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Contributing Writer Holly Johnson is a credit card expert and writer who covers rewards and loyalty programs, budgeting, and… October 3, 2022 | 6 Min Read We want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money. Bank of America® Unlimited Cash Rewards credit card Intro offer: Annual fee: Regular APR: Recommended credit score: 670-850 (Good to Excellent)Rewards rate: Earn unlimited 1.5% cash back on all purchases. NextAdvisor’s TakePros
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The Bottom Line The Bank of America Unlimited Cash Rewards Credit Card offers 1.5% cash back on all purchases. While that’s not the highest flat rewards rate on the market today, this card does also offer a generous welcome bonus, an introductory interest rate offer, and bonus rewards for members of Bank of America’s Preferred Rewards program. Additional Card Details
Bank of America Unlimited Cash Rewards Card Full ReviewCard TypeThe Bank of America Unlimited Cash Rewards Credit Card is a flat cash back credit card geared to individuals who want a simple rewards structure and cash back on every purchase. However, this card’s introductory rate for purchases and balance transfers also makes it a good 0% APR credit card option. Annual FeeThis credit card doesn’t charge an annual fee. Welcome OfferYou can earn a $200 cash bonus after signing up and spending $1,000 on purchases within 90 days of account opening. This bonus is comparable to welcome offers from similar cards, though it has a relatively high spending threshold to qualify — you’ll need to spend about $333 or more each of your first three months. Introductory OfferWith the Bank of America Unlimited Cash Rewards Credit Card, you can pay down purchases or balance transfers without interest for the first 18 statement closing dates after you open your account. Get 0% intro APR for 18 billing cycles on both new purchases and balance transfers made within 60 days of account opening, followed by a variable APR of 16.99% to 26.99%. RewardsEarn a flat 1.5% back for each dollar you spend. That’s $1.50 in rewards for every $100 in purchases made. FeesThe Bank of America Unlimited Cash Rewards Credit Card has no annual fee, but it does charge a 3% foreign transaction fee when you use it for purchases abroad, making it a poor choice for international spending. There’s also a 3% (minimum $5) balance transfer fee if you decide to take advantage of the 0% intro offer for balance transfers. A late payment fee of up to $40 and penalty APR of 29.99% can apply. Other BenefitsYou won’t get a lot of perks outside of the Bank of America Unlimited Cash Rewards Card’s rewards. Benefits mostly include standard offerings like fraud alerts and a free FICO credit score through mobile banking or the Bank of America app. However, Bank of America Preferred Rewards members can earn 25% to 75% more cash back for each dollar they spend. To qualify, you must have at least an average daily balance of $20,000 in an eligible Bank of America account, but the more cash you have in your deposit account, the greater rewards rate you can get thanks to the Preferred Rewards tiered cash back boost. Benefits of Bank of America Unlimited Cash Rewards CardIf you want to earn a flat rate for each dollar you spend without worrying about rotating categories or earning caps, the Bank of America Unlimited Cash Rewards Credit Card could be a good choice. This is especially true if you’re a Bank of America Preferred Rewards member, in which case you can earn up to 2.62% cash back on every purchase depending on your tier of membership. Pro TipIf you already have a Bank of America account, you could earn a higher rate of cash back with this card. Preferred Rewards members earn 25% to 75% more on each dollar they spend, although minimum daily balance requirements apply. This card’s introductory rate for purchases and balance transfers is also attractive. If you have a large upcoming purchase or existing debt to pay off, 0% interest over 18 statement closing dates is a competitive offer. We also like this card’s $200 cash bonus — welcome bonuses aren’t standard among flat cash back cards, so this is a good way to boost your first-year rewards, if you can meet the minimum spending requirement with your regular spending. Drawbacks of Bank of America Unlimited Cash Rewards CardOne big drawback of the Bank of America Unlimited Cash Rewards Credit Card is its lower rewards rate than many similar cards. For example, the Wells Fargo Active Cash® Card offers 2% cash rewards with no annual fee, and it has a similar welcome bonus and introductory APR for purchases and qualifying balance transfers. And while the higher rewards rate with the Bank of America Preferred Rewards program can boost your rewards significantly, it can be difficult to qualify for if you don’t have a large cash reserve. Earning 25% more with this program requires an average daily balance of $20,000 in a Bank of America account, and you’ll have to keep $100,000 on deposit with the bank to earn the highest bonus rate of 75% more rewards. At the end of the day, these steep requirements make it so very few people will be able to take advantage. Another downside of the Bank of America Unlimited Cash Rewards Credit Card is its limited redemption options. Once you rack up cash back with this card, you can only redeem it for deposits into an eligible Bank of America account, credits to eligible Merrill accounts (including 529 accounts) or statement credits on your account. How to Use Bank of America Unlimited Cash Rewards CardWhen you sign up for the Bank of America Unlimited Cash Rewards Card, you can start maximizing rewards by making sure you spend $1,000 within 90 days of account opening. Reaching this threshold will net you $200 in bonus cash on top of the rewards you’re already earning. From there, use your card for purchases to earn an unlimited 1.5% back on everything you buy. If you have a large purchase you’d like to pay down over time, or existing debt, consider taking advantage of the 0% APR offer for 18 months. If you plan to transfer a balance, you’ll need to make the transfer within 60 days so the introductory APR offer applies. However you use this card’s benefits, the most important thing is to make sure you pay off your balance in full and on time each month. And if you take advantage of the 0% intro offer, have a plan to pay down your balance entirely within 18 billing cycles of account opening. If you don’t, you’ll wind up taking on interest on the balance at your regular variable APR between 16.99% and 26.99%. Bank of America Unlimited Cash Rewards Card Compared to Other Cards
Is the Bank of America Unlimited Cash Rewards Card Right for You?We like flat cash back rewards cards for their simplicity, and the Bank of America Unlimited Cash Rewards card is no exception. However, there are other options available that earn higher cash back rates on every purchase, and may even come with added benefits. Still, this card can make a good option for simple rewards, or pair well with other rewards cards in your wallet to help you maximize everything you buy. If you are a Bank of America Preferred Rewards member with top tier status, the Bank of America Unlimited Cash Rewards Credit Card could help you earn 2.62% cash back on everything you buy — one of the highest flat cash back rates available. But that requires at least $100,000 average balance in an eligible Bank of America account, which isn’t realistic for many people. If you aren’t a member and you don’t have tens of thousands of dollars to put on deposit with Bank of America, you may be better off with a cash back card that offers a higher flat rate of rewards and more perks. Before you apply, compare this card with other cash back credit cards to find the best fit for your rewards goals and lifestyle. Frequently Asked Questions (FAQ)Does the Bank of America Unlimited Cash Rewards Credit Card charge a foreign transaction fee?The Bank of America Unlimited Cash Rewards Credit Card charges a 3% fee on purchases made outside the United States. How much more cash back do you earn with Bank of America Preferred Rewards?Bank of America Preferred Rewards members earn 25% to 75% more cash back, depending on the tier of the program they qualify for. Gold members with an average daily balance of at least $20,000 earn 25% more rewards, Platinum members with at least $50,000 with the bank earn 50% more rewards and Platinum Honors members who maintain an average daily balance over $100,000 earn 75% more rewards. What is the annual fee on the Bank of America Unlimited Cash Rewards Credit Card?This card does not charge an annual fee. How can you redeem rewards earned with the Bank of America Unlimited Cash Rewards Credit Card?Cardholders can redeem rewards for deposits into an eligible Bank of America account, credits to eligible Merrill accounts (including 529 accounts), or statement credits. What credit score is needed for Bank of America credit card?Unlike some other small-business credit cards, which accept good credit scores (690 to 719 FICO), Bank of America® business credit cards generally require excellent credit scores (720+) to qualify.
Is Bank of America cash rewards credit card hard to get?The Bank of America Customized Cash Rewards card is as easy to get as most other no annual fee cash back credit cards. You'll just need to provide the typical personal information, Social Security number and total annual income through Bank of America's online application or over the phone by calling (800) 932-2775.
Is Bank of America hard to get a credit card with?As long as you meet the credit score requirement and a few other requirements, it's not hard to get a Bank of America credit card. As with all credit cards, you'll need to have a steady income and be at least 18 years old. You'll also need to have an SSN or ITIN.
Does Bank of America give high credit limits?Research indicates that the Bank of America® Unlimited Cash Rewards credit card offers the highest credit limit — $95,000 — among BOA cards.
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Bank of america unlimited cash rewards credit card score needed
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