transferable miles: The Capital One VentureOne Rewards credit card has no annual fee and earns 1.25 miles per dollar on all purchases. Since the miles can be transferred, you’ll have access to Capital One's network of 15-plus transfer partners. For further details, read our full review of the Capital One VentureOne credit card.

For more choices, please check out our lists of the best cash-back cards and the best no-annual-fee cards.

Is the Bank of America Unlimited Cash Rewards card worth it?

As an unlimited flat cash back card with no annual fee, it makes a strong case for being included in your wallet. If you're a Bank of America Preferred Rewards member, it becomes even more appealing, allowing you to earn up to 2.625% on all purchases.

For those who aren't Preferred Rewards members, there are other no-annual-fee cash back cards that may offer higher cash back rates worth considering.

In summary

If you're a current or prospective Bank of America Preferred Rewards member, it's important to explore the range of Bank of America credit cards, particularly this one.

If you're in search of a straightforward no-annual-fee card that offers unlimited rewards and the potential to boost your cash back earnings, the Bank of America Unlimited Cash Rewards credit card is definitely worth considering.